# EDGAR Filing Document

**Accession Number:** 0001542220
**File Stem:** 0001999371-25-014443
**Filing Date:** 2025-10
**Character Count:** 813219
**Document Hash:** 71e49a1d961155947be5422b929dd6e9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-014443.hdr.sgml**: 20251001

**ACCESSION NUMBER**: 0001999371-25-014443

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

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251001

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

**FILED AS OF DATE**: 20251001

**DATE AS OF CHANGE**: 20251001

**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:** 251365596

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Date of Report (Date of earliest event reported) __________________

Commission File Number of securitizer: __________________

Central Index Key Number of securitizer:__________________

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

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

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

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

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

Central Index Key Number of depositor: 0001542220

<u>Velocity Commercial Capital Loan Trust 2025-P2</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 Property Condition 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: October 1, 2025

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

Name: Jeff Taylor

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

## Exhibit 99.01

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

**Exhibit 99.01**

![](ex9901001.jpg)

**EXECUTIVE SUMMARY**

**DESCRIPTION OF SERVICES**

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

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

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

The Client requested that AMC perform a review, based upon the Guideline Review and Non-Owner Occupancy ("NOO") review scopes detailed in Section 5, on a total of two hundred fifty-four (254) 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;69 | &nbsp;&nbsp;78 | &nbsp;&nbsp;88.46% |
| &nbsp;&nbsp;Investor 1-4 Fam\*\* | &nbsp;&nbsp;98 | &nbsp;&nbsp;185 | &nbsp;&nbsp;52.97% |
|  | &nbsp;&nbsp;**167** | &nbsp;&nbsp;**263** | &nbsp;&nbsp;**63.50%** |

---

The two (2) 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;2 | &nbsp;&nbsp;2 | &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;**2** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**100.00%** |

---

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

---

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

---

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![](ex9901001.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Non-Owner Occupancy ("NOO") | &nbsp;&nbsp;Investor 1-4 Fam (not included in Guideline Review) | &nbsp;&nbsp;87 | &nbsp;&nbsp;185 | &nbsp;&nbsp;47.03% |
| &nbsp;&nbsp;Total Non-Owner Occupancy ("NOO") |  | &nbsp;&nbsp;87 | &nbsp;&nbsp;185 | &nbsp;&nbsp;47.03% |

---

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

DBRS, Inc. ("DBRS") who is 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 is 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;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Amortization Term | &nbsp;&nbsp;11 | &nbsp;&nbsp;254 | &nbsp;&nbsp;4.33% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Amortization Type | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Appraised Value | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Borrower Full Name | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;City | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Contract Sales Price | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;DCR UW VCC | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;First Interest Rate Change Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;First Payment Change Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Index Type | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Interest Rate Change Frequency | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Interest Rate Initial Cap | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Interest Rate Initial Maximum | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Interest Rate Initial Minimum | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Interest Rate Life Cap | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Interest Rate Life Max | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Interest Rate Life Min | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Interest Rate Periodic Cap | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Investment Property Type | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Lien Position | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;LTV Valuation Value | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |

---

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![](ex9901001.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Margin | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Maturity Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Mod | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Next Interest Rate Change Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Note Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Occupancy | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Original Interest Rate | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Original Loan Amount | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Original LTV | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Original P&I | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Original Term | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Prepayment Penalty Period (months) | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Prepayment Terms | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Purpose | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Refi Purpose | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Representative FICO | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;State | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Street | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;Zip | &nbsp;&nbsp;0 | &nbsp;&nbsp;254 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;254 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**11** | &nbsp;&nbsp;**10668** | &nbsp;&nbsp;**0.10%** | &nbsp;&nbsp;**10668** |

---

**(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 |  |

---

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![](ex9901001.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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![](ex9901001.jpg)

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

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

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

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

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

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

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

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

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

**(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</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 (107 Mortgage Loans, 119 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

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![](ex9901001.jpg)

mortgage loan originators, sponsors, issuers, and other third parties upon which SitusAMC is relying in reaching such results. Except as expressly stated herein, SitusAMC did not verify the data relied upon in performing its review and producing this Report. In addition, the findings and conclusions set forth in this Report are provided on an "as is" basis and are based on available information and Applicable Law as of the date of this Report, and SitusAMC does not undertake any obligation to update or provide any revisions to this Report to reflect events, circumstances, changes in Applicable Law, or changes in expectations after the date this Report was issued.

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

**Item 5. 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:**

One hundred sixty-seven (167) mortgage loans reviewed by AMC have a Credit grade of "B" or higher and 26.95% of the mortgage loans by number have a Credit grade of "A.". One (1) mortgage loan had a Credit grade of "C". One Hundred thirteen (113) of the Credit grade"B" correspond to mortgages loans where the lender issued a guideline exception/waiver. There is a total of one hundred eighty-seven (187) waived (and downgraded) credit exceptions affecting those one hundred thirteen (113) mortgages loans. Some mortgage loans received multiple waivers.

&nbsp;&nbsp;**Guideline Review Credit Loan Grades**

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![](ex9901001.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Final Loan Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp; **% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;45 | &nbsp;&nbsp;26.95% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;121 | &nbsp;&nbsp;72.46% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**167** | &nbsp;&nbsp;**100.00%** |

---

**Non-Owner Occupancy Review Credit Results**

All eighty-seven (87) 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;87 | &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;**87** | &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 on ninety-eight (98) 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:**

One hundred forty-nine (149) of the mortgage loans received a Property grade "A", one (1) of the mortgage loans received and Property grade "B", sixteen (16) of the mortgage loans received and Property grade "C", and one (1) of the mortgage loans received and Property grade "D". The sixteen (16) mortgage loans with the Property grade "C" corresponds to the fourteen (14) mortgage loans with the "Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo", and three (3) "Subject is not in average or better condition" exceptions. The one (1) mortgage loan with the Property grade "D" corresponds to the one (1) mortgage loan with the "Loan is to be securitized. Appraisal is missing. Sec ID: "1" exception. 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;149 | &nbsp;&nbsp;89.22% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;16 | &nbsp;&nbsp;9.58% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**167** | &nbsp;&nbsp;**100.00%** |

---

**OVERALL RESULTS SUMMARY** 

**Guideline Review Overall Results:**

After giving consideration to the grading implications of the Credit and Property/Valuation sections above, one hundred forty-nine (149) mortgage loans reviewed by AMC in the Full Guideline Review scope have an Overall grade of "B" or higher and 25.15 % of the mortgage loans by number have an Overall grade of "A." Seventeen (17) mortgage loan has an Overall grade of "C". One (1) mortgage loan has an Overall grade of "D".

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![](ex9901001.jpg)

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;42 | &nbsp;&nbsp;25.15% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;107 | &nbsp;&nbsp;64.07% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;17 | &nbsp;&nbsp;10.18% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.60% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**167** | &nbsp;&nbsp;**100.00%** |

---

In the Guideline Review Population there are two (2) SBA mortgage loans. SitusAMC conducted a review of the two 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, eighty-seven (87) mortgage loans reviewed by AMC have an Overall grade of "A".

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Owner Occupancy Overall Loan Grades** | &nbsp;&nbsp;**Non-Owner Occupancy Overall Loan Grades** | &nbsp;&nbsp;**Non-Owner Occupancy Overall Loan Grades** |
| &nbsp;&nbsp;**Final Loan Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp; **% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;87 | &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;**87** | &nbsp;&nbsp;**100.00%** |

---

**SitusAMC Limited Appraisal Review Summary (107 Mortgage Loans, 119 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 one hundred seven (107) mortgage loans representing one hundred nineteen (119) 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;C3 | &nbsp;&nbsp;51 | &nbsp;&nbsp;42.86% |
| &nbsp;&nbsp;C4 | &nbsp;&nbsp;36 | &nbsp;&nbsp;30.25% |
| &nbsp;&nbsp;Average | &nbsp;&nbsp;23 | &nbsp;&nbsp;19.33% |
| &nbsp;&nbsp;C2 | &nbsp;&nbsp;5 | &nbsp;&nbsp;4.20% |
| &nbsp;&nbsp;C1 | &nbsp;&nbsp;2 | &nbsp;&nbsp;1.68% |

---

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![](ex9901001.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Very Good | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.84% |
| &nbsp;&nbsp;Good | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.84% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**119** | &nbsp;&nbsp;**100.00%** |
| &nbsp;&nbsp;**Is there property damage?** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Percentage of Loans (%)** |
| &nbsp;&nbsp;No | &nbsp;&nbsp;108 | &nbsp;&nbsp;90.76% |
| &nbsp;&nbsp;Yes | &nbsp;&nbsp;11 | &nbsp;&nbsp;9.24% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**119** | &nbsp;&nbsp;**100.00%** |
| &nbsp;&nbsp;**Environmental/Health/Safety Problems** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Percentage of Loans (%)** |
| &nbsp;&nbsp;No | &nbsp;&nbsp;106 | &nbsp;&nbsp;89.08% |
| &nbsp;&nbsp;Yes | &nbsp;&nbsp;13 | &nbsp;&nbsp;10.92% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**119** | &nbsp;&nbsp;**100.00%** |

---

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

All items are relevant for the one hundred sixty-seven (167) 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;167 | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;$67342992.00 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**167** | &nbsp;&nbsp;**100.00%** | &nbsp;&nbsp;**$67342992.00** | &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;167 | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;$67342992.00 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**167** | &nbsp;&nbsp;**100.00%** | &nbsp;&nbsp;**$67342992.00** | &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;110 | &nbsp;&nbsp;65.87% | &nbsp;&nbsp;$35141390.00 | &nbsp;&nbsp;52.18% |
| &nbsp;&nbsp;Other-than-first-time Home Purchase | &nbsp;&nbsp;48 | &nbsp;&nbsp;28.74% | &nbsp;&nbsp;$24674752.00 | &nbsp;&nbsp;36.64% |
| &nbsp;&nbsp;Rate/Term Refinance - Borrower Initiated | &nbsp;&nbsp;9 | &nbsp;&nbsp;5.39% | &nbsp;&nbsp;$7526850.00 | &nbsp;&nbsp;11.18% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**167** | &nbsp;&nbsp;**100.00%** | &nbsp;&nbsp;**$67342992.00** | &nbsp;&nbsp;**100.00%** |
| &nbsp;&nbsp;**Original Term** | &nbsp;&nbsp;**Loan Count** | &nbsp;&nbsp;**% of Loans** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**% of Balance** |
| &nbsp;&nbsp;121-180 Months | &nbsp;&nbsp;3 | &nbsp;&nbsp;1.80% | &nbsp;&nbsp;$443000.00 | &nbsp;&nbsp;0.66% |
| &nbsp;&nbsp;241-360 Months | &nbsp;&nbsp;164 | &nbsp;&nbsp;98.20% | &nbsp;&nbsp;$66899992.00 | &nbsp;&nbsp;99.34% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**167** | &nbsp;&nbsp;**100.00%** | &nbsp;&nbsp;**$67342992.00** | &nbsp;&nbsp;**100.00%** |

---

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## Exhibit 99.02

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

**Exhibit 99.02**

![](ex99_001.gif)

**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 2025-P2-100086 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | VCC 2025-P2-100089 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | VCC 2025-P2-100150 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference |
| XXXX | XXXX | VCC 2025-P2-100129 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference |
| XXXX | XXXX | VCC 2025-P2-100182 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference |
| XXXX | XXXX | VCC 2025-P2-100183 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference |
| XXXX | XXXX | VCC 2025-P2-100211 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference |
| XXXX | XXXX | VCC 2025-P2-100219 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference |
| XXXX | XXXX | VCC 2025-P2-100246 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference |
| XXXX | XXXX | VCC 2025-P2-100257 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference |
| XXXX | XXXX | VCC 2025-P2-100028 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference |

---

## Exhibit 99.03

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

**Exhibit 99.03**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| EGDAR Loan ID | VCC_LNNUM | Property Type | EGDAR Loan ID 2 | Multi PropertyAddress | Appraisal Property Condition | Is there property damage? | Are there any apparent environmental, health and/or safety problems notated by appraiser or visible on photos? | Comment |
| VCC 2025-P2-100178 | XXXXX | Investor 1-4 (Multiple) | VCC 2025-P2-100263 | XXXX XXXX | C3 | No | No |  |
| VCC 2025-P2-100178 | XXXXX | Investor 1-4 (Multiple) | VCC 2025-P2-100264 | XXXX XXXX | C3 | No | No |  |
| VCC 2025-P2-100178 | XXXXX | Investor 1-4 (Multiple) | VCC 2025-P2-100265 | XXXX XXXX | C3 | No | No |  |
| VCC 2025-P2-100178 | XXXXX | Investor 1-4 (Multiple) | VCC 2025-P2-100266 | XXXX XXXX | C3 | No | No |  |
| VCC 2025-P2-100178 | XXXXX | Investor 1-4 (Multiple) | VCC 2025-P2-100267 | XXXX XXXX | C3 | No | No |  |
| VCC 2025-P2-100178 | XXXXX | Investor 1-4 (Multiple) | VCC 2025-P2-100268 | XXXX XXXX | C3 | No | No |  |
| VCC 2025-P2-100178 | XXXXX | Investor 1-4 (Multiple) | VCC 2025-P2-100269 | XXXX XXXX | C3 | No | No |  |
| VCC 2025-P2-100178 | XXXXX | Investor 1-4 (Multiple) | VCC 2025-P2-100270 | XXXX XXXX | C3 | No | No |  |
| VCC 2025-P2-100178 | XXXXX | Investor 1-4 (Multiple) | VCC 2025-P2-100271 | XXXX XXXX | C3 | No | No |  |
| VCC 2025-P2-100178 | XXXXX | Investor 1-4 (Multiple) | VCC 2025-P2-100272 | XXXX XXXX | C3 | No | No |  |
| VCC 2025-P2-100202 | XXXXX | Investor 1-4 (Multiple) | VCC 2025-P2-100273 | XXXX XXXX | C3 | No | No |  |
| VCC 2025-P2-100202 | XXXXX | Investor 1-4 (Multiple) | VCC 2025-P2-100274 | XXXX XXXX | C3 | No | No |  |
| VCC 2025-P2-100184 | XXXXX | Investor 1-4 (Multiple) | VCC 2025-P2-100275 | XXXX XXXX | C4 | No | No |  |
| VCC 2025-P2-100184 | XXXXX | Investor 1-4 (Multiple) | VCC 2025-P2-100276 | XXXX XXXX | C4 | Yes | No | Damage to ceiling and kitchenett. Shower wainscot damaged and exposed. |
| VCC 2025-P2-100227 | XXXXX | Investor 1-4 (Multiple) | VCC 2025-P2-100277 | XXXX XXXX | C4 | No | No |  |
| VCC 2025-P2-100227 | XXXXX | Investor 1-4 (Multiple) | VCC 2025-P2-100278 | XXXX XXXX | C4 | No | No |  |
| VCC 2025-P2-100176 | XXXXX | Investor 1-4 |  |  | C2 | No | No |  |
| VCC 2025-P2-100177 | XXXXX | Investor 1-4 |  |  | C4 | No | No |  |
| VCC 2025-P2-100179 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100180 | XXXXX | Investor 1-4 |  |  | C4 | No | Yes | Mold around vent in bathroom. |
| VCC 2025-P2-100181 | XXXXX | Investor 1-4 |  |  | C4 | No | No |  |
| VCC 2025-P2-100182 | XXXXX | Investor 1-4 |  |  | C4 | No | No |  |
| VCC 2025-P2-100183 | XXXXX | Investor 1-4 |  |  | C4 | No | No |  |
| VCC 2025-P2-100185 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100186 | XXXXX | Investor 1-4 |  |  | C4 | No | No |  |
| VCC 2025-P2-100187 | XXXXX | Investor 1-4 |  |  | good | No | No |  |
| VCC 2025-P2-100188 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100189 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100190 | XXXXX | Investor 1-4 |  |  | C4 | Yes | Yes | Damaged rear siding, evidence of mold in second floor bathroom, and rotted/damaged wood front porch. Appraisal and in house review recommended a mold specialist inspect the property to confirm. Evidence of inspection not provided. |
| VCC 2025-P2-100191 | XXXXX | Investor 1-4 |  |  | C4 | No | No |  |
| VCC 2025-P2-100192 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100193 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100194 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100195 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100196 | XXXXX | Investor 1-4 |  |  | C3 | No | Yes | Unit #2 basement stairwell missing hand rail, Unit #2 electrical panel missing panel door. |
| VCC 2025-P2-100197 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100198 | XXXXX | Investor 1-4 |  |  | C4 | No | No |  |
| VCC 2025-P2-100199 | XXXXX | Investor 1-4 |  |  | C4 | No | No |  |
| VCC 2025-P2-100200 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100201 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100203 | XXXXX | Investor 1-4 |  |  | C4 | No | No |  |
| VCC 2025-P2-100204 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100205 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100206 | XXXXX | Investor 1-4 |  |  | C4 | No | No |  |
| VCC 2025-P2-100207 | XXXXX | Investor 1-4 |  |  | very good | No | No |  |
| VCC 2025-P2-100208 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100209 | XXXXX | Investor 1-4 |  |  | C4 | Yes | No | In house review notes that there are two dilapidated shop and garage/barn on site given no value and may have a detrimental impact to value. |
| VCC 2025-P2-100210 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100211 | XXXXX | Investor 1-4 |  |  | C4 | No | No |  |
| VCC 2025-P2-100212 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100213 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100214 | XXXXX | Investor 1-4 |  |  | C4 | No | No |  |
| VCC 2025-P2-100215 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100216 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100217 | XXXXX | Investor 1-4 |  |  | C2 | No | No |  |
| VCC 2025-P2-100218 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100219 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100220 | XXXXX | Investor 1-4 |  |  | C4 | No | No |  |
| VCC 2025-P2-100221 | XXXXX | Investor 1-4 |  |  | C4 | No | No |  |
| VCC 2025-P2-100222 | XXXXX | Investor 1-4 |  |  | C4 | Yes | No | Appraiser and in house review both states leaking water meter has caused dampness in the basement. Noted drywall repair in until 1s bathroom ceiling with estimated cost to cure $XXX. |
| VCC 2025-P2-100223 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100224 | XXXXX | Investor 1-4 |  |  | C3 | No | No | In house review states "appears there was an addition added to the 2nd floor, UW to determine if permits are necessary.:" Issue not documented as resolved or permits obtained. |
| VCC 2025-P2-100225 | XXXXX | Investor 1-4 |  |  | C4 | No | No |  |
| VCC 2025-P2-100226 | XXXXX | Investor 1-4 |  |  | C4 | No | No |  |
| VCC 2025-P2-100228 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100229 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100230 | XXXXX | Investor 1-4 |  |  | C4 | Yes | Yes | In house review states "some damaged drywall, althought this is cosmetic should be repaired. There appears to be a small amount of mold/water damage near water heater which should be remediated." |
| VCC 2025-P2-100231 | XXXXX | Investor 1-4 |  |  | C4 | No | No |  |
| VCC 2025-P2-100232 | XXXXX | Investor 1-4 |  |  | C4 | No | No |  |
| VCC 2025-P2-100233 | XXXXX | Investor 1-4 |  |  | C3 | No | No | In house review states PTD permits showing property can be rebuilt to SFR, currently showing as a triplex and not a 1 unit SFR. No evidence in file this was obtained. |
| VCC 2025-P2-100234 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100235 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100236 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100237 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100238 | XXXXX | Investor 1-4 |  |  | C4 | No | No |  |
| VCC 2025-P2-100239 | XXXXX | Investor 1-4 |  |  | C4 | No | No |  |
| VCC 2025-P2-100240 | XXXXX | Investor 1-4 |  |  | average | No | No |  |
| VCC 2025-P2-100241 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100242 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100243 | XXXXX | Investor 1-4 |  |  | C4 | No | No |  |
| VCC 2025-P2-100244 | XXXXX | Investor 1-4 |  |  | C2 | No | No |  |
| VCC 2025-P2-100245 | XXXXX | Investor 1-4 |  |  | C3 | Yes | Yes | kitchen and bedroom missing flooring and missing smoke/carbon monoxide detectors. |
| VCC 2025-P2-100246 | XXXXX | Investor 1-4 |  |  | average | No | No |  |
| VCC 2025-P2-100247 | XXXXX | Investor 1-4 |  |  | C4 | No | No |  |
| VCC 2025-P2-100248 | XXXXX | Investor 1-4 |  |  | C1 | No | No |  |
| VCC 2025-P2-100249 | XXXXX | Investor 1-4 |  |  | average | No | No |  |
| VCC 2025-P2-100250 | XXXXX | Investor 1-4 |  |  | C4 | Yes | Yes | Missing ceiling tiles and water marks on ceiling, no utilities on, and flooring is damaged/worn. Electrical components in basement appear to require repair to ensure safety of occupants. Steps to basement appear to have had drywall removed and missing hand rail. Electric panel apprears to be older and missing door, may require updating to ensure safety. Side door is damaged. Repair to ceiling above steps to basement is incomplete. Sliding glass door to rear deck is broken. Exterior electric service line is fraying, window is boarded up and is broken/missing and exterior power line appears to require repair. |
| VCC 2025-P2-100251 | XXXXX | Investor 1-4 |  |  | C1 | No | No |  |
| VCC 2025-P2-100252 | XXXXX | Investor 1-4 |  |  | C4 | No | No |  |
| VCC 2025-P2-100253 | XXXXX | Investor 1-4 |  |  | C4 | No | No |  |
| VCC 2025-P2-100254 | XXXXX | Investor 1-4 |  |  | C3 | Yes | Yes | No railing on porch, chipped and peeling paint on exterior in multiple areas and damaged wood siding. Holdback Agreement in file for $XXX, it does not indicate what work it is to cover. |
| VCC 2025-P2-100255 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100256 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100257 | XXXXX | Investor 1-4 |  |  | C3 | No | No |  |
| VCC 2025-P2-100258 | XXXXX | Investor 1-4 |  |  | C2 | No | No |  |
| VCC 2025-P2-100259 | XXXXX | Investor 1-4 |  |  | C4 | No | Yes | Units XXXX and XXXX electrical panels have no panel doors and may be a safety issue |
| VCC 2025-P2-100260 | XXXXX | Investor 1-4 |  |  | C3 | Yes | No | Appraisal completed subject to completion of Primary bath which is completely gutted. Missing 442. |
| VCC 2025-P2-100261 | XXXXX | Investor 1-4 |  |  | C2 | No | No |  |
| VCC 2025-P2-100262 | XXXXX | Investor 1-4 |  |  | C4 | No | No |  |
| #N/A | XXXXX | Commercial |  |  | average | Yes | Yes | Ceiling collapsed in bedroom of 2nd floor apt. due to prior water damage. Missing handrail on stairs to attic. Appraiser notes asbestos found in limited areas in pipe insulation. Also, an ancient boiler covered with asbestos plaster on premises that needs to be removed. Estimated costs to remove asbestos is $XXX. $XXX to repair apartment. |
| #N/A | XXXXX | Commercial |  |  | average | No | Yes | Missing handrail on interior stairs to upper level. |
| #N/A | XXXXX | Commercial |  |  | average | No | No |  |
| #N/A | XXXXX | Commercial |  |  | average | Yes | No | Roof damage considered deferred maintenance. |
| #N/A | XXXXX | Commercial |  |  | average | No | No |  |
| #N/A | XXXXX | Commercial |  |  | average | No | No |  |
| #N/A | XXXXX | Commercial |  |  | average | No | No |  |
| #N/A | XXXXX | Commercial |  |  | average | No | Yes | Missing handrail on interior stairway. |
| #N/A | XXXXX | Commercial |  |  | average | No | No |  |
| #N/A | XXXXX | Commercial |  |  | average | No | No |  |
| #N/A | XXXXX | Commercial |  |  | average | No | No |  |
| #N/A | XXXXX | Commercial |  |  | average | No | No |  |
| #N/A | XXXXX | Commercial |  |  | average | No | No |  |
| #N/A | XXXXX | Commercial |  |  | average | No | No |  |
| #N/A | XXXXX | Commercial |  |  | average | No | Yes | Appraisal contains photos of the ceiling with plastic covering a hole in one of the units. |
| #N/A | XXXXX | Commercial |  |  | average | No | No |  |
| #N/A | XXXXX | Commercial |  |  | average | No | No |  |
| #N/A | XXXXX | Commercial |  |  | average | No | yes | Missing electrical panel covers/exposed wiring. |
| #N/A | XXXXX | Commercial |  |  | average | No | No |  |
| #N/A | XXXXX | Commercial |  |  | average | No | No |  |

---

## Exhibit 99.04

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

**Exhibit 99.04**

![](ex99_001.gif)

**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 2025-P2-100050 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100051 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100052 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100054 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100055 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100056 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100057 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 30.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 30.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100059 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100060 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100061 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 38.460% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 26.150% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100062 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100064 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100065 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100067 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 15.910% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 6.060% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100071 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 17.780% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 6.670% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100073 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100074 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100077 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100078 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 8.520% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 8.520% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100079 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100081 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100083 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100085 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 1.710% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 1.710% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100086 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100087 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100088 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 4.620% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 4.620% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100089 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100096 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100098 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100100 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100103 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100104 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100106 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 8.220% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 8.220% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100108 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100110 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 38.080% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 38.080% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100111 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100112 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100119 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100058 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100031 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 25.450% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 25.450% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100063 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100040 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100097 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -9.520% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100105 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -5.950% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100053 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 18.700% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 18.700% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100034 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100045 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100039 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100094 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100093 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100072 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100044 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100049 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100076 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100101 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100095 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100091 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100069 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100066 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100118 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100102 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100080 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX | $XXX | -1.080% | XXXX XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100042 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100068 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100075 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100114 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100037 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -4.650% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100038 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | XXXX | VCC 2025-P2-100035 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 40.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 40.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100099 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 3.950% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Drive By | XXXX | XXXX | XXXX |  | $XXX | $XXX | 3.950% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100048 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 0.010% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 0.010% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100092 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100070 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100115 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 6.960% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 6.960% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100036 |  | XX/XX/XXXX | $XXX | $XXX | $XXX |  | $XXX | 6.760% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 6.310% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100041 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 0.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | -5.560% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100032 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX | $XXX | 57.650% | XXXX XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100047 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100090 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100109 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100125 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 22.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 22.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100117 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100123 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100127 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100126 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100124 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100084 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 5.000% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 5.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100107 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100113 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100120 |  | XX/XX/XXXX | $XXX |  | $XXX |  | $XXX | 33.330% | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXX | $XXX | 33.330% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100122 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100121 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100082 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100116 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2025-P2-100128 |  | 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 XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |

---

## Exhibit 99.05

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

**Exhibit 99.05**

![](ex99_001.gif)

**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 2025-P2-100279 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | VCC 2025-P2-100279 | XXXX XXXX | XXXX | XX | XXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXX XXXX |  | $XXX | $XXX | 0.23% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2025-P2-100280 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | VCC 2025-P2-100280 | XXXX XXXX | XXXX | XX | XXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXX XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2025-P2-100281 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | VCC 2025-P2-100281 | XXXX XXXX | XXXX | XX | XXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXX XXXX |  | $XXX | $XXX | 0.23% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2025-P2-100282 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | VCC 2025-P2-100282 | XXXX XXXX | XXXX | XX | XXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXX XXXX |  | $XXX | $XXX | 0.23% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2025-P2-100283 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | VCC 2025-P2-100283 | XXXX XXXX | XXXX | XX | XXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXX XXXX |  | $XXX | $XXX | 0.23% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2025-P2-100284 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | VCC 2025-P2-100284 | XXXX XXXX | XXXX | XX | XXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXX XXXX |  | $XXX | $XXX | 0.23% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2025-P2-100285 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | VCC 2025-P2-100285 | XXXX XXXX | XXXX | XX | XXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXX XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | XXXX | VCC 2025-P2-100286 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | VCC 2025-P2-100286 | XXXX XXXX | XXXX | XX | XXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXX XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2025-P2-100287 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | VCC 2025-P2-100287 | XXXX XXXX | XXXX | XX | XXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXX XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2025-P2-100288 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | VCC 2025-P2-100288 | XXXX XXXX | XXXX | XX | XXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXX XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2025-P2-100289 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 76.087% | VCC 2025-P2-100289 | XXXX XXXX | XXXX | XX | XXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXX XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2025-P2-100290 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 0.000% | VCC 2025-P2-100290 | XXXX XXXX | XXXX | XX | XXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXX XXXX |  | $XXX | $XXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2025-P2-100291 |  | XX/XX/XXXX | $XXX |  | $XXX | $XXX | 24.615% | VCC 2025-P2-100291 | XXXX XXXX | XXXX | XX | XXX | $XXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXX XXXX |  | $XXX | $XXX | 24.62% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |

---

## Exhibit 99.06

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

**Exhibit 99.06**

![](ex99_001.gif)

**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** | **Subject to High Cost - Unable to Test** | **Disposition 2** | **DBRS** | **Fitch** | **Kroll** | **Moody's** | **S&P** |
| XXXX | XXXX | VCC 2025-P2-100178 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100188 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100196 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100182 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100198 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100193 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100181 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100195 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100179 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100199 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100183 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100192 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100194 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100191 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100186 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100185 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100184 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100189 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100187 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100197 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100177 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100190 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100176 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100180 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100200 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100201 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100202 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100203 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100204 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100205 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100206 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100207 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100208 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100209 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100210 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100211 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100212 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100213 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100214 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100215 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100216 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100217 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100218 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100219 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100220 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100221 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100222 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100223 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100224 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100225 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100226 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100227 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100228 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100229 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100230 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100231 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100232 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100233 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100234 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100235 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100236 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100237 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100238 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100239 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100240 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100241 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100242 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100243 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100244 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100245 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100246 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100247 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100248 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100249 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100250 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100251 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100252 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100253 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100254 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100255 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100256 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100257 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100258 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100259 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100260 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100261 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100262 | XXXX XXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |

---

## Exhibit 99.07

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

**Exhibit 99.07**

![](ex99_001.gif)

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

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|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **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** | **Disposition 2** | **DBRS** | **Fitch** | **Kroll** | **Moody's** | **S&P** |
| XXXX | XXXX | VCC 2025-P2-100050 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Flood insurance<br> [2] General Appraisal Requirements - Subject is a refinance and property is listed for sale.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for insufficient flood coverage amount. Comp factor; seasoned investor.<br> Cash out on property listed in recent 6 months. | REVIEWER - WAIVED COMMENT (2025-08-23): Approved exception at origination for insufficient flood coverage amount. Comp factor; seasoned investor.<br> BUYER - GENERAL COMMENT (2025-09-12): Exception noted on uploaded appproval<br> REVIEWER - WAIVED COMMENT (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100051 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Document Error - Missing Documentation: Complete non-subject financing information was not found in file.: Lien Position: 2 Non-subject loan terms = Loan Amount: $XX,XXX; Concurrent or Existing Lien: Simultaneous Lien; Current P&I: ; Current Balance: $XX,XXX | 2nd Mortgage Note is missing date on page 1 and the attachment for the amortization schedule is blank. | BUYER - GENERAL COMMENT (2025-09-19): Exception noted for missing note<br> BUYER - GENERAL COMMENT (2025-09-19): Uploaded copy of recorded 2nd td mortgage<br> REVIEWER - WAIVED COMMENT (2025-09-19): Exception waived. Updated approval provided in trailing documents approving exception for missing 2nd Note. Comp factor, reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100052 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Loan amounts less than $XX,XXXare not permitted according to the guidelines<br> [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for loan amount < $75,000. Comp factor, seasoned investor.<br> Approved exception at origination for vacant property. Comp factor, seasoned investor. | BUYER - GENERAL COMMENT (2025-08-29): Corrected on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-02): Approved exception at origination for loan amount < $75,000. Comp factor, seasoned investor.<br> BUYER - GENERAL COMMENT (2025-08-29): Corrected on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-02): Approved exception at origination for vacant property. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100054 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for < 2 active open major tradelines. Comp factors, LTV and property condition which cannot be substantiated. | REVIEWER - WAIVED COMMENT (2025-08-15): Approved exception at origination for < 2 active open major tradelines. Comp factors, LTV and property condition which cannot be substantiated. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100055 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factor, LTV. | REVIEWER - WAIVED COMMENT (2025-08-19): Approved exception at origination for FICO < 650. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100056 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-18): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100057 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for FICO < 650. Comp factor; seasoned investor.<br> Approved exception at origination for missing lease on 1 of 2 units being refinanced. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-18): Approved exception at origination for FICO < 650. Comp factor; seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-18): Approved exception at origination for missing lease on 1 of 2 units being refinanced. Comp factor; seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100059 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for FICO below 650. Comp factors: seasoned business and property condition which is unable to be validated as a non- quantifiable subjective factor.<br> Approved exception at origination for insufficient carrier rating. Comp factor, seasoned business. | REVIEWER - WAIVED COMMENT (2025-08-21): Approved exception at origination for FICO below 650. Comp factors: seasoned business and property condition which is unable to be validated as a non- quantifiable subjective factor.<br> BUYER - GENERAL COMMENT (2025-09-12): Corrected uploaded<br> REVIEWER - WAIVED COMMENT (2025-09-15): Approved exception at origination for insufficient carrier rating. Comp factor, seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100060 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO <650. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-21): Approved exception at origination for FICO <650. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100061 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] 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.<br> [2] General - Property has been listed for sale in the past 12 months. | Approved exception at origination for incomplete VOR-primary; missing lender/processor certification. Comp factors; seasoned investor and property condition which is unable to be validated as a non-quantifiable subjective trait.<br> Approved exception at origination for loan amount <$75,000. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait.<br> Approved exception at origination for cash out refinance on property listed within 6 months. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2025-08-21): Approved exception at origination for incomplete VOR-primary; missing lender/processor certification. Comp factors; seasoned investor and property condition which is unable to be validated as a non-quantifiable subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-08-21): Approved exception at origination for loan amount <$75,000. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-08-21): Approved exception at origination for cash out refinance on property listed within 6 months. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100062 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $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 (2025-08-21): Approved exception at origination for loan amount <$75,000. Comp factor; seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100064 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100065 |  | XXXXX | $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] 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 - Property has been listed for sale in the past 12 months. | Approved exception at origination for FICO <650. Comp factor: LTV.<br> Approved exception at origination for 100% vacancy/ missing lease. Comp factor: LTV.<br> Approved exception at origination for loan amount < $75,000. Comp factor: LTV.<br> Approved exception at origination for cash out on property held <6 months using valuation exceeding purchase price. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-08-21): Approved exception at origination for FICO <650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-08-21): Approved exception at origination for 100% vacancy/ missing lease. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-08-21): Approved exception at origination for loan amount < $75,000. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-08-21): Approved exception at origination for cash out on property held <6 months using valuation exceeding purchase price. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100067 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100071 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO <650. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-21): Approved exception at origination for FICO <650. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100073 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factor, LTV and reserves. | REVIEWER - WAIVED COMMENT (2025-08-22): Approved exception at origination for FICO < 650. Comp factor, 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. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100074 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO <650. Comp factors: LTV, and property condition which is unable to be validated as a non-quantitative subjective factor.<br> Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-08-22): Approved exception at origination for FICO <650. Comp factors: LTV, and property condition which is unable to be validated as a non-quantitative subjective factor.<br> REVIEWER - WAIVED COMMENT (2025-08-22): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100077 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided<br> [2] General - Property has been listed for sale in the past 12 months. | Approved exception at origination for 100% vacancy/ missing leases. Comp factor; seasoned investor.<br> Approved exception at origination for Cash out on property listed within 6 months. Comp factor, seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-21): Approved exception at origination for 100% vacancy/ missing leases. Comp factor; seasoned investor.<br> BUYER - GENERAL COMMENT (2025-08-29): Exception noted om uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-02): Approved exception at origination for Cash out on property listed within 6 months. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100078 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - FICO below 650<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for disputed bankruptcy within 24 months reported on credit. Comp factor: LTV.<br> Approved exception at origination for FICO below 650. Comp factor: LTV.<br> 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 subjective trait. | REVIEWER - WAIVED COMMENT (2025-08-22): Approved exception at origination for disputed bankruptcy within 24 months reported on credit. Comp factor: LTV.<br> REVIEWER - RE-OPEN COMMENT (2025-09-25): Reopening to add client comments<br> SELLER - GENERAL COMMENT (2025-09-25): VCC was comfortable given the low LTV XX.XX%.<br> REVIEWER - WAIVED COMMENT (2025-09-25): Approved exception at origination for disputed bankruptcy within 24 months reported on credit. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-08-22): Approved exception at origination for FICO below 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-08-22): 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 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. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100079 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100081 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor; LTV.<br> Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) incomplete VOM-subject; missing pay history receipts to supplement lender rating. Comp factors; LTV. | REVIEWER - WAIVED COMMENT (2025-08-23): Approved exception at origination for FICO < 650. Comp factor; LTV.<br> REVIEWER - WAIVED COMMENT (2025-08-23): Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) incomplete VOM-subject; missing pay history receipts to supplement lender rating. Comp factors; LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Appraisal indicates insufficient smoke detectors; file contains a LOE indicating borrower intent to cure but no proof of completion | SELLER - GENERAL COMMENT (2025-09-25): VCC did receive an LOE with a commitment from the borrower to install the smoke detectors. The status hasn't been confirmed but VCC expects the borrower to fulfill their commitment. Property condition considered in value/LTV<br> REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2025-09-25): Client advised, unable to clear. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | C |
| XXXX | XXXX | VCC 2025-P2-100083 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-08-22): Approved exception at origination for missing VOR-primary; guarantor lives rent free. 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. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100085 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 3 | 3 | [3] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [3] Asset Calculation / Analysis - Guideline Requirement: Available for Reserves discrepancy.: Calculated Available for Reserves of is less than Guideline Available for Reserves of .<br> [3] General - Ineligible property<br> [3] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for LTV > 70% for first time investor/ first time buyer. Comp factor; AA credit for past 8 years. Comp factor used does not regrade.<br> First time investor with < 3 months P&I (Insufficient underwritten funds to close = $0 reserves). Comp factor used to waive does not regrade.<br> First time investor not eligible to purchase a 1 unit residential property. Comp factor used to waive does not regrade.<br> Approved exception at origination for missing VOM- primary; mortgage in spouse's name. Comp factor; AA credit for past 8 years. Comp factor used does not regrade. | BUYER - GENERAL COMMENT (2025-09-02): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-09-03): Approved exception at origination for LTV > 70% for first time investor/ first time buyer. Comp factor; AA credit for past 8 years.<br> REVIEWER - RE-OPEN COMMENT (2025-09-25): Reopening to add client comments<br> SELLER - GENERAL COMMENT (2025-09-25): While the TPR firm does not consider AA credit as a sufficient comp factor, VCC's underwriter felt this was sufficient as it shows the borrower's ability to make their payments. AA Credit meaning that the borrower hasn't had a late payment reported on their credit report since 2017. VCC confirmed reserves at underwriting; however, final funds were drawn from an unverified account and therefore resulted in unverifiable resereves, which were not sufficient to use as a comp factor.<br> REVIEWER - WAIVED COMMENT (2025-09-25): Approved exception at origination for LTV > 70% for first time investor/ first time buyer. Comp factor; AA credit for past 8 years. Comp factor used does not regrade.<br> BUYER - GENERAL COMMENT (2025-09-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-03): Exception waived. Updated approval provided in trailing documents approving exception for no reserves. Comp factor, AA credit for past 8 years.<br> REVIEWER - RE-OPEN COMMENT (2025-09-25): Guideline Requirement: Available for Reserves discrepancy.<br> SELLER - GENERAL COMMENT (2025-09-25): While the TPR firm does not consider AA credit as a sufficient comp factor, VCC's underwriter felt this was sufficient as it shows the borrower's ability to make their payments. AA Credit meaning that the borrower hasn't had a late payment reported on their credit report in 5+ years. VCC confirmed reserves at underwriting; however, final funds were drawn from an unverified account and therefore resulted in unverifiable resereves, which were not sufficient to use as a comp factor.<br> REVIEWER - WAIVED COMMENT (2025-09-25): Exception waived. Updated approval provided in trailing documents approving exception for no reserves. Comp factor, AA credit for past 8 years.<br> BUYER - GENERAL COMMENT (2025-09-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-03): Exception waived. Updated approval provided in trailing documents approving exception for FTI purchase of a 1 unit SFR. Comp factor, AA credit for past 8 years.<br> REVIEWER - RE-OPEN COMMENT (2025-09-25): Reopening to add client comments<br> SELLER - GENERAL COMMENT (2025-09-25): While the TPR firm does not consider AA credit as a sufficient comp factor, VCC's underwriter felt this was sufficient as it shows the borrower's ability to make their payments. AA Credit meaning that the borrower hasn't had a late payment reported on their credit report in 5+ years. VCC confirmed reserves at underwriting; however, final funds were drawn from an unverified account and therefore resulted in unverifiable resereves, which were not sufficient to use as a comp factor.<br> REVIEWER - WAIVED COMMENT (2025-09-25): Exception waived. Updated approval provided in trailing documents approving exception for FTI purchase of a 1 unit SFR. Comp factor, AA credit for past 8 years.<br> BUYER - GENERAL COMMENT (2025-09-02): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-09-03): Approved exception at origination for missing VOM- primary; mortgage in spouse's name. Comp factor; AA credit for past 8 years.<br> REVIEWER - RE-OPEN COMMENT (2025-09-25): Reopening to add client comments<br> SELLER - GENERAL COMMENT (2025-09-25): While the TPR firm does not consider AA credit as a sufficient comp factor, VCC's underwriter felt this was sufficient as it shows the borrower's ability to make their payments. AA Credit meaning that the borrower hasn't had a late payment reported on their credit report in 5+ years. VCC confirmed reserves at underwriting; however, final funds were drawn from an unverified account and therefore resulted in unverifiable resereves, which were not sufficient to use as a comp factor.<br> REVIEWER - WAIVED COMMENT (2025-09-25): Approved exception at origination for missing VOM- primary; mortgage in spouse's name. Comp factor; AA credit for past 8 years. Comp factor used does not regrade. | 1 |  |  |  | 1 |  |  |  |  | Borrower has a clean housing payment history<br>The representative FICO score exceeds the guideline minimum by XX points. | - C |  |  |  |  | A C |
| XXXX | XXXX | VCC 2025-P2-100086 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - FICO below 650 | Cash-out refinance for a borrower on title less than 6 months. The borrower was deeded title at. This loan was a buyout of equity on the subject property due to divorce. Lender has a lease in file to a third-party, not related to the borrower.<br> Approved exception at origination for FICO < 650. Comp factor, seasoned investor. | REVIEWER - WAIVED COMMENT (2025-09-25): Approved exception at origination for FICO < 650. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-19): Approved exception at origination for FICO < 650. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100087 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100088 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100089 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-18): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100096 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception for co-insurance on 1-4 property type. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-08-20): Approved exception for co-insurance on 1-4 property type. 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. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100098 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for missing lease on a refinance. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-08-21): Approved exception at origination for missing lease/ 100% vacancy. 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. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100100 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factors; LTV and property condition which cannot be substantiated as a non-quantifiable subjective trait.<br> Approved exception at origination for 1) incomplete VOM-primary; < 12 months pay history provided and 2) incomplete VOM- subject missing most recent monthly payment. Comp factors; seasoned investor, and property condition which cannot be substantiated as a non-quantifiable subjective trait. | REVIEWER - WAIVED COMMENT (2025-08-18): Approved exception at origination for FICO < 650. Comp factors; LTV and property condition which cannot be substantiated as a non-quantifiable subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-08-18): Approved exception at origination for 1) incomplete VOM-primary; < 12 months pay history provided and 2) incomplete VOM- subject missing most recent monthly payment. Comp factors; seasoned investor, and property condition which cannot be substantiated as a non-quantifiable subjective trait. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100103 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100104 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for vacant property on a refinance. Comp factor, LTV. | REVIEWER - WAIVED COMMENT (2025-09-09): Approved exception at origination for vacant property on a refinance. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100106 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100108 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100110 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement<br> [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for vacant property on a refinance. Comp factors, LTV and property condition which cannot be substantiated.<br> Approved exception at origination for Cash out on property listed within recent 6 months. Missing evidence listing has been canceled. Comp factor, LTV. | REVIEWER - WAIVED COMMENT (2025-09-09): Approved exception at origination for vacant property on a refinance. Comp factors, LTV and property condition which cannot be substantiated.<br> BUYER - GENERAL COMMENT (2025-09-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-02): Approved exception at origination for Cash out on property listed within recent 6 months. Missing evidence listing has been canceled. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100111 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Missing lease on refinance- subject is listed as a ST rental. | BUYER - GENERAL COMMENT (2025-09-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-02): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factors. FICO and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100112 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Unit owner's policy is missing loss of rents coverage and Master HOA policy is missing borrowers name and the unit number.<br> Approved exception at origination for missing lease on SFR refinance (tenant is month to month). Comp factor: seasoned investor. | BUYER - GENERAL COMMENT (2025-09-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-02): Exception waived. Updated approval provided in trailing documents approving exceptions for missing loss of rent, borrowers name, and property unit number on the Master HOA Policy. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-21): Approved exception at origination for missing lease on SFR refinance (tenant is month to month). Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100119 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100136 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance<br> [2] General - LTV does not meet guidelines | Approved exception at origination for credit report pulled using incorrect date of birth. Comp factor: FICO<br> Approved exception at origination for DSCR below 1.25x for investor traditional 2 property with loan exceeding $750k. Comp factors: FICO and reserves.<br> Named storm deductible > $25,000.<br> Approved exception at origination for LTV > 65% for first time investor on Trad II. Comp factors: FICO and seasoned business. | REVIEWER - WAIVED COMMENT (2025-08-18): Approved exception at origination for credit report pulled using incorrect date of birth. Comp factor: FICO<br> REVIEWER - WAIVED COMMENT (2025-08-18): Approved exception at origination for DSCR below 1.25x for investor traditional 2 property with loan exceeding $750k. Comp factors: FICO and reserves.<br> BUYER - GENERAL COMMENT (2025-09-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-02): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factors, reserves and FICO.<br> REVIEWER - WAIVED COMMENT (2025-08-18): Approved exception at origination for LTV > 65% for first time investor on Trad II. Comp factors: FICO and seasoned business. | 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. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100137 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - The property is ineligible. | Approved exception at origination for override of statewide exclusion on traditional property type located in IL. Comp factor; FICO. | BUYER - GENERAL COMMENT (2025-09-02): Corrected uploaded<br> REVIEWER - WAIVED COMMENT (2025-09-02): Approved exception at origination for override of statewide exclusion on traditional property type located in IL. Comp factor; FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100138 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing Law and Ordinance coverage. Comp factor: Seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-18): Approved exception at origination for missing Law and Ordinance coverage. Comp factor: Seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100142 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - FICO below 650<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] General - LTV does not meet guidelines | Approved exception at origination for seller credit > 3%. Comp factors: Reserves and seasoned business.<br> Approved exception at origination for FICO < 650. Comp factor: Reserves and seasoned business.<br> < 2 active major tradelines for 1 guarantor XXXXXX.<br> Approved exception at origination for > XX.XX% for First Time Investor on Trad II. Comp factor: Reserves and seasoned business. | REVIEWER - WAIVED COMMENT (2025-08-18): Approved exception at origination for seller credit > 3%. Comp factors: Reserves and seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-08-18): Approved exception at origination for FICO < 650. Comp factor: Reserves and seasoned business.<br> BUYER - GENERAL COMMENT (2025-09-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-02): Exception waived. Updated approval provided in trailing documents approving exception for < 2 major active tradelines. Comp factors, seasoned business and reserves.<br> REVIEWER - WAIVED COMMENT (2025-08-18): Approved exception at origination for > XX.XX% for First Time Investor on Trad II. Comp factor: 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. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100143 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Reverification of rent is inconsistent with original VOR | Approved exception at origination for incomplete VOR-primary; missing proof of rental payments to supplement VOR summary worksheet from private landlord. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-08-19): Approved exception at origination for incomplete VOR-primary; missing proof of rental payments to supplement VOR summary worksheet from private landlord. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100144 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing law & ordinance coverage. Comp factor, FICO. | BUYER - GENERAL COMMENT (2025-09-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-03): Approved exception at origination for missing law & ordinance coverage. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100145 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for DSCR below 1.20x for investor traditional 1 property with loan > $500k. Comp factor: reserves.<br> Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2025-08-20): Approved exception at origination for DSCR below 1.20x for investor traditional 1 property with loan > $500k. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-08-20): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100146 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100149 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Missing law & ordinance coverage. | BUYER - GENERAL COMMENT (2025-09-02): Uploaded<br> REVIEWER - WAIVED COMMENT (2025-09-03): Exception waived. Updated approval provided in trailing documents approving exception for missing Law or Ordinance coverage. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100151 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100154 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing law & ordinance coverage. Comp factor, LTV. | BUYER - GENERAL COMMENT (2025-09-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-03): Approved exception at origination for missing law & ordinance coverage. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100155 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100168 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO< 650. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-20): Approved exception at origination for FICO< 650. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100159 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception for First Time Investor with LTV > 65% on owner user traditional 2. Comp factor: FICO.. | REVIEWER - WAIVED COMMENT (2025-08-20): Approved exception for First Time Investor with LTV > 65% on owner user traditional 2 purchase. Comp factor: FICO.. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100170 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for incomplete VOR-primary; missing canceled checks to supplement VOR from private landlord. Comp factor: reserves.<br> Approved exception at origination for XX.XX% vacancy/ missing lease for traditional property with loan > $500k. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2025-08-18): Approved exception at origination for incomplete VOR-primary; missing canceled checks to supplement VOR from private landlord. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-08-18): Approved exception at origination for XX.XX% vacancy/ missing lease for traditional property with loan > $500k. Comp factor: reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100160 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance<br> [2] 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: seasoned investor.<br> Approved exception at origination for missing Law & Ordinance coverage A. Comp factor: seasoned investor.<br> Approved exception at origination for loan < $100k for traditional property type. Comp factor: seasoned investor.<br> Approved exception at origination for override of statewide exclusion on traditional property type located in MI. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-18): Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-18): Approved exception at origination for missing Law & Ordinance coverage A. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-18): Approved exception at origination for loan < $100k for traditional property type. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-18): Approved exception at origination for override of statewide exclusion on traditional property type located in MI. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100161 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance<br> [2] 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, seasoned investor.<br> Approved exception at origination for missing Law and Ordinance coverage. Comp factor: Seasoned investor.<br> Approved exception at origination for loan amount < $100,000 on a Trad II, Comp factor: Seasoned Investor.<br> Approved exception at origination for State Exclusion (MI Trad). Comp factor: Seasoned investor. | REVIEWER - WAIVED COMMENT (2025-09-03): Approved exception at origination for FICO < 650. Comp factor, seasoned investor.<br> BUYER - GENERAL COMMENT (2025-09-02): Exception is valid. There is no law and ord coverage found on insurance<br> REVIEWER - WAIVED COMMENT (2025-09-03): Approved exception at origination for missing Law and Ordinance coverage. Comp factor: Seasoned investor.<br> BUYER - GENERAL COMMENT (2025-09-02): Exception is valid. Min loan amount for trad 2 is 100K per matrix<br> REVIEWER - WAIVED COMMENT (2025-09-03): Approved exception at origination for loan amount < $100,000 on a Trad II, Comp factor: Seasoned Investor.<br> BUYER - GENERAL COMMENT (2025-09-02): valid<br> REVIEWER - WAIVED COMMENT (2025-09-03): Approved exception at origination for State Exclusion (MI Trad). Comp factor: Seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100163 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property | Approved exception at origination for override of statewide exclusion for traditional property type located in MI. Comp factor: FICO. | BUYER - GENERAL COMMENT (2025-09-02): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-09-03): Approved exception at origination for override of statewide exclusion for traditional property type 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. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100020 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100021 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100022 |  | XXXXX | $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 < 1.15x. Comp factors: LTV, guarantor support/liquidity, and company financial strength.<br> Approved exception at origination for 2x 30 day mortgage delinquencies within 12 months. Comp factors: LTV, guarantor support/liquidity, and company financial strength. | REVIEWER - WAIVED COMMENT (2025-08-28): Approved exception at origination for DSCR < 1.15x. Comp factors: LTV, guarantor support/liquidity, and company financial strength.<br> REVIEWER - WAIVED COMMENT (2025-08-28): Approved exception at origination for 2x 30 day mortgage delinquencies within 12 months. Comp factors: LTV, guarantor support/liquidity, and company financial strength.<br> REVIEWER - RE-OPEN COMMENT (2025-09-25): Reopening to add client comments<br> SELLER - GENERAL COMMENT (2025-09-25): New Day was comfortable given the low LTV XX.XX%. Borrower is an established business with strong liquidity as is the guarantor.<br> REVIEWER - WAIVED COMMENT (2025-09-25): Approved exception at origination for 2x 30 day mortgage delinquencies within 12 months. Comp factors: LTV, guarantor support/liquidity, and company financial strength. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100025 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - LTV does not meet guidelines<br> [2] Guideline Issue - Note loan amount is greater than guideline maximum.: Note loan amount of $X,XXX,XXXis greater than guideline maximum loan amount of $2,000,000. | Approved exception at origination for 1st DT LTV > 50%. Comp factors; LTV, guarantor support/liquidity, and company financial strength.<br> Approved exception at origination for loan > $5MM. Comp factors; LTV, guarantor support/liquidity, and company financial strength. | REVIEWER - WAIVED COMMENT (2025-08-28): Approved exception at origination for 1st DT LTV > 50%. Comp factors; LTV, guarantor support/liquidity, and company financial strength.<br> REVIEWER - WAIVED COMMENT (2025-08-28): Approved exception at origination for loan > $5MM. Comp factors; LTV, guarantor support/liquidity, and company financial strength. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100058 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for FICO < 650. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait.<br> Approved exception at origination for missing VOR-primary (verbal agreement). Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait.<br> Approved exception at origination for 100% vacancy/missing lease on 1-4 refinance. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2025-08-30): Approved exception at origination for FICO < 650. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-08-30): Approved exception at origination for missing VOR-primary (verbal agreement). Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-08-30): Approved exception at origination for 100% vacancy/missing lease on 1-4 refinance. Comp factors: LTV and strong 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 boarded window. | SELLER - GENERAL COMMENT (2025-09-25): Property vacant at the time of appraisal. Window boarded but building appeared weather tight. Repair status has not been confirmed, but VCC expects the borrower to complete any necessary repairs prior to tenant moving in.. Property condition considered in value/LTV.<br> REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2025-09-25): Client advised, unable to clear. | 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. | - B |  |  |  |  | C |
| XXXX | XXXX | VCC 2025-P2-100031 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100063 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 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<br> [2] General - The property is ineligible. | Approved exception at origination for FICO < 650. Comp factor: reserves.<br> Approved exception at origination for Wind/hail deductible > $25,000. Comp factor, seasoned investor.<br> Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: reserves.<br> Approved exception at origination for NY UCC override . Comp factor: reserves. | BUYER - GENERAL COMMENT (2025-09-12): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-09-15): Approved exception at origination for FICO < 650. Comp factor: reserves.<br> BUYER - GENERAL COMMENT (2025-09-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-15): Approved exception at origination for Wind/hail deductible > $25,000. Comp factor, seasoned investor.<br> BUYER - GENERAL COMMENT (2025-09-12): Corrected loan approval uploaded<br> REVIEWER - WAIVED COMMENT (2025-09-15): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: reserves.<br> BUYER - GENERAL COMMENT (2025-09-12): Corrected exception to read NY UCC override.<br> REVIEWER - WAIVED COMMENT (2025-09-15): Approved exception at origination for NY UCC override . 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 | Appraisal reflects safety issue of missing railing on basement stairs. LOI in in file evidences borrower intent to remedy identified issue, however no proof of completion is provided. | SELLER - GENERAL COMMENT (2025-09-25): VCC did receive an LOE with a commitment from the borrower to install the missing handrail. The status hasn't been confirmed but VCC expects the borrower to fulfill their commitment. Property condition considered in value/LTV<br> REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2025-09-25): Client advised, unable to clear. | 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. | - B |  |  |  |  | C |
| XXXX | XXXX | VCC 2025-P2-100040 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - Missing Hazard Insurance | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factor: LTV<br> Approved exception at origination for incomplete VOR-primary: < 12 months pay history receipts provided. 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 (2025-08-27): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-08-27): Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factor: LTV<br> REVIEWER - WAIVED COMMENT (2025-08-27): Approved exception at origination for incomplete VOR-primary: < 12 months pay history receipts provided. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-08-27): 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. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100097 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<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.<br> [2] General - The property is ineligible. | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor.<br> Missing VOR-primary; borrower lives rent free per LOE in file.<br> Approved exception at origination for 100% vacancy/missing lease on refinance. Comp factors: LTV and seasoned investor.<br> Approved exception at origination for loan amount < $75,000. Comp factors: LTV and seasoned investor.<br> Approved exception at origination for rural property. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-27): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor.<br> BUYER - GENERAL COMMENT (2025-09-12): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2025-09-15): Exception remains. No updated approval uploaded.<br> BUYER - GENERAL COMMENT (2025-09-17): Exception noted om uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-17): Exception waived. Updated approval provided in trailing docs approving exception for missing VOR. Comp factors, LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-27): Approved exception at origination for 100% vacancy/missing lease on refinance. Comp factors: LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-27): Approved exception at origination for loan amount < $75,000. Comp factors: LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-27): Approved exception at origination for rural property. Comp factors: LTV and seasoned investor. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Health issues with several areas with water damage and no evidence that the source of the water has been fixed. Water damage to ceiling in bathroom and living room needing repairs. Dampness in basement from recent heavy rains and hole in wall in bathroom where the medicine cabinet should be. | BUYER - GENERAL COMMENT (2025-09-12): Per appraiser, items are cosmetic and are factored into the c4 condition as deferred maintenance. He does state the overall condition of the property is average, VCC Reviewer estimated the cost to repairs at $5,000-$7,000. in regards to dampness in basement, appraiser states its due to the recent heavy rains and is common for houses in the area<br> REVIEWER - GENERAL COMMENT (2025-09-15): Exception remains. Part of the ceiling repair in the bedroom would be to affix the ceiling fan light fixture which is currently setting on the floor with exposed wires in the ceiling. No source of water damage provided or evidence it has been fixed for the ceiling water damage.<br> SELLER - GENERAL COMMENT (2025-09-25): XX.XX%. Appraisal made as-is and property condition considered in value/LTV. Property vacant at the time of origination. Per borrower LOE in file, cash-out proceeds would be used towards renovating the property prior to tenants moving in. VCC has not confirmed the status of repairs but expects borrower to complete any necessary repairs to their investment proeprty.<br> REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2025-09-25): Client advised, unable to clear. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | C |
| XXXX | XXXX | VCC 2025-P2-100105 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement<br> [2] General - Property has been listed for sale in the past 12 months. | Credit report reflects < 2 major. active tradelines.<br> Missing VOM for primary residence.<br> Approved exception at origination for 100% vacancy per appraisal (executed lease provided in file). Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait.<br> Approved exception at origination for Cash out on property held < 6 months. Comp factors, seasoned investor and property condition which cannot be substantiated. | BUYER - GENERAL COMMENT (2025-09-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factor, seasoned investor.<br> BUYER - GENERAL COMMENT (2025-09-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for missing VOM. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-27): Approved exception at origination for 100% vacancy per appraisal (executed lease provided in file). Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait.<br> BUYER - GENERAL COMMENT (2025-09-12): Exception noted on uploaded<br> REVIEWER - WAIVED COMMENT (2025-09-15): Approved exception at origination for Cash out on property held < 6 months. Comp factors, seasoned investor and property condition which cannot be substantiated. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100053 |  | XXXXX | $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 | EOI for unit owner's policy reflects loss of use in lieu of loss of rents coverage.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | BUYER - GENERAL COMMENT (2025-09-13): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for missing loss of rents coverage and master HOA policy not showing borrower or unit number. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-08-28): Approved exception at origination for missing VOR-primary; guarantor lives rent free. 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. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100034 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-09-02): Approved exception at origination for missing VOR-primary; guarantor lives rent free. 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. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100045 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - FICO below 650<br> [2] General - The property is ineligible. | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor.<br> Approved exception at origination for rural property. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-27): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-27): Approved exception at origination for rural property. 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. | Broken window noted- file contains LOE from borrower confirming intent to remedy (using loan funds) however no evidence of completion provided. | SELLER - GENERAL COMMENT (2025-09-25): XX.XX%. VCC did receive an LOE with a commitment from the borrower to fix the broken window. Appraisal states CTC $XXX. The status hasn't been confirmed but VCC expects the borrower to fulfill their commitment. Property condition considered in value/LTV<br> REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2025-09-25): Client advised, unable to clear. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | C |
| XXXX | XXXX | VCC 2025-P2-100033 |  | XXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXX | EOI reflects blanket liability coverage without required endorsement for full coverage amount applicable to each covered location.<br> Approved exception at origination for missing lease on 1 of 6 properties. Comp factor; seasoned investor. | BUYER - GENERAL COMMENT (2025-09-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-03): Exception waived. Updated approval provided in trailing documents approving exception for blanket liability coverage. Comp factors, seasoned investor and FICO.<br> REVIEWER - WAIVED COMMENT (2025-08-27): Approved exception at origination for missing lease on 1 of 6 properties. Comp factor; seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100039 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Insufficient Hazard Insurance | EOI reflects loss of use as opposed to loss of rents coverage without indication of landlord/rental policy type, | BUYER - GENERAL COMMENT (2025-09-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-03): Exception waived. Updated approval provided in trailing documents approving exception for missing loss of rent coverage. Comp factor, LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing handrail on exterior rear steps with 4 risers, back of house shows tarp covering part of the roof which has several boards/part of the roof collapsing, and large portion of siding missing on the side have the house. | SELLER - GENERAL COMMENT (2025-09-25): XX.XX% Appraisal made as-is and property condition considered in value/LTV. The handrail was not considered material by VCC UW as the steps went up exactly four risers. VCC did receive an LOE from the borrower stating they would: replace the roof, install a new AC, repair damaged siding and remodel kitchen/bathrooms. VCC has not confirmed the status of repairs but does expect the borrower to fulfill their commitment to complete the repairs.<br> REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2025-09-25): Client advised, unable to clear. | 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. | - B |  |  |  |  | C |
| XXXX | XXXX | VCC 2025-P2-100094 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100093 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100072 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and LTV. | REVIEWER - WAIVED COMMENT (2025-08-28): Approved exception at origination for FICO < 650. 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. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100044 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100049 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount <$75,000. Comp factor; FICO. | REVIEWER - WAIVED COMMENT (2025-08-27): Approved exception at origination for loan amount <$75,000. Comp factor; FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100076 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for Blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. Comp factor, FICO. | BUYER - GENERAL COMMENT (2025-09-13): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-15): Approved exception at origination for Blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100046 |  | XXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Unit owner's policy on 1 of 4 properties XXXXXXXXreflects liability coverage amount < $300k) | BUYER - GENERAL COMMENT (2025-09-17): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2025-09-17): Exception remains. No updated approval provided.<br> BUYER - GENERAL COMMENT (2025-09-18): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-19): Exception waived. Updated approval provided in trailing documents approving exception for amount of liability coverage. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100101 |  | XXXXX | $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> [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for C5 below-average property condition. Comp factors, LTV and seasoned investor.<br> Approved exception at origination for deferred maintenance estimated cost to cure > $20,000 (Floor coverings have been removed from different rooms or in need of repairs, multiple drywall repairs and broken window.- file contains a LOE (D0204) conveying intent to cure but no evidence of completion). Comp factors: LTV and seasoned investor. | BUYER - GENERAL COMMENT (2025-09-13): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-15): Approved exception at origination for C5 below-average property condition. Comp factors, LTV and seasoned investor.<br> REVIEWER - RE-OPEN COMMENT (2025-09-25): Reopening to add client comments<br> SELLER - GENERAL COMMENT (2025-09-25): XX.XX% Property condition considered in value/LTV.<br> REVIEWER - GENERAL COMMENT (2025-09-25): C5: No updates in the prior 15 years; all utilities appeared to be in working order at the time of observation. The subject property includes multiple items of deferred maintenance. The floor coverings have been removed/damaged in multiple locations, there are multiple drywall repairs required, there is a broken window, and multiple other minor items of repair required. The roof, AC, and plumbing were replaced in XXXX. Overall, we have estimated the items of repair at $XXX. We were not provided access to a bedroom but have considered this area to be in similar condition as the rest of the home.<br> REVIEWER - WAIVED COMMENT (2025-09-25): Approved exception at origination for C5 below-average property condition. Comp factors, LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-29): Approved exception at origination for deferred maintenance estimated cost to cure > $20,000 (Floor coverings have been removed from different rooms or in need of repairs, multiple drywall repairs and broken window.- file contains a LOE (D0204) conveying intent to cure but no evidence of completion). Comp factors: LTV and seasoned investor.<br> REVIEWER - RE-OPEN COMMENT (2025-09-25): Reopening to add client comments<br> SELLER - GENERAL COMMENT (2025-09-25): XX.XX% Property condition considered in value/LTV. VCC did receive LOE from borrower stating that they would complete repairs. The status of repairs has not been confirmed but VCC does expect the borrower to fulfill their commitment and complete the necessary repairs.<br> REVIEWER - WAIVED COMMENT (2025-09-25): Approved exception at origination for deferred maintenance estimated cost to cure > $20,000 (Floor coverings have been removed from different rooms or in need of repairs, multiple drywall repairs and broken window.- file contains a LOE (D0204) conveying intent to cure but no evidence of completion). Comp factors: LTV and seasoned investor. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - A |  |  |  |  | C |
| XXXX | XXXX | VCC 2025-P2-100095 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100091 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Missing lease agreement. | BUYER - GENERAL COMMENT (2025-09-13): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for missing Lease. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100069 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Credit Documentation - Missing lease Agreement | Missing leases for 3 of 4 units being refinanced. | BUYER - GENERAL COMMENT (2025-09-13): Loan is to one unit. Lease is present<br> BUYER - GENERAL COMMENT (2025-09-13): Disregard comment. Back to VCC<br> BUYER - GENERAL COMMENT (2025-09-13): Lets try this one more time. Back To VCC<br> BUYER - GENERAL COMMENT (2025-09-15): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2025-09-15): Exception remains. No exceptions listed on approval.<br> BUYER - GENERAL COMMENT (2025-09-17): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-17): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: 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 | Appraiser noted bugs in dining room of unit 4 which is a heath issue.<br> Appraiser noted several areas of the ceiling with prior water leaks/damage not repaired. Roof was also noted to be in rough condition. In house review has PTD Roof certification not provided. | REVIEWER - GENERAL COMMENT (2025-09-25): Comment from client - XX.XX%. VCC did not view as material given the low ltv. Per borrower LOE in file, cash-out proceeds will be used towards updating the subject property. VCC hasn't confirmed the status but expects the borrower to remedy any necessary issues in the property.<br> REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2025-09-25): Client advised, unable to clear.<br> REVIEWER - GENERAL COMMENT (2025-09-25): Comment from client - XX.XX%. VCC did not view as material given the low ltv. Per borrower LOE in file, cash-out proceeds will be used towards updating the subject property. VCC hasn't confirmed the status but expects the borrower to remedy any necessary issues in the property.<br> REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2025-09-25): Client advised, unable to clear. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | C |
| XXXX | XXXX | VCC 2025-P2-100066 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property | Rural property. | BUYER - GENERAL COMMENT (2025-09-13): Uploaded<br> REVIEWER - WAIVED COMMENT (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100118 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Loan File - Missing Document: Hazard Insurance Policy 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 HOA master policy. Comp factor, LTV.<br> Approved exception at origination for loan amount < $75,000. Comp factors: LTV and seasoned investor. | BUYER - GENERAL COMMENT (2025-09-13): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-15): Approved exception at origination for missing HOA master policy. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-08-29): Approved exception at origination for loan amount < $75,000. Comp factors: LTV and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100102 | XXXX XXXX | XXXXX | $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] 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 investor.<br> Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factors: LTV and seasoned investor.<br> Missing VOR-primary; borrower lives rent free per LOE in file. | REVIEWER - WAIVED COMMENT (2025-08-30): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-30): Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factors: LTV and seasoned investor.<br> BUYER - GENERAL COMMENT (2025-09-17): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-17): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR. Comp factors, LTV and 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> 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 | Property condition is C5.<br> Appraisal and internal review indicate there was deferred maintenance observed to the exterior paint and siding and subject interior has excessive deferred maintenance with missing flooring and pet odor. Letter of intent provided to resolve issues; however, no confirmation of resolution provided. Newly painted basement with 2 non conforming bedrooms were noted. | BUYER - GENERAL COMMENT (2025-09-17): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-17): Exception waived. Updated approval provided in trailing documents approving exception for property condition C5. Comp factors, LTV and seasoned investor.<br> REVIEWER - RE-OPEN COMMENT (2025-09-25): Reopening to add client comments<br> SELLER - GENERAL COMMENT (2025-09-25): XX.XX%. Appraisal made as-is and property condition considered in value/LTV. Property vacant at the time of origination. Per borrower LOE in file the missing floor and pet order would be remedied. VCC has not confirmed the status of repairs but expects the borrower to fulfill their commitment<br> REVIEWER - GENERAL COMMENT (2025-09-25): C5: Kitchen – updated (timeframe unknown); Bathrooms – not updated. The subject is physically and functionally sound with excessive physical depreciation observed. No functional or external obsolescence observed. The subject has an updated kitchen with cabinets, counters, and appliances, newer vinyl flooring, and an updated basement with new paint and light fixtures. Deferred maintenance was observed on the exterior paint and siding. The interior has excessive deferred maintenance under repair, including missing flooring and pet odor currently being remediated. Estimated cost to cure is less than $5,000.<br> REVIEWER - WAIVED COMMENT (2025-09-25): Exception waived. Updated approval provided in trailing documents approving exception for property condition C5. Comp factors, LTV and seasoned investor.<br> SELLER - GENERAL COMMENT (2025-09-25): XX.XX%. Appraisal made as-is and property condition considered in value/LTV. Property vacant at the time of origination. Per borrower LOE in file the missing floor and pet order would be remedied. VCC has not confirmed the status of repairs but expects the borrower to fulfill their commitment<br> REVIEWER - GENERAL COMMENT (2025-09-25): C5: Kitchen – updated (timeframe unknown); Bathrooms – not updated. The subject is physically and functionally sound with excessive physical depreciation observed. No functional or external obsolescence observed. The subject has an updated kitchen with cabinets, counters, and appliances, newer vinyl flooring, and an updated basement with new paint and light fixtures. Deferred maintenance was observed on the exterior paint and siding. The interior has excessive deferred maintenance under repair, including missing flooring and pet odor currently being remediated. Estimated cost to cure is less than $5,000.<br> REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2025-09-25): Client advised, unable to clear. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | C |
| XXXX | XXXX | VCC 2025-P2-100080 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement<br> [2] Guideline Issue - Note loan amount is greater than guideline maximum.: Note loan amount of $X,XXX,XXXis greater than guideline maximum loan amount of $2,000,000.<br> [2] General Appraisal Requirements - Subject is a refinance and property is listed for sale.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for 'Credit' (< 2 active major tradelines). Comp factor: LTV.<br> Approved exceptions at origination for 1) incomplete VOM-subject, missing 2 of last 12 monthly payment receipts and 2) missing VOM for subject 2nd mortgage satisfied within 12 months. Comp factor: LTV.<br> Missing lease on refinance (subject listed as a ST rental).<br> Approved exception at origination for loan amount >= $2,000,000. Comp factor: LTV.<br> Cash-out on property listed for sale within 6 months. | REVIEWER - WAIVED COMMENT (2025-08-28): Approved exception at origination for 'Credit' (< 2 active major tradelines). Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-08-28): Approved exceptions at origination for 1) incomplete VOM-subject, missing 2 of last 12 monthly payment receipts and 2) missing VOM for subject 2nd mortgage satisfied within 12 months. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-09-13): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factors, LTV and FICO.<br> REVIEWER - WAIVED COMMENT (2025-09-03): Approved exception at origination for loan amount >= $2,000,000. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-09-13): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factors, LTV and FICO. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100042 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: seasoned investor | REVIEWER - WAIVED COMMENT (2025-08-29): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: seasoned investor | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100043 |  | XXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100068 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor; seasoned investor.<br> Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor; seasoned investor. | BUYER - GENERAL COMMENT (2025-09-13): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-15): Approved exception at origination for FICO < 650. Comp factor; seasoned investor.<br> BUYER - GENERAL COMMENT (2025-09-13): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-15): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor; seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100075 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXXis less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-27): Approved exception at origination for loan amount < $75,000. Comp factors: LTV and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100114 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy/missing lease. Comp factors: seasoned investor and reserves. | REVIEWER - WAIVED COMMENT (2025-08-29): Approved exception at origination for 100% vacancy/missing lease. Comp factors: seasoned investor and reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100037 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-23): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100038 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing special/broad form coverage type. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-23): Approved exception at origination for missing special/broad form coverage type. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100035 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - FICO below 650<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 loan amount <$75,000. Comp factor; reserves. | REVIEWER - WAIVED COMMENT (2025-08-27): Approved exception at origination for FICO < 650. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-08-27): Approved exception at origination for loan amount <$75,000. Comp factor; reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100099 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 3 | 2 | [2] Loan File - Missing Document: Hazard Insurance Policy not provided<br> [2] General - The property is ineligible. | Missing EOI for liability coverage (exception waiver provided for hazard insurance is documented but not liability).<br> Subject property is Land only with the only improvement being a tennis court. There is no immediate ability to produce income through rental operations. | BUYER - GENERAL COMMENT (2025-09-02): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2025-09-03): Exception remains. Comp factor "Land Only, no improvements" is not a comp factor. Land only requires liability coverage.<br> BUYER - GENERAL COMMENT (2025-09-15): Uploaded<br> REVIEWER - GENERAL COMMENT (2025-09-15): Exception remains. Approval reflects comp factor, land only, no improvements which is not a valid comp factor for missing liability coverage.<br> BUYER - GENERAL COMMENT (2025-09-17): Uploaded with comp factor of low LTV<br> BUYER - GENERAL COMMENT (2025-09-17): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-09-17): Exception waived. Updated approval provided in trailing documents approving exception for missing liability coverage. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2025-09-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-03): Exception waived. Updated approval provided in trailing documents approving exception for Land Only/no income produced. Comp factor, LTV. | 3 | [3] Appraisal Documentation - Loan is to be securitized. Appraisal is missing. Sec ID: 1: Note Date: XX/XX/XXXX; Lien Position: 1 | Land only appraisal provided is not an accepted appraisal format per MCP 3.4. | BUYER - GENERAL COMMENT (2025-09-02): Exception noted om uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-03): Exception waived. Updated approval provided in trailing documents approving a Land Only appraisal. Comp factor, LTV. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | D |
| XXXX | XXXX | VCC 2025-P2-100048 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100092 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100070 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100115 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for Liability coverage < $300k. Comp factors, FICO and seasoned investor. | BUYER - GENERAL COMMENT (2025-09-15): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-15): Approved exception at origination for Liability coverage < $300k. Comp factors, FICO and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100036 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100041 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - LTV does not meet guidelines<br> [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Mortgage / Program Eligibility - Subordinate financing not permitted | LTV > 70% on an Investment 1-4 with loan amount > $1 000,000.<br> Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor.<br> Approved exception at origination for incomplete VOM-subject; > 12 months pay history provided (matured note). Comp factors: seasoned investor and reserves.<br> Approved exception at origination for subordinate financing term < 3 years. Comp factor: reserves. | BUYER - GENERAL COMMENT (2025-09-15): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for LTV. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-23): Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-23): Approved exception at origination for incomplete VOM-subject; > 12 months pay history provided (matured note). Comp factors: seasoned investor and reserves.<br> REVIEWER - WAIVED COMMENT (2025-08-23): Approved exception at origination for subordinate financing term < 3 years. Comp factor: reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100032 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - LTV does not meet guidelines<br> [2] Application / Processing - Missing Document: HOA Questionnaire not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for LTV > 70% on SFR with loan > $1,000,000. Comp factors: seasoned investor and reserves.<br> Approved exception at origination for missing HOA documents. Comp factors: reserves and seasoned investor.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; reserves and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-26): Approved exception at origination for LTV > 70% on SFR with loan > $1,000,000. Comp factors: seasoned investor and reserves.<br> REVIEWER - WAIVED COMMENT (2025-08-28): Approved exception at origination for missing HOA documents. Comp factors: reserves and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-26): Approved exception at origination for missing VOR-primary; guarantor lives rent free. 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. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100047 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Missing Hazard Insurance | Missing HOA master policy. | BUYER - GENERAL COMMENT (2025-09-18): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-19): Exception waived. Updated approval provided in trailing documents approving exception for missing Master HOA insurance policy. 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. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100164 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] Application / Processing - Missing Document: HOA Questionnaire not provided<br> [2] General - Missing Hazard Insurance | 1x 60 days late within 24 months on credit report.<br> Missing HOA Questionnaire.<br> Missing HOA master policy. | BUYER - GENERAL COMMENT (2025-09-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-03): Exception waived. Updated approval provided in trailing documents approving exception for 1 x 60. Comp factor, seasoned investor.<br> REVIEWER - RE-OPEN COMMENT (2025-09-25): Reopening to add client comments<br> SELLER - GENERAL COMMENT (2025-09-25): The late payment was in XXXXX, borrower has been AA since then (AA meaning that a late payment has not been reported on the borrower's credit report). Borrower is a seasoned investor and has owned the subject property since 2006. Borrowing entity also seasoned, established in XXXX.<br> REVIEWER - WAIVED COMMENT (2025-09-25): Exception waived. Updated approval provided in trailing documents approving exception for 1 x 60. Comp factor, seasoned investor.<br> BUYER - GENERAL COMMENT (2025-09-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-03): Exception waived. Updated approval provided in trailing documents approving exception for missing HOA docs. Comp factor, seasoned investor.<br> BUYER - GENERAL COMMENT (2025-09-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-03): Exception waived. Updated approval provided in trailing documents approving exception for missing master HOA policy. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100131 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for DSCR < 1.20x for investor traditional 1 refinance with loan >$500k. Comp factors: seasoned investor and FICO.<br> Approved exception at origination for 27% vacancy/ missing lease. Comp factors: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-08-25): Approved exception at origination for DSCR < 1.20x for investor traditional 1 refinance with loan >$500k. Comp factors: seasoned investor and FICO.<br> REVIEWER - WAIVED COMMENT (2025-08-25): Approved exception at origination for 27% vacancy/ missing lease. 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. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100167 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.0x on owner-user traditional 1 refinance with loan > $500,000. Comp factors: FICO and LTV. | REVIEWER - WAIVED COMMENT (2025-08-26): Approved exception at origination for DSCR < 1.0x on owner-user traditional 1 refinance with loan > $500,000. Comp factors: FICO 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 | Property had damage with worn shingles on the garage roof, peeling paint on fascia boards and dry rot on fascia boards. | BUYER - GENERAL COMMENT (2025-09-02): According to the appraisal the subject property was remodeled in xxxx with no deficiencies noted. appraiser states property is is average condition. the appraisal does not mention any property damage with worn shingles, paint or dry rot. All of the called out could be considered deferred maintenance and not a Health and Safety issue.<br> REVIEWER - GENERAL COMMENT (2025-09-03): Exception remains. Damage to roof is the building they are calling storage (was a smaller SFR). Appraisal only includes 1 interior picture of the storage building and one of the front of same. Property inspection provided more details and picture not addressed by the appraiser.<br> SELLER - GENERAL COMMENT (2025-09-25): XX.XSX%. The issues weren't cited by the appraiser, and the appraisal was made as-is so property condition considered in value/LTV. VCC expects borrower to maintain or complete any necessary repairs to their investment property.<br> REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2025-09-25): Client advised, unable to clear. | 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. | - B |  |  |  |  | C |
| XXXX | XXXX | VCC 2025-P2-100147 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | 1) Missing law & ordinance coverage A, and 2) Blanket liability policy without required endorsement for full coverage amount applicable to each covered location.<br> Approved exception at origination for 100% vacancy per appraisal (subsequently executed leases provided in file). Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. | BUYER - GENERAL COMMENT (2025-09-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-03): Exception waived. Updated approval provided in trailing documents approving exception for blanket liability and missing Law or Ordinance coverage. Comp factors, seasoned investor and FICO.<br> REVIEWER - WAIVED COMMENT (2025-08-28): Approved exception at origination for 100% vacancy per appraisal (subsequently executed leases provided in file). Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100174 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Insufficient Hazard Insurance | Approved exceptions at origination for 1) insufficient liability coverage amount insurance, and 2) missing law and ordinance coverage. Comp factors: LTV, seasoned investor. | REVIEWER - WAIVED COMMENT (2025-09-25): Approved exceptions at origination for 1) insufficient liability coverage amount insurance, and 2) missing law and ordinance coverage. Comp factors: LTV, 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 notes multiple potential environmental/health concerns: 1) Steel barrels containing unknown substance in back yard:, 2) Open slots in the electric panel, 3) damaged/rotted floor joist in basement, and 4) rusted/rotted rear entry door. | SELLER - GENERAL COMMENT (2025-09-25): XX.XX% Appraisal made as-is and property condition considered in value/LTV. Borrower signed a certificate of oil and hazardous metals confirming that there were no hazardous materials on the property. Given the low LTV, VCC did not view as material in terms of underwriting. VCC does expect borrower to complete any necessary repairs to their investment property.<br> REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2025-09-25): Client advised, unable to clear. | 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. | - B |  |  |  |  | C |
| XXXX | XXXX | VCC 2025-P2-100133 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100139 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100150 |  | XXXXX | $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 for investor traditional 2 refinance with loan > $500k. Comp factor: reserves.<br> Approved exception at origination for missing Law and Ordinance coverage A. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-28): Approved exception at origination for DSCR <1.25x for investor traditional 2 refinance with loan > $500k. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-08-25): Approved exception at origination for missing Law and Ordinance coverage A. 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. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100162 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for DSCR < 1.0 on owner user traditional II refinance with loan> $500,000. Comp factors: LTV and reserves.<br> Approved exception at origination for missing law & ordinance coverage. Comp factors: seasoned business and reserves. | REVIEWER - WAIVED COMMENT (2025-08-26): Approved exception at origination for DSCR < 1.0 on owner user traditional II refinance with loan> $500,000. Comp factors: LTV and reserves.<br> REVIEWER - WAIVED COMMENT (2025-08-26): Approved exception at origination for missing law & ordinance coverage. 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.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100132 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for FICO <650. Comp factors: reserves and seasoned investor.<br> Approved exception at origination for credit report aged > 60 Days. Comp factors: reserves and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-25): Approved exception at origination for FICO <650. Comp factors: reserves and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-25): Approved exception at origination for credit report aged > 60 Days. 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. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100129 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for DSCR < 1.20x on investor traditional 1 mixed use purchase with loan > $750k. Comp factors: FICO and reserves.<br> Approved exception at origination for first time investor. on investor traditional 1 mixed use with LTV > 70% (XX% CLTV). Comp factors: FICO and reserves.<br> Approved exception at origination for credit report aged > 60 days. Comp factors: FICO and reserves. | REVIEWER - WAIVED COMMENT (2025-08-26): Approved exception at origination for DSCR < 1.20x on investor traditional 1 mixed use purchase with loan > $750k. Comp factors: FICO and reserves.<br> REVIEWER - WAIVED COMMENT (2025-08-26): Approved exception at origination for first time investor. on investor traditional 1 mixed use with LTV > 70% (XX% CLTV). Comp factors: FICO and reserves.<br> REVIEWER - WAIVED COMMENT (2025-08-26): Approved exception at origination for credit report aged > 60 days. 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. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100152 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | 1) Missing law & ordinance coverage A, and 2) Blanket liability policy without required endorsement for full coverage amount applicable to each covered location. | BUYER - GENERAL COMMENT (2025-09-02): Exceptions noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-03): Exception waived. Updated approval provided in trailing documents approving exception for missing endorsement and Law or Ordinance coverage. Comp factors, FICO and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100134 |  | XXXXX | $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 credit report aged > 60 days. Comp factor: reserves.<br> Approved exception at origination for First Time Investor on owner user traditional 2 with LTV > 65%. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2025-08-26): Approved exception at origination for credit report aged > 60 days. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-08-26): Approved exception at origination for First Time Investor on owner user traditional 2 with LTV > 65%. Comp factor: reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100135 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factors: seasoned Investor and reserves. | REVIEWER - WAIVED COMMENT (2025-08-25): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). 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.<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100140 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception for First Time Investor with LTV >65% on investor traditional 2 purchase. Comp factor: reserves.<br> Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2025-08-26): Approved exception for First Time Investor with LTV >65% on investor traditional 2 purchase. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-08-26): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100141 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing law & ordinance coverage. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-08-25): Approved exception at origination for missing law & ordinance coverage. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100166 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing law & ordinance coverage. Comp factor; FICO. | BUYER - GENERAL COMMENT (2025-09-02): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-09-03): Approved exception at origination for missing law & ordinance coverage. Comp factor; FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100153 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100148 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100130 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - Debt service ratio issue<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<br> [2] General - The property is ineligible. | Approved exceptions at origination for credit report pulled using incorrect DOB, and report aged > 60 days. Comp factors: seasoned investor and seasoned business.<br> Approved exception at origination for DSCR < 1.0x for owner user traditional 2 refinance with loan > $500k. Comp factors: seasoned investor and seasoned business.<br> Approved exceptions at origination for 1x60 days late within 12 months and >2x 30 days late within 24 months. Comp factors: seasoned business and FICO.<br> Approved exception at origination for incomplete VOM-subject; <12 months pay history provided. Comp factors: seasoned business and FICO.<br> Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-08-25): Approved exceptions at origination for credit report pulled using incorrect DOB, and report aged > 60 days. Comp factors: seasoned investor and seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-08-25): Approved exception at origination for DSCR < 1.0x for owner user traditional 2 refinance with loan > $750k. Comp factors: seasoned investor and seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-08-25): Approved exceptions at origination for 1x60 days late within 12 months and >2x 30 days late within 24 months. Comp factors: seasoned business and FICO.<br> REVIEWER - RE-OPEN COMMENT (2025-09-25): Reopening to add client comments<br> SELLER - GENERAL COMMENT (2025-09-25): Borrower is a seasoned investor with a high FICO. Through the rate/term refinance the borrower ultimately lowered their monthly payment and bettered their positition.<br> REVIEWER - WAIVED COMMENT (2025-09-25): Approved exceptions at origination for 1x60 days late within 12 months and >2x 30 days late within 24 months. Comp factors: seasoned business and FICO.<br> REVIEWER - WAIVED COMMENT (2025-08-25): Approved exception at origination for incomplete VOM-subject; <12 months pay history provided. Comp factors: seasoned business and FICO.<br> REVIEWER - WAIVED COMMENT (2025-08-25): Approved exception at origination for override of statewide exclusion for traditional property type located in IL. 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. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100023 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The qualifying DSCR on the loan is greater than the guideline minimum.<br>The representative FICO score exceeds the guideline minimum by XX points. | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100027 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum. | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100090 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor.<br> Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease in file). Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-09-03): Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-09-03): Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-09-03): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease in file). Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100109 |  | XXXXX | $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 credit report pulled using incorrect SSN. Comp factors: LTV and reserves.<br> Approved exceptions at origination for 1) incomplete VOM - subject; missing 12 month pay history receipts to supplement lender rating summary (paid through interest reserve account) and 2) incomplete VOR-primary; missing 12 month pay history receipts to supplement lender rating summary. Comp factors: LTV and reserves. | REVIEWER - WAIVED COMMENT (2025-09-02): Approved exception at origination for credit report pulled using incorrect SSN. Comp factors: LTV and reserves.<br> REVIEWER - WAIVED COMMENT (2025-09-02): Approved exceptions at origination for 1) incomplete VOM - subject; missing 12 month pay history receipts to supplement lender rating summary (paid through interest reserve account) and 2) incomplete VOR-primary; missing 12 month pay history receipts to supplement lender rating summary. Comp factors: LTV and reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100125 |  | XXXXX | $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 basic form policy/coverage type. Comp factor; seasoned investor.<br> Missing VOR-primary for both guarantors; living rent free per LOE's in file. | BUYER - GENERAL COMMENT (2025-09-17): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-09-17): Approved exception at origination for basic form policy/coverage type. Comp factor; seasoned investor.<br> BUYER - GENERAL COMMENT (2025-09-17): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-17): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR. 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. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100117 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for > 2X30 and >1x 60 days late payments within 12 months. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-09-02): Approved exception at origination for > 2X30 and >1x 60 days late payments within 12 months. Comp factors: LTV and seasoned investor.<br> REVIEWER - RE-OPEN COMMENT (2025-09-25): Reopening to add client comments<br> SELLER - GENERAL COMMENT (2025-09-25): VCC was comfortable given the low LTV XX.XX%. Borrower is also a seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-09-25): Approved exception at origination for > 2X30 and >1x 60 days late payments within 12 months. Comp factors: LTV and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100123 | XXXX XXXX | XXXXX | $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: LTV. | REVIEWER - WAIVED COMMENT (2025-09-02): Approved exception at origination for rural property. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100127 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Wood rot noted on the front porch columns which is a health and safety issue and damaged ceiling with water stains on part without clarification of source of water stains or if it has been repaired. | SELLER - GENERAL COMMENT (2025-09-25): XX.XX% Appraisal made as-is and property condition considered in value/LTV. Issues appear to be cosmetic in nature so VCC did not view as material in terms in of underwriting. VCC still expects the borrower to complete any necessary repairs to the property.<br> REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2025-09-25): Client advised, unable to clear. | 1 |  |  |  |  |  | - A |  |  |  |  | C |
| XXXX | XXXX | VCC 2025-P2-100126 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property<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 rural property. Comp factors; DSCR and LTV.<br> Approved exception at origination for loan amount <$75,000. Comp factors; DSCR and LTV. | REVIEWER - WAIVED COMMENT (2025-08-30): Approved exception at origination for loan amount <$75,000. Comp factors; DSCR and LTV.<br> REVIEWER - WAIVED COMMENT (2025-08-30): Approved exception at origination for loan amount <$75,000. Comp factors; DSCR 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 |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100124 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor; FICO. | REVIEWER - WAIVED COMMENT (2025-08-30): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor; FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100084 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Credit Documentation - Missing lease Agreement<br> [2] General - The property is ineligible. | Approved exception at origination for 100% vacancy/missing lease on SFR refinance. Comp factors: LTV and seasoned investor.<br> Approved exception at origination for rural property. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-09-02): Approved exception at origination for 100% vacancy/missing lease on SFR refinance. Comp factors: LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-09-04): Approved exception at origination for rural property. Comp factors: LTV and seasoned investor. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Broken and boarded front window. | SELLER - GENERAL COMMENT (2025-09-25): XX.XX%. Appraisal made as-is and proeprty condition considered in value/LTV. $XXX CTC considered in the property value. Window is boarded and appears to be weather tight, given the low LTV VCC did not view as material, but does expect the borrower to complete any necessary repairs to their investment property.<br> REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2025-09-25): Client advised, unable to clear. | 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. | - B |  |  |  |  | C |
| XXXX | XXXX | VCC 2025-P2-100107 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property<br> [2] General - Missing Document: Lease Agreement not provided | Rural property.<br> Missing lease on SFR refinance (subject is listed as a ST rental). | BUYER - GENERAL COMMENT (2025-09-15): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2025-09-15): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100113 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factor, LTV. | REVIEWER - WAIVED COMMENT (2025-08-30): Approved exception at origination for FICO < 650. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100120 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan <$75,000. Comp factor LTV. | REVIEWER - WAIVED COMMENT (2025-08-30): Approved exception at origination for loan <$75,000. Comp factor LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100122 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100121 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 35% vacancy/ missing lease(s) on 2-4 refinance. Comp factor: LTV | REVIEWER - WAIVED COMMENT (2025-09-02): Approved exception at origination for 35% vacancy/ missing lease(s) on 2-4 refinance. 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. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100082 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Unit owner's policy hurricane deductible of $2,050k is > 5% of coverage amount. | BUYER - GENERAL COMMENT (2025-09-15): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factors, LTV and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100116 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $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 (2025-09-02): 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 | Missing handrail on stairs to first floor. | SELLER - GENERAL COMMENT (2025-09-25): XX.XX% Enclosed staircase and the appraiser didn't cite as a safety concern. Given the low ltv, VCC did not view as material in terms of underwriting, but VCC does expect the borrower to complete any necessary repairs/updates.<br> REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2025-09-25): Client advised, unable to clear. | 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. | - B |  |  |  |  | C |
| XXXX | XXXX | VCC 2025-P2-100128 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - The property has been listed for sale in the last 12 months. | Cash out on property currently listed for sale. Missing cancelation of listing. | BUYER - GENERAL COMMENT (2025-09-15): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100165 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR <1.25x on investor Traditional 2 with loan > $500,000. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-09-02): Approved exception at origination for DSCR <1.25x on investor Traditional 2 with loan > $500,000. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100157 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100169 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Ineligible property<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factor; LTV.<br> Approved exception at origination for liability gen aggregate coverage amount < $2mm. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-09-03): Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factor; LTV.<br> REVIEWER - WAIVED COMMENT (2025-09-03): Approved exception at origination for liability gen aggregate coverage amount < $2mm. Comp factors: LTV and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100158 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100173 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Application / Processing - Missing Document: Approval not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Missing updated approval with detailed analysis of % of SF to support owner user versus tenant occupancy status, and updated property type of Mixed use.<br> Approved exceptions at origination for 1) incomplete VOR-primary; missing canceled checks to supplement VOR summary form from private landlord and 2) Incomplete VOM-subject missing canceled checks to supplement VOR summary from private individual lender (apparent relative of borrower). Comp factors; seasoned investor and seasoned business. | BUYER - GENERAL COMMENT (2025-09-15): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for property with unpermitted usage. Comp factors, FICO and seasoned investor.<br> REVIEWER - RE-OPEN COMMENT (2025-09-25): Reopening to add client comments<br> SELLER - GENERAL COMMENT (2025-09-25): VCC wrote an exception for unpermitted usage with a comp factor of seasoned investor. This property was underwritten and appraised as a retail property. VCC UW did not view as material because the CTC to restore the back unit to retail is minimal (dollar amount not provided). Permits are not required in VCC guidelines.<br> REVIEWER - WAIVED COMMENT (2025-09-25): Exception waived. Updated approval provided in trailing documents approving exception for property with unpermitted usage. Comp factors, FICO and seasoned investor.<br> BUYER - GENERAL COMMENT (2025-09-15): Corrected approval uploaded. VOM Exception to remain as it is private party. VOR removed<br> REVIEWER - WAIVED COMMENT (2025-09-15): Approved exceptions at origination for 1) incomplete VOR-primary; missing canceled checks to supplement VOR summary form from private landlord and 2) Incomplete VOM-subject missing canceled checks to supplement VOR summary from private individual lender (apparent relative of borrower). Comp factors; seasoned investor and seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100175 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] General - Missing Hazard Insurance | Approved exception at origination for missing law or ordinance. Comp factor: seasoned investor.<br> Approved exception at origination for insurance premium paid through a payment plan. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-09-08): Approved exception at origination for missing law or ordinance. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-09-08): Approved exception at origination for insurance premium paid through a payment plan. Comp factor: seasoned investor.<br> Comment: | 3 | [3] General - Subject is not in average or better condition.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> Fair | Subject building quality and condition is in below average condition. | BUYER - GENERAL COMMENT (2025-09-15): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for property in below average condition. Comp factors, LTV and seasoned investor.<br> REVIEWER - RE-OPEN COMMENT (2025-09-25): Reopening to add client comments<br> SELLER - GENERAL COMMENT (2025-09-25): XX.XX% Appraisal made as-is and property condition considered in value/LTV. No deferred maintenance or health and safety issues cited by appraiser. Property appears dated and could use cosmetic updates but is otherwise functioning and sound. Given the low LTV, VCC did not view as material in terms of underwriting, but VCC does expect the borrower to complete any necessary repairs.<br> REVIEWER - GENERAL COMMENT (2025-09-25): The subject property has been evaluated as Below Average in terms of overall building quality, condition, and appeal. These ratings reflect a general lack of upkeep and diminished aesthetic and structural standards.<br> Several items of deferred maintenance were observed. On the first floor, ceiling tiles are missing in the restroom, indicating a need for repair or replacement. The second-floor storage area shows signs of wear, with the ceiling requiring a fresh coat of paint. Additionally, there are areas of drywall that need patching. These issues, while not immediately critical, should be addressed as part of routine maintenance to prevent further deterioration and maintain the property's usability and appearance.<br> REVIEWER - WAIVED COMMENT (2025-09-25): Exception waived. Updated approval provided in trailing documents approving exception for property in below average condition. Comp factors, LTV and seasoned investor. | 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. | - B |  |  |  |  | C |
| XXXX | XXXX | VCC 2025-P2-100171 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing law & ordinance coverage A. Comp factor, seasoned investor. | BUYER - GENERAL COMMENT (2025-09-15): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-15): Approved exception at origination for missing law & ordinance coverage A. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100172 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100156 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100024 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100026 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100028 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for subject property DSCR < 1.15x. Comp factors: guarantor support/ liquidity and LTV. | REVIEWER - WAIVED COMMENT (2025-09-08): Approved exception at origination for subject property DSCR < 1.15x. Comp factors: guarantor support/ liquidity and LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100029 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100030 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100003 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100001 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: Seasoned Investor. | REVIEWER - WAIVED COMMENT (2025-09-18): 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 | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100004 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | 1) Wind deductible of 2% exceeds $50k. 2) missing law & ordinance coverage.<br> Approved exception at origination for 100% vacancy/ missing lease for Traditional 2 property with loan > $500k. Comp factor; LTV. | BUYER - GENERAL COMMENT (2025-09-18): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-09-19): Exception waived. Updated approval provided in trailing documents approving exception for missing Law or Ordinance coverage and wind deductible. Comp factors, LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-09-18): Approved exception at origination for 100% vacancy/ missing lease for Traditional 2 property with loan > $500k. 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. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100005 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing law and ordinance coverage. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-09-18): Approved exception at origination for missing law and ordinance coverage. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100010 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100012 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2025-P2-100013 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exceptions at origination for 1) first time investor and 2) foreign national borrower with < 1 additional investment in US on investor traditional 2 with LTV > 65%. Comp factor: reserves.<br> Approved exception for incomplete VOR-primary; missing canceled checks to support VOM summary from private lender. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2025-09-18): Approved exceptions at origination for 1) first time investor and 2) foreign national borrower with < 1 additional investment in US on investor traditional 2 with LTV > 65%. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-09-18): Approved exception for incomplete VOR-primary; missing canceled checks to support VOM summary from private lender. Comp factor: reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100014 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 3 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing Law or Ordinance coverage. Comp factor LTV. | REVIEWER - WAIVED COMMENT (2025-09-18): Approved exception at origination for missing Law or Ordinance coverage. 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 damage to one of the bathroom's ceiling. In house review acknowledged the ceiling damage and did not find it necessary to obtain cost to cure and states it will have minimal impact on the overall value. | SELLER - GENERAL COMMENT (2025-09-25): XX.XX% Appraisal made as-is and property condition considered in value/LTV. VCC did not view the ceiling damage as material in terms of underwriting, but does expect the borrower to complete any necessary repairs.<br> REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2025-09-25): Client advised, unable to clear. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | C |
| XXXX | XXXX | VCC 2025-P2-100015 |  | XXXXX | $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 missing Law and Ordinance coverage. Comp factor: Seasoned investor.<br> Approved exception at origination for missing VOR - primary. Borrower lives rent free. Comp factors: Seasoned Investor and FICO. | REVIEWER - WAIVED COMMENT (2025-09-18): Approved exception at origination for missing Law and Ordinance coverage. Comp factor: Seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-09-18): Approved exception at origination for missing VOR - primary. Borrower lives rent free. 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. | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100016 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Hazard Insurance | Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-09-18): 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 | - B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2025-P2-100000 |  | XXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 1 |  |  |  | 2 | [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal showing water damage on ceiling. Roof repaired per appraiser. Missing handrail on stairs to attic and asbestos wrapped pipes with a cost of $30,000 to have remediated. | SELLER - GENERAL COMMENT (2025-09-25): Purchase transaction. Roof has been repaired, no active leak. The CTC was not included in appraised value. The seller credited the cost for removal of asbestos in the purchase contract. VCC also did a 90-day holdback at origination for the removal and disposal of the boiler and pipe insulation from basement. The status of repairs hasn't been confirmed at this point.<br> REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2025-09-25): Client advised, unable to clear. | 1 |  |  |  |  |  | - A |  |  |  |  | B |

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## Exhibit 99.08

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

**Exhibit 99.08**

![](ex99_001.gif)

**Exception Grades**

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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 2025-P2-100050 |  | 34261185 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | Subject is a refinance and property is listed for sale. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Cash out on property listed in recent 6 months. | Borrower's Experience/Track Record | CF_ seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, seasoned investor.<br>Buyer Comment (2025-09-12): Exception noted on uploaded appproval |  |  | XX/XX/XXXX 12:26:59 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100050 |  | 34275293 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Flood insurance |  | Approved exception at origination for insufficient flood coverage amount. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF_ seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-23): Approved exception at origination for insufficient flood coverage amount. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 9:02:02 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100051 |  | 34225897 | XXXX | XX/XX/XXXX 8:22:51 AM | Credit | Note | Document Error | Note | Missing Documentation: Complete non-subject financing information was not found in file. | Lien Position: 2 Non-subject loan terms = Loan Amount: $XX,XXX; Concurrent or Existing Lien: Simultaneous Lien; Current P&I: ; Current Balance: $XX,XXX | 2nd Mortgage Note is missing date on page 1 and the attachment for the amortization schedule is blank. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-19): Exception waived. Updated approval provided in trailing documents approving exception for missing 2nd Note. Comp factor, reserves.<br>Buyer Comment (2025-09-19): Uploaded copy of recorded 2nd td mortgage<br>Buyer Comment (2025-09-19): Exception noted for missing note |  |  | XX/XX/XXXX 12:29:33 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100052 |  | 34216884 | XXXX | XX/XX/XXXX 8:22:51 AM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for vacant property. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-02): Approved exception at origination for vacant property. Comp factor, seasoned investor.<br>Buyer Comment (2025-08-29): Corrected on uploaded approval |  |  | XX/XX/XXXX 9:50:17 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100052 |  | 34224252 | XXXX | XX/XX/XXXX 8:22:51 AM | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Loan amounts less than $XX,XXXare not permitted according to the guidelines |  | Approved exception at origination for loan amount < $75,000. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-02): Approved exception at origination for loan amount < $75,000. Comp factor, seasoned investor.<br>Buyer Comment (2025-08-29): Corrected on uploaded approval |  |  | XX/XX/XXXX 9:52:47 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100054 |  | 34224472 | XXXX | XX/XX/XXXX 8:22:51 AM | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active open major tradelines. Comp factors, 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 Pre-Close | Reviewer Comment (2025-08-15): Approved exception at origination for < 2 active open major tradelines. Comp factors, LTV and property condition which cannot be substantiated. |  |  | XX/XX/XXXX 4:39:24 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100055 |  | 34244940 | XXXX | XX/XX/XXXX 8:13:56 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-19): Approved exception at origination for FICO < 650. Comp factor, LTV. |  |  | XX/XX/XXXX 3:14:31 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100056 |  | 34231812 | XXXX | XX/XX/XXXX 8:22:51 AM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-18): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned investor. |  |  | XX/XX/XXXX 12:41:36 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100057 |  | 34234469 | XXXX | XX/XX/XXXX 12:04:25 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-18): Approved exception at origination for FICO < 650. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 11:56:43 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100057 |  | 34234490 | XXXX | XX/XX/XXXX 12:04:25 PM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for missing lease on 1 of 2 units being refinanced. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-18): Approved exception at origination for missing lease on 1 of 2 units being refinanced. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 11:56:55 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100059 |  | 34249443 | XXXX | XX/XX/XXXX 5:02:05 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO below 650. Comp factors: seasoned business and property condition which is unable to be validated as a non- quantifiable subjective factor. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-21): Approved exception at origination for FICO below 650. Comp factors: seasoned business and property condition which is unable to be validated as a non- quantifiable subjective factor. |  |  | XX/XX/XXXX 1:25:49 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100059 |  | 34249453 | XXXX | XX/XX/XXXX 5:02:05 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for insufficient carrier rating. Comp factor, seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-15): Approved exception at origination for insufficient carrier rating. Comp factor, seasoned business.<br>Buyer Comment (2025-09-12): Corrected uploaded |  |  | XX/XX/XXXX 12:30:30 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100060 |  | 34251499 | XXXX | XX/XX/XXXX 2:37:19 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO <650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-21): Approved exception at origination for FICO <650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:23:42 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100061 |  | 34251147 | XXXX | XX/XX/XXXX 2:37:19 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOR-primary; missing lender/processor certification. Comp factors; seasoned investor and property condition which is unable to be validated as a non-quantifiable subjective trait. | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-21): Approved exception at origination for incomplete VOR-primary; missing lender/processor certification. Comp factors; seasoned investor and property condition which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 9:52:04 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100061 |  | 34266086 | XXXX | XX/XX/XXXX 2:37:19 PM | 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 factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-21): Approved exception at origination for loan amount <$75,000. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 9:40:59 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100061 |  | 34266091 | XXXX | XX/XX/XXXX 2:37:19 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Approved exception at origination for cash out refinance on property listed within 6 months. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-21): Approved exception at origination for cash out refinance on property listed within 6 months. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 9:51:50 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100062 |  | 34266100 | XXXX | XX/XX/XXXX 2:37:19 PM | 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 (2025-08-21): Approved exception at origination for loan amount <$75,000. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 10:30:05 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100065 |  | 34251959 | XXXX | XX/XX/XXXX 2:37:19 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO <650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-08-21): Approved exception at origination for FICO <650. Comp factor: LTV. |  |  | XX/XX/XXXX 10:47:52 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100065 |  | 34251993 | XXXX | XX/XX/XXXX 2:37:19 PM | 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. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-08-21): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. |  |  | XX/XX/XXXX 10:47:42 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100065 |  | 34266111 | XXXX | XX/XX/XXXX 2:37:19 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/ missing lease. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-08-21): Approved exception at origination for 100% vacancy/ missing lease. Comp factor: LTV. |  |  | XX/XX/XXXX 10:48:11 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100065 |  | 34266112 | XXXX | XX/XX/XXXX 2:37:19 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Approved exception at origination for cash out on property held <6 months using valuation exceeding purchase price. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-08-21): Approved exception at origination for cash out on property held <6 months using valuation exceeding purchase price. Comp factor: LTV. |  |  | XX/XX/XXXX 11:03:23 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100071 |  | 34252596 | XXXX | XX/XX/XXXX 2:37:19 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO <650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Approved exception at origination for FICO <650. Comp factor: seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-21): Approved exception at origination for FICO <650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:46:24 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100073 |  | 34259219 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. 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. | CF- LTV<br>CF_ reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-22): Approved exception at origination for FICO < 650. Comp factor, LTV and reserves. |  |  | XX/XX/XXXX 3:58:24 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100074 |  | 34258778 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO <650. Comp factors: LTV, and property condition which is unable to be validated as a non-quantitative subjective factor. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-08-22): Approved exception at origination for FICO <650. Comp factors: LTV, and property condition which is unable to be validated as a non-quantitative subjective factor. |  |  | XX/XX/XXXX 3:25:46 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100074 |  | 34258797 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-08-22): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. |  |  | XX/XX/XXXX 3:26:02 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100077 |  | 34253263 | XXXX | XX/XX/XXXX 2:37:19 PM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy/ missing leases. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-21): Approved exception at origination for 100% vacancy/ missing leases. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 11:54:03 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100077 |  | 34266234 | XXXX | XX/XX/XXXX 2:37:19 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Approved exception at origination for Cash out on property listed within 6 months. Comp factor, seasoned investor. | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-09-02): Approved exception at origination for Cash out on property listed within 6 months. Comp factor, seasoned investor.<br>Buyer Comment (2025-08-29): Exception noted om uploaded approval |  |  | XX/XX/XXXX 10:43:17 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100078 |  | 34259479 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for disputed bankruptcy within 24 months reported on credit. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2025-09-25): Approved exception at origination for disputed bankruptcy within 24 months reported on credit. Comp factor: LTV.<br>Seller Comment (2025-09-25): VCC was comfortable given the low LTV XX.XX%.<br>Reviewer Comment (2025-09-25): Reopening to add client comments<br>Reviewer Comment (2025-08-22): Approved exception at origination for disputed bankruptcy within 24 months reported on credit. Comp factor: LTV. |  |  | XX/XX/XXXX 10:34:43 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100078 |  | 34259483 | XXXX | XX/XX/XXXX 8:46:50 AM | 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 (2025-08-22): Approved exception at origination for FICO below 650. Comp factor: LTV. |  |  | XX/XX/XXXX 9:02:17 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100078 |  | 34275107 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | 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 subjective trait. | 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. | CF_ LTV | SitusAMC,Originator<br>SitusAMC | Reviewer Comment (2025-08-22): 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 subjective trait. |  |  | XX/XX/XXXX 9:13:38 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100081 |  | 34259668 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2025-08-23): Approved exception at origination for FICO < 650. Comp factor; LTV. |  |  | XX/XX/XXXX 8:17:35 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100081 |  | 34259672 | XXXX | XX/XX/XXXX 6:41:01 PM | 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 pay history receipts to supplement lender rating. Comp factors; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2025-08-23): Approved exceptions at origination for 1) missing VOR-primary; guarantor lives rent free, and 2) incomplete VOM-subject; missing pay history receipts to supplement lender rating. Comp factors; LTV. |  |  | XX/XX/XXXX 8:17:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100081 |  | 34275284 | XXXX | XX/XX/XXXX 6:41:01 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. |  | Appraisal indicates insufficient smoke detectors; file contains a LOE indicating borrower intent to cure but no proof of completion |  |  |  | Reviewer Comment (2025-09-25): Client advised, unable to clear.<br>Seller Comment (2025-09-25): VCC did receive an LOE with a commitment from the borrower to install the smoke detectors. The status hasn't been confirmed but VCC expects the borrower to fulfill their commitment. Property condition considered in value/LTV |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100083 |  | 34254304 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- seasoned investor<br>CF- FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-22): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; seasoned investor and FICO. |  |  | XX/XX/XXXX 3:08:22 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100085 |  | 34237220 | XXXX | XX/XX/XXXX 12:04:25 PM | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for LTV > 70% for first time investor/ first time buyer. Comp factor; AA credit for past 8 years. Comp factor used does not regrade. | Borrower has a clean housing payment history | AA credit for past 8 years. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-25): Approved exception at origination for LTV > 70% for first time investor/ first time buyer. Comp factor; AA credit for past 8 years. Comp factor used does not regrade.<br>Seller Comment (2025-09-25): While the TPR firm does not consider AA credit as a sufficient comp factor, VCC's underwriter felt this was sufficient as it shows the borrower's ability to make their payments. AA Credit meaning that the borrower hasn't had a late payment reported on their credit report since 2017. VCC confirmed reserves at underwriting; however, final funds were drawn from an unverified account and therefore resulted in unverifiable resereves, which were not sufficient to use as a comp factor.<br>Reviewer Comment (2025-09-25): Reopening to add client comments<br>Reviewer Comment (2025-09-03): Approved exception at origination for LTV > 70% for first time investor/ first time buyer. Comp factor; AA credit for past 8 years.<br>Buyer Comment (2025-09-02): Corrected Uploaded |  |  | XX/XX/XXXX 10:40:29 AM | 3 C | XX/XX/XXXX | XX | Purchase | C | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100085 |  | 34237221 | XXXX | XX/XX/XXXX 12:04:25 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOM- primary; mortgage in spouse's name. Comp factor; AA credit for past 8 years. Comp factor used does not regrade. | Borrower has a clean housing payment history | AA credit for past 8 years. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-25): Approved exception at origination for missing VOM- primary; mortgage in spouse's name. Comp factor; AA credit for past 8 years. Comp factor used does not regrade.<br>Seller Comment (2025-09-25): While the TPR firm does not consider AA credit as a sufficient comp factor, VCC's underwriter felt this was sufficient as it shows the borrower's ability to make their payments. AA Credit meaning that the borrower hasn't had a late payment reported on their credit report in 5+ years. VCC confirmed reserves at underwriting; however, final funds were drawn from an unverified account and therefore resulted in unverifiable resereves, which were not sufficient to use as a comp factor.<br>Reviewer Comment (2025-09-25): Reopening to add client comments<br>Reviewer Comment (2025-09-03): Approved exception at origination for missing VOM- primary; mortgage in spouse's name. Comp factor; AA credit for past 8 years.<br>Buyer Comment (2025-09-02): Corrected Uploaded |  |  | XX/XX/XXXX 10:40:46 AM | 3 C | XX/XX/XXXX | XX | Purchase | C | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100085 |  | 34237238 | XXXX | XX/XX/XXXX 12:04:25 PM | Credit | Asset | Asset Calculation / Analysis | Asset | Guideline Requirement: Available for Reserves discrepancy. | Calculated Available for Reserves of is less than Guideline Available for Reserves of . | First time investor with < 3 months P&I (Insufficient underwritten funds to close = $0 reserves). Comp factor used to waive does not regrade. | Borrower has a clean housing payment history | AA credit for past 8 years. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-25): Exception waived. Updated approval provided in trailing documents approving exception for no reserves. Comp factor, AA credit for past 8 years.<br>Seller Comment (2025-09-25): While the TPR firm does not consider AA credit as a sufficient comp factor, VCC's underwriter felt this was sufficient as it shows the borrower's ability to make their payments. AA Credit meaning that the borrower hasn't had a late payment reported on their credit report in 5+ years. VCC confirmed reserves at underwriting; however, final funds were drawn from an unverified account and therefore resulted in unverifiable resereves, which were not sufficient to use as a comp factor.<br>Reviewer Comment (2025-09-25): Guideline Requirement: Available for Reserves discrepancy.<br>Reviewer Comment (2025-09-03): Exception waived. Updated approval provided in trailing documents approving exception for no reserves. Comp factor, AA credit for past 8 years.<br>Buyer Comment (2025-09-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:41:47 AM | 3 C | XX/XX/XXXX | XX | Purchase | C | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100085 |  | 34242804 | XXXX | XX/XX/XXXX 12:04:25 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | First time investor not eligible to purchase a 1 unit residential property. Comp factor used to waive does not regrade. | Borrower has a clean housing payment history | AA credit for past 8 years. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-25): Exception waived. Updated approval provided in trailing documents approving exception for FTI purchase of a 1 unit SFR. Comp factor, AA credit for past 8 years.<br>Seller Comment (2025-09-25): While the TPR firm does not consider AA credit as a sufficient comp factor, VCC's underwriter felt this was sufficient as it shows the borrower's ability to make their payments. AA Credit meaning that the borrower hasn't had a late payment reported on their credit report in 5+ years. VCC confirmed reserves at underwriting; however, final funds were drawn from an unverified account and therefore resulted in unverifiable resereves, which were not sufficient to use as a comp factor.<br>Reviewer Comment (2025-09-25): Reopening to add client comments<br>Reviewer Comment (2025-09-03): Exception waived. Updated approval provided in trailing documents approving exception for FTI purchase of a 1 unit SFR. Comp factor, AA credit for past 8 years.<br>Buyer Comment (2025-09-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:42:42 AM | 3 C | XX/XX/XXXX | XX | Purchase | C | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100086 |  | 34236467 | XXXX | XX/XX/XXXX 8:13:56 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-19): Approved exception at origination for FICO < 650. Comp factor, seasoned investor. |  |  | XX/XX/XXXX 3:35:04 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100086 |  | 34573833 | XXXX | XX/XX/XXXX 2:51:58 PM | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Cash-out refinance for a borrower on title less than 6 months. The borrower was deeded title at. This loan was a buyout of equity on the subject property due to divorce. Lender has a lease in file to a third-party, not related to the borrower. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-25): Approved exception at origination for FICO < 650. Comp factor, seasoned investor. |  |  | XX/XX/XXXX 2:53:22 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100089 |  | 34225911 | XXXX | XX/XX/XXXX 8:22:51 AM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-18): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned investor. |  |  | XX/XX/XXXX 9:19:58 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100096 |  | 34248949 | XXXX | XX/XX/XXXX 5:02:05 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception for co-insurance on 1-4 property type. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-08-20): Approved exception for co-insurance on 1-4 property type. Comp factor: LTV. |  |  | XX/XX/XXXX 11:38:21 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100098 |  | 34262232 | XXXX | XX/XX/XXXX 5:02:05 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease on a refinance. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-08-21): Approved exception at origination for missing lease/ 100% vacancy. Comp factor: LTV. |  |  | XX/XX/XXXX 1:32:25 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100100 |  | 34232391 | XXXX | XX/XX/XXXX 12:04:25 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors; LTV and property condition which cannot be substantiated as a non-quantifiable subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-08-18): Approved exception at origination for FICO < 650. Comp factors; LTV and property condition which cannot be substantiated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 11:40:38 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100100 |  | 34232402 | XXXX | XX/XX/XXXX 12:04:25 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for 1) incomplete VOM-primary; < 12 months pay history provided and 2) incomplete VOM- subject missing most recent monthly payment. Comp factors; seasoned investor, and property condition which cannot be substantiated as a non-quantifiable subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-08-18): Approved exception at origination for 1) incomplete VOM-primary; < 12 months pay history provided and 2) incomplete VOM- subject missing most recent monthly payment. Comp factors; seasoned investor, and property condition which cannot be substantiated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 11:40:28 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100104 |  | 34393682 | XXXX | XX/XX/XXXX 11:53:46 AM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for vacant property on a 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 (2025-09-09): Approved exception at origination for vacant property on a refinance. Comp factor, LTV. |  |  | XX/XX/XXXX 11:54:05 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100110 |  | 34245735 | XXXX | XX/XX/XXXX 8:13:56 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Approved exception at origination for Cash out on property listed within recent 6 months. Missing evidence listing has been canceled. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-02): Approved exception at origination for Cash out on property listed within recent 6 months. Missing evidence listing has been canceled. Comp factor, LTV.<br>Buyer Comment (2025-09-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:23:17 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100110 |  | 34393697 | XXXX | XX/XX/XXXX 11:55:48 AM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for vacant property on a refinance. 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 Pre-Close | Reviewer Comment (2025-09-09): Approved exception at origination for vacant property on a refinance. Comp factors, LTV and property condition which cannot be substantiated. |  |  | XX/XX/XXXX 11:56:03 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100111 |  | 34262670 | XXXX | XX/XX/XXXX 5:02:05 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing lease on refinance- subject is listed as a ST rental. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-02): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factors. FICO and seasoned investor.<br>Buyer Comment (2025-09-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:58:02 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100112 |  | 34265270 | XXXX | XX/XX/XXXX 2:37:19 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease on SFR refinance (tenant is month to month). Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-21): Approved exception at origination for missing lease on SFR refinance (tenant is month to month). Comp factor: seasoned investor. |  |  | XX/XX/XXXX 9:25:02 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100112 |  | 34266083 | XXXX | XX/XX/XXXX 2:37:19 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Unit owner's policy is missing loss of rents coverage and Master HOA policy is missing borrowers name and the unit number. | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-09-02): Exception waived. Updated approval provided in trailing documents approving exceptions for missing loss of rent, borrowers name, and property unit number on the Master HOA Policy. Comp factor, seasoned investor.<br>Buyer Comment (2025-09-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:08:47 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100136 |  | 34229536 | XXXX | XX/XX/XXXX 8:22:51 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 65% for first time investor on Trad II. Comp factors: FICO and seasoned business. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-18): Approved exception at origination for LTV > 65% for first time investor on Trad II. Comp factors: FICO and seasoned business. |  |  | XX/XX/XXXX 10:26:36 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100136 |  | 34229557 | XXXX | XX/XX/XXXX 8:22:51 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR below 1.25x for investor traditional 2 property with loan exceeding $750k. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-18): Approved exception at origination for DSCR below 1.25x for investor traditional 2 property with loan exceeding $750k. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 10:26:59 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100136 |  | 34229566 | XXXX | XX/XX/XXXX 8:22:51 AM | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for credit report pulled using incorrect date of birth. Comp factor: FICO | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-18): Approved exception at origination for credit report pulled using incorrect date of birth. Comp factor: FICO |  |  | XX/XX/XXXX 10:27:20 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100136 |  | 34230565 | XXXX | XX/XX/XXXX 8:22:51 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Named storm deductible > $25,000. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-02): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factors, reserves and FICO.<br>Buyer Comment (2025-09-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:12:31 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100137 |  | 34239608 | XXXX | XX/XX/XXXX 5:02:05 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion on traditional property type located in IL. Comp factor; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-02): Approved exception at origination for override of statewide exclusion on traditional property type located in IL. Comp factor; FICO.<br>Buyer Comment (2025-09-02): Corrected uploaded |  |  | XX/XX/XXXX 1:15:32 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100138 |  | 34230536 | XXXX | XX/XX/XXXX 8:22:51 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing Law and Ordinance coverage. Comp factor: Seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-18): Approved exception at origination for missing Law and Ordinance coverage. Comp factor: Seasoned investor. |  |  | XX/XX/XXXX 10:44:36 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100142 |  | 34229855 | XXXX | XX/XX/XXXX 8:22:51 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for > XX.XX% for First Time Investor on Trad II. Comp factor: Reserves and seasoned business. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Seasoned business. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-18): Approved exception at origination for > XX.XX% for First Time Investor on Trad II. Comp factor: Reserves and seasoned business. |  |  | XX/XX/XXXX 11:30:36 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100142 |  | 34229863 | XXXX | XX/XX/XXXX 8:22:51 AM | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for seller credit > 3%. 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. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-18): Approved exception at origination for seller credit > 3%. Comp factors: Reserves and seasoned business. |  |  | XX/XX/XXXX 11:30:56 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100142 |  | 34229877 | XXXX | XX/XX/XXXX 8:22:51 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: Reserves and seasoned business. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Seasoned business. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-18): Approved exception at origination for FICO < 650. Comp factor: Reserves and seasoned business. |  |  | XX/XX/XXXX 11:31:15 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100142 |  | 34231366 | XXXX | XX/XX/XXXX 8:22:51 AM | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | < 2 active major tradelines for 1 guarantor XXXXXX. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Seasoned business. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-02): Exception waived. Updated approval provided in trailing documents approving exception for < 2 major active tradelines. Comp factors, seasoned business and reserves.<br>Buyer Comment (2025-09-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:20:49 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100143 |  | 34238991 | XXXX | XX/XX/XXXX 5:02:05 PM | Credit | Credit | Miscellaneous | Credit | Reverification of rent is inconsistent with original VOR |  | Approved exception at origination for incomplete VOR-primary; missing proof of rental payments to supplement VOR summary worksheet from private landlord. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-08-19): Approved exception at origination for incomplete VOR-primary; missing proof of rental payments to supplement VOR summary worksheet from private landlord. Comp factor: FICO. |  |  | XX/XX/XXXX 10:43:11 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100144 |  | 34246847 | XXXX | XX/XX/XXXX 5:02:05 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing law & ordinance coverage. Comp factor, FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-03): Approved exception at origination for missing law & ordinance coverage. Comp factor, FICO.<br>Buyer Comment (2025-09-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:32:07 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100145 |  | 34242984 | XXXX | XX/XX/XXXX 5:02:05 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF_ reserves | SitusAMC,Originator | Reviewer Comment (2025-08-20): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. |  |  | XX/XX/XXXX 10:41:31 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100145 |  | 34243051 | XXXX | XX/XX/XXXX 5:02:05 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR below 1.20x for investor traditional 1 property with loan > $500k. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF_ reserves | SitusAMC,Originator | Reviewer Comment (2025-08-20): Approved exception at origination for DSCR below 1.20x for investor traditional 1 property with loan > $500k. Comp factor: reserves. |  |  | XX/XX/XXXX 10:41:43 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100149 |  | 34256918 | XXXX | XX/XX/XXXX 5:02:05 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing law & ordinance 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 (2025-09-03): Exception waived. Updated approval provided in trailing documents approving exception for missing Law or Ordinance coverage. Comp factor, FICO.<br>Buyer Comment (2025-09-02): Uploaded |  |  | XX/XX/XXXX 9:38:27 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100154 |  | 34256912 | XXXX | XX/XX/XXXX 5:02:05 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing law & ordinance coverage. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-03): Approved exception at origination for missing law & ordinance coverage. Comp factor, LTV.<br>Buyer Comment (2025-09-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:41:27 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100168 |  | 34243687 | XXXX | XX/XX/XXXX 5:02:05 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO< 650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-20): Approved exception at origination for FICO< 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:58:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100159 |  | 34256959 | XXXX | XX/XX/XXXX 5:02:05 PM | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception for First Time Investor with LTV > 65% on owner user traditional 2. Comp factor: FICO.. | The representative FICO score exceeds the guideline minimum by XX points. | CF_ FICO | SitusAMC,Originator | Reviewer Comment (2025-08-20): Approved exception for First Time Investor with LTV > 65% on owner user traditional 2 purchase. Comp factor: FICO.. |  |  | XX/XX/XXXX 11:25:16 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100170 |  | 34234339 | XXXX | XX/XX/XXXX 12:04:25 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOR-primary; missing canceled checks to supplement VOR from private landlord. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-08-18): Approved exception at origination for incomplete VOR-primary; missing canceled checks to supplement VOR from private landlord. Comp factor: reserves. |  |  | XX/XX/XXXX 10:59:04 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100170 |  | 34237121 | XXXX | XX/XX/XXXX 12:04:25 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for XX.XX% vacancy/ missing lease for traditional property with loan > $500k. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-08-18): Approved exception at origination for XX.XX% vacancy/ missing lease for traditional property with loan > $500k. Comp factor: reserves. |  |  | XX/XX/XXXX 10:59:27 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100160 |  | 34234733 | XXXX | XX/XX/XXXX 12:04:25 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-18): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:22:36 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100160 |  | 34234737 | XXXX | XX/XX/XXXX 12:04:25 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing Law & Ordinance coverage A. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-18): Approved exception at origination for missing Law & Ordinance coverage A. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:22:48 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100160 |  | 34234763 | XXXX | XX/XX/XXXX 12:04:25 PM | 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 < $100k for traditional property type. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-18): Approved exception at origination for loan < $100k for traditional property type. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:23:03 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100160 |  | 34234803 | XXXX | XX/XX/XXXX 12:04:25 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion on traditional property type located in MI. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-18): Approved exception at origination for override of statewide exclusion on traditional property type located in MI. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:23:15 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100161 |  | 34231376 | XXXX | XX/XX/XXXX 8:22:51 AM | 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 II, Comp factor: Seasoned Investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-03): Approved exception at origination for loan amount < $100,000 on a Trad II, Comp factor: Seasoned Investor.<br>Buyer Comment (2025-09-02): Exception is valid. Min loan amount for trad 2 is 100K per matrix |  |  | XX/XX/XXXX 10:00:58 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100161 |  | 34231383 | XXXX | XX/XX/XXXX 8:22:51 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing Law and Ordinance coverage. Comp factor: Seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-03): Approved exception at origination for missing Law and Ordinance coverage. Comp factor: Seasoned investor.<br>Buyer Comment (2025-09-02): Exception is valid. There is no law and ord coverage found on insurance |  |  | XX/XX/XXXX 10:01:20 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100161 |  | 34231393 | XXXX | XX/XX/XXXX 8:22:51 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for State Exclusion (MI Trad). Comp factor: Seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-03): Approved exception at origination for State Exclusion (MI Trad). Comp factor: Seasoned investor.<br>Buyer Comment (2025-09-02): valid |  |  | XX/XX/XXXX 10:01:40 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100161 |  | 34348114 | XXXX | XX/XX/XXXX 10:02:31 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-03): Approved exception at origination for FICO < 650. Comp factor, seasoned investor. |  |  | XX/XX/XXXX 10:02:50 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100163 |  | 34233572 | XXXX | XX/XX/XXXX 8:22:51 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for override of statewide exclusion for traditional property type located in MI. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-03): Approved exception at origination for override of statewide exclusion for traditional property type located in MI. Comp factor: FICO.<br>Buyer Comment (2025-09-02): Corrected Uploaded |  |  | XX/XX/XXXX 10:05:31 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100022 |  | 34261511 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.15x. Comp factors: LTV, guarantor support/liquidity, and company financial strength. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2025-08-28): Approved exception at origination for DSCR < 1.15x. Comp factors: LTV, guarantor support/liquidity, and company financial strength. |  |  | XX/XX/XXXX 10:57:22 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100022 |  | 34275437 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 2x 30 day mortgage delinquencies within 12 months. Comp factors: LTV, guarantor support/liquidity, and company financial strength. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2025-09-25): Approved exception at origination for 2x 30 day mortgage delinquencies within 12 months. Comp factors: LTV, guarantor support/liquidity, and company financial strength.<br>Seller Comment (2025-09-25): New Day was comfortable given the low LTV XX.XX%. Borrower is an established business with strong liquidity as is the guarantor.<br>Reviewer Comment (2025-09-25): Reopening to add client comments<br>Reviewer Comment (2025-08-28): Approved exception at origination for 2x 30 day mortgage delinquencies within 12 months. Comp factors: LTV, guarantor support/liquidity, and company financial strength. |  |  | XX/XX/XXXX 10:21:06 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100025 |  | 34275442 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is greater than guideline maximum. | Note loan amount of $X,XXX,XXXis greater than guideline maximum loan amount of $2,000,000. | Approved exception at origination for loan > $5MM. Comp factors; LTV, guarantor support/liquidity, and company financial strength. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-28): Approved exception at origination for loan > $5MM. Comp factors; LTV, guarantor support/liquidity, and company financial strength. |  |  | XX/XX/XXXX 10:48:58 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100025 |  | 34275443 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for 1st DT LTV > 50%. Comp factors; LTV, guarantor support/liquidity, and company financial strength. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-28): Approved exception at origination for 1st DT LTV > 50%. Comp factors; LTV, guarantor support/liquidity, and company financial strength. |  |  | XX/XX/XXXX 10:49:17 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100058 |  | 34324466 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower has owned the subject property for at least 5 years. | CF- LTV | SitusAMC,Originator<br>SitusAMC | Reviewer Comment (2025-08-30): Approved exception at origination for FICO < 650. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 2:15:15 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100058 |  | 34324474 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease on 1-4 refinance. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-08-30): Approved exception at origination for 100% vacancy/missing lease on 1-4 refinance. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 2:15:35 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100058 |  | 34324490 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary (verbal agreement). Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-08-30): Approved exception at origination for missing VOR-primary (verbal agreement). Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 2:16:29 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100058 |  | 34324813 | XXXX | XX/XX/XXXX 6:41:01 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photos reflect boarded window. |  |  |  | Reviewer Comment (2025-09-25): Client advised, unable to clear.<br>Seller Comment (2025-09-25): Property vacant at the time of appraisal. Window boarded but building appeared weather tight. Repair status has not been confirmed, but VCC expects the borrower to complete any necessary repairs prior to tenant moving in.. Property condition considered in value/LTV. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100063 |  | 34270028 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-15): Approved exception at origination for FICO < 650. Comp factor: reserves.<br>Buyer Comment (2025-09-12): Corrected Uploaded |  |  | XX/XX/XXXX 1:47:28 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100063 |  | 34270033 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; borrower 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 (2025-09-15): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: reserves.<br>Buyer Comment (2025-09-12): Corrected loan approval uploaded |  |  | XX/XX/XXXX 1:48:31 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100063 |  | 34270270 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Wind/hail deductible > $25,000. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-15): Approved exception at origination for Wind/hail deductible > $25,000. Comp factor, seasoned investor.<br>Buyer Comment (2025-09-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:50:07 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100063 |  | 34270794 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for NY UCC override . Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-15): Approved exception at origination for NY UCC override . Comp factor: reserves.<br>Buyer Comment (2025-09-12): Corrected exception to read NY UCC override. |  |  | XX/XX/XXXX 1:51:17 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100063 |  | 34270862 | XXXX | XX/XX/XXXX 6:41:01 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects safety issue of missing railing on basement stairs. LOI in in file evidences borrower intent to remedy identified issue, however no proof of completion is provided. |  |  |  | Reviewer Comment (2025-09-25): Client advised, unable to clear.<br>Seller Comment (2025-09-25): VCC did receive an LOE with a commitment from the borrower to install the missing handrail. The status hasn't been confirmed but VCC expects the borrower to fulfill their commitment. Property condition considered in value/LTV |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100040 |  | 34278482 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-08-27): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 12:53:27 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100040 |  | 34278495 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOR-primary: < 12 months pay history receipts provided. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-08-27): Approved exception at origination for incomplete VOR-primary: < 12 months pay history receipts provided. Comp factor: LTV. |  |  | XX/XX/XXXX 1:31:42 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100040 |  | 34278506 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-27): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 1:31:57 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100040 |  | 34278513 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factor: LTV | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-08-27): Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factor: LTV |  |  | XX/XX/XXXX 1:32:14 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100097 |  | 34283243 | XXXX | XX/XX/XXXX 6:41:01 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Health issues with several areas with water damage and no evidence that the source of the water has been fixed. Water damage to ceiling in bathroom and living room needing repairs. Dampness in basement from recent heavy rains and hole in wall in bathroom where the medicine cabinet should be. |  |  |  | Reviewer Comment (2025-09-25): Client advised, unable to clear.<br>Seller Comment (2025-09-25): XX.XX%. Appraisal made as-is and property condition considered in value/LTV. Property vacant at the time of origination. Per borrower LOE in file, cash-out proceeds would be used towards renovating the property prior to tenants moving in. VCC has not confirmed the status of repairs but expects borrower to complete any necessary repairs to their investment proeprty.<br>Reviewer Comment (2025-09-15): Exception remains. Part of the ceiling repair in the bedroom would be to affix the ceiling fan light fixture which is currently setting on the floor with exposed wires in the ceiling. No source of water damage provided or evidence it has been fixed for the ceiling water damage.<br>Buyer Comment (2025-09-12): Per appraiser, items are cosmetic and are factored into the c4 condition as deferred maintenance. He does state the overall condition of the property is average, VCC Reviewer estimated the cost to repairs at $5,000-$7,000. in regards to dampness in basement, appraiser states its due to the recent heavy rains and is common for houses in the area |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100097 |  | 34283246 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | LTV is < guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-27): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 11:46:48 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100097 |  | 34283247 | XXXX | XX/XX/XXXX 6:41:01 PM | 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 seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | LTV is < guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-27): Approved exception at origination for loan amount < $75,000. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 11:47:07 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100097 |  | 34283248 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease on refinance. Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | LTV is < guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-27): Approved exception at origination for 100% vacancy/missing lease on refinance. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 11:48:08 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100097 |  | 34283249 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | LTV is < guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-27): Approved exception at origination for rural property. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 11:48:30 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100097 |  | 34314498 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing VOR-primary; borrower lives rent free per LOE in file. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | LTV is < guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-17): Exception waived. Updated approval provided in trailing docs approving exception for missing VOR. Comp factors, LTV and seasoned investor.<br>Buyer Comment (2025-09-17): Exception noted om uploaded approval<br>Reviewer Comment (2025-09-15): Exception remains. No updated approval uploaded.<br>Buyer Comment (2025-09-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:40:29 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100105 |  | 34279127 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal (executed lease provided in file). Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-27): Approved exception at origination for 100% vacancy per appraisal (executed lease provided in file). Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 11:10:59 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100105 |  | 34279177 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Credit report reflects < 2 major. active tradelines. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factor, seasoned investor.<br>Buyer Comment (2025-09-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:55:08 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100105 |  | 34279253 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing VOM for primary residence. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for missing VOM. Comp factor, seasoned investor.<br>Buyer Comment (2025-09-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:56:02 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100105 |  | 34314432 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Approved exception at origination for Cash out on property held < 6 months. Comp factors, seasoned investor and property condition which cannot be substantiated. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-09-15): Approved exception at origination for Cash out on property held < 6 months. Comp factors, seasoned investor and property condition which cannot be substantiated.<br>Buyer Comment (2025-09-12): Exception noted on uploaded |  |  | XX/XX/XXXX 1:57:13 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100053 |  | 34295339 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-28): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 12:00:48 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100053 |  | 34316800 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | EOI for unit owner's policy reflects loss of use in lieu of loss of rents 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 (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for missing loss of rents coverage and master HOA policy not showing borrower or unit number. Comp factor, FICO.<br>Buyer Comment (2025-09-13): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:00:43 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100034 |  | 34342229 | XXXX | XX/XX/XXXX 5:25:52 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | CF_ seasoned investor<br>CF- FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-02): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; seasoned investor and FICO. |  |  | XX/XX/XXXX 10:00:24 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100045 |  | 34276938 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | CF- LTV<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-27): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 9:19:52 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100045 |  | 34277365 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | CF- LTV<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-27): Approved exception at origination for rural property. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 9:20:09 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100045 |  | 34307148 | XXXX | XX/XX/XXXX 6:41:01 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. |  | Broken window noted- file contains LOE from borrower confirming intent to remedy (using loan funds) however no evidence of completion provided. |  |  |  | Reviewer Comment (2025-09-25): Client advised, unable to clear.<br>Seller Comment (2025-09-25): XX.XX%. VCC did receive an LOE with a commitment from the borrower to fix the broken window. Appraisal states CTC $250. The status hasn't been confirmed but VCC expects the borrower to fulfill their commitment. Property condition considered in value/LTV |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100033 |  | 34279836 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Address: XXXXXXXXXXX | Approved exception at origination for missing lease on 1 of 6 properties. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-27): Approved exception at origination for missing lease on 1 of 6 properties. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 10:45:58 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100033 |  | 34314408 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | EOI reflects blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- seasoned investor<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-03): Exception waived. Updated approval provided in trailing documents approving exception for blanket liability coverage. Comp factors, seasoned investor and FICO.<br>Buyer Comment (2025-09-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:08:09 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100039 |  | 34297778 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | EOI reflects loss of use as opposed to loss of rents coverage without indication of landlord/rental policy type, | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-03): Exception waived. Updated approval provided in trailing documents approving exception for missing loss of rent coverage. Comp factor, LTV.<br>Buyer Comment (2025-09-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:18:15 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100039 |  | 34348400 | XXXX | XX/XX/XXXX 10:30:21 AM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing handrail on exterior rear steps with 4 risers, back of house shows tarp covering part of the roof which has several boards/part of the roof collapsing, and large portion of siding missing on the side have the house. |  |  |  | Reviewer Comment (2025-09-25): Client advised, unable to clear.<br>Seller Comment (2025-09-25): XX.XX% Appraisal made as-is and property condition considered in value/LTV. The handrail was not considered material by VCC UW as the steps went up exactly four risers. VCC did receive an LOE from the borrower stating they would: replace the roof, install a new AC, repair damaged siding and remodel kitchen/bathrooms. VCC has not confirmed the status of repairs but does expect the borrower to fulfill their commitment to complete the repairs. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100072 |  | 34298189 | XXXX | XX/XX/XXXX 5:25:52 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- seasoned investor<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-28): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and LTV. |  |  | XX/XX/XXXX 3:34:03 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100049 |  | 34314438 | XXXX | XX/XX/XXXX 5:25:52 PM | 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; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-08-27): Approved exception at origination for loan amount <$75,000. Comp factor; FICO. |  |  | XX/XX/XXXX 11:17:38 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100076 |  | 34321425 | XXXX | XX/XX/XXXX 5:25:52 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Blanket liability coverage 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 (2025-09-15): Approved exception at origination for Blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. Comp factor, FICO.<br>Buyer Comment (2025-09-13): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:51:21 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100046 |  | 34317630 | XXXX | XX/XX/XXXX 2:04:50 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Unit owner's policy on 1 of 4 properties XXXXXXXXreflects liability coverage amount < $300k) | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-09-19): Exception waived. Updated approval provided in trailing documents approving exception for amount of liability coverage. Comp factor, seasoned investor.<br>Buyer Comment (2025-09-18): Exception noted on uploaded approval<br>Reviewer Comment (2025-09-17): Exception remains. No updated approval provided.<br>Buyer Comment (2025-09-17): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:19:35 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100101 |  | 34317334 | XXXX | XX/XX/XXXX 5:25:52 PM | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> C5 | Approved exception at origination for C5 below-average property condition. 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 (2025-09-25): Approved exception at origination for C5 below-average property condition. Comp factors, LTV and seasoned investor.<br>Reviewer Comment (2025-09-25): C5: No updates in the prior 15 years; all utilities appeared to be in working order at the time of observation. The subject property includes multiple items of deferred maintenance. The floor coverings have been removed/damaged in multiple locations, there are multiple drywall repairs required, there is a broken window, and multiple other minor items of repair required. The roof, AC, and plumbing were replaced in 2017. Overall, we have estimated the items of repair at $25,000. We were not provided access to a bedroom but have considered this area to be in similar condition as the rest of the home.<br>Seller Comment (2025-09-25): XX.XX% Property condition considered in value/LTV.<br>Reviewer Comment (2025-09-25): Reopening to add client comments<br>Reviewer Comment (2025-09-15): Approved exception at origination for C5 below-average property condition. Comp factors, LTV and seasoned investor.<br>Buyer Comment (2025-09-13): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:06:05 PM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100101 |  | 34317386 | XXXX | XX/XX/XXXX 5:25:52 PM | Property | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | The appraisal revealed property damage. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for deferred maintenance estimated cost to cure > $20,000 (Floor coverings have been removed from different rooms or in need of repairs, multiple drywall repairs and broken window.- file contains a LOE (D0204) conveying intent to cure but no evidence of completion). 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 (2025-09-25): Approved exception at origination for deferred maintenance estimated cost to cure > $20,000 (Floor coverings have been removed from different rooms or in need of repairs, multiple drywall repairs and broken window.- file contains a LOE (D0204) conveying intent to cure but no evidence of completion). Comp factors: LTV and seasoned investor.<br>Seller Comment (2025-09-25): XX.XX% Property condition considered in value/LTV. VCC did receive LOE from borrower stating that they would complete repairs. The status of repairs has not been confirmed but VCC does expect the borrower to fulfill their commitment and complete the necessary repairs.<br>Reviewer Comment (2025-09-25): Reopening to add client comments<br>Reviewer Comment (2025-08-29): Approved exception at origination for deferred maintenance estimated cost to cure > $20,000 (Floor coverings have been removed from different rooms or in need of repairs, multiple drywall repairs and broken window.- file contains a LOE (D0204) conveying intent to cure but no evidence of completion). Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 11:19:19 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100091 |  | 34299052 | XXXX | XX/XX/XXXX 5:25:52 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing lease agreement. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for missing Lease. Comp factor, LTV.<br>Buyer Comment (2025-09-13): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:41:02 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100069 |  | 34320496 | XXXX | XX/XX/XXXX 2:04:50 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing leases for 3 of 4 units being refinanced. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-17): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV.<br>Buyer Comment (2025-09-17): Exception noted on uploaded approval<br>Reviewer Comment (2025-09-15): Exception remains. No exceptions listed on approval.<br>Buyer Comment (2025-09-15): Exception noted on uploaded approval<br>Buyer Comment (2025-09-13): Lets try this one more time. Back To VCC<br>Buyer Comment (2025-09-13): Disregard comment. Back to VCC<br>Buyer Comment (2025-09-13): Loan is to one unit. Lease is present |  |  | XX/XX/XXXX 11:57:11 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100069 |  | 34320879 | XXXX | XX/XX/XXXX 2:04:50 PM | Property | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | The appraisal revealed property damage. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraiser noted several areas of the ceiling with prior water leaks/damage not repaired. Roof was also noted to be in rough condition. In house review has PTD Roof certification not provided. |  |  |  | Reviewer Comment (2025-09-25): Client advised, unable to clear.<br>Reviewer Comment (2025-09-25): Comment from client - XX.XX%. VCC did not view as material given the low ltv. Per borrower LOE in file, cash-out proceeds will be used towards updating the subject property. VCC hasn't confirmed the status but expects the borrower to remedy any necessary issues in the property. |  |  |  | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100069 |  | 34320970 | XXXX | XX/XX/XXXX 2:04:50 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraiser noted bugs in dining room of unit 4 which is a heath issue. |  |  |  | Reviewer Comment (2025-09-25): Client advised, unable to clear.<br>Reviewer Comment (2025-09-25): Comment from client - XX.XX%. VCC did not view as material given the low ltv. Per borrower LOE in file, cash-out proceeds will be used towards updating the subject property. VCC hasn't confirmed the status but expects the borrower to remedy any necessary issues in the property. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100066 |  | 34320386 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | 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 (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV.<br>Buyer Comment (2025-09-13): Uploaded |  |  | XX/XX/XXXX 2:04:39 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100118 |  | 34318126 | XXXX | XX/XX/XXXX 6:41:01 PM | 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 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 (2025-08-29): Approved exception at origination for loan amount < $75,000. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 8:59:13 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100118 |  | 34332437 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Loan Package Documentation | Loan File | Missing Document | Missing Document: Hazard Insurance Policy not provided |  | Approved exception at origination for missing HOA master policy. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2025-09-15): Approved exception at origination for missing HOA master policy. Comp factor, LTV.<br>Buyer Comment (2025-09-13): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:57:49 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100102 |  | 34323953 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- seasoned investor<br>CF_ LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-30): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 2:06:26 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100102 |  | 34323971 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp 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 (2025-08-30): Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 2:10:29 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100102 |  | 34324116 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing VOR-primary; borrower lives rent free per LOE in file. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- seasoned investor<br>CF_ LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-17): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR. Comp factors, LTV and seasoned investor.<br>Buyer Comment (2025-09-17): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:37:19 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100102 |  | 34324344 | XXXX | XX/XX/XXXX 6:41:01 PM | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> C5 | Property condition is C5. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- seasoned investor<br>CF_ LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-25): Exception waived. Updated approval provided in trailing documents approving exception for property condition C5. Comp factors, LTV and seasoned investor.<br>Reviewer Comment (2025-09-25): C5: Kitchen – updated (timeframe unknown); Bathrooms – not updated. The subject is physically and functionally sound with excessive physical depreciation observed. No functional or external obsolescence observed. The subject has an updated kitchen with cabinets, counters, and appliances, newer vinyl flooring, and an updated basement with new paint and light fixtures. Deferred maintenance was observed on the exterior paint and siding. The interior has excessive deferred maintenance under repair, including missing flooring and pet odor currently being remediated. Estimated cost to cure is less than $5,000.<br>Seller Comment (2025-09-25): XX.XX%. Appraisal made as-is and property condition considered in value/LTV. Property vacant at the time of origination. Per borrower LOE in file the missing floor and pet order would be remedied. VCC has not confirmed the status of repairs but expects the borrower to fulfill their commitment<br>Reviewer Comment (2025-09-25): Reopening to add client comments<br>Reviewer Comment (2025-09-17): Exception waived. Updated approval provided in trailing documents approving exception for property condition C5. Comp factors, LTV and seasoned investor.<br>Buyer Comment (2025-09-17): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:24:21 AM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100102 |  | 34324385 | XXXX | XX/XX/XXXX 6:41:01 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal and internal review indicate there was deferred maintenance observed to the exterior paint and siding and subject interior has excessive deferred maintenance with missing flooring and pet odor. Letter of intent provided to resolve issues; however, no confirmation of resolution provided. Newly painted basement with 2 non conforming bedrooms were noted. |  |  |  | Reviewer Comment (2025-09-25): Client advised, unable to clear.<br>Reviewer Comment (2025-09-25): C5: Kitchen – updated (timeframe unknown); Bathrooms – not updated. The subject is physically and functionally sound with excessive physical depreciation observed. No functional or external obsolescence observed. The subject has an updated kitchen with cabinets, counters, and appliances, newer vinyl flooring, and an updated basement with new paint and light fixtures. Deferred maintenance was observed on the exterior paint and siding. The interior has excessive deferred maintenance under repair, including missing flooring and pet odor currently being remediated. Estimated cost to cure is less than $5,000.<br>Seller Comment (2025-09-25): XX.XX%. Appraisal made as-is and property condition considered in value/LTV. Property vacant at the time of origination. Per borrower LOE in file the missing floor and pet order would be remedied. VCC has not confirmed the status of repairs but expects the borrower to fulfill their commitment |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100080 |  | 34298257 | XXXX | XX/XX/XXXX 5:25:52 PM | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is greater than guideline maximum. | Note loan amount of $X,XXX,XXXis greater than guideline maximum loan amount of $2,000,000. | Approved exception at origination for loan amount >= $2,000,000. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-09-03): Approved exception at origination for loan amount >= $2,000,000. Comp factor: LTV. |  |  | XX/XX/XXXX 4:30:22 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100080 |  | 34298270 | XXXX | XX/XX/XXXX 5:25:52 PM | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for 'Credit' (< 2 active major tradelines). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-08-28): Approved exception at origination for 'Credit' (< 2 active major tradelines). Comp factor: LTV. |  |  | XX/XX/XXXX 7:51:32 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100080 |  | 34298284 | XXXX | XX/XX/XXXX 5:25:52 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exceptions at origination for 1) incomplete VOM-subject, missing 2 of last 12 monthly payment receipts and 2) missing VOM for subject 2nd mortgage satisfied 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 (2025-08-28): Approved exceptions at origination for 1) incomplete VOM-subject, missing 2 of last 12 monthly payment receipts and 2) missing VOM for subject 2nd mortgage satisfied within 12 months. Comp factor: LTV. |  |  | XX/XX/XXXX 7:50:32 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100080 |  | 34298370 | XXXX | XX/XX/XXXX 5:25:52 PM | Credit | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | Subject is a refinance and property is listed for sale. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Cash-out on property listed for sale within 6 months. | 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>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factors, LTV and FICO.<br>Buyer Comment (2025-09-13): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:51:34 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100080 |  | 34316917 | XXXX | XX/XX/XXXX 5:25:52 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing lease on refinance (subject 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. | LTV is < guidelines.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factors, LTV and FICO.<br>Buyer Comment (2025-09-13): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:50:44 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100042 |  | 34330561 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: seasoned investor | Borrower's Experience/Track Record | CF- seasoned imnvestor | SitusAMC,Originator | Reviewer Comment (2025-08-29): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: seasoned investor |  |  | XX/XX/XXXX 2:55:16 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100068 |  | 34318989 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor; seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-15): Approved exception at origination for FICO < 650. Comp factor; seasoned investor.<br>Buyer Comment (2025-09-13): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:59:00 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100068 |  | 34319008 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor; seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-15): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor; seasoned investor.<br>Buyer Comment (2025-09-13): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:58:42 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100075 |  | 34298412 | XXXX | XX/XX/XXXX 6:41:01 PM | 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 factors: LTV and seasoned investor. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned investor.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-27): Approved exception at origination for loan amount < $75,000. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 11:35:44 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100114 |  | 34317525 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease. Comp factors: seasoned investor and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF_ seasoned investor<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-29): Approved exception at origination for 100% vacancy/missing lease. Comp factors: seasoned investor and reserves. |  |  | XX/XX/XXXX 8:50:51 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100037 |  | 34271022 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-23): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:14:22 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100038 |  | 34275299 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing special/broad form coverage type. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-23): Approved exception at origination for missing special/broad form coverage type. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:42:36 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100035 |  | 34278800 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-08-27): Approved exception at origination for FICO < 650. Comp factor, LTV. |  |  | XX/XX/XXXX 2:42:25 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100035 |  | 34312053 | XXXX | XX/XX/XXXX 8:46:50 AM | 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. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-08-27): Approved exception at origination for loan amount <$75,000. Comp factor; reserves. |  |  | XX/XX/XXXX 2:29:52 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100099 |  | 34278390 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Loan Package Documentation | Loan File | Missing Document | Missing Document: Hazard Insurance Policy not provided |  | Missing EOI for liability coverage (exception waiver provided for hazard insurance is documented but not liability). | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-17): Exception waived. Updated approval provided in trailing documents approving exception for missing liability coverage. Comp factor, LTV.<br>Buyer Comment (2025-09-17): Corrected Uploaded<br>Buyer Comment (2025-09-17): Uploaded with comp factor of low LTV<br>Reviewer Comment (2025-09-15): Exception remains. Approval reflects comp factor, land only, no improvements which is not a valid comp factor for missing liability coverage.<br>Buyer Comment (2025-09-15): Uploaded<br>Reviewer Comment (2025-09-03): Exception remains. Comp factor "Land Only, no improvements" is not a comp factor. Land only requires liability coverage.<br>Buyer Comment (2025-09-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:44:10 PM | 2 B | XX/XX/XXXX | XX | Purchase | D B | D |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100099 |  | 34278398 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Subject property is Land only with the only improvement being a tennis court. There is no immediate ability to produce income through rental operations. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-03): Exception waived. Updated approval provided in trailing documents approving exception for Land Only/no income produced. Comp factor, LTV.<br>Buyer Comment (2025-09-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:40:46 AM | 2 B | XX/XX/XXXX | XX | Purchase | D B | D |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100099 |  | 34278413 | XXXX | XX/XX/XXXX 8:46:50 AM | Property | Property - Appraisal | Appraisal Documentation | Property - Appraisal | Loan is to be securitized. Appraisal is missing. Sec ID: 1 | Note Date: XX/XX/XXXX; Lien Position: 1 | Land only appraisal provided is not an accepted appraisal format per MCP 3.4. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-03): Exception waived. Updated approval provided in trailing documents approving a Land Only appraisal. Comp factor, LTV.<br>Buyer Comment (2025-09-02): Exception noted om uploaded approval |  |  | XX/XX/XXXX 10:41:31 AM | 3 D | XX/XX/XXXX | XX | Purchase | D B | D |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100115 |  | 34332446 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Liability coverage < $300k. Comp factors, FICO and seasoned investor. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Borrower's Experience/Track Record.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-15): Approved exception at origination for Liability coverage < $300k. Comp factors, FICO and seasoned investor.<br>Buyer Comment (2025-09-15): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:16:33 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100041 |  | 34269384 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-23): Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 9:58:07 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100041 |  | 34269407 | XXXX | XX/XX/XXXX 8:46:50 AM | 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 provided (matured note). Comp factors: seasoned investor and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF_ seasoned investor<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-23): Approved exception at origination for incomplete VOM-subject; > 12 months pay history provided (matured note). Comp factors: seasoned investor and reserves. |  |  | XX/XX/XXXX 9:59:13 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100041 |  | 34269431 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Subordinate financing not permitted |  | Approved exception at origination for subordinate financing term < 3 years. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-08-23): Approved exception at origination for subordinate financing term < 3 years. Comp factor: reserves. |  |  | XX/XX/XXXX 10:08:17 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100041 |  | 34320687 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | LTV > 70% on an Investment 1-4 with loan amount > $1 000,000. | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for LTV. Comp factor, seasoned investor.<br>Buyer Comment (2025-09-15): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:19:24 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100032 |  | 34273010 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 70% on SFR with loan > $1,000,000. 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. | XF_ seasoned investor<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-26): Approved exception at origination for LTV > 70% on SFR with loan > $1,000,000. Comp factors: seasoned investor and reserves. |  |  | XX/XX/XXXX 8:48:12 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100032 |  | 34273018 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided |  | Approved exception at origination for missing HOA documents. 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. | XF_ seasoned investor<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-28): Approved exception at origination for missing HOA documents. Comp factors: reserves and seasoned investor. |  |  | XX/XX/XXXX 2:21:37 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100032 |  | 34273044 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; 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. | XF_ seasoned investor<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-26): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; reserves and seasoned investor. |  |  | XX/XX/XXXX 8:47:49 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100047 |  | 34312108 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Missing HOA master policy. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-19): Exception waived. Updated approval provided in trailing documents approving exception for missing Master HOA insurance policy. Comp factors, seasoned investor and FICO.<br>Buyer Comment (2025-09-18): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:22:03 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100164 |  | 34268291 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Missing HOA master policy. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-03): Exception waived. Updated approval provided in trailing documents approving exception for missing master HOA policy. Comp factor, seasoned investor.<br>Buyer Comment (2025-09-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:01:31 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100164 |  | 34268689 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | 1x 60 days late within 24 months on credit report. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-25): Exception waived. Updated approval provided in trailing documents approving exception for 1 x 60. Comp factor, seasoned investor.<br>Seller Comment (2025-09-25): The late payment was in XXXXX, borrower has been AA since then (AA meaning that a late payment has not been reported on the borrower's credit report). Borrower is a seasoned investor and has owned the subject property since 2006. Borrowing entity also seasoned, established in 2006.<br>Reviewer Comment (2025-09-25): Reopening to add client comments<br>Reviewer Comment (2025-09-03): Exception waived. Updated approval provided in trailing documents approving exception for 1 x 60. Comp factor, seasoned investor.<br>Buyer Comment (2025-09-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:31:34 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100164 |  | 34268746 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided |  | Missing HOA Questionnaire. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-03): Exception waived. Updated approval provided in trailing documents approving exception for missing HOA docs. Comp factor, seasoned investor.<br>Buyer Comment (2025-09-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:02:43 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100131 |  | 34269646 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x for investor traditional 1 refinance with loan >$500k. Comp factors: seasoned investor and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | CF- FICO<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-25): Approved exception at origination for DSCR < 1.20x for investor traditional 1 refinance with loan >$500k. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 12:48:04 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100131 |  | 34275634 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 27% vacancy/ missing lease. Comp factors: seasoned investor and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | CF- FICO<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-25): Approved exception at origination for 27% vacancy/ missing lease. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 12:45:07 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100167 |  | 34280061 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x on owner-user traditional 1 refinance with loan > $500,000. Comp factors: FICO and LTV. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | FICO is > guidelines.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-26): Approved exception at origination for DSCR < 1.0x on owner-user traditional 1 refinance with loan > $500,000. Comp factors: FICO and LTV. |  |  | XX/XX/XXXX 8:45:09 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100167 |  | 34280308 | XXXX | XX/XX/XXXX 8:46:50 AM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Property had damage with worn shingles on the garage roof, peeling paint on fascia boards and dry rot on fascia boards. |  |  |  | Reviewer Comment (2025-09-25): Client advised, unable to clear.<br>Seller Comment (2025-09-25): XX.XSX%. The issues weren't cited by the appraiser, and the appraisal was made as-is so property condition considered in value/LTV. VCC expects borrower to maintain or complete any necessary repairs to their investment property.<br>Reviewer Comment (2025-09-03): Exception remains. Damage to roof is the building they are calling storage (was a smaller SFR). Appraisal only includes 1 interior picture of the storage building and one of the front of same. Property inspection provided more details and picture not addressed by the appraiser.<br>Buyer Comment (2025-09-02): According to the appraisal the subject property was remodeled in XXXX with no deficiencies noted. appraiser states property is is average condition. the appraisal does not mention any property damage with worn shingles, paint or dry rot. All of the called out could be considered deferred maintenance and not a Health and Safety issue. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100147 |  | 34298865 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | 1) Missing law & ordinance coverage A, and 2) Blanket liability policy without required endorsement for full coverage amount applicable to each covered location. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- seasoned investor<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-03): Exception waived. Updated approval provided in trailing documents approving exception for blanket liability and missing Law or Ordinance coverage. Comp factors, seasoned investor and FICO.<br>Buyer Comment (2025-09-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:17:39 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100147 |  | 34298874 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal (subsequently executed leases provided in file). Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-28): Approved exception at origination for 100% vacancy per appraisal (subsequently executed leases provided in file). Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 10:43:13 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100174 |  | 34297419 | XXXX | XX/XX/XXXX 8:46:50 AM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal notes multiple potential environmental/health concerns: 1) Steel barrels containing unknown substance in back yard:, 2) Open slots in the electric panel, 3) damaged/rotted floor joist in basement, and 4) rusted/rotted rear entry door. |  |  |  | Reviewer Comment (2025-09-25): Client advised, unable to clear.<br>Seller Comment (2025-09-25): XX.XX% Appraisal made as-is and property condition considered in value/LTV. Borrower signed a certificate of oil and hazardous metals confirming that there were no hazardous materials on the property. Given the low LTV, VCC did not view as material in terms of underwriting. VCC does expect borrower to complete any necessary repairs to their investment property. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100174 |  | 34549249 | XXXX | XX/XX/XXXX 9:06:12 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exceptions at origination for 1) insufficient liability coverage amount insurance, and 2) missing law and ordinance coverage. Comp factors: LTV, seasoned investor. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- seasoned investor<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-25): Approved exceptions at origination for 1) insufficient liability coverage amount insurance, and 2) missing law and ordinance coverage. Comp factors: LTV, seasoned investor. |  |  | XX/XX/XXXX 9:07:15 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100150 |  | 34270679 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing Law and Ordinance coverage A. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-25): Approved exception at origination for missing Law and Ordinance coverage A. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 1:08:37 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100150 |  | 34270681 | XXXX | XX/XX/XXXX 8:46:50 AM | 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: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-28): Approved exception at origination for DSCR <1.25x for investor traditional 2 refinance with loan > $500k. Comp factor: reserves. |  |  | XX/XX/XXXX 10:23:41 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100162 |  | 34280561 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing law & ordinance coverage. Comp factors: seasoned business 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 | CF_ reserves<br>CF_ seasoned business | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-26): Approved exception at origination for missing law & ordinance coverage. Comp factors: seasoned business and reserves. |  |  | XX/XX/XXXX 9:10:29 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100162 |  | 34280566 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0 on owner user traditional II refinance with loan> $500,000. Comp factors: LTV and reserves. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- LTV<br>CF_ reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-26): Approved exception at origination for DSCR < 1.0 on owner user traditional II refinance with loan> $500,000. Comp factors: LTV and reserves. |  |  | XX/XX/XXXX 9:10:08 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100132 |  | 34271877 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO <650. 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. | CF_ seasoned investor<br>CF_ reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-25): Approved exception at origination for FICO <650. Comp factors: reserves and seasoned investor. |  |  | XX/XX/XXXX 6:49:36 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100132 |  | 34276988 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 Days. 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. | CF_ seasoned investor<br>CF_ reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-25): Approved exception at origination for credit report aged > 60 Days. Comp factors: reserves and seasoned investor. |  |  | XX/XX/XXXX 6:50:56 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100129 |  | 34278786 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x on investor traditional 1 mixed use purchase with loan > $750k. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- FICO<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-26): Approved exception at origination for DSCR < 1.20x on investor traditional 1 mixed use purchase with loan > $750k. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 7:48:21 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100129 |  | 34299380 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- FICO<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-26): Approved exception at origination for credit report aged > 60 days. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 7:49:02 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100129 |  | 34299428 | XXXX | XX/XX/XXXX 8:46:50 AM | 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% (XX% CLTV). Comp factors: FICO and reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-08-26): Approved exception at origination for first time investor. on investor traditional 1 mixed use with LTV > 70% (XX% CLTV). Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 7:49:20 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100152 |  | 34299237 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | 1) Missing law & ordinance coverage A, and 2) Blanket liability policy without required endorsement for full coverage amount applicable to each covered location. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-03): Exception waived. Updated approval provided in trailing documents approving exception for missing endorsement and Law or Ordinance coverage. Comp factors, FICO and seasoned investor.<br>Buyer Comment (2025-09-02): Exceptions noted on uploaded approval |  |  | XX/XX/XXXX 12:37:44 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100134 |  | 34279524 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | 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. | CF_ reserves | SitusAMC,Originator | Reviewer Comment (2025-08-26): Approved exception at origination for credit report aged > 60 days. Comp factor: reserves. |  |  | XX/XX/XXXX 8:16:56 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100134 |  | 34304008 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for First Time Investor on owner user traditional 2 with LTV > 65%. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF_ reserves | SitusAMC,Originator | Reviewer Comment (2025-08-26): Approved exception at origination for First Time Investor on owner user traditional 2 with LTV > 65%. Comp factor: reserves. |  |  | XX/XX/XXXX 8:17:12 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100135 |  | 34277333 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factors: seasoned Investor and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF_ seasoned investor<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-25): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factors: seasoned Investor and reserves. |  |  | XX/XX/XXXX 7:15:23 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100140 |  | 34280362 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves. | SitusAMC,Originator | Reviewer Comment (2025-08-26): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: reserves. |  |  | XX/XX/XXXX 8:58:37 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100140 |  | 34304032 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception for First Time Investor with LTV >65% on investor traditional 2 purchase. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves. | SitusAMC,Originator | Reviewer Comment (2025-08-26): Approved exception for First Time Investor with LTV >65% on investor traditional 2 purchase. Comp factor: reserves. |  |  | XX/XX/XXXX 8:58:54 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100141 |  | 34277706 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing law & ordinance coverage. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF_ FICO | SitusAMC,Originator | Reviewer Comment (2025-08-25): Approved exception at origination for missing law & ordinance coverage. Comp factor: FICO. |  |  | XX/XX/XXXX 8:10:07 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100166 |  | 34272554 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing law & ordinance coverage. Comp factor; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-03): Approved exception at origination for missing law & ordinance coverage. Comp factor; FICO.<br>Buyer Comment (2025-09-02): Corrected Uploaded |  |  | XX/XX/XXXX 12:47:18 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100130 |  | 34271278 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x for owner user traditional 2 refinance with loan > $500k. Comp factors: seasoned investor and seasoned business. | Borrower's Experience/Track Record<br>Borrower has owned the subject property for at least 5 years. | CF- seasoned investor, seasoned business | SitusAMC,Originator<br>SitusAMC | Reviewer Comment (2025-08-25): Approved exception at origination for DSCR < 1.0x for owner user traditional 2 refinance with loan > $750k. Comp factors: seasoned investor and seasoned business. |  |  | XX/XX/XXXX 6:21:01 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100130 |  | 34271287 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exceptions at origination for credit report pulled using incorrect DOB, and report aged > 60 days. Comp factors: seasoned investor and seasoned business. | Borrower's Experience/Track Record | CF- seasoned investor, seasoned business | SitusAMC,Originator | Reviewer Comment (2025-08-25): Approved exceptions at origination for credit report pulled using incorrect DOB, and report aged > 60 days. Comp factors: seasoned investor and seasoned business. |  |  | XX/XX/XXXX 6:23:15 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100130 |  | 34271296 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exceptions at origination for 1x60 days late within 12 months and >2x 30 days late within 24 months. Comp factors: seasoned business and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- seasoned investor, seasoned business<br>CF_ FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-25): Approved exceptions at origination for 1x60 days late within 12 months and >2x 30 days late within 24 months. Comp factors: seasoned business and FICO.<br>Seller Comment (2025-09-25): Borrower is a seasoned investor with a high FICO. Through the rate/term refinance the borrower ultimately lowered their monthly payment and bettered their positition.<br>Reviewer Comment (2025-09-25): Reopening to add client comments<br>Reviewer Comment (2025-08-25): Approved exceptions at origination for 1x60 days late within 12 months and >2x 30 days late within 24 months. Comp factors: seasoned business and FICO. |  |  | XX/XX/XXXX 10:15:33 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100130 |  | 34271317 | XXXX | XX/XX/XXXX 8:46:50 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- seasoned investor, seasoned business<br>CF_ FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-25): Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 6:32:11 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100130 |  | 34276760 | XXXX | XX/XX/XXXX 8:46:50 AM | 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 provided. Comp factors: seasoned business and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- seasoned investor, seasoned business<br>CF_ FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-25): Approved exception at origination for incomplete VOM-subject; <12 months pay history provided. Comp factors: seasoned business and FICO. |  |  | XX/XX/XXXX 6:31:20 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100090 |  | 34346440 | XXXX | XX/XX/XXXX 2:04:50 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-09-03): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 1:05:18 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100090 |  | 34346465 | XXXX | XX/XX/XXXX 2:04:50 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease in file). Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-09-03): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease in file). Comp factor: seasoned investor. |  |  | XX/XX/XXXX 1:06:04 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100090 |  | 34346490 | XXXX | XX/XX/XXXX 2:04:50 PM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-09-03): Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 1:06:22 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100109 |  | 34342605 | XXXX | XX/XX/XXXX 2:04:50 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exceptions at origination for 1) incomplete VOM - subject; missing 12 month pay history receipts to supplement lender rating summary (paid through interest reserve account) and 2) incomplete VOR-primary; missing 12 month pay history receipts to supplement lender rating summary. 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. | CF- reserves<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-02): Approved exceptions at origination for 1) incomplete VOM - subject; missing 12 month pay history receipts to supplement lender rating summary (paid through interest reserve account) and 2) incomplete VOR-primary; missing 12 month pay history receipts to supplement lender rating summary. Comp factors: LTV and reserves. |  |  | XX/XX/XXXX 9:46:09 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100109 |  | 34345161 | XXXX | XX/XX/XXXX 2:04:50 PM | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report pulled using incorrect SSN. 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. | CF- reserves<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-02): Approved exception at origination for credit report pulled using incorrect SSN. Comp factors: LTV and reserves. |  |  | XX/XX/XXXX 9:45:44 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100125 |  | 34346994 | XXXX | XX/XX/XXXX 2:04:50 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for basic form policy/coverage type. Comp factor; seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-17): Approved exception at origination for basic form policy/coverage type. Comp factor; seasoned investor.<br>Buyer Comment (2025-09-17): Corrected Uploaded |  |  | XX/XX/XXXX 3:17:59 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100125 |  | 34347543 | XXXX | XX/XX/XXXX 2:04:50 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing VOR-primary for both guarantors; living rent free per LOE's in file. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-17): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR. Comp factor, FICO.<br>Buyer Comment (2025-09-17): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:19:25 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100117 |  | 34341292 | XXXX | XX/XX/XXXX 2:04:50 PM | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for > 2X30 and >1x 60 days late payments within 12 months. 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 (2025-09-25): Approved exception at origination for > 2X30 and >1x 60 days late payments within 12 months. Comp factors: LTV and seasoned investor.<br>Seller Comment (2025-09-25): VCC was comfortable given the low LTV XX.XX%. Borrower is also a seasoned investor.<br>Reviewer Comment (2025-09-25): Reopening to add client comments<br>Reviewer Comment (2025-09-02): Approved exception at origination for > 2X30 and >1x 60 days late payments within 12 months. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 10:36:18 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100123 |  | 34341017 | XXXX | XX/XX/XXXX 2:04:50 PM | 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 (2025-09-02): Approved exception at origination for rural property. Comp factor: LTV. |  |  | XX/XX/XXXX 3:52:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100127 |  | 34367428 | XXXX | XX/XX/XXXX 12:44:08 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Wood rot noted on the front porch columns which is a health and safety issue and damaged ceiling with water stains on part without clarification of source of water stains or if it has been repaired. |  |  |  | Reviewer Comment (2025-09-25): Client advised, unable to clear.<br>Seller Comment (2025-09-25): XX.XX% Appraisal made as-is and property condition considered in value/LTV. Issues appear to be cosmetic in nature so VCC did not view as material in terms in of underwriting. VCC still 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 2025-P2-100126 |  | 34325888 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for rural property. Comp factors; DSCR 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. | CF- DSCR<br>CF_ LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-30): Approved exception at origination for loan amount <$75,000. Comp factors; DSCR and LTV. |  |  | XX/XX/XXXX 2:22:48 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100126 |  | 34333216 | XXXX | XX/XX/XXXX 6:41:01 PM | 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 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. | CF- DSCR<br>CF_ LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-30): Approved exception at origination for loan amount <$75,000. Comp factors; DSCR and LTV. |  |  | XX/XX/XXXX 2:22:38 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100124 |  | 34331045 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-08-30): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor; FICO. |  |  | XX/XX/XXXX 10:00:04 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100084 |  | 34334358 | XXXX | XX/XX/XXXX 2:04:50 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease on SFR refinance. Comp factors: LTV and seasoned investor. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- seasoned investor<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-02): Approved exception at origination for 100% vacancy/missing lease on SFR refinance. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 1:52:59 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100084 |  | 34334625 | XXXX | XX/XX/XXXX 2:04:50 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. 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 (2025-09-04): Approved exception at origination for rural property. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 1:00:55 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100084 |  | 34334667 | XXXX | XX/XX/XXXX 2:04:50 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Broken and boarded front window. |  |  |  | Reviewer Comment (2025-09-25): Client advised, unable to clear.<br>Seller Comment (2025-09-25): XX.XX%. Appraisal made as-is and proeprty condition considered in value/LTV. $450 CTC considered in the property value. Window is boarded and appears to be weather tight, given the low LTV VCC did not view as material, but does expect the borrower to complete any necessary repairs to their investment property. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100107 |  | 34330495 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Rural property. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV.<br>Buyer Comment (2025-09-15): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:33:10 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100107 |  | 34330505 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | 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. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV.<br>Buyer Comment (2025-09-15): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:30:58 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100113 |  | 34326581 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2025-08-30): Approved exception at origination for FICO < 650. Comp factor, LTV. |  |  | XX/XX/XXXX 2:29:07 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100120 |  | 34333226 | XXXX | XX/XX/XXXX 6:41:01 PM | 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 (2025-08-30): Approved exception at origination for loan <$75,000. Comp factor LTV. |  |  | XX/XX/XXXX 9:25:35 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100121 |  | 34341844 | XXXX | XX/XX/XXXX 2:04:50 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 35% vacancy/ missing lease(s) on 2-4 refinance. Comp factor: LTV | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-09-02): Approved exception at origination for 35% vacancy/ missing lease(s) on 2-4 refinance. Comp factor: LTV |  |  | XX/XX/XXXX 9:00:00 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100082 |  | 34333225 | XXXX | XX/XX/XXXX 6:41:01 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Unit owner's policy hurricane deductible of $XXX is > 5% of coverage amount. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Borrower's Experience/Track Record.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factors, LTV and seasoned investor.<br>Buyer Comment (2025-09-15): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:37:10 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100116 |  | 34342867 | XXXX | XX/XX/XXXX 2:04:50 PM | 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. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-09-02): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. |  |  | XX/XX/XXXX 9:50:47 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100116 |  | 34343100 | XXXX | XX/XX/XXXX 2:04:50 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing handrail on stairs to first floor. |  |  |  | Reviewer Comment (2025-09-25): Client advised, unable to clear.<br>Seller Comment (2025-09-25): XX.XX% Enclosed staircase and the appraiser didn't cite as a safety concern. Given the low ltv, VCC did not view as material in terms of underwriting, but VCC does expect the borrower to complete any necessary repairs/updates. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100128 |  | 34368053 | XXXX | XX/XX/XXXX 3:09:10 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Cash out on property currently listed for sale. Missing cancelation of listing. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, seasoned investor.<br>Buyer Comment (2025-09-15): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:39:40 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100165 |  | 34342541 | XXXX | XX/XX/XXXX 2:04:50 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR <1.25x on investor Traditional 2 with loan > $500,000. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-09-02): Approved exception at origination for DSCR <1.25x on investor Traditional 2 with loan > $500,000. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 2:11:31 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100169 |  | 34347428 | XXXX | XX/XX/XXXX 2:04:50 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-09-03): Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factor; LTV. |  |  | XX/XX/XXXX 10:43:54 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100169 |  | 34347456 | XXXX | XX/XX/XXXX 2:04:50 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for liability gen aggregate coverage amount < $2mm. Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | CF- LTV<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-09-03): Approved exception at origination for liability gen aggregate coverage amount < $2mm. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 10:47:04 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100173 |  | 34335380 | XXXX | XX/XX/XXXX 2:04:50 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exceptions at origination for 1) incomplete VOR-primary; missing canceled checks to supplement VOR summary form from private landlord and 2) Incomplete VOM-subject missing canceled checks to supplement VOR summary from private individual lender (apparent relative of borrower). Comp factors; seasoned investor and seasoned business. | Borrower's Experience/Track Record | Comp factors; seasoned investor and seasoned business. | SitusAMC,Originator | Reviewer Comment (2025-09-15): Approved exceptions at origination for 1) incomplete VOR-primary; missing canceled checks to supplement VOR summary form from private landlord and 2) Incomplete VOM-subject missing canceled checks to supplement VOR summary from private individual lender (apparent relative of borrower). Comp factors; seasoned investor and seasoned business.<br>Buyer Comment (2025-09-15): Corrected approval uploaded. VOM Exception to remain as it is private party. VOR removed |  |  | XX/XX/XXXX 4:45:03 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100173 |  | 34341731 | XXXX | XX/XX/XXXX 2:04:50 PM | Credit | Loan Package Documentation | Application / Processing | Missing Document | Missing Document: Approval not provided |  | Missing updated approval with detailed analysis of % of SF to support owner user versus tenant occupancy status, and updated property type of Mixed use. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Comp factors; seasoned investor and seasoned business.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-25): Exception waived. Updated approval provided in trailing documents approving exception for property with unpermitted usage. Comp factors, FICO and seasoned investor.<br>Seller Comment (2025-09-25): VCC wrote an exception for unpermitted usage with a comp factor of seasoned investor. This property was underwritten and appraised as a retail property. VCC UW did not view as material because the CTC to restore the back unit to retail is minimal (dollar amount not provided). Permits are not required in VCC guidelines.<br>Reviewer Comment (2025-09-25): Reopening to add client comments<br>Reviewer Comment (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for property with unpermitted usage. Comp factors, FICO and seasoned investor.<br>Buyer Comment (2025-09-15): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:38:16 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100175 |  | 34368548 | XXXX | XX/XX/XXXX 9:53:37 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing law or ordinance. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-08): Approved exception at origination for missing law or ordinance. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 9:50:52 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100175 |  | 34372378 | XXXX | XX/XX/XXXX 9:53:37 AM | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for insurance premium paid through a payment plan. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-08): Approved exception at origination for insurance premium paid through a payment plan. Comp factor: seasoned investor.<br> Comment: |  |  | XX/XX/XXXX 9:51:15 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100175 |  | 34372436 | XXXX | XX/XX/XXXX 9:53:37 AM | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> Fair | Subject building quality and condition is in below average condition. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Borrower's Experience/Track Record.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-25): Exception waived. Updated approval provided in trailing documents approving exception for property in below average condition. Comp factors, LTV and seasoned investor.<br>Reviewer Comment (2025-09-25): The subject property has been evaluated as Below Average in terms of overall building quality, condition, and appeal. These ratings reflect a general lack of upkeep and diminished aesthetic and structural standards.<br> Several items of deferred maintenance were observed. On the first floor, ceiling tiles are missing in the restroom, indicating a need for repair or replacement. The second-floor storage area shows signs of wear, with the ceiling requiring a fresh coat of paint. Additionally, there are areas of drywall that need patching. These issues, while not immediately critical, should be addressed as part of routine maintenance to prevent further deterioration and maintain the property's usability and appearance.<br>Seller Comment (2025-09-25): XX.XX% Appraisal made as-is and property condition considered in value/LTV. No deferred maintenance or health and safety issues cited by appraiser. Property appears dated and could use cosmetic updates but is otherwise functioning and sound. Given the low LTV, VCC did not view as material in terms of underwriting, but VCC does expect the borrower to complete any necessary repairs.<br>Reviewer Comment (2025-09-25): Reopening to add client comments<br>Reviewer Comment (2025-09-15): Exception waived. Updated approval provided in trailing documents approving exception for property in below average condition. Comp factors, LTV and seasoned investor.<br>Buyer Comment (2025-09-15): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:36:16 AM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100171 |  | 34342059 | XXXX | XX/XX/XXXX 5:25:52 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing law & ordinance coverage A. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-15): Approved exception at origination for missing law & ordinance coverage A. Comp factor, seasoned investor.<br>Buyer Comment (2025-09-15): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:59:20 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100028 |  | 34376900 | XXXX | XX/XX/XXXX 4:56:22 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for subject property DSCR < 1.15x. Comp factors: guarantor support/ liquidity and LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-08): Approved exception at origination for subject property DSCR < 1.15x. Comp factors: guarantor support/ liquidity and LTV. |  |  | XX/XX/XXXX 4:53:57 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100001 |  | 34492685 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: Seasoned Investor. | Borrower's Experience/Track Record | Seasoned Investor. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-18): Approved exception at origination for > 2 active major tradelines on credit report. Comp factor: Seasoned Investor. |  |  | XX/XX/XXXX 11:08:45 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100004 |  | 34495635 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | 1) Wind deductible of 2% exceeds $50k. 2) missing law & ordinance coverage. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | CF- LTV<br>Borrower's Experience/Track Record. | SitusAMC,Originator<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-19): Exception waived. Updated approval provided in trailing documents approving exception for missing Law or Ordinance coverage and wind deductible. Comp factors, LTV and seasoned investor.<br>Buyer Comment (2025-09-18): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:10:51 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100004 |  | 34495676 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/ missing lease for Traditional 2 property 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 (2025-09-18): Approved exception at origination for 100% vacancy/ missing lease for Traditional 2 property with loan > $500k. Comp factor; LTV. |  |  | XX/XX/XXXX 1:37:19 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100005 |  | 34492931 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing law and ordinance coverage. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-09-18): Approved exception at origination for missing law and ordinance coverage. Comp factor: LTV. |  |  | XX/XX/XXXX 12:32:05 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100013 |  | 34493101 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception for incomplete VOR-primary; missing canceled checks to support VOM summary from private lender. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-09-18): Approved exception for incomplete VOR-primary; missing canceled checks to support VOM summary from private lender. Comp factor: reserves. |  |  | XX/XX/XXXX 2:35:16 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100013 |  | 34493226 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exceptions at origination for 1) first time investor and 2) foreign national borrower with < 1 additional investment in US on investor traditional 2 with LTV > 65%. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-09-18): Approved exceptions at origination for 1) first time investor and 2) foreign national borrower with < 1 additional investment in US on investor traditional 2 with LTV > 65%. Comp factor: reserves. |  |  | XX/XX/XXXX 2:35:55 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100014 |  | 34489744 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing Law or Ordinance coverage. Comp factor LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-18): Approved exception at origination for missing Law or Ordinance coverage. Comp factor LTV. |  |  | XX/XX/XXXX 10:23:48 AM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100014 |  | 34493459 | XXXX | XX/XX/XXXX 5:11:55 PM | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photo reflects damage to one of the bathroom's ceiling. In house review acknowledged the ceiling damage and did not find it necessary to obtain cost to cure and states it will have minimal impact on the overall value. |  |  |  | Reviewer Comment (2025-09-25): Client advised, unable to clear.<br>Seller Comment (2025-09-25): XX.XX% Appraisal made as-is and property condition considered in value/LTV. VCC did not view the ceiling damage as material in terms of underwriting, but does expect the borrower to complete any necessary repairs. |  |  |  | 3 C | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100015 |  | 34493646 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR - primary. Borrower lives rent free. Comp factors: Seasoned Investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Borrower's Experience/Track Record.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-18): Approved exception at origination for missing VOR - primary. Borrower lives rent free. Comp factors: Seasoned Investor and FICO. |  |  | XX/XX/XXXX 4:55:18 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100015 |  | 34493656 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing Law and Ordinance coverage. Comp factor: Seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-09-18): Approved exception at origination for missing Law and Ordinance coverage. Comp factor: Seasoned investor. |  |  | XX/XX/XXXX 4:55:39 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100016 |  | 34492337 | XXXX | XX/XX/XXXX 5:11:55 PM | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-09-18): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. |  |  | XX/XX/XXXX 12:04:54 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2025-P2-100000 |  | 34494727 | XXXX | XX/XX/XXXX 5:11:55 PM | Property | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | The appraisal revealed property damage. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal showing water damage on ceiling. Roof repaired per appraiser. Missing handrail on stairs to attic and asbestos wrapped pipes with a cost of $XXX to have remediated. |  |  |  | Reviewer Comment (2025-09-25): Client advised, unable to clear.<br>Seller Comment (2025-09-25): Purchase transaction. Roof has been repaired, no active leak. The CTC was not included in appraised value. The seller credited the cost for removal of asbestos in the purchase contract. VCC also did a 90-day holdback at origination for the removal and disposal of the boiler and pipe insulation from basement. The status of repairs hasn't been confirmed at this point. |  |  |  | 2 B | XX/XX/XXXX | XX | Purchase | B A | B |  |  | No |

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## Exhibit 99.09

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

**Exhibit 99.09**

![](ex9909001.jpg)

VCC 2025-P2

Velocity Commercial Capital, LLC

Opus Capital Markets Consultants, LLC

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

**Executive Narrative**

**September 29, 2025**

**Performed by**

**Opus Capital Markets Consultants, LLC**

**For**

**Velocity Commercial Capital, LLC**

This report summarizes the results of a due diligence review performed on (259) 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 Two Hundred and Fifty-nine (259) loans representing Three Hundred and Eight (308) properties.

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Review** | &nbsp;&nbsp;**Below Average Property Grade** | &nbsp;&nbsp;**Properties with Visible Damage** | &nbsp;&nbsp;**Properties with Health or Safety Issues** |
| &nbsp;&nbsp;Property Review | &nbsp;&nbsp;6 | &nbsp;&nbsp;18 | &nbsp;&nbsp;10 |

---

As detailed herein, the pool contains 66 small balance commercial loans and 88 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 June 19, 2025 through September 22, 2025 via imaged files and provided by the Client (the "Review.")

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

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Review Population** | &nbsp;&nbsp;**Pool Population** | &nbsp;&nbsp;**% Population Reviewed** |
| &nbsp;&nbsp;Small Bal CRE | &nbsp;&nbsp;66 | &nbsp;&nbsp;123 | &nbsp;&nbsp;53.66% |
| &nbsp;&nbsp;Investor 1-4 Family | &nbsp;&nbsp;88 | &nbsp;&nbsp;136 | &nbsp;&nbsp;64.71% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**154** | &nbsp;&nbsp;**259** | &nbsp;&nbsp;**59.46%** |

---

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

![](ex9909002.jpg)

DBRS, Inc. ("DBRS") who is 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 88 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.

<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 <br> Loan characteristics Representative credit score, Property usage <br> 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 (iv) included the borrower's employment history.

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

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

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

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

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

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

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

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

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

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

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

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

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

**Loan File Documentation**

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

---

| | |
|:---|:---|
| 1008 | Business P&L\* |
| 1003 – Applications Initial | Purchase Agreement\* |
| 1003 – Application Final | Occupancy & Business Purpose LOI |
| AUS (DU/LP) | Rent Roll \* |
| Loan Approvals | Business Purpose Certification |
| Underwriting worksheets | Cash Out Letter |
| Income worksheets | Verification of Mortgage/Rent |
| Rate Lock | RE Taxes Information |
| 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\* |  |

---

**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.

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

● If value is supported within 10% tolerance, nothing further is needed

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

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

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

**Data Comparison**

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

---

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

---

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

![](ex9909003.jpg)

**Multiple Loans to One Borrower:** TPR firm reviewed common identifiers for all loans in the population and confirmed there were 8 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;3 | &nbsp;&nbsp;98.05% |
| &nbsp;&nbsp;**Total Loan Population** | &nbsp;&nbsp;**154** |  |

---

**<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 September 26, 2025.

---

| | | |
|:---|:---|:---|
| **Overall Grade Summary** | | |
| &nbsp;&nbsp;**DBRS NRSRO Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp;**% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;54 | &nbsp;&nbsp;35.06% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;75 | &nbsp;&nbsp;48.70% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;24 | &nbsp;&nbsp;15.58% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.65% |

---

---

| | | |
|:---|:---|:---|
| **Credit Grade Summary** | | |
| &nbsp;&nbsp;**DBRS NRSRO Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp;**% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;63 | &nbsp;&nbsp;40.91% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;89 | &nbsp;&nbsp;57.79% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.65% |

---

---

| | | |
|:---|:---|:---|
| **Property Grade Summary** | | |
| &nbsp;&nbsp;**DBRS NRSRO Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp;**% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;129 | &nbsp;&nbsp;83.77% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.65% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;24 | &nbsp;&nbsp;15.58% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |

---

**GUIDELINE CREDIT REVIEW RESULTS**

Of the one hundred fifty-four (154) mortgage loans reviewed by Opus, eighty-nine (89) were assigned a Credit grade of "B" and involved lender-issued guideline exceptions. A total of one hundred fifty (150) credit exceptions were granted.

Of the one hundred fifty-four (154) mortgage loans reviewed by Opus, one (1) was assigned a Credit grade of "C" and one (1) was assigned a Credit grade of "D".

Additionally, 40.91% of the mortgage loans reviewed received a Credit grade of "A".

**GUIDELINE VALUATION REVIEW RESULTS**

Of the one hundred fifty-four (154) mortgage loans reviewed by Opus, one (1) loan was assigned a Valuation grade of "B" and involved lender-issued guideline exceptions. A total of two (2) valuation exceptions were granted.

Of the one hundred fifty-four (154) mortgage loans reviewed by Opus, twenty-four (24) was assigned a Credit grade of "C".

Additionally, 83.77% of the mortgage loans reviewed received a Valuation grade of "A".

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

---

| | | |
|:---|:---|:---|
| **Overall Grade Summary** | | |
| &nbsp;&nbsp;**DBRS NRSRO Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp;**% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;46 | &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 NRSRO Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp;**% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;46 | &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**

All forty-six (46) loans reviewed by Opus have a Credit grade of "A".

**<u>Loans Reviewed (259)</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;5700000625 | &nbsp;&nbsp;6723261460 | &nbsp;&nbsp;6723265852 | &nbsp;&nbsp;6723268016 | &nbsp;&nbsp;6723270367 | &nbsp;&nbsp;6723272753 |
| &nbsp;&nbsp;5700001012 | &nbsp;&nbsp;6723261657 | &nbsp;&nbsp;6723265877 | &nbsp;&nbsp;6723268063 | &nbsp;&nbsp;6723270439 | &nbsp;&nbsp;6723272803 |
| &nbsp;&nbsp;5700001034 | &nbsp;&nbsp;6723261726 | &nbsp;&nbsp;6723265895 | &nbsp;&nbsp;6723268070 | &nbsp;&nbsp;6723270574 | &nbsp;&nbsp;6723272926 |
| &nbsp;&nbsp;5700001168 | &nbsp;&nbsp;6723261800 | &nbsp;&nbsp;6723265913 | &nbsp;&nbsp;6723268074 | &nbsp;&nbsp;6723270715 | &nbsp;&nbsp;6723272957 |
| &nbsp;&nbsp;5700001182 | &nbsp;&nbsp;6723262017 | &nbsp;&nbsp;6723265935 | &nbsp;&nbsp;6723268129 | &nbsp;&nbsp;6723270914 | &nbsp;&nbsp;6723273135 |
| &nbsp;&nbsp;5700001202 | &nbsp;&nbsp;6723262226 | &nbsp;&nbsp;6723265974 | &nbsp;&nbsp;6723268150 | &nbsp;&nbsp;6723270928 | &nbsp;&nbsp;6723273163 |
| &nbsp;&nbsp;5700001238 | &nbsp;&nbsp;6723262246 | &nbsp;&nbsp;6723265999 | &nbsp;&nbsp;6723268186 | &nbsp;&nbsp;6723270933 | &nbsp;&nbsp;6723273196 |
| &nbsp;&nbsp;5700001277 | &nbsp;&nbsp;6723262249 | &nbsp;&nbsp;6723266079 | &nbsp;&nbsp;6723268223 | &nbsp;&nbsp;6723270948 | &nbsp;&nbsp;6723273212 |
| &nbsp;&nbsp;5700001282 | &nbsp;&nbsp;6723262268 | &nbsp;&nbsp;6723266146 | &nbsp;&nbsp;6723268340 | &nbsp;&nbsp;6723270990 | &nbsp;&nbsp;6723273253 |
| &nbsp;&nbsp;6723237707 | &nbsp;&nbsp;6723262334 | &nbsp;&nbsp;6723266185 | &nbsp;&nbsp;6723268498 | &nbsp;&nbsp;6723271081 | &nbsp;&nbsp;6723273274 |
| &nbsp;&nbsp;6723237710 | &nbsp;&nbsp;6723262585 | &nbsp;&nbsp;6723266195 | &nbsp;&nbsp;6723268596 | &nbsp;&nbsp;6723271196 | &nbsp;&nbsp;6723273290 |
| &nbsp;&nbsp;6723237713 | &nbsp;&nbsp;6723262676 | &nbsp;&nbsp;6723266223 | &nbsp;&nbsp;6723268646 | &nbsp;&nbsp;6723271202 | &nbsp;&nbsp;6723273292 |
| &nbsp;&nbsp;6723239791 | &nbsp;&nbsp;6723262859 | &nbsp;&nbsp;6723266302 | &nbsp;&nbsp;6723268657 | &nbsp;&nbsp;6723271253 | &nbsp;&nbsp;6723273350 |
| &nbsp;&nbsp;6723245464 | &nbsp;&nbsp;6723262912 | &nbsp;&nbsp;6723266337 | &nbsp;&nbsp;6723268759 | &nbsp;&nbsp;6723271321 | &nbsp;&nbsp;6723273360 |
| &nbsp;&nbsp;6723247770 | &nbsp;&nbsp;6723262916 | &nbsp;&nbsp;6723266402 | &nbsp;&nbsp;6723268807 | &nbsp;&nbsp;6723271323 | &nbsp;&nbsp;6723273543 |
| &nbsp;&nbsp;6723248106 | &nbsp;&nbsp;6723262944 | &nbsp;&nbsp;6723266437 | &nbsp;&nbsp;6723268812 | &nbsp;&nbsp;6723271356 | &nbsp;&nbsp;6723273579 |
| &nbsp;&nbsp;6723250290 | &nbsp;&nbsp;6723262969 | &nbsp;&nbsp;6723266515 | &nbsp;&nbsp;6723268833 | &nbsp;&nbsp;6723271372 | &nbsp;&nbsp;6723273741 |
| &nbsp;&nbsp;6723250963 | &nbsp;&nbsp;6723263188 | &nbsp;&nbsp;6723266531 | &nbsp;&nbsp;6723268927 | &nbsp;&nbsp;6723271556 | &nbsp;&nbsp;6723273799 |
| &nbsp;&nbsp;6723251568 | &nbsp;&nbsp;6723263199 | &nbsp;&nbsp;6723266551 | &nbsp;&nbsp;6723268964 | &nbsp;&nbsp;6723271569 | &nbsp;&nbsp;6723273802 |
| &nbsp;&nbsp;6723252970 | &nbsp;&nbsp;6723263422 | &nbsp;&nbsp;6723266676 | &nbsp;&nbsp;6723268965 | &nbsp;&nbsp;6723271579 | &nbsp;&nbsp;6723273822 |
| &nbsp;&nbsp;6723253902 | &nbsp;&nbsp;6723263597 | &nbsp;&nbsp;6723266717 | &nbsp;&nbsp;6723269006 | &nbsp;&nbsp;6723271628 | &nbsp;&nbsp;6723273915 |
| &nbsp;&nbsp;6723254088 | &nbsp;&nbsp;6723264221 | &nbsp;&nbsp;6723266787 | &nbsp;&nbsp;6723269056 | &nbsp;&nbsp;6723271759 | &nbsp;&nbsp;6723273942 |
| &nbsp;&nbsp;6723254381 | &nbsp;&nbsp;6723264258 | &nbsp;&nbsp;6723266816 | &nbsp;&nbsp;6723269168 | &nbsp;&nbsp;6723271798 | &nbsp;&nbsp;6723273952 |
| &nbsp;&nbsp;6723254401 | &nbsp;&nbsp;6723264405 | &nbsp;&nbsp;6723266822 | &nbsp;&nbsp;6723269199 | &nbsp;&nbsp;6723271801 | &nbsp;&nbsp;6723274162 |
| &nbsp;&nbsp;6723254659 | &nbsp;&nbsp;6723264417 | &nbsp;&nbsp;6723266829 | &nbsp;&nbsp;6723269242 | &nbsp;&nbsp;6723271806 | &nbsp;&nbsp;6723274560 |
| &nbsp;&nbsp;6723255449 | &nbsp;&nbsp;6723264422 | &nbsp;&nbsp;6723266896 | &nbsp;&nbsp;6723269282 | &nbsp;&nbsp;6723271826 | &nbsp;&nbsp;6723275187 |
| &nbsp;&nbsp;6723255591 | &nbsp;&nbsp;6723264497 | &nbsp;&nbsp;6723267048 | &nbsp;&nbsp;6723269390 | &nbsp;&nbsp;6723271910 | &nbsp;&nbsp;6723275426 |
| &nbsp;&nbsp;6723255892 | &nbsp;&nbsp;6723264612 | &nbsp;&nbsp;6723267098 | &nbsp;&nbsp;6723269444 | &nbsp;&nbsp;6723271986 | &nbsp;&nbsp;6723275761 |
| &nbsp;&nbsp;6723257224 | &nbsp;&nbsp;6723264689 | &nbsp;&nbsp;6723267100 | &nbsp;&nbsp;6723269450 | &nbsp;&nbsp;6723272029 | &nbsp;&nbsp;6723275945 |
| &nbsp;&nbsp;6723257992 | &nbsp;&nbsp;6723264733 | &nbsp;&nbsp;6723267127 | &nbsp;&nbsp;6723269460 | &nbsp;&nbsp;6723272069 | &nbsp;&nbsp;6723276184 |
| &nbsp;&nbsp;6723258237 | &nbsp;&nbsp;6723264849 | &nbsp;&nbsp;6723267287 | &nbsp;&nbsp;6723269493 | &nbsp;&nbsp;6723272130 | &nbsp;&nbsp;6723276193 |
| &nbsp;&nbsp;6723258256 | &nbsp;&nbsp;6723264892 | &nbsp;&nbsp;6723267317 | &nbsp;&nbsp;6723269516 | &nbsp;&nbsp;6723272150 | &nbsp;&nbsp;6723276739 |
| &nbsp;&nbsp;6723258354 | &nbsp;&nbsp;6723264940 | &nbsp;&nbsp;6723267328 | &nbsp;&nbsp;6723269525 | &nbsp;&nbsp;6723272331 | &nbsp;&nbsp;6723276816 |
| &nbsp;&nbsp;6723258969 | &nbsp;&nbsp;6723265110 | &nbsp;&nbsp;6723267353 | &nbsp;&nbsp;6723269530 | &nbsp;&nbsp;6723272359 | &nbsp;&nbsp;6723277172 |
| &nbsp;&nbsp;6723259401 | &nbsp;&nbsp;6723265291 | &nbsp;&nbsp;6723267536 | &nbsp;&nbsp;6723269602 | &nbsp;&nbsp;6723272429 | &nbsp;&nbsp;6723277173 |
| &nbsp;&nbsp;6723259905 | &nbsp;&nbsp;6723265297 | &nbsp;&nbsp;6723267616 | &nbsp;&nbsp;6723269762 | &nbsp;&nbsp;6723272433 | &nbsp;&nbsp;6723277185 |
| &nbsp;&nbsp;6723260140 | &nbsp;&nbsp;6723265339 | &nbsp;&nbsp;6723267626 | &nbsp;&nbsp;6723269779 | &nbsp;&nbsp;6723272457 | &nbsp;&nbsp;6723277189 |
| &nbsp;&nbsp;6723260277 | &nbsp;&nbsp;6723265414 | &nbsp;&nbsp;6723267708 | &nbsp;&nbsp;6723269811 | &nbsp;&nbsp;6723272493 | &nbsp;&nbsp;6723277266 |
| &nbsp;&nbsp;6723260364 | &nbsp;&nbsp;6723265451 | &nbsp;&nbsp;6723267710 | &nbsp;&nbsp;6723269846 | &nbsp;&nbsp;6723272526 | &nbsp;&nbsp;6723277461 |
| &nbsp;&nbsp;6723260522 | &nbsp;&nbsp;6723265503 | &nbsp;&nbsp;6723267820 | &nbsp;&nbsp;6723269917 | &nbsp;&nbsp;6723272527 |  |
| &nbsp;&nbsp;6723260769 | &nbsp;&nbsp;6723265565 | &nbsp;&nbsp;6723267831 | &nbsp;&nbsp;6723270019 | &nbsp;&nbsp;6723272561 |  |

---

6723260948 <u>6723265743</u> <u>6723267854</u> <u>6723270027</u> <u>6723272562</u>   <br> <u>6723261084</u> <u>6723265808</u> <u>6723267869</u> <u>6723270180</u> <u>6723272574</u>   <br> <u>6723261396</u> <u>6723265834</u> <u>6723267909</u> <u>6723270273</u> <u>6723272713</u>  

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

## Exhibit 99.10

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

**Exhibit 99.10**

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| | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Seller** | **Loan ID** | **Alt IDs** | **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?** |
| XXXX | XXXX | 945106 |  |  | Closed | 2025-09-24 17:27 | 2025-09-26 15:56 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Acknowledged- - Due Diligence Vendor-09/26/2025 <br> Acknowledged- - Due Diligence Vendor-09/25/2025 <br> Ready for Review-Can you please explain what the exception is? - Seller-09/25/2025 <br> Open-A portion of the residential apartment unit (two bedrooms and one bathroom) is in shell/demoed condition and is uninhabitable. The estimated cost considered in the Appraisal analysis is $XX,XXX.XX to complete the interior build-out and make the residence completely habitable. - Due Diligence Vendor-09/24/2025 | 14.71% LTV loan. Appraisal made as-is and current property condition is reflected in the value/LTV (the cost-to-cure is factored into the appraised value). Borrower is currently renovating the subject property and given the low LTV, New Day did not consider material in terms of underwriting. The status of repairs has not been confirmed, but the borrower is expected to complete any necessary repairs to the subject property. - 09/26/2025 <br>Ready for Review-Can you please explain what the exception is? - Seller-09/25/2025<br>| Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 253592 |  |  | Closed | 2025-08-26 21:42 | 2025-09-05 20:00 | Waived | 2 - Non-Material | Credit | Eligibility | Credit history does not meet guidelines | Waived-Exception granted and all compensating factors validated. The finding will be graded a B or non-material. - Due Diligence Vendor-09/05/2025 <br>Ready for Review-Document Uploaded. The two bank statements are evidence of the guarantor support/liquidity. - Seller-08/28/2025 <br>Open-Multiple Late payments on prior loan history. The Lebnder provide an exception dated prior to consummation, however the compensating Factors are not verified. - Due Diligence Vendor-08/26/2025 | Ready for Review-Document Uploaded. The two bank statements are evidence of the guarantor support/liquidity. - Seller-08/28/2025<br>| Waived-Exception granted and all compensating factors validated. The finding will be graded a B or non-material. - Due Diligence Vendor-09/05/2025<br>| XXX-Savings Account 7.23.25.pdf<br> XXXX - CD 7.23.25.pdf |  | Guarantor Support/Liquidity <br> Strong DSCR <br> Company Financial Strength | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 524590 |  |  | Closed | 2025-08-17 07:36 | 2025-09-25 20:19 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-Credit report is 66 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<br> - Due Diligence Vendor-08/17/2025 |  | Waived-Credit report is 66 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<br> - Due Diligence Vendor-08/17/2025<br>|  |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 524590 |  |  | Closed | 2025-08-20 12:53 | 2025-09-12 17:26 | 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-09/12/2025 <br>Ready for Review-Exception noted on uploaded approval - Buyer-09/11/2025 <br>Open-Hazard Insurance Policy Partially Provided The loan file is missing evidence of Commercial General Liability coverage as required by the lender guidelines. - Due Diligence Vendor-08/20/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/12/2025<br>|  |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 524590 |  |  | Closed | 2025-08-20 12:18 | 2025-09-12 17:23 | Waived | 2 - Non-Material | Credit | Assets | Total Qualified Assets for Reserves Post-Close is less than Total Required Reserve Amount | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/12/2025 <br>Ready for Review-Duplicate exception - Buyer-09/11/2025 <br>Open-Total Qualified Assets for Reserves Post-Close of $15836.49 is less than Total Required Reserve Amount of $16663.74 - Due Diligence Vendor-08/20/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/12/2025<br>|  |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 524590 |  |  | Closed | 2025-08-20 12:12 | 2025-09-12 17:23 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Reserves are less than Guideline Required Reserves (Number of Months) | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/12/2025 <br>Ready for Review-Exception noted on uploaded approval - Buyer-09/11/2025 <br>Open-Audited Reserves of 2.85 month(s) are less than Guideline Required Reserves of 3 month(s) Audited Reserves of 2.85 months are less than Guideline Required Reserves of 3 months required per the guidelines for a first time investor - Due Diligence Vendor-08/20/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/12/2025<br>|  |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 524590 |  |  | Closed | 2025-08-17 07:34 | 2025-09-12 17:21 | 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-09/12/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-09/11/2025 <br>Open-Audited LTV of 70% exceeds Guideline LTV of 65%. A lender exception was provided but the compensating factor of strong reserves was not met - Due Diligence Vendor-08/17/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/12/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 895210 |  |  | Closed | 2025-08-17 10:32 | 2025-09-25 20:18 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided the hazard insurance provided is missing the required L&O coverage. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/17/2025 |  | Waived-Hazard Insurance Policy Partially Provided the hazard insurance provided is missing the required L&O coverage. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/17/2025<br>|  |  | Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 161943 |  |  | Closed | 2025-09-24 17:16 | 2025-09-26 16:00 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025 <br>Open-The property is listed in Fair condition. Property is currently undergoing interior repairs and upgrades, including kitchen and baths, washer/dryer, interior painting and electric panel replacement. Water damage in laundry room. - Due Diligence Vendor-09/24/2025 | This is a blanket loan that is secured by six properties. One of the properties is in fair condition and was actively undergoing renovations at the time of the appraisal. There was no presence of an active leak cited by the appraiser. Per borrower LOE, cash-out proceeds will be used towards renovating/repairing all six properties. XXX has not confirmed the status of repairs but expects the borrower to fulfill their commitment to repair/renovate the properties. - 09/26/2025 <br>| Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 161943 |  |  | Closed | 2025-08-19 19:35 | 2025-09-25 22:01 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance deductible of $XX,XXX.XX is greater than $10,000 or 5% of the amount of coverage. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-08/19/2025 |  | Waived-Hazard Insurance deductible of $XX,XXX.XX is greater than $10,000 or 5% of the amount of coverage. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-08/19/2025 |  |  | Seasoned<br> Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 161943 |  |  | Closed | 2025-08-19 19:00 | 2025-09-25 20:20 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 632 is less than Guideline FICO of 650. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-08/19/2025 |  | Waived-Audited FICO of 632 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-08/19/2025<br>|  |  | Seasoned<br> Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 809882 |  |  | Closed | 2025-08-29 17:28 | 2025-08-29 17:28 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided Lender guidelines require evidence of L&O coverage and a minimum deductible. Despite this requirement, no L&O coverage and no deductible information was noted. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-08/29/2025 |  | Waived-Hazard Insurance Policy Partially Provided Lender guidelines require evidence of L&O coverage and a minimum deductible. Despite this requirement, no L&O coverage and no deductible information was noted. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-08/29/2025<br>|  |  | Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 476103 |  |  | Closed | 2025-09-24 17:28 | 2025-09-26 16:06 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Acknowledged- - Due Diligence Vendor-09/26/2025 <br> Acknowledged- - Due Diligence Vendor-09/25/2025 <br> Open-There is a side open car port area approximately 29' x 104 feet and the roof needs replacement. Additionally, the roof mansard around the perimeter needs repairs. Appraiser estimated the cost to repair the car port at $X/SF and an additional $X,XXX.XX for a total of $XX,XXX.XX to repair the roof mansard and patching of the driveway where needed. - Due Diligence Vendor-09/24/2025 | Owner-user auto supply warehouse. Appraisal made as-is and the cost-to-cure for the roof and driveway patching were considered in the appraised value/LTV. While the status of repairs has not been confirmed, it is expected that the borrower will complete the necessary repairs to the subject property, especially with the borrower's business operating out of the subject. - 09/26/2025 <br>| Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025<br>|  |  |  | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 476103 |  |  | Closed | 2025-08-29 18:50 | 2025-09-16 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 graded a B or non-material. - Due Diligence Vendor-09/16/2025 <br>Ready for Review-Document Uploaded. Uploaded - Buyer-09/11/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12-month payment history or VOM for the subject property. Despite this requirement, only 6 months of payments were verified and the payoff statement reflects unpaid late charges. Additional conditions may apply upon receipt of the missing documentation. - Due Diligence Vendor-08/29/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/16/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned investor<br> Seasoned business | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 476103 |  |  | Closed | 2025-09-08 17:05 | 2025-09-08 17:13 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of .903 is below guideline minimum of 1.00 for a traditional 2 Owner User property and a loan amount greater than $XXX,XXX.XX on a refinance transaction. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/08/2025 |  | Waived-Commercial Debt Service Coverage Ratio of .903 is below guideline minimum of 1.00 for a traditional 2 Owner User property and a loan amount greater than $500,000 on a refinance transaction. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/08/2025<br>|  |  | Seasoned Investor<br> Seasoned Business | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 476103 |  |  | Closed | 2025-09-08 17:12 | 2025-09-08 17:12 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing Verification of Rent | Waived-The borrower lives rent free as evidenced by a letter from the property owner therefore a VOR is not available. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-09/08/2025 |  | Waived-The borrower lives rent free as evidenced by a letter from the property owner therefore a VOR is not available. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-09/08/2025<br>|  |  | Seasoned Investor<br> Seasoned Business | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 692888 |  |  | Closed | 2025-08-22 12:51 | 2025-09-25 20:17 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of is less than Guideline FICO of 650 Audited FICO of 0 is less than Guideline FICO of 650. Credit scores not provided in credit report. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/22/2025 |  | Waived-Audited FICO of is less than Guideline FICO of 650 Audited FICO of 0 is less than Guideline FICO of 650. Credit scores not provided in credit report. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/22/2025<br>|  |  | Low LTV | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 692888 |  |  | Closed | 2025-08-22 12:54 | 2025-09-19 19:37 | 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-09/19/2025 <br>Ready for Review-Document Uploaded. Corrected uploaded - Buyer-09/17/2025 <br>Counter-The compensating factor of high FICO is not valid as the borrower does not have any scores. - Due Diligence Vendor-09/12/2025 <br>Ready for Review-Corrected uploaded - Buyer-09/11/2025 <br>Open-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Evidence of Law or Ordinance coverage as required by the Lender Guidelines. Lender provided approved exception dated prior to consummation but was approved as unmitigated - Due Diligence Vendor-08/22/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/19/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Low LTV<br> Seasoned investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 692888 |  |  | Closed | 2025-08-22 14:10 | 2025-09-12 18:27 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/12/2025 <br>Ready for Review-Exception noted on uploaded approval - Buyer-09/11/2025 <br>Open-Lender guidelines require a minimum of 2 active major consumer credit/mortgage accounts. Despite this requirement, the credit report reflects only one major revolving account and one Child Support account. - Due Diligence Vendor-08/22/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/12/2025<br>|  |  | Low LTV | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 692888 |  |  | Closed | 2025-08-22 12:31 | 2025-09-12 18:26 | 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-09/12/2025 <br>Ready for Review-Document Uploaded. Exception noted om uploaded approval - Buyer-09/11/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Missing VOM for both subject and primary residence in file. - Due Diligence Vendor-08/22/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/12/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Low LTV | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 348919 |  |  | Closed | 2025-08-21 18:02 | 2025-09-24 19:12 | Waived | 2 - Non-Material | Credit | Eligibility | Transaction Ineligible | Waived- - Due Diligence Vendor-08/21/2025 <br>Acknowledged-Lender Guidelines require the term of the Subordinate Financing to be at least 3 years; per the Note it is only a two-year term. A lender exception is present in the loan file, dated prior to consummation. - Due Diligence Vendor-08/21/2025 |  | Acknowledged-Lender Guidelines require the term of the Subordinate Financing to be at least 3 years; per the Note it is only a two-year term. A lender exception is present in the loan file, dated prior to consummation. - Due Diligence Vendor-08/21/2025<br>|  |  | High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 348919 |  |  | Closed | 2025-08-16 07:50 | 2025-09-12 18:40 | Waived | 2 - Non-Material | Credit | Assets | Insufficient asset documentation in file - assets do not cover closing costs | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/12/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-09/11/2025 <br>Open-Insufficient asset documentation in file - assets do not cover closing costs. Verified assets of $7,006.65 less cash to close of $175,970.30 and less unverified EMD of $1,000 results in $169,963.65 shortage of funds to close. - Due Diligence Vendor-08/16/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/12/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 211697 |  |  | Closed | 2025-08-17 18:31 | 2025-09-25 20:21 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 630 is less than Guideline FICO of 650 The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/17/2025 |  | Waived-Audited FICO of 630 is less than Guideline FICO of 650 The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/17/2025<br>|  |  | Low LTV | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 913415 |  |  | Closed | 2025-09-08 12:48 | 2025-09-08 12:48 | Waived | 2 - Non-Material | Credit | Eligibility | Transaction Ineligible | Waived-Lender guidelines allow for recently listed properties with restrictions. The file included the required evidence of cancelled listing but cash out transaction is not allowed. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/08/2025 |  | Waived-Lender guidelines allow for recently listed properties with restrictions. The file included the required evidence of cancelled listing but cash out transaction is not allowed. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/08/2025<br>|  |  | Property Condition<br> Low LTV | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 913415 |  |  | Closed | 2025-08-29 04:57 | 2025-09-08 11:58 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 643 is less than Guideline FICO of 650 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/29/2025 |  | Waived-Audited FICO of 643 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-08/29/2025<br>|  |  | Property Condition<br> Low LTV | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 238486 |  |  | Closed | 2025-08-25 16:30 | 2025-09-12 18:51 | 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-09/12/2025 <br> Ready for Review-Exception noted on uploaded approval - Buyer-09/11/2025 <br> Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The credit report provided in the loan file reflects last paid of XX/XX/XXXX on the borrower's primary mortgage. Provide evidence of 06 and XX/XX/XXXX payment made on time for complete pay history. - Due Diligence Vendor-08/25/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/12/2025<br>|  |  | Seasoned investor<br> High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 238486 |  |  | Closed | 2025-08-23 15:36 | 2025-09-12 18:51 | 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-09/12/2025 <br>Ready for Review-Document Uploaded. corrected uploaded - Buyer-09/11/2025 <br>Open-Commercial Debt Service Coverage Ratio of 0.874 is below guideline minimum of 1.20. A lender exception dated prior to consummation was provided and all lender compensating factors have been documented and validated but the exception was approved with a calculated DCR of 1.1. Provide updated lender exception.<br> - Due Diligence Vendor-08/23/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/12/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned Investor<br> High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 230580 |  |  | Closed | 2025-09-24 17:42 | 2025-09-26 16:07 | Acknowledged | 3 - Material | Property | Property Issue | Environmental, Health, or Safety Issues Present | Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025 <br>Open- - Due Diligence Vendor-09/24/2025 <br>Open-The Appraisal states smoke and carbon monoxide detectors have not been installed on the second floor of the home. State and County building and fire codes in the home's location require a smoke detector on every level of the home and a carbon monoxide detector on each level, within 10 feet of all sleeping areas. - Due Diligence Vendor-09/24/2025 | Purchase transaction. XXX did not view this as material in terms of underwriting as this borrower is a seasoned investor and it is expected that they will bring the building to code prior to new tenants moving in. The status of installation hasn't been confirmed. - 09/26/2025 <br>| Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025<br>|  |  |  | XX | Investment | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 230580 |  |  | Closed | 2025-08-16 10:07 | 2025-09-25 20:22 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 77.5% exceeds Guideline LTV of 75%. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/16/2025 |  | Waived-Audited LTV of 77.5% exceeds Guideline LTV of 75%. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/16/2025<br>|  |  | Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 230580 |  |  | Closed | 2025-08-16 10:12 | 2025-09-25 20:21 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 2 Credit Report is Expired | Waived-Credit report is 62 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-08/16/2025 |  | Waived-Credit report is 62 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-08/16/2025<br>|  |  | Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 878594 |  |  | Closed | 2025-08-17 19:37 | 2025-09-25 20:23 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% because 5% reduction for First Time Investor. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/17/2025 |  | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% because 5% reduction for First Time Investor. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/17/2025<br>|  |  | Seasoned Business<br> Strong Reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 878594 |  |  | Closed | 2025-08-22 10:21 | 2025-09-25 20:22 | 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-09/15/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-09/11/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12 month rental payment history if not rented from a management company. Despite this requirement only a letter of explanation, prepared and executed by the borrower, stating rent paid in cash, was provided. - Due Diligence Vendor-08/22/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/15/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned business<br> Strong reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 536511 |  |  | Closed | 2025-08-17 20:42 | 2025-09-25 20:23 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 648 is less than Guideline FICO of 650. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/17/2025 |  | Waived-Audited FICO of 648 is less than Guideline FICO of 650. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/17/2025<br>|  |  | Seasoned Investor<br> Strong Reserves | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 740296 |  |  | Closed | 2025-09-09 22:15 | 2025-09-18 17:34 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged- - Due Diligence Vendor-09/18/2025 <br>Open-CDA with sufficient value provided with 0% tolerance; S&P grade B - Due Diligence Vendor-09/18/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-09/09/2025 |  | Acknowledged- - Due Diligence Vendor-09/18/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 740296 |  |  | Closed | 2025-09-05 11:46 | 2025-09-09 15:56 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The borrower lives rent free therefore no VOR was available. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/05/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The borrower lives rent free therefore no VOR was available. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/05/2025<br>|  |  | Low LTV<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 740296 |  |  | Closed | 2025-09-05 12:42 | 2025-09-05 12:42 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided The Hazard insurance policy provided does not specify wind and hail coverage as required by the lender guidelines. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/05/2025 |  | Waived-Hazard Insurance Policy Partially Provided The Hazard insurance policy provided does not specify wind and hail coverage as required by the lender guidelines. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/05/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 740296 |  |  | Closed | 2025-09-04 10:27 | 2025-09-05 12:37 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 609 is less than Guideline FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/04/2025 |  | Waived-Audited FICO of 609 is less than Guideline FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/04/2025<br>|  |  | Seasoned Investor<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 174079 |  |  | Closed | 2025-09-10 11:53 | 2025-09-19 20:33 | 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-09/19/2025 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-09/19/2025 <br>Counter-Exception provided 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-09/18/2025 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-09/12/2025 <br>Open-Hazard Insurance Policy Partially Provided Hazard Policy reflects deductibles that do not meet the lender GL. Lende provided approved exception dated prior to consummation and was approved unmitigated. - Due Diligence Vendor-09/10/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/19/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf<br> XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 174079 |  |  | Closed | 2025-09-04 12:05 | 2025-09-19 20:33 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/19/2025 <br>Ready for Review-Corrected Uploaded - Buyer-09/19/2025 <br>Open- - Due Diligence Vendor-09/18/2025 <br>Waived-Credit report is 68 days old as of Note Date, which is greater than the maximum 60 days per lender guidelines. Lender provided approved exception dated prior to consummation however the compensating factor is not valid. - Due Diligence Vendor-09/18/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/19/2025 <br>Waived-Credit report is 68 days old as of Note Date, which is greater than the maximum 60 days per lender guidelines. Lender provided approved exception dated prior to consummation however the compensating factor is not valid. - Due Diligence Vendor-09/18/2025<br>|  |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 374699 |  |  | Closed | 2025-09-24 17:43 | 2025-09-26 16:08 | Acknowledged | 3 - Material | Property | Property Issue | Environmental, Health, or Safety Issues Present | Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025 <br>Open- - Due Diligence Vendor-09/24/2025 <br>Open-Photos show handrail missing for basement stairs. - Due Diligence Vendor-09/24/2025 | 50% LTV. Blanket loan secured by two properties. Both properties in good condition and XXX's UW did not view the missing handrail as material in terms of underwriting as the stair way is enclosed and the appraiser did not cite it as a health and safety issue. Appraisals made as-is and the current condition of the properties is considered in the value/LTV. - 09/26/2025 <br>| Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 575302 |  |  | Closed | 2025-09-18 17:54 | 2025-09-18 17:54 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged- - Due Diligence Vendor-09/18/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. Initial BPO did not support the appraisal value within 10%; Clear Capital CDA provided with sufficient value and 0% variance; S&P Final Grad B. - Due Diligence Vendor-09/18/2025 |  |  |  |  |  | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 575302 |  |  | Closed | 2025-08-26 20:36 | 2025-08-26 20:36 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Trade line count does not meet program requirements, as per GL at least two active major consumer credit <br> and/or mortgage accounts required, however provided credit report has only one active tradeline. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/26/2025 |  | Waived-Trade line count does not meet program requirements, as per GL at least two active major consumer credit <br> and/or mortgage accounts required, however provided credit report has only one active tradeline. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/26/2025<br>|  |  | Seasoned Investor <br> Property Condition | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 575302 |  |  | Closed | 2025-08-26 20:29 | 2025-08-26 20:29 | Waived | 2 - Non-Material | Credit | Eligibility | Subject property is vacant and loan purpose is refinance | Waived-Subject property is vacant and loan purpose is refinance. Subject property is vacant, and loan purpose is refinance. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/26/2025 |  | Waived-Subject property is vacant and loan purpose is refinance. Subject property is vacant, and loan purpose is refinance. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/26/2025<br>|  |  | Seasoned Investor.<br> Property Condition. | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 575302 |  |  | Closed | 2025-08-26 19:42 | 2025-08-26 19:44 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/26/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/26/2025<br>|  |  | Seasoned Investor<br> Property Condition | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 999893 |  |  | Closed | 2025-09-24 17:44 | 2025-09-26 16:10 | Acknowledged | 3 - Material | Property | Property Issue | Environmental, Health, or Safety Issues Present | Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025 <br>Open- - Due Diligence Vendor-09/24/2025 <br>Open-The Appraisal photos show exterior repairs are needed to the front entry steps as they are a safety hazard in their current condition. - Due Diligence Vendor-09/24/2025 | 60% LTV loan. Appraisal made as-is and current property condition considered in LTV/value. Borrower intends to make repairs using cash-out proceeds. While XXX has not confirmed the status of repairs, it is expected that the borrower will complete them. (This loan is no longer in this deal as it was dropped) - 09/26/2025 <br>| Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 999893 |  |  | Closed | 2025-09-12 19:50 | 2025-09-26 16:09 | Acknowledged | 3 - Material | Credit | Missing Doc | Flood Insurance Policy Missing | Acknowledged- - Due Diligence Vendor-09/25/2025 <br> Open-The flood certificate for XXX XXXX XX indicates the property is in zone AE and no flood policy was provided. - Due Diligence Vendor-09/12/2025 | This loan is no longer in this deal as it was dropped - 09/26/2025 <br>| Acknowledged- - Due Diligence Vendor-09/25/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 999893 |  |  | Closed | 2025-08-21 19:45 | 2025-09-12 20:08 | 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-09/12/2025 <br>Ready for Review-Document Uploaded. Corrected uploaded - Buyer-09/11/2025 <br>Open-Documentation in the file indicates the property located on Shonnard does not meet the minimum 12 month seasoning requirements. The lender provided an approved exception dated prior to consummation but referenced the Rich Street property. Provide updated exception to reference the accurate property. - Due Diligence Vendor-08/21/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/12/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Low LTV <br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 246182 |  |  | Closed | 2025-09-04 14:34 | 2025-09-09 13:57 | Waived | 2 - Non-Material | Credit | Eligibility | Subject property does not meet guidelines | Waived-As per GL Minimum gross building area for an eligible property is 500 sq.ft, subject property has only 312 sq.ft which is less than 500 sq.ft. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/04/2025 |  | Waived-As per GL Minimum gross building area for an eligible property is 500 sq.ft, subject property has only 312 sq.ft which is less than 500 sq.ft. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/04/2025<br>|  |  | Low LTV<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 928032 |  |  | Closed | 2025-08-25 11:45 | 2025-09-25 21:29 | Acknowledged | 3 - Material | Credit | Insurance | Flood Insurance Expiration Date is before the Note Date | Acknowledged- - Due Diligence Vendor-09/25/2025 <br> Open-Flood Insurance Expiration Date of XX/XX/XXXX is prior to the Note Date of XX/XX/XXXX - Due Diligence Vendor-08/25/2025 |  | Acknowledged- - Due Diligence Vendor-09/25/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 928032 |  |  | Closed | 2025-08-30 17:49 | 2025-08-30 17:59 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Lender Guidelines require Liability Insurance Coverage of $XXX,XXX.XX; per the Hazard Insurance Certificate Liability Coverage is $XXX,XXX.XX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated<br> - Due Diligence Vendor-08/30/2025 |  | Waived-Lender Guidelines require Liability Insurance Coverage of $XXX,XXX.XX; per the Hazard Insurance Certificate Liability Coverage is $XXX,XXX.XX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated<br> - Due Diligence Vendor-08/30/2025 |  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 928032 |  |  | Closed | 2025-08-25 12:20 | 2025-08-25 12:20 | Waived | 2 - Non-Material | Credit | Eligibility | Credit Report Expired | Waived-The credit report age was greater than 60 days at closing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated<br> - Due Diligence Vendor-08/25/2025 |  | Waived-The credit report age was greater than 60 days at closing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated<br> - Due Diligence Vendor-08/25/2025<br>|  |  | 1) Low LTV<br> 2) Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 779669 |  |  | Closed | 2025-08-24 15:15 | 2025-09-25 20:24 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 0.933 is below guideline minimum of 1.25. A lender exception dated prior to consummation was provided and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/24/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 0.933 is below guideline minimum of 1.25. A lender exception dated prior to consummation was provided and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/24/2025<br>|  |  | High FICO<br> Strong Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 639662 |  |  | Closed | 2025-09-10 21:33 | 2025-09-19 21:00 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-Desk reviews for all 3 properties with sufficient values provided. S&P Final Grade B. - Due Diligence Vendor-09/19/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-09/10/2025 |  | Acknowledged-Desk reviews for all 3 properties with sufficient values provided. S&P Final Grade B. - Due Diligence Vendor-09/19/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 639662 |  |  | Closed | 2025-09-03 15:12 | 2025-09-18 15:08 | Waived | 2 - Non-Material | Credit | Debt | Number of Collections exceed guidelines | Waived-Exception provided, the finding will be graded a B or non-material. - Due Diligence Vendor-09/18/2025 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-09/12/2025 <br> Open-Credit Report reflects collection account amount of $XXX,XXX.XX is greater than Max of $25,000 as per G/L. - Due Diligence Vendor-09/03/2025 |  | Waived-Exception provided, the finding will be graded a B or non-material. - Due Diligence Vendor-09/18/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned investor<br> High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 817152 |  |  | Closed | 2025-08-17 21:36 | 2025-09-25 20:25 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. 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-08/17/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-08/17/2025<br>|  |  | High FICO<br> Strong Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 817152 |  |  | Closed | 2025-08-17 21:38 | 2025-09-25 20:25 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-Credit report is 68 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<br> - Due Diligence Vendor-08/17/2025 |  | Waived-Credit report is 68 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<br> - Due Diligence Vendor-08/17/2025<br>|  |  | High FICO<br> Strong Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 363969 |  |  | Closed | 2025-08-16 13:04 | 2025-09-25 20:10 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 607 is less than Guideline FICO of 650. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/16/2025 |  | Waived-Audited FICO of 607 is less than Guideline FICO of 650. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/16/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 363969 |  |  | Closed | 2025-08-16 12:36 | 2025-09-25 20:10 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. VOR comes under Private Landlord for primary residence. Missing 12 months Cancelled checks/Rent payment history. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/16/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. VOR comes under Private Landlord for primary residence. Missing 12 months Cancelled checks/Rent payment history. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/16/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 211438 |  |  | Closed | 2025-08-20 19:54 | 2025-09-25 20:26 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 622 is less than Guideline FICO of 650. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/20/2025 |  | Waived-Audited FICO of 622 is less than Guideline FICO of 650. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/20/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 984822 |  |  | Closed | 2025-08-30 11:57 | 2025-09-25 20:28 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Converge Ratio of 0.48 is below guideline minimum of 1.2. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-08/30/2025 |  | Waived-Commercial Debt Service Converge Ratio of 0.48 is below guideline minimum of 1.2. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-08/30/2025<br>|  |  | Strong Reserves<br> Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 984822 |  |  | Closed | 2025-08-30 08:48 | 2025-09-16 17:11 | 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-09/16/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-09/11/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12 month pay history for any mortgage on Primary Residence. Despite this requirement, the evidence of recent month payment was not provided for the Primary property. - Due Diligence Vendor-08/30/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/16/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX..pdf |  | Seasoned investor<br> Strong reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 984822 |  |  | Closed | 2025-08-30 11:59 | 2025-08-30 11:59 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Property type is ineligible due to Lender guidelines do not allow for a Rural Property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-08/30/2025 |  | Waived-Property type is ineligible due to Lender guidelines do not allow for a Rural Property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-08/30/2025<br>|  |  | Strong Reserves<br> Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 229713 |  |  | Closed | 2025-08-19 17:18 | 2025-09-25 20:30 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives rent free, Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/19/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives rent free, Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/19/2025<br>|  |  | Seasoned<br> Investor<br>Rent free primary | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 229713 |  |  | Closed | 2025-08-19 18:02 | 2025-09-25 20:29 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided HOI premium has been waived however lender exception provided for not collecting premium at closing as per payment plan. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/19/2025 |  | Waived-Hazard Insurance Policy Partially Provided HOI premium has been waived however lender exception provided for not collecting premium at closing as per payment plan. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/19/2025<br>|  |  | Seasoned<br> Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 974962 |  |  | Closed | 2025-08-16 14:34 | 2025-09-25 20:30 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-Credit report is 62 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-08/16/2025 |  | Waived-Credit report is 62 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-08/16/2025<br>|  |  | Strong Reserves<br> High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 974962 |  |  | Closed | 2025-08-16 14:32 | 2025-09-25 20:30 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% because 5% reduction for First Time Investor. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/16/2025 |  | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% because 5% reduction for First Time Investor. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/16/2025<br>|  |  | Strong Reserves<br> High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 162660 |  |  | Closed | 2025-08-21 12:46 | 2025-08-21 12:46 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 533 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 533. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-08/21/2025 |  | Waived-Audited FICO of 533 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 533. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-08/21/2025<br>|  |  | 1) Property Condition<br> 2) Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 162660 |  |  | Closed | 2025-08-21 12:10 | 2025-08-21 12:10 | Waived | 2 - Non-Material | Credit | Eligibility | Delinquent Credit History Does Not Meet Guideline Requirements | Waived-Delinquent Credit History Does Not Meet Guideline Requirements Lender guidelines require collections account to be paid off at closing if total balance of all the account exceeds XXX. Despite this requirement collections account were not paid off. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-08/21/2025 |  | Waived-Delinquent Credit History Does Not Meet Guideline Requirements Lender guidelines require collections account to be paid off at closing if total balance of all the account exceeds XXX. Despite this requirement collections account were not paid off. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-08/21/2025 |  |  | 1) Low LTV | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 519326 |  |  | Closed | 2025-08-22 18:50 | 2025-08-22 18:50 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Lender guidelines require a minimum of 2 major Comsumer or mortgage tradelines. Despite this requirement, all tradelines on the credit report are authorized user accounts. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/22/2025 |  | Waived-Lender guidelines require a minimum of 2 major Comsumer or mortgage tradelines. Despite this requirement, all tradelines on the credit report are authorized user accounts. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/22/2025<br>|  |  | Seasoned Investor<br> Strong reserves | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 519326 |  |  | Closed | 2025-08-19 12:29 | 2025-08-19 12:29 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 600 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 600. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-08/19/2025 |  | Waived-Audited FICO of 600 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 600. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-08/19/2025<br>|  |  | 1) Seasoned Investor<br> 2) Strong Reserves | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 491897 |  |  | Closed | 2025-08-24 16:01 | 2025-09-19 20:28 | Waived | 2 - Non-Material | Credit | Missing Doc | Final HUD/Settlement Statement Not Provided | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/19/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval for missing final hud. Also provided clear estimated hud which provides fees and final hud which shows disbursement and close date - Buyer-09/19/2025 <br>Open-The final HUD/Settlement Statement is missing. ALTA settlement Statement in the loan file indicates an estimated settlement date. - Due Diligence Vendor-08/24/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/19/2025<br>| hud.pdf<br> XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 491897 |  |  | Closed | 2025-08-20 19:13 | 2025-08-20 19:13 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-The subject loan was refinanced recently. Per lender's guidelines, a frequent refinance with less than 12 months seasoning is not allowed. A refinance occurred within the last one month. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/20/2025 |  | Waived-The subject loan was refinanced recently. Per lender's guidelines, a frequent refinance with less than 12 months seasoning is not allowed. A refinance occurred within the last one month. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/20/2025<br>|  |  | Low LTV <br> Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 491897 |  |  | Closed | 2025-08-20 18:31 | 2025-08-20 18:31 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The borrower lives rent free therefore no VOR was available. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-08/20/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The borrower lives rent free therefore no VOR was available. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-08/20/2025<br>|  |  | Low LTV<br> Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 821733 |  |  | Closed | 2025-08-18 19:25 | 2025-09-25 20:31 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 633 is less than Guideline FICO of 650, The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/19/2025 |  | Waived-Audited FICO of 633 is less than Guideline FICO of 650, The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/19/2025<br>|  |  | LOW LTV<br> Seasoned<br> Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 821065 |  |  | Closed | 2025-09-05 21:50 | 2025-09-18 19:46 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with sufficient value & 0% variance provided; S&P Final Grade B - Due Diligence Vendor-09/18/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-09/05/2025 |  | Acknowledged-CDA with sufficient value & 0% variance provided; S&P Final Grade B - Due Diligence Vendor-09/18/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 517113 |  |  | Closed | 2025-08-24 17:10 | 2025-09-25 20:32 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided Policy deductible of $XX,XXX.XX exceeds maximum of $XX,XXX.XX as per G/L. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/24/2025 |  | Waived-Hazard Insurance Policy Partially Provided Policy deductible of $XX,XXX.XX exceeds maximum of $10,000 as per G/L. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/24/2025 |  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 517113 |  |  | Closed | 2025-08-24 17:07 | 2025-09-25 20:32 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 . The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/24/2025 |  | Waived-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $75000 . The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/24/2025 |  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 607200 |  |  | Closed | 2025-09-24 17:29 | 2025-09-26 16:11 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Acknowledged- - Due Diligence Vendor-09/26/2025 <br> Acknowledged- - Due Diligence Vendor-09/25/2025 <br> Open-The Commercial Appraisal dated XX/XX/XXXX indicates there were areas of deferred maintenance observed at inspection; photos of the issues are included in the report. The subject's has wood rot on the exterior staircases, and damaged siding has resulted in water penetration and wood rot. The report provides a cost to cure estimate of $XX,XXX.XX and indicates this amount will be deducted from the final value conclusion of this appraisal report as "necessary repairs". The Report photos also show exterior paint on porch, and all trim areas are worn and peeling and siding is aged and dirty on all sides of the home. The Appraiser reported there was no hardwired heating source in the top floor units portable free standing electric heat units present that were not operational at the time of inspection, in the summer heat. Appraiser noted Broker was contacted and Broker indicated this was a previous problem with the thermostat connection in these units. The comments do not confirm heating issue was repaired. - Due Diligence Vendor-09/24/2025 | Purchase transaction. Appraisal made as-is and the current property condition (including XX,XXX cost-to-cure) is considered in the value/LTV. Tenant was using portable heater at the time of inspection. The remaining repairs all appeared to be cosmetic in nature and the building is weather-tight. The borrower is a seasoned investor and while the status of repairs hasn't been confirmed, XXX expects the borrower to complete the necessary repairs to the subject property to improve rentability. - 09/26/2025 <br>| Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025<br>|  |  |  | XX |  | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 607200 |  |  | Closed | 2025-08-19 19:23 | 2025-09-25 20:33 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Evidence of Law or Ordinance coverage as required by the Lender Guidelines. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-08/19/2025 |  | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Evidence of Law or Ordinance coverage as required by the Lender Guidelines. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-08/19/2025<br>|  |  | Seasoned Investor | XX |  | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 607200 |  |  | Closed | 2025-08-22 16:20 | 2025-09-15 16:31 | 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-09/15/2025 <br>Ready for Review-Document Uploaded. Uploaded - Buyer-09/11/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Missing evidence of a verification of mortgage for the borrower's primary residence as reflected on the Property reports provided in the loan file. - Due Diligence Vendor-08/22/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/15/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned investor<br> Strong DSCR | XX |  | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 768974 |  |  | Closed | 2025-08-23 11:44 | 2025-09-26 16:13 | Waived | 2 - Non-Material | Credit | Title | Property Title Issue | Waived-Property Title Issue Title vesting for Property 2 is not currently vested in either the borrowing entity or the individual Guarantor. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/23/2025 | XXX received a QC deed and updated commitment showing the borrower on title. - 09/26/2025 <br>| Waived-Property Title Issue Title vesting for Property 2 is not currently vested in either the borrowing entity or the individual Guarantor. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/23/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 768974 |  |  | Closed | 2025-09-24 17:45 | 2025-09-26 16:12 | Acknowledged | 3 - Material | Property | Property Issue | Environmental, Health, or Safety Issues Present | Acknowledged- - Due Diligence Vendor-09/26/2025 <br> Acknowledged- - Due Diligence Vendor-09/25/2025 <br> Open- - Due Diligence Vendor-09/24/2025 <br> Open-XX XXXXXXX XX, XXXXXXXX XXXX, XX XXXXX- Stair Handrail missing going down to basement. Furnace not functioning. <br>XXX XXXXXX XXXXXXXX XXXX XX XXXXX - Missing Furnace Cover, Missing Cover on Sump Pump in Basement, Electrical Box missing entire cover panel, exposed wires. - Due Diligence Vendor-09/24/2025 | 60% LTV. This is a blanket loan secured by two properties. Both appraisals were made as-is and the condition of the properties is reflected in the appraised value/LTV. A $X,XXX.XX, one-year holdback, was done at origination to repair the furnaces for both properties. Borrower actively updating both properties. XXX received confirmation via photo from the borrower that the missing handrail for XXXX was installed. The electrical panel/ sump pump both located in basement, which is only used for utility. XXX did not view as material given the low LTV and the borrower being a seasoned investor. The status of repairs has not been confirmed, but XXX expects the borrower to complete any necessary repairs to the subject properties. - 09/26/2025 <br>| Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 768974 |  |  | Closed | 2025-08-19 19:31 | 2025-09-25 20:34 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 607 is less than Guideline FICO of 650, The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/19/2025 |  | Waived-Audited FICO of 607 is less than Guideline FICO of 650, The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/19/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 768974 |  |  | Closed | 2025-08-23 11:47 | 2025-08-23 11:47 | Waived | 2 - Non-Material | Credit | Borrower | Borrower 1 Credit Report is Incomplete | Waived-Borrower 1 Credit Report is Partially Present. The DOB reflected on the Credit report is not consistent with the borrowers' ID. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/23/2025 |  | Waived-Borrower 1 Credit Report is Partially Present. The DOB reflected on the Credit report is not consistent with the borrowers' ID. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/23/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 403435 |  |  | Closed | 2025-09-18 16:55 | 2025-09-18 16:56 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with suffiicient value provided, the finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-09/18/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-09/18/2025 |  | Acknowledged-CDA with suffiicient value provided, the finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-09/18/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 403435 |  |  | Closed | 2025-08-18 16:02 | 2025-08-18 16:02 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Property type is ineligible due to Lender guidelines do not allow for a Rural Property<br> . Property type is ineligible due to Lender guidelines do not allow for a Rural Property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-08/18/2025 |  | Waived-Property type is ineligible due to Lender guidelines do not allow for a Rural Property<br> . Property type is ineligible due to Lender guidelines do not allow for a Rural Property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-08/18/2025<br>|  |  | 1) Seasoned Investor<br> 2) Stable housing trends, per<br> appraisal | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 403435 |  |  | Closed | 2025-08-18 15:10 | 2025-08-18 15:10 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12 month pay history for any mortgage on borrower's Subject or Primary Property. Despite this requirement, no evidence of payment for recent month mortgage payment for Primary and Subject property were provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-08/18/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12 month pay history for any mortgage on borrower's Subject or Primary Property. Despite this requirement, no evidence of payment for recent month mortgage payment for Primary and Subject property were provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-08/18/2025<br>|  |  | 1) Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 752088 |  |  | Closed | 2025-08-18 22:03 | 2025-09-24 19:13 | Waived | 2 - Non-Material | Credit | Eligibility | Credit Report Expired | Waived-The credit report age was greater than 60 days at closing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated<br> - Due Diligence Vendor-08/18/2025 |  | Waived-The credit report age was greater than 60 days at closing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated<br> - Due Diligence Vendor-08/18/2025<br>|  |  | Low LTV<br> Seasoned investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 649938 |  |  | Closed | 2025-08-18 12:50 | 2025-09-19 19:46 | 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-09/19/2025 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-09/17/2025 <br>Counter-Exception provided however all compensating factors are no valid. LTV was cited and the loan was approved at the max for the documentation type. - Due Diligence Vendor-09/15/2025 <br>Ready for Review-Document Uploaded. Uploaded - Buyer-09/11/2025 <br>Open-The credit report age was greater than 60 days at closing. - Due Diligence Vendor-08/18/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/19/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf<br> XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 269897 |  |  | Closed | 2025-08-26 10:30 | 2025-09-16 18:20 | 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-09/16/2025 <br>Ready for Review-Document Uploaded. - Buyer-09/11/2025 <br>Open-Audited FICO of 622 is less than Guideline FICO of 650. The lender provided an approved exception dated prior to consummation, stating 3 months reserves prior to cash out as a compensating factor. No additional asset documentation was provided. - Due Diligence Vendor-08/26/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/16/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX (1).pdf |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 916812 |  |  | Closed | 2025-08-19 14:35 | 2025-09-25 20:34 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower Lives in Rent Free however Spouse pays the Rent. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors.<br> - Due Diligence Vendor-08/19/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower Lives in Rent Free however Spouse pays the Rent. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors.<br> - Due Diligence Vendor-08/19/2025<br>|  |  | Seasoned<br> Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 916812 |  |  | Closed | 2025-08-19 14:31 | 2025-09-25 20:34 | 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. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-08/19/2025 |  | Waived-Audited FICO of 648 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-08/19/2025<br>|  |  | Seasoned<br> Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 752474 |  |  | Closed | 2025-08-19 10:49 | 2025-08-23 15:44 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-Credit report is 63 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-08/19/2025 |  | Waived-Credit report is 63 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-08/19/2025<br>|  |  | Low LTV<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 862643 |  |  | Closed | 2025-09-02 13:33 | 2025-09-02 13:33 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Property type is ineligible due to Lender Guidelines do not allow Rural Property. Property type is ineligible due to Lender guidelines do not allow for a Rural Property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-09/02/2025 |  | Waived-Property type is ineligible due to Lender Guidelines do not allow Rural Property. Property type is ineligible due to Lender guidelines do not allow for a Rural Property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-09/02/2025<br>|  |  | Low LTV <br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 862643 |  |  | Closed | 2025-09-02 13:30 | 2025-09-02 13:30 | Waived | 2 - Non-Material | Credit | Eligibility | Credit Report Expired | Waived-The credit report age was greater than 60 days at closing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated<br> - Due Diligence Vendor-09/02/2025 |  | Waived-The credit report age was greater than 60 days at closing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated<br> - Due Diligence Vendor-09/02/2025<br>|  |  | Low LTV <br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 903271 |  |  | Closed | 2025-09-24 17:31 | 2025-09-26 16:15 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Acknowledged- - Due Diligence Vendor-09/26/2025 <br> Acknowledged- - Due Diligence Vendor-09/25/2025 <br> Open-At the time of inspection, the ground floor retail and one of the apartments were fully occupied with the remaining apartment unit currently undergoing renovations. One of the subject's apartment units is in a partially gutted state and is undergoing renovations. Most of the materials appeared to be on-site. Ownership has estimated the cost to complete the unit at $XX,XXX.XX. However, given that the bathroom and kitchen has not yet been installed, we have concluded to a renovation cost of $XX,XXX.XX; $X,XXX.XX for the bathroom, $XX,XXX.XX for the kitchen and $X,XXX.XX for remaining finishes and incidentals. This estimate includes entrepreneurial incentive for the lease-up of the unit. Based on our onsite inspection, no other observable deferred maintenance exists. - Due Diligence Vendor-09/24/2025 | 27.78% LTV. Appraisal made as-is and the $XX,XXX.XX cost-to-cure was factored into the appraised value. Borrower actively renovating the subject at the time of origination and per LOE in file cash-out proceeds would be used towards further renovating the property. Given the low LTV and borrower commitment to complete repairs XXX felt comfortable proceeding with the loan. The status of repairs hasn't been confirmed, but XXX expects the borrower to complete the necessary repairs to the subject property. - 09/26/2025 <br>| Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025<br>|  |  |  | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 903271 |  |  | Closed | 2025-08-19 16:32 | 2025-09-25 20:35 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Evidence of Law or Ordinance coverage as required by the Lender Guidelines. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-08/19/2025 |  | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Evidence of Law or Ordinance coverage as required by the Lender Guidelines. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-08/19/2025<br>|  |  | Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 313296 |  |  | Closed | 2025-08-19 15:22 | 2025-08-24 15:31 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 78.39% exceeds Guideline LTV of 75% , The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/19/2025 |  | Waived-Audited LTV of 78.39% exceeds Guideline LTV of 75% , The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/19/2025<br>|  |  | High FICO; Property Condition | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 118251 |  |  | Closed | 2025-08-31 13:56 | 2025-09-25 20:43 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-08/31/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-08/31/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 118251 |  |  | Closed | 2025-08-31 14:33 | 2025-09-25 20:43 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 0.873 is below guideline minimum of 1.20. A lender exception dated prior to consummation was provided and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/31/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 0.873 is below guideline minimum of 1.20. A lender exception dated prior to consummation was provided and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/31/2025<br>|  |  | Seasoned Investor. | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 519645 |  |  | Closed | 2025-09-06 16:47 | 2025-09-24 16:26 | 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-09/24/2025 <br> Ready for Review-Document Uploaded. Uploaded - Buyer-09/23/2025 <br> Counter-Exception granted however all the comp factors are not valid. LTV was cited and the loan was approved at the max LTV for the documentation type. - Due Diligence Vendor-09/19/2025 <br> Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-09/12/2025 <br> Open-Hazard Insurance Policy Partially Provided Hazard Insurnace Policy is missing evidence of Lar and Ordinance Coverage. Lender provided an Approved Exception dated prior to consummation; however, there are no compensating factors provided. - Due Diligence Vendor-09/06/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/24/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf<br> XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | High FICO | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 771557 |  |  | Closed | 2025-09-07 21:36 | 2025-09-25 20:46 | Acknowledged | 3 - Material | Property | Property Issue | Property Damage Present | Acknowledged- - Due Diligence Vendor-09/25/2025 <br> Open- - Due Diligence Vendor-09/25/2025 <br> Open-Property Damage Present. There is one fire damaged unit, this unit was being repaired and it was reported that it will be available for rent in 3-4 months. - Due Diligence Vendor-09/24/2025 <br> Open-Property Damage Present. One unit is fire damaged. - Due Diligence Vendor-09/07/2025 | 57.69% LTV loan. The fire damaged unit is being repaired and is expected to be completed within 3-4 months post-close. Appraisal made as-is and current property condition is considered in value/LTV. Borrower is a seasoned investor and actively making updates to the property. XXX has not confirmed the status of repairs but expects the borrower to complete the repairs/renovations. - 09/25/2025 <br>| Acknowledged- - Due Diligence Vendor-09/25/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 771557 |  |  | Closed | 2025-09-03 07:11 | 2025-09-25 20:45 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-Credit report is 64 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.<br> - Due Diligence Vendor-09/03/2025 |  | Waived-Credit report is 64 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.<br> - Due Diligence Vendor-09/03/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 771557 |  |  | Closed | 2025-09-03 07:10 | 2025-09-25 20:45 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 643 is less than Guideline FICO of 650 . The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-09/03/2025 |  | Waived-Audited FICO of 643 is less than Guideline FICO of 650 . The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-09/03/2025<br>|  |  | Seasoned Investor<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 771557 |  |  | Closed | 2025-09-03 06:52 | 2025-09-25 20:44 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Evidence of Law or Ordinance coverage as required by the Lender Guidelines. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/03/2025 |  | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Evidence of Law or Ordinance coverage as required by the Lender Guidelines. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/03/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 771557 |  |  | Closed | 2025-09-03 07:16 | 2025-09-17 18:13 | 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-09/17/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-09/12/2025 <br>Open-Commercial Debt Service Coverage Ratio of 0.881 is below guideline minimum of 1.20. - Due Diligence Vendor-09/03/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/17/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned investor<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 826149 |  |  | Closed | 2025-09-24 17:32 | 2025-09-26 16:15 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Acknowledged- - Due Diligence Vendor-09/26/2025 <br> Acknowledged- - Due Diligence Vendor-09/25/2025 <br> Open-Appraiser notes observed areas of missing siding/some siding damage, peeling paint on siding and subject roof (mix of wood shingle and metal roof) with several missing shingles and appearing to be nearing end of its'economic life, a through inspection of the interior of the subject showed no damage to livability on interior of home from these items. Appraiser has estimated a cost-to-cure total of $XX,XXX.XX for repairs or partial replacement of roof if needed, repair of missing/damaged siding and repainting of peeling paint and siding. - Due Diligence Vendor-09/24/2025 | 50% LTV. Damages were cosmetic in nature and it was confirmed that there was no damage to the interior or livability of the home. Appraisal made as-is and the property condition considered in value and LTV. Per borrower LOE, cash-out proceeds would be used towards repairing the subject property. XXX hasn't confirmed the status of repairs but expects the borrower to fulfill their commitment to make the necessary repairs. - 09/26/2025 <br>| Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 605710 |  |  | Closed | 2025-08-23 13:00 | 2025-09-26 16:17 | Waived | 2 - Non-Material | Credit | Title | Property Title Issue | Waived-Property Title Issue The Preliminary Title states ownership to property 2 is not in the name of either the Borrowing Entity or the Guarantor. A QC Deed was provided transferring ownership dated after the preliminary title was issued. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/23/2025 | A QC Deed was provided transferring ownership dated after the preliminary title was issued. With that, XXX felt comfortable proceeding with the loan. - 09/26/2025 <br>| Waived-Property Title Issue The Preliminary Title states ownership to property 2 is not in the name of either the Borrowing Entity or the Guarantor. A QC Deed was provided transferring ownership dated after the preliminary title was issued. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/23/2025<br>|  |  | Seasoned Investor<br> Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 605710 |  |  | Closed | 2025-09-24 17:46 | 2025-09-26 16:16 | Acknowledged | 3 - Material | Property | Property Issue | Environmental, Health, or Safety Issues Present | Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025 <br>Open- - Due Diligence Vendor-09/24/2025 <br>Open-The report photos show the basement stairs are missing a handrail, and the electrical box and furnace are missing panel covers. - Due Diligence Vendor-09/24/2025 | 67.96 LTV. Stairway enclosed and electrical panel located in basement which is only used for utility. Borrower is a seasoned investor and while XXX did not view as material in terms of underwriting, it's expected that the borrower will make any necessary repairs/updates to the subject property. Appraisal made as-is and property condition considered in value/LTV. - 09/26/2025 <br>| Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025<br>|  |  |  | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 605710 |  |  | Closed | 2025-08-23 12:50 | 2025-09-15 20:45 | 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-09/15/2025 <br>Ready for Review-Document Uploaded. Uploaded - Buyer-09/11/2025 <br>Open-Housing History Does Not Meet Guideline Requirements Documentation in file indicates Property has a foreclosure sale scheduled. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated but the exception notes stated cancellation of Sheriff's sale was provided. Referenced documentation was not provided. - Due Diligence Vendor-08/23/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/15/2025<br>| LOE(s) Letter of Explanation - XXXX XXXXXXXXXX.Pdf |  | Low LTV<br> Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 605710 |  |  | Closed | 2025-08-23 12:50 | 2025-09-15 20:44 | 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-09/15/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-09/11/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The loan file is missing evidence of the most recent two months payments received on time for the borrower's primary residence to complete the required 12-month mortgage payment history - Due Diligence Vendor-08/23/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/15/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned investor<br> Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 605710 |  |  | Closed | 2025-08-23 12:52 | 2025-08-23 12:52 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing Verification of Mortgage | Waived-The loan file is missing a complete 12-month mortgage history for property 2. Subject loan verified paid at close. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/23/2025 |  | Waived-The loan file is missing a complete 12-month mortgage history for property 2. Subject loan verified paid at close. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/23/2025<br>|  |  | Low LTV<br> Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 537034 |  |  | Closed | 2025-09-24 17:47 | 2025-09-26 16:21 | Acknowledged | 3 - Material | Property | Property Issue | Environmental, Health, or Safety Issues Present | Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025 <br>Open- - Due Diligence Vendor-09/24/2025 <br>Open-Basement photos show missing/ damaged sheetrock with exposed wiring, and it does not appear to have a rail going down the stairs. - Due Diligence Vendor-09/24/2025 | 38.71% LTV Loan. Per borrower LOE in file, cash-out proceeds would be used towards making updates the subject property. While XXX hasn't confirmed the status of repairs, it is expected that the borrower will fulfill their commitment. - 09/26/2025 <br>| Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 492240 |  |  | Closed | 2025-08-18 18:11 | 2025-09-24 19:15 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% due to First Time Investor LTV reduction. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/18/2025 |  | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% due to First Time Investor LTV reduction. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/18/2025<br>|  |  | Strong reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 986731 |  |  | Closed | 2025-08-24 18:24 | 2025-08-28 14:07 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $75000 Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $75,000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/24/2025 |  | Waived-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $75000 Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $75,000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/24/2025 |  |  | Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 906739 |  |  | Closed | 2025-09-03 17:22 | 2025-09-03 17:22 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided Lender guidelines require evidence of L&O coverage and a minimum deductible. Despite this requirement, no L&O coverage and no deductible information was noted. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/03/2025 |  | Waived-Hazard Insurance Policy Partially Provided Lender guidelines require evidence of L&O coverage and a minimum deductible. Despite this requirement, no L&O coverage and no deductible information was noted. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/03/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 618201 |  |  | Closed | 2025-09-09 10:52 | 2025-09-09 11:20 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided The Hazard policy is missing the required Law & Ordinance coverage. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-09/09/2025 |  | Waived-Hazard Insurance Policy Partially Provided The Hazard policy is missing the required Law & Ordinance coverage. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-09/09/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 118638 |  |  | Closed | 2025-09-02 20:03 | 2025-09-25 20:47 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is greater than Guideline Maximum Loan Amount | Waived-Audited Loan Amount of $XXXXXXX is greater than the Guideline Maximum Loan Amount of $5000000. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-09/02/2025 |  | Waived-Audited Loan Amount of $XXXXXXX is greater than the Guideline Maximum Loan Amount of $5000000. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-09/02/2025 |  |  | Low LTV<br> Strong Reserve | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 118638 |  |  | Closed | 2025-09-02 20:05 | 2025-09-25 20:46 | Waived | 2 - Non-Material | Property | Missing Doc | Missing Homeowner's Association Questionnaire | Waived-Missing Homeowner's Association Questionnaire in loan file. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-09/02/2025 |  | Waived-Missing Homeowner's Association Questionnaire in loan file. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-09/02/2025<br>|  |  | Low LTV<br> Strong Reserve | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 252377 |  |  | Closed | 2025-09-03 21:17 | 2025-09-09 13:34 | Waived | 2 - Non-Material | Credit | Eligibility | Subject property does not meet guidelines | Waived-Property located in rural area, as per GL if Properties located in a town or city with less than 2,500 population will be classified as rural and are not eligible collateral. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/03/2025 |  | Waived-Property located in rural area, as per GL if Properties located in a town or city with less than 2,500 population will be classified as rural and are not eligible collateral. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/03/2025<br>|  |  | Strong Reserves.<br> Strong Marketing Trends. | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 252377 |  |  | Closed | 2025-09-02 18:40 | 2025-09-03 21:45 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of is less than Guideline FICO of 650 Audited FICO of is less than Guideline FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/03/2025 |  | Waived-Audited FICO of is less than Guideline FICO of 650 Audited FICO of is less than Guideline FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/03/2025<br>|  |  | Strong Reserves.<br> Strong Marketing Trends. | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 252377 |  |  | Closed | 2025-09-03 21:20 | 2025-09-03 21:44 | Waived | 2 - Non-Material | Credit | Eligibility | Excessive Seller Contributions | Waived-As per GL seller credit should not exceed 3%, however in the loan file seller credit is greater the 3% of purchase price. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/03/2025 |  | Waived-As per GL seller credit should not exceed 3%, however in the loan file seller credit is greater the 3% of purchase price. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/03/2025<br>|  |  | Strong Reserves.<br> Strong Marketing Trends. | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 740923 |  |  | Closed | 2025-08-21 14:46 | 2025-09-16 13:11 | 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-09/16/2025 <br> Ready for Review-Document Uploaded. Corrected uploaded - Buyer-09/11/2025 <br> Open-Commercial Debt Service Coverage Ratio of 0.919 is below guideline minimum of 1.00 for the refinance of a traditional II property with a loan amount greater than $XXX,XXX.XX. The lender provided an approved exception dated prior to consummation but was granted as an unmitigated exception with a DSCR of 0.96. Provide updated exception with accurate calculated DSCR and valid compensating factors. - Due Diligence Vendor-08/21/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/16/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | High FICO<br> Seasoned investor | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 942685 |  |  | Closed | 2025-08-19 13:51 | 2025-09-25 20:47 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% First time investor = 5% LTV reduction from Qualify the LTV %, The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/19/2025 |  | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% First time investor = 5% LTV reduction from Qualify the LTV %, The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/19/2025<br>|  |  | Strong reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 398791 |  |  | Closed | 2025-09-24 17:33 | 2025-09-26 16:22 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Acknowledged- - Due Diligence Vendor-09/26/2025 <br> Acknowledged- - Due Diligence Vendor-09/25/2025 <br> Open-The subject was damaged by two separate water leaks and is pending renovations. The proposed improvements include demolition of damaged areas, new elevator, new electrical, plumbing, and HVAC, drywall/sheetrock, framing, flooring, paint, etc. The estimated project cost is $XXX,XXX.XX. - Due Diligence Vendor-09/24/2025 | 45.45% LTV Loan. Office building undergoing renovations. Water leaks are not active and per borrower LOE, cash-out proceeds would be used towards renovating the subject property. The status of repairs hasn't been confirmed, but it is expected that the borrower will complete the renovations to the subject property. - 09/26/2025 <br>| Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 166852 |  |  | Closed | 2025-09-10 21:49 | 2025-09-10 22:54 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The borrower lives rent free therefore no VOR was available. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/10/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The borrower lives rent free therefore no VOR was available. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-09/10/2025<br>|  |  | Strong Reserves<br> High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 166852 |  |  | Closed | 2025-09-10 22:45 | 2025-09-10 22:54 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% Borrower is first time investor as per GL 5% of LTV reduction required on all property types. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/10/2025 |  | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% Borrower is first time investor as per GL 5% of LTV reduction required on all property types. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/10/2025<br>|  |  | Strong Reserves<br> High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 223290 |  |  | Closed | 2025-09-24 17:34 | 2025-09-26 16:23 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025 <br>Open-The improvements are in overall average condition although the building is not finished. The first-floor commercial space is incomplete. There is no heating system, the hardwired alarm, emergency lighting, lavatory and the kitchen are not installed. The kitchen may not be required depending on occupancy. Some minor items are incomplete in the residential units. They include electric receptacles not in place, closet doors not installed and a wall heater not in place. In addition, the double iron pull up doors at the front elevation are damaged - Due Diligence Vendor-09/24/2025 | Purchase transaction. Borrower is a seasoned investor with experience in both residential and commercial properties. Borrower also owns construction business. Peer borrower LOE in file, the commercial space will be brought to rentable condition and both the flooring and HVAC would be installed. Work was estimated to take two-weeks post-close. While XXX has not confirmed the status of repairs, it is expected that the borrower will fulfill their commitment and repair the subject so they can rent to tenants. - 09/26/2025 <br>| Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025<br>|  |  |  | XX | Investment | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 223290 |  |  | Closed | 2025-08-19 20:59 | 2025-09-25 20:49 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Evidence of Law or Ordinance coverage as required by the Lender Guidelines. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/19/2025 |  | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Evidence of Law or Ordinance coverage as required by the Lender Guidelines. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/19/2025<br>|  |  | Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 223290 |  |  | Closed | 2025-08-21 13:50 | 2025-09-16 13:38 | 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-09/16/2025 <br>Ready for Review-Document Uploaded. Uploaded - Buyer-09/11/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The loan file is missing verification the 06 and 07 payments on the borrower's primary residence have been made on time to complete the required mortgage verification. - Due Diligence Vendor-08/21/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/16/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned investor<br> High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 612439 |  |  | Closed | 2025-08-21 10:47 | 2025-09-16 13:51 | 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-09/16/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded - Buyer-09/11/2025 <br>Open-Hazard Insurance Policy Partially Provided The Hazard insurance policy provided is missing evidence of Commercial General Liability, Business Interruption and Law and Ordinance coverages as required for a Traditional II Owner User property type. The documentation provided meets the requirements for a 1–4-unit property. - Due Diligence Vendor-08/21/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/16/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Low LTV | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 524677 |  |  | Closed | 2025-08-22 10:44 | 2025-09-25 20:52 | Waived | 2 - Non-Material | Credit | Eligibility | Credit history does not meet guidelines | Waived-Credit report has one active trade line is less than minimum of 2 active tradeline as per G/L. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/22/2025 |  | Waived-Credit report has one active trade line is less than minimum of 2 active tradeline as per G/L. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/22/2025<br>|  |  | Seasoned Investor | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 524677 |  |  | Closed | 2025-08-22 10:46 | 2025-09-25 20:52 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 0.805 is below guideline minimum of 1.25. A lender exception dated prior to consummation was provided and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/22/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 0.805 is below guideline minimum of 1.25. A lender exception dated prior to consummation was provided and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/22/2025<br>|  |  | Seasoned Investor. | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 524677 |  |  | Closed | 2025-08-22 11:43 | 2025-09-25 20:51 | 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-09/16/2025 <br>Ready for Review-Document Uploaded. Corrected uploaded - Buyer-09/11/2025 <br>Open-Housing History Does Not Meet Guideline Requirements Documentation in file indicates 3x30 rolling lates on the subject property. Lender provided approved exception dated prior to consummation but was approved as unmitigated. - Due Diligence Vendor-08/22/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/16/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX (1).pdf |  | Seasoned investor<br> High FICO | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 576547 |  |  | Closed | 2025-08-19 19:17 | 2025-08-21 16:54 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Converge Ratio of 0.848 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-08/19/2025 |  | Waived-Commercial Debt Service Converge Ratio of 0.848 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-08/19/2025<br>|  |  | 1) Strong Reserves<br> 2) Seasoned Reserves | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 397334 |  |  | Closed | 2025-08-26 18:46 | 2025-09-16 18:30 | 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-09/16/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-09/12/2025 <br>Open-Audited LTV of 70% exceeds Guideline LTV of 65% Although the loan approval reflected a seasoned investor, no documentation to support was provided. Guidelines require a 5% LTV reduction for 1st time investors. - Due Diligence Vendor-08/26/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/16/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | High FICO<br> Strong reserves<br> Seasoned business | XX | Other | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 784940 |  |  | Closed | 2025-08-23 13:45 | 2025-09-25 20:53 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Missing housing history from XX/XX/XXXX to XX/XX/XXXX for Primary residence. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/23/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Missing housing history from XX/XX/XXXX to XX/XX/XXXX for Primary residence. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/23/2025 |  |  | Strong Reserves<br> Seasoned Investor | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 784940 |  |  | Closed | 2025-08-23 14:08 | 2025-09-25 20:52 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 0.531 is below guideline minimum of 1. A lender exception dated prior to consummation was provided and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-08/23/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 0.531 is below guideline minimum of 1. A lender exception dated prior to consummation was provided and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-08/23/2025<br>|  |  | Strong Reserves<br> Seasoned Investor | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 856447 |  |  | Closed | 2025-09-03 12:25 | 2025-09-25 20:53 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-Lender guidelines require a borrower to have been on title a minimum of 12 months. Despite this requirement, title was transferred to the Guarantor at close. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/03/2025 |  | Waived-Lender guidelines require a borrower to have been on title a minimum of 12 months. Despite this requirement, title was transferred to the Guarantor at close. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/03/2025<br>|  |  | Low LTV <br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 713272 |  |  | Closed | 2025-09-18 17:02 | 2025-09-18 17:12 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-Initial secondary values for properties 2,3, and 5 were out of tolerance. CDAs with sufficient values provided for all properties, this finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-09/18/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-09/18/2025 |  | Acknowledged-Initial secondary values for properties 2,3, and 5 were out of tolerance. CDAs with sufficient values provided for all properties, this finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-09/18/2025<br>|  |  |  | XX | Investment | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 965972 |  |  | Closed | 2025-09-19 21:44 | 2025-09-24 18:03 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDAs with sufficient values for all properties provided, the finding will be graded a B for S&P only. - Due Diligence Vendor-09/24/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-09/19/2025 |  | Acknowledged-CDAs with sufficient values for all properties provided, the finding will be graded a B for S&P only. - Due Diligence Vendor-09/24/2025<br>|  |  |  | XX | Investment | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 404119 |  |  | Closed | 2025-08-25 19:47 | 2025-08-26 16:26 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/25/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/25/2025<br>|  |  | Low LTV<br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 404119 |  |  | Closed | 2025-08-26 12:31 | 2025-08-26 16:26 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 628 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-08/26/2025 |  | Waived-Audited FICO of 628 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-08/26/2025<br>|  |  | Low LTV<br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 720957 |  |  | Closed | 2025-09-03 00:17 | 2025-09-18 21:47 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with sufficient value provided, S&P Final Grade B - Due Diligence Vendor-09/18/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-09/03/2025 |  | Acknowledged-CDA with sufficient value provided, S&P Final Grade B - Due Diligence Vendor-09/18/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 331661 |  |  | Closed | 2025-09-05 17:19 | 2025-09-25 20:57 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Acknowledged- - Due Diligence Vendor-09/25/2025 <br> Ready for Review- - Due Diligence Vendor-09/25/2025 <br> Ready for Review-9/11/2025 An exception for deferred maintenance >XXX or 5% has been written and approved by Sr. Management. The appraisal and review call out as deferred maintenance and no H&S items noted. Per notes below the comp[ factors provided are validated and acceptable. - Buyer-09/12/2025 <br> Open-The Appraisal indicates the following deferred maintenance: Tuckpointing required to Front and Rear Buildings, Missing soffit for Rear Building, Furnace and air conditioning unit requires replacement in Single Family Home, Rooftop HVAC requires replacement in Front Building, Roof reportedly requires replacement for Single Family Home, Single Family Home siding is older and several windows were boarded up indicating that new windows are likely required, Parking lot in below average condition with numerous pot holes. These repairs are not all inclusive but representative of some of the items noted at the time of viewing. Appraisal indicates an approximate total of $XX,XXX.XX. Lender Guidelines limit deffered maintenance to 5% of the property value up to a maximum of $20,000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/05/2025 | Borrower received quotes for roof replacement and HVAC replacement totaling XX,XXX.XX, which was deducted from the appraised value as deferred maintenance. Per borrower LOE a portion of the cash-out proceeds would be used towards the roof replacement, HVAC systems, housing siding and window repair/replacement, flooring, pavement and other miscellaneous repairs and updates. Appraisal made as-is, and property condition is considered in the value LTV. Borrower is a seasoned investor and while XXX has not confirmed the status of repairs, XXX expects the borrower to fulfil their commitment to repair and renovate the property. <br> - 09/25/2025 <br>| Acknowledged- - Due Diligence Vendor-09/25/2025<br>|  |  | Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 331661 |  |  | Closed | 2025-08-31 17:35 | 2025-09-25 20:54 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-08/31/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-08/31/2025<br>|  |  | Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 894333 |  |  | Closed | 2025-08-28 17:11 | 2025-09-02 14:36 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% Lender Guidelines requires an LTV reduction of 5% for First time investors. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/28/2025 |  | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% Lender Guidelines requires an LTV reduction of 5% for First time investors. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/28/2025<br>|  |  | Seasoned Business | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 733148 |  |  | Closed | 2025-09-09 12:57 | 2025-09-09 12:57 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing Documentation- Visa or Valid Passport (Borrower 1) | Waived-Missing Documentation- Visa or Valid Passport (Borrower 1) Lender guidelines require Government Issue Documentation, VISA. Lender provided approved exception dated prior to consummations and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/09/2025 |  | Waived-Missing Documentation- Visa or Valid Passport (Borrower 1) Lender guidelines require Government Issue Documentation, VISA. Lender provided approved exception dated prior to consummations and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/09/2025<br>|  |  | Low LTV | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 733148 |  |  | Closed | 2025-09-02 16:34 | 2025-09-02 21:29 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $75000 Audited Loan Amount of $XX,XXX.XX is less than the guideline Minimum Loan Amount of $75000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/02/2025 |  | Waived-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $75000 Audited Loan Amount of $XX,XXX.XX is less than the guideline Minimum Loan Amount of $75000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/02/2025 |  |  | Seasoned investor<br> High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 869744 |  |  | Closed | 2025-09-24 17:17 | 2025-09-26 16:24 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025 <br>Open-The property is listed in Fair condition. - Due Diligence Vendor-09/24/2025 | 30 % LTV. Per appraisal, "C4; No updates in the prior 15 years; the subject Exterior is in fair overall condition. The subject interior is in fair overall condition. No Functional Obsolescence is charged. No External obsolescence is charged. Physical depreciation charged is greater than typical of that found in a dwelling of similar age and quality of construction and is based on the age/life method, with a total economic life of 80 Years". No deferred maintenance cited, XXX did not view as material in terms of underwriting considering the low LTV. It is XXX's expectation that the borrower will make any necessary repairs to the property. - 09/26/2025 <br>| Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 474601 |  |  | Closed | 2025-09-03 15:40 | 2025-09-08 17:49 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 636 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 636. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/03/2025 |  | Waived-Audited FICO of 636 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 636. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/03/2025<br>|  |  | Low LTV<br> Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 740165 |  |  | Closed | 2025-09-03 10:39 | 2025-09-03 10:39 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 636 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 636. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/03/2025 |  | Waived-Audited FICO of 636 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 636. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/03/2025<br>|  |  | Low LTV <br> Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 969625 |  |  | Closed | 2025-09-23 18:26 | 2025-09-25 21:00 | Acknowledged | 3 - Material | Property | Property Issue | Property Damage Present | Acknowledged- - Due Diligence Vendor-09/25/2025 <br> Open- - Due Diligence Vendor-09/25/2025 <br> Open-Property Damage Present. The kitchen needs completed, there needs to be a railing installed at the loft, heat vents need installed, trim work needs completed, shower enclosure needs installed in third floor bathroom and some interior painting. The estimated cost to cure is $XX,XXX.XX. - Due Diligence Vendor-09/23/2025 | 50% LTV loan. Appraisal made as-is and the CTC deferred maintenance was deducted from the overall value. Current property condition considered in value/LTV. XXX Received a contractors estimate from the borrowet for repairs addressing all of the cited deferred maintenance issues. Borrower provided LOE stating that cash-out proceeds would be used towards making all of the necessary and cited deferred maintenance repairs. XXX has not confirmed the status but does expect the borrower to fulfill their commitment on making the repairs. <br> - 09/25/2025 <br>| Acknowledged- - Due Diligence Vendor-09/25/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 969625 |  |  | Closed | 2025-09-02 16:15 | 2025-09-25 21:00 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing Rent Loss Coverage | Waived-Hazard Insurance Policy does not reflect rent loss coverage. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-09/02/2025 |  | Waived-Hazard Insurance Policy does not reflect rent loss coverage. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-09/02/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 969625 |  |  | Closed | 2025-09-02 16:30 | 2025-09-25 21:00 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $75000. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-09/02/2025 |  | Waived-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $75000. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-09/02/2025 |  |  | Low LTV<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 969625 |  |  | Closed | 2025-09-05 19:52 | 2025-09-25 20:59 | Waived | 2 - Non-Material | Property | Property | Property has been listed for sale in the past 6 months | Waived-Property has been listed for sale in the past 6 months. Per Lender Guidelines transaction is only eligible for a rate/term refinance. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-09/05/2025 |  | Waived-Property has been listed for sale in the past 6 months. Per Lender Guidelines transaction is only eligible for a rate/term refinance. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-09/05/2025<br>|  |  | Low LTV; Seasoned Investor. | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 793156 |  |  | Closed | 2025-09-24 17:49 | 2025-09-26 16:25 | Acknowledged | 3 - Material | Property | Property Issue | Environmental, Health, or Safety Issues Present | Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025 <br>Open-Photos show electric meters with one meter missing a cover. - Due Diligence Vendor-09/24/2025 | Purchase transaction. Building will be managed by a professional management company and it is expected that they will make any necessary repairs to the property. Property condition considered in value/LTV. The appraiser did not cite the missing meter cover as an issue, so XXX did not view as material. - 09/26/2025 <br>| Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025<br>|  |  |  | XX | Investment | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 793156 |  |  | Closed | 2025-08-31 16:03 | 2025-09-25 21:03 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% , because 5% reduction for First Time Investor as per G/L. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/31/2025 |  | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% , because 5% reduction for First Time Investor as per G/L. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/31/2025<br>|  |  | Strong DCR<br> High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 793156 |  |  | Closed | 2025-09-05 15:22 | 2025-09-16 22:18 | 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-09/16/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-09/12/2025 <br>Open-Hazard Insurance Policy Partially Provided Missing Evidence of Law and Ordinance Coverage. - Due Diligence Vendor-09/05/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/16/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | High FICO <br> Strong DSCR<br>| XX | Investment | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 355593 |  |  | Closed | 2025-09-24 17:50 | 2025-09-26 16:27 | Acknowledged | 3 - Material | Property | Property Issue | Environmental, Health, or Safety Issues Present | Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025 <br>Open-The Appraisal indicates no smoke or CO detectors noted at inspection. The photos reflect the front entry way to the accessory is unlevel and hazardous, concrete is cracked and propped up by pavers off the ground. - Due Diligence Vendor-09/24/2025 | 50% LTV. Per borrower LOE cash-out proceeds would be used to repair/update the subject property. While XXX has not confirmed the status of repairs, it is expected that the borrower will fulfill their commitment to make the necessary repairs. - 09/26/2025 <br>| Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 757770 |  |  | Closed | 2025-09-18 17:17 | 2025-09-22 11:38 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 626 is less than Guideline FICO of 650 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-09/19/2025 |  | Waived-Audited FICO of 626 is less than Guideline FICO of 650 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-09/19/2025<br>|  |  | Seasoned Investor<br> Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 730295 |  |  | Closed | 2025-09-04 18:22 | 2025-09-18 15:24 | Waived | 2 - Non-Material | Credit | Insurance | Hazard Insurance Effective Date is after the Note Date | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/18/2025 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-09/12/2025 <br> Open-Hazard Insurance Effective Date of XX/XX/XXXX is after the Note Date of XX/XX/XXXX Hazard Insurance Effective Date of XX/XX/XXXX is after the Note Date - Due Diligence Vendor-09/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/18/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | High FICO<br> Seasoned investor. | XX | Investment | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 730295 |  |  | Closed | 2025-09-04 18:22 | 2025-09-04 18:22 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided Lender guideline requires the policy to coverage of Law and Ordinance endorsement "A" for traditional 1 and 2 property types. Despite this condition no coverage has been provided for the same. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/04/2025 |  | Waived-Hazard Insurance Policy Partially Provided Lender guideline requires the policy to coverage of Law and Ordinance endorsement "A" for traditional 1 and 2 property types. Despite this condition no coverage has been provided for the same. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-09/04/2025<br>|  |  | High Fico | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 656335 |  |  | Closed | 2025-09-05 13:35 | 2025-09-25 21:06 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Acknowledged- - Due Diligence Vendor-09/25/2025 <br>Open- - Due Diligence Vendor-09/25/2025 <br>Open-Property Condition Does Not Meet Requirements. - Due Diligence Vendor-09/23/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval for < average condition. There are no H&S items noted by appraiser or XXX reviewer - Buyer-09/12/2025 <br>Open-Property Condition Does Not Meet Requirements. C5 Property Condition Does Not Meet Requirements. Appraiser stated no updates in the prior 15 years, interior dated and in need of cleaning, roof is near the end of life expectancy. - Due Diligence Vendor-09/05/2025 | 37.93% LTV loan. Appraisal made as-is and property condition is considered in value and LTV. Borrower provided LOE stating that cash-out proceeds would be used towards renovzating and updating the subject property. Roof is reported to be near the end of its life but no leaks or missing shingles reported. The rest of the cited issues (interior in need of updating/painting/cleaning) appear to be cosmetic, and given the low ltv XXX did not view as material. XXX has not confirmed the status of repairs but does expect the borrower to fulfill their commitment to complete repairs and updates to the property. <br> - 09/25/2025 <br>| Acknowledged- - Due Diligence Vendor-09/25/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 656335 |  |  | Closed | 2025-09-04 11:08 | 2025-09-05 14:00 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $75000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/04/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-09/04/2025 |  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 731378 |  |  | Closed | 2025-08-27 13:11 | 2025-08-27 13:11 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 570 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 570. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-08/27/2025 |  | Waived-Audited FICO of 570 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 570. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-08/27/2025<br>|  |  | 1) Seasoned Investor <br> 2) Low LTV | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 448173 |  |  | Closed | 2025-09-08 22:09 | 2025-09-19 16:26 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with sufficient value provided, Finding Clear. S&P Final Grade B - Due Diligence Vendor-09/19/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-09/08/2025 |  | Acknowledged-CDA with sufficient value provided, Finding Clear. S&P Final Grade B - Due Diligence Vendor-09/19/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 401648 |  |  | Closed | 2025-09-03 21:00 | 2025-09-25 21:08 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Acknowledged- - Due Diligence Vendor-09/25/2025 <br>Ready for Review- - Due Diligence Vendor-09/25/2025 <br>Ready for Review- - Due Diligence Vendor-09/24/2025 <br>Open-The subject needs the following repairs; roof replaced, a new septic system, repair and paint exterior siding, trim, doors, and deck, install gutters, remove dead tree at the front of the house and remove the overgrown vegetation. The interior is full of debris and the tenant's belongings. The subject should be cleaned out so the interior can be renovated. The interior needs painting and the floors need refinishing. The boiler is very old and should be replaced. The kitchen and bath are dated and may need some repairs but they are serviceable. The appraiser listed the property condition as C5 – Major Deferred Maintenance. - Due Diligence Vendor-09/24/2025 <br>Ready for Review-Document Uploaded. Exception has been granted for the c5 condition, which according to XXX review is "exaggerated based on the photos". Appraiser does not call out any items required to be repaired, not do they call out H&S items. Per XXX review and photos, home is habitable with a tenant in place. All repairs cited are deferred maintenance with the appraiser stating the property should be remodeled, but not required or subject to. - Buyer-09/12/2025 | Per borrower LOE in file cash out proceeds will be used towards renovating the subject property. It was also confirmed that the septic system is fully operational, but does need to be updated to accommodate more bedrooms, which the borrower committed to doing. XXX's in-house reviewer felt the C5 condition of the property was a bit exaggerated as the home is habitable and only truly needed a pressure wash (for the overgrown vegetation). No leaks were reported for the roof. The remaining cited issues all appeared to be cosmetic in nature. Given the borrower commitment to replace the septic system and renovate the subject property XXX felt comfortable proceeding with the loan. Borrower is a seasoned investor and while XXX has not confirmed the status of repairs, XXX does expect the borrower to fulfill their commitment to repair and renovate the subject property. - 09/25/2025 <br>| Acknowledged- - Due Diligence Vendor-09/25/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 893037 |  |  | Closed | 2025-08-29 17:47 | 2025-08-29 17:47 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Converge Ratio of 0.878 is below guideline minimum of 1. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/29/2025 |  | Waived-Commercial Debt Service Converge Ratio of 0.878 is below guideline minimum of 1. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/29/2025<br>|  |  | Seasoned Investor<br> Strong Reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 345797 |  |  | Closed | 2025-09-24 17:51 | 2025-09-26 16:33 | Acknowledged | 3 - Material | Property | Property Issue | Environmental, Health, or Safety Issues Present | Acknowledged- - Due Diligence Vendor-09/26/2025 <br> Acknowledged- - Due Diligence Vendor-09/25/2025 <br> Open-XXX XXXXXXXXX XXX, XXXXX XX XXXXX: Review data fields completed for this property. The Appraisal indicates repairs are needed to the exterior 2nd floor stairway, stairs are sagging, need stabilization and there is unsecured decking at the doorway. The cited cost to cure estimate is $X,XXX.XX. - Due Diligence Vendor-09/24/2025 | 50% LTV. Appraisal made as-is and the property condition (including the $XXX CTC) is considered in the value/LTV. Property is in overall average condition and XXX did not view as material given the low LTV. It is still XXX's expectation that the borrower will make any necessary repairs to the property. - 09/26/2025 <br>| Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 971255 |  |  | Closed | 2025-08-28 11:15 | 2025-09-24 19:17 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/17/2025 <br>Ready for Review-Document Uploaded. Exception was noted at origination as shown on uploaded approval - Buyer-09/12/2025 <br>Open-Hazard Insurance Policy Partially Provided The loan file is missing evidence of the required Commercial General Liability and L&O coverages as required by the guidelines. - Due Diligence Vendor-08/28/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/17/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 347692 |  |  | Closed | 2025-08-30 08:36 | 2025-09-25 21:11 | Waived | 2 - Non-Material | Credit | Eligibility | Transaction Ineligible | Waived-Subject property was purchased within 12 months and Calculate LTV based on appraised value. As per G/L states If the contract is less than twelve (12) months old, use the lesser of appraised value and purchase price to calculate the LTV. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/30/2025 |  | Waived-Subject property was purchased within 12 months and Calculate LTV based on appraised value. As per G/L states If the contract is less than twelve (12) months old, use the lesser of appraised value and purchase price to calculate the LTV. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/30/2025<br>|  |  | Seasoned Investor<br> Property Condition | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 347692 |  |  | Closed | 2025-09-03 22:28 | 2025-09-19 17:11 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-Desk Review with sufficient value provided, Finding Cleared. S&P Final Grade B. - Due Diligence Vendor-09/19/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-09/03/2025 |  | Acknowledged-Desk Review with sufficient value provided, Finding Cleared. S&P Final Grade B. - Due Diligence Vendor-09/19/2025<br>|  |  |  | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 462525 |  |  | Closed | 2025-08-26 18:11 | 2025-09-19 20:17 | 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-09/19/2025 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-09/17/2025 <br>Counter-Exception provided however the compensating factor is not valid. The loan was approved at the max LTV for the documentation type. - Due Diligence Vendor-09/15/2025 <br>Ready for Review-Document Uploaded. - Due Diligence Vendor-09/12/2025 <br>Ready for Review-Please provide more information on cited exception. - Buyer-09/12/2025 <br>Open- - Due Diligence Vendor-08/26/2025 | Attached is an updated loam approval with an exception noted for the missing rent survey. Per appraiser there was insufficient rental data available. - 09/12/2025 <br>| Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/19/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf<br> XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 543897 |  |  | Closed | 2025-08-29 14:41 | 2025-08-29 14:46 | Waived | 2 - Non-Material | Credit | Eligibility | Subject property does not meet guidelines | Waived-Property located in rural area, as per GL if Properties located in a town or city with less than 2,500 population will be classified as rural and are not eligible collateral. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/29/2025 |  | Waived-Property located in rural area, as per GL if Properties located in a town or city with less than 2,500 population will be classified as rural and are not eligible collateral. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/29/2025<br>|  |  | High FICO. | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 401604 |  |  | Closed | 2025-09-24 17:36 | 2025-09-26 16:35 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025 <br>Open-Unit C is unrenovated and not currently inhabitable. - Due Diligence Vendor-09/24/2025 | Property condition considered in value/LTV. Unit C under renovation at the time of appraisal having been gutted from an apparent prior use as a retail/office space. The status of renovation hasn't been confirmed but XXX expects the borrower to complete their renovations so the unit can be rented to a tenant. - 09/26/2025 <br>| Acknowledged- - Due Diligence Vendor-09/26/2025 <br>Acknowledged- - Due Diligence Vendor-09/25/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 401604 |  |  | Closed | 2025-08-29 17:31 | 2025-09-25 21:12 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. 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-08/29/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-08/29/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 666040 |  |  | Closed | 2025-09-04 21:38 | 2025-09-19 17:27 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-Desk Review with sufficient value provided, Finding Cleared. S&P Final Grade B. - Due Diligence Vendor-09/19/2025 <br> Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-09/04/2025 |  | Acknowledged-Desk Review with sufficient value provided, Finding Cleared. S&P Final Grade B. - Due Diligence Vendor-09/19/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 670320 |  |  | Closed | 2025-08-30 15:05 | 2025-09-25 21:14 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 619 is less than Guideline FICO of 650. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/30/2025 |  | Waived-Audited FICO of 619 is less than Guideline FICO of 650. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/30/2025<br>|  |  | Seasoned Investor<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 360672 |  |  | Closed | 2025-09-04 16:27 | 2025-09-25 21:15 | 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-09/17/2025 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-09/12/2025 <br> Open- - Due Diligence Vendor-09/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-09/17/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | High FICO <br> Seasoned investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 360672 |  |  | Closed | 2025-09-04 21:42 | 2025-09-19 17:42 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-Desk Review with sufficient value provided, Finding Cleared. S&P Final Grade B. - Due Diligence Vendor-09/19/2025 <br> Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-09/04/2025 |  | Acknowledged-Desk Review with sufficient value provided, Finding Cleared. S&P Final Grade B. - Due Diligence Vendor-09/19/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 445467 |  |  | Closed | 2025-08-26 14:44 | 2025-09-25 21:16 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 631 is less than Guideline FICO of 650. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/26/2025 |  | Waived-Audited FICO of 631 is less than Guideline FICO of 650. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/26/2025<br>|  |  | Strong Marketing Trends<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 445467 |  |  | Closed | 2025-08-26 14:24 | 2025-09-25 21:16 | 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-mateial. - Due Diligence Vendor-09/17/2025 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-09/12/2025 <br> Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Missing VOM/Housing history for subject property. - Due Diligence Vendor-08/26/2025 |  | Waived-Exception granted, the finding will be graded a B or non-mateial. - Due Diligence Vendor-09/17/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX..pdf |  | Seasoned investor. | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 445467 |  |  | Closed | 2025-08-31 18:52 | 2025-08-31 18:58 | Waived | 2 - Non-Material | Credit | Eligibility | 24 month mortgage history not within guidelines | Waived-24-month mortgage history is not within guidelines. Guidelines allowed for 2 x 30 days late in the last 24 months. The Mortgage History shows 4x30 days late in the last 24 months. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/31/2025 |  | Waived-24-month mortgage history is not within guidelines. Guidelines allowed for 2 x 30 days late in the last 24 months. The Mortgage History shows 4x30 days late in the last 24 months. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/31/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 131171 |  |  | Closed | 2025-08-29 19:38 | 2025-09-05 18:37 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 614 is less than Guideline FICO of 650 Audited FICO of 614 is less than the guideline Minimum FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/29/2025 |  | Waived-Audited FICO of 614 is less than Guideline FICO of 650 Audited FICO of 614 is less than the guideline Minimum FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/29/2025<br>|  |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 207048 |  |  | Closed | 2025-08-29 11:20 | 2025-09-02 15:42 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. 1x120 in last 12 months VOM Mortgage Payment, the lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/29/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. 1x120 in last 12 months VOM Mortgage Payment, the lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-08/29/2025<br>|  |  | Low LTV; High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 406298 |  |  | Closed | 2025-08-28 18:12 | 2025-09-16 15:56 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Exception granted, the finding is graded a B or non-material. - Due Diligence Vendor-09/16/2025 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-09/12/2025 <br> Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month rental payment history for the borrower's primary residence and Subject Property. Despite this requirement, no pay history was provided for wither the subject property or Primary residence - Due Diligence Vendor-08/28/2025 |  | Waived-Exception granted, the finding is graded a B or non-material. - Due Diligence Vendor-09/16/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 371047 |  |  | Closed | 2025-08-29 15:23 | 2025-08-29 19:18 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $75000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/29/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/29/2025 |  |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 309399 |  |  | Closed | 2025-08-24 19:34 | 2025-09-25 21:17 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $75000. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/24/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-08/24/2025 |  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX | 512883 |  |  | Closed | 2025-08-27 13:54 | 2025-09-19 19:48 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-Desk review with sufficient value provided, Finding Cleared. S&P Final Grade B. - Due Diligence Vendor-09/19/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. Pending receipt of CDA with sufficient value. - Due Diligence Vendor-08/27/2025 |  | Acknowledged-Desk review with sufficient value provided, Finding Cleared. S&P Final Grade B. - Due Diligence Vendor-09/19/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX | 512883 |  |  | Closed | 2025-08-24 18:44 | 2025-08-24 19:03 | 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-09/30/2025 <br> Open-Audited Loan Amount of $XXX is less than Guideline Minimum Loan Amount of $75000 Lender requires a min loan amount of $75,000 per program guidelines, despite this requirement the qualifying loan amount is |  |  |  |  | 1) Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |

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## Exhibit 99.11

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

**Exhibit 99.11**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 IDs** | **Seller Loan ID** | **Investor Loan ID** | **Original Loan Amount** | **DBRS/Morningstar** | **Fitch** | **Kroll** | **S&P** | **Moodys** |
| XXXX | 406333 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 945106 |  |  | $X,XXX.XX A |  |  |  |  | - C |
| XXXX | 253592 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 888764 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 190192 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 593573 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 218169 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 657272 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 606124 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 524590 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 895210 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 161943 |  |  | $X,XXX.XX B |  |  |  |  | - C |
| XXXX | 809882 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 476103 |  |  | $X,XXX.XX B |  |  |  |  | - C |
| XXXX | 692888 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 348919 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 211697 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 741844 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 913415 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 238486 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 230580 |  |  | $X,XXX.XX B |  |  |  |  | - C |
| XXXX | 878594 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 536511 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 740296 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 174079 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 795078 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 374699 |  |  | $X,XXX.XX A |  |  |  |  | - C |
| XXXX | 123173 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 575302 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 999893 |  |  | $X,XXX.XX D |  |  |  |  | - C D |
| XXXX | 523564 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 246182 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 928032 |  |  | $X,XXX.XX C |  |  |  |  | - A C |
| XXXX | 779669 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 982769 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 639662 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 817152 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 363969 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 211438 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 984822 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 698498 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 229713 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 974962 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 934607 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 162660 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 233840 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 519326 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 783906 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 491897 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 821733 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 821065 |  |  | $X,XXX.XX A |  |  |  |  | - A B |
| XXXX | 568658 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 517113 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 607200 |  |  | $X,XXX.XX B |  |  |  |  | - C |
| XXXX | 768974 |  |  | $X,XXX.XX B |  |  |  |  | - C |
| XXXX | 403435 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 752088 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 649938 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 192158 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 602594 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 269897 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 916812 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 752474 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 862643 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 903271 |  |  | $X,XXX.XX B |  |  |  |  | - C |
| XXXX | 765817 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 313296 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 118251 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 519645 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 771557 |  |  | $X,XXX.XX B |  |  |  |  | - C |
| XXXX | 108041 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 454855 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 826149 |  |  | $X,XXX.XX A |  |  |  |  | - C |
| XXXX | 288123 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 605710 |  |  | $X,XXX.XX B |  |  |  |  | - C |
| XXXX | 204170 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 537034 |  |  | $X,XXX.XX A |  |  |  |  | - C |
| XXXX | 492240 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 986731 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 906739 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 618201 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 118638 |  |  | $X,XXX.XX B |  |  |  |  | - B |
| XXXX | 252377 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 740923 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 942685 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 398791 |  |  | $X,XXX.XX A |  |  |  |  | - C |
| XXXX | 166852 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 223290 |  |  | $X,XXX.XX B |  |  |  |  | - C |
| XXXX | 285399 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 612439 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 524677 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 927178 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 948076 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 576547 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 771764 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 828462 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 397334 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 784940 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 856447 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 713272 |  |  | $X,XXX.XX A |  |  |  |  | - A B |
| XXXX | 965972 |  |  | $X,XXX.XX A |  |  |  |  | - A B |
| XXXX | 538831 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 251513 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 404119 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 827399 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 720957 |  |  | $X,XXX.XX A |  |  |  |  | - A B |
| XXXX | 331661 |  |  | $X,XXX.XX B |  |  |  |  | - C |
| XXXX | 906437 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 819507 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 894333 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 733148 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 869744 |  |  | $X,XXX.XX A |  |  |  |  | - C |
| XXXX | 261909 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 338476 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 831584 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 659565 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 522936 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 433808 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 238755 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 474601 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 740165 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 969625 |  |  | $X,XXX.XX B |  |  |  |  | - C |
| XXXX | 903373 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 793156 |  |  | $X,XXX.XX B |  |  |  |  | - C |
| XXXX | 355593 |  |  | $X,XXX.XX A |  |  |  |  | - C |
| XXXX | 757770 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 730295 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 656335 |  |  | $X,XXX.XX B |  |  |  |  | - C |
| XXXX | 731378 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 448173 |  |  | $X,XXX.XX A |  |  |  |  | - A B |
| XXXX | 271602 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 401648 |  |  | $X,XXX.XX A |  |  |  |  | - C |
| XXXX | 313159 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 893037 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 345797 |  |  | $X,XXX.XX A |  |  |  |  | - C |
| XXXX | 971255 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 347692 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 254428 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 462525 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 543897 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 401604 |  |  | $X,XXX.XX B |  |  |  |  | - C |
| XXXX | 666040 |  |  | $X,XXX.XX A |  |  |  |  | - A B |
| XXXX | 670320 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 360672 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 445467 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 131171 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 207048 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 782475 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 406298 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 371047 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 309399 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 512883 |  |  | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX | 656100 |  |  | $X,XXX.XX A |  |  |  |  | - A |
| XXXX | 515385 |  |  | $X,XXX.XX A |  |  |  |  | - A |

---

## Exhibit 99.12

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

**Exhibit 99.12**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loan ID** | **Alt IDs** | **Seller Loan ID** | **Investor Loan ID** | **Transaction ID** | **Field Name** | **Source** | **Verified Value** | **Bid Tape Value** | **Comment** |
| XXXX | 888764 |  |  | XXXX-XXX | Amortization Term | notePage | 360 | 240 | Methodology difference |
| XXXX | 190192 |  |  | XXXX-XXX | Amortization Term | notePage | 360 | 240 | Methodology difference |
| XXXX | 575302 |  |  | XXXX-XXX | Amortization Term | notePage | 360 | 240 | Methodology difference |

---

## Exhibit 99.13

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

**Exhibit 99.13**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loan ID** | **Alt IDs** | **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 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** |
| XXXX | 348919 |  |  | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 75.0 | 80.97 | $X,XXX.XX | $X,XXX.XX | -.0142 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0142 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 230580 |  |  | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 77.5 | 77.5 | $X,XXX.XX | $X,XXX.XX | .1051 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1051 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 740296 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 62.9 | 62.9 | $X,XXX.XX | $X,XXX.XX | -.1675 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.1675 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 174079 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXX | XXXX | $X,XXX.XX | 38.24 | 38.24 | $X,XXX.XX | $X,XXX.XX | .0000 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 575302 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.3278 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.3278 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 523564 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .0003 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0003 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 246182 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXX | XXXX | $X,XXX.XX | 70.0 | 70.0 | $X,XXX.XX | $X,XXX.XX | -.0189 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0189 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 928032 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXX | XXXX | $X,XXX.XX | 30.77 | 30.77 | $X,XXX.XX | $X,XXX.XX | .0479 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0479 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 982769 |  |  | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 0 | $X,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXX | XXXX | $X,XXX.XX | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .0039 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0039 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 363969 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 65.0 | 65.0 | $X,XXX.XX | $X,XXX.XX | -.0370 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0833 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0833 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0370 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 229713 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0564 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0564 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 974962 |  |  | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0802 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0802 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 934607 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.0141 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0141 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 519326 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXX | XXXX | $X,XXX.XX | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0703 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0703 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 491897 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 55.56 | 55.56 | $X,XXX.XX | $X,XXX.XX | -.0383 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0556 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0556 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0383 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 821733 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 54.22 | 54.22 | $X,XXX.XX | $X,XXX.XX | -.0703 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0703 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 821065 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 39.41 | 39.41 | $X,XXX.XX | $X,XXX.XX | -.3311 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.3311 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 517113 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0551 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0551 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 403435 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXX | XXXX | $X,XXX.XX | 66.53 | 66.53 | $X,XXX.XX | $X,XXX.XX | -.1150 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.1150 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 649938 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .5680 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .5680 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 602594 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXX | XXXX | $X,XXX.XX | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.0143 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0143 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 269897 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXX | XXXX | $X,XXX.XX | 64.47 | 64.47 | $X,XXX.XX | $X,XXX.XX | -.0994 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0994 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 916812 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXX | XXXX | $X,XXX.XX | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0818 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0818 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 752474 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 47.34 | 47.34 | $X,XXX.XX | $X,XXX.XX | -.0406 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0414 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0414 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0406 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 862643 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 40.65 | 40.65 | $X,XXX.XX | $X,XXX.XX | -.0646 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0646 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 313296 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 78.39 | 78.39 | $X,XXX.XX | $X,XXX.XX | .1532 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1532 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 108041 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXX | XXXX | $X,XXX.XX | 33.8 | 33.8 | $X,XXX.XX | $X,XXX.XX | .0306 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0306 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 826149 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .0693 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0693 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 288123 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 49.33 | 49.33 | $X,XXX.XX | $X,XXX.XX | -.0390 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0390 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 204170 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXX | XXXX | $X,XXX.XX | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .2095 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .2095 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 492240 |  |  | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 0 | $X,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXX | XXXX | $X,XXX.XX | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0917 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0917 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 986731 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX |  |  | $X,XXX.XX | $X,XXX.XX | .0206 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0206 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 118638 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXX | XXXX | $X,XXX.XX | 24.09 | 24.09 | $X,XXX.XX | $X,XXX.XX | -.0869 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0869 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 252377 |  |  | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 942685 |  |  | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 0 | $X,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXX | XXXX | $X,XXX.XX | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0198 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0198 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 285399 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 25.77 | 25.77 | $X,XXX.XX | $X,XXX.XX | .0305 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0305 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 771764 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .0846 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0846 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 828462 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 27.69 | 27.69 | $X,XXX.XX | $X,XXX.XX | .2673 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .1231 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1231 | XXXX | Reasonable | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .2673 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 856447 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 62.75 | 62.75 | $X,XXX.XX | $X,XXX.XX | .0223 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0223 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 538831 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0533 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0533 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 404119 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 66.67 | 66.67 | $X,XXX.XX | $X,XXX.XX | .1678 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1678 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 827399 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1073 Individual Condo Report | XXXX | XXXX | $X,XXX.XX | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0217 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0217 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 720957 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 36.12 | 36.12 | $X,XXX.XX | $X,XXX.XX | -.2746 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.2746 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 906437 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .0383 | Broker Price Opinion (BPO) Internal | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0383 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 819507 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 43.52 | 43.52 | $X,XXX.XX | $X,XXX.XX |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 733148 |  |  | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 65.0 | 65.0 | $X,XXX.XX | $X,XXX.XX | .1320 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1320 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 869744 |  |  | XX/XX/XXXX | $X,XXX.XX | 0 | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 30.0 | 30.0 | $X,XXX.XX | $X,XXX.XX | -.0044 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Reasonable | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0044 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 338476 |  |  | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .2039 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .2039 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 831584 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0289 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0289 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 659565 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0375 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0375 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 522936 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXX | XXXX | $X,XXX.XX | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0311 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0311 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 433808 |  |  | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0083 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0083 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 238755 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .1171 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1171 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 969625 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .2221 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .2221 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 903373 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .0743 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0743 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 355593 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | -.0616 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0616 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 656335 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 37.93 | 37.93 | $X,XXX.XX | $X,XXX.XX |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 448173 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 32.97 | 32.97 | $X,XXX.XX | $X,XXX.XX | -.1161 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.1161 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 271602 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0140 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0140 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 401648 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .1938 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1938 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 347692 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXX | XXXX | $X,XXX.XX | 52.5 | 52.5 | $X,XXX.XX | $X,XXX.XX | -.3323 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Reasonable | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.3323 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 462525 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 50.0 | 50.0 | $X,XXX.XX | $X,XXX.XX | .1749 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1749 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 543897 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0927 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0927 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 401604 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXX | XXXX | $X,XXX.XX | 72.58 | 72.58 | $X,XXX.XX | $X,XXX.XX | .1617 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1617 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 666040 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.1372 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.1372 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 670320 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 53.67 | 53.67 | $X,XXX.XX | $X,XXX.XX | .0262 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0262 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 360672 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 68.0 | 68.0 | $X,XXX.XX | $X,XXX.XX | -.1123 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.1123 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 445467 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | -.0781 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0781 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 131171 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 64.43 | 64.43 | $X,XXX.XX | $X,XXX.XX | -.0055 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0968 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0968 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0055 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 207048 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXX | XXXX | $X,XXX.XX | 60.0 | 60.0 | $X,XXX.XX | $X,XXX.XX | -.0895 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0895 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 782475 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXX | XXXX | $X,XXX.XX | 39.77 | 39.77 | $X,XXX.XX | $X,XXX.XX | .0019 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0019 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 406298 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXX | XXXX | $X,XXX.XX | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0439 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0439 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 371047 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 65.0 | 65.0 | $X,XXX.XX | $X,XXX.XX | .2974 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .2974 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 309399 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 58.16 | 58.16 | $X,XXX.XX | $X,XXX.XX | -.0947 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0947 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 512883 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 46.43 | 46.43 | $X,XXX.XX | $X,XXX.XX | -.2000 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.2000 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 656100 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 61.22 | 61.22 | $X,XXX.XX | $X,XXX.XX | -.0513 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0513 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 515385 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | $X,XXX.XX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | $X,XXX.XX | 75.0 | 75.0 | $X,XXX.XX | $X,XXX.XX | .0041 | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0000 | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0041 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

## Exhibit 99.14

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

**Exhibit 99.14**

Rating Agency Multi-Property Valuation Report v10.22

---

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| **Loan ID** | **Alt IDs** | **Seller Loan ID** | **Investor Loan ID** | **Property ID** | **Note Date** | **Original Loan Amount** | **Sales Price** | **Primary Appraisal Type** | **Primary Appraised Value** | **Value for LTV** | **Loan Reviewed Property Value** | **Loan Reviewed Variance Amount** | **Loan Reviewed Variance Percent** | **Loan Post-Close Reviewed Property Value** | **Loan Post-Close Reviewed Variance Amount** | **Loan Post-Close Reviewed Variance Percent** | **Primary Appraisal Date** | **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** | **Total Adjusted Prior Purchase Price** | **Completion Report (1004D) Date** |
| XXXX | 161943 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0592 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0592 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 161943 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0606 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0606 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 161943 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0233 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0233 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 374699 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .1118 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1118 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 374699 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0443 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0443 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 123173 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .1353 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1353 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 123173 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0735 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0735 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 999893 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0991 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0991 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 999893 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .1907 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1907 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 999893 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 639662 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0170 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0170 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 639662 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0791 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0791 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 639662 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.2541 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.2541 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 768974 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0679 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0679 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 768974 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .1328 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1328 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 765817 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0385 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0385 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 765817 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0638 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0638 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 765817 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0225 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0225 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 765817 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0989 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0989 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 765817 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0729 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0729 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 765817 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0561 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0561 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 765817 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .1242 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1242 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 765817 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0174 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0174 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 765817 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .1592 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1592 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 605710 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 605710 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0813 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0813 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 713272 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0246 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0246 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 713272 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.1952 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.1952 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 713272 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.1564 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.1564 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 713272 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0328 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0328 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 713272 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.2867 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.2867 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 965972 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.2376 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.2376 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 965972 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0994 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0994 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 965972 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.1063 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.1063 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 965972 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0541 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0541 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 965972 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0260 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0260 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 965972 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0845 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0845 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 345797 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0841 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0841 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 345797 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Reasonable | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | 345797 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0187 | $X,XXX.XX | $X,XXX.XX | .0000 | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0187 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

## Exhibit 99.15

[VCC Mortgage Securities, LLC ABS-15G](vccm-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 IDs** | **Seller Loan ID** | **Investor Loan ID** | **Original Loan Amount** | **DBRS/Morningstar** | **Fitch** | **Kroll** | **S&P** | **Moodys** | **DBRS/Morningstar** | **Fitch** | **Kroll** | **S&P** | **Moodys** |
| XXXX | 113665 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 611908 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 315042 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 416722 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 329361 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 710193 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 263288 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 738474 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 209555 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 182894 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 183361 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 404504 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 463715 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 598166 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 942830 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 673762 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 442563 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 564735 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 926737 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 561296 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 114856 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 567693 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 170123 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 839927 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 806972 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 428983 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 310500 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 982132 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 961742 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 944008 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 486520 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 640399 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 615851 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 938368 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 220786 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 365416 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 300076 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 586280 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 337603 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 376864 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 940663 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 200154 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 488243 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 174573 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 251181 |  |  | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX | 390011 |  |  | A |  |  |  |  |  |  |  |  |  | - A |

---

## Exhibit 99.16

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

**Exhibit 99.16**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loan Number** | **Alt IDs** | **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** |
| XXXX | 406333 | Commercial Appraisal | Industrial | As Is | Average | No |  | No |  | 1 |
| XXXX | 945106 | Commercial Appraisal | Mixed Use | Subject to Completion per Plans and Specs | Average | Yes | A portion of the residential apartment unit (two bedrooms and one bathroom) is in shell/demoed condition and is uninhabitable. The estimated cost considered in the Appraisal analysis is $XX,XXX.XX to complete the interior build-out and make the residence completely habitable. | No |  | 1 |
| XXXX | 253592 | Commercial Appraisal | Commercial | As Is | Good | No |  | No |  | 1 |
| XXXX | 888764 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXX | 190192 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXX | 593573 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXX | 218169 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXX | 657272 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXX | 606124 | Commercial Appraisal | Industrial | As Is | Average | No |  | No |  | 1 |
| XXXX | 228111 | Commercial Appraisal | Retail | As Is | Good | Yes | X XXXXX XXXXX XXXXXXXXX XXXXXXXXX: The appraiser indicates the subject will be in good condition after the repairs are completed. I do not see the appraiser states the condition anywhere for the current As-Is Condition other than it is under renovation. Additionally, The subject is adjacent to two other retail/office buildings (X XXXXXXXX XXXXX and XX XXXXXXXX XXXXX). Additionally, this report <br> estimates a cost of $XX,XXX.XX to restore the demising wall between the subject and X XXXXXXXX XXXXX owned by the same entity. All three properties are undergoing renovations under a shared budget, including interior remodeling, new lighting, plumbing, roofing, and interior and exterior paint. The owner removed the adjoining wall between X XXXXXXXX XXXXX and X XXXXX XXXXX XXXXXXXXX to enable access between these units. <br> To get from our As Complete to As Is Market Value we deduct the remaining renovation budget attributed to the subject of $X,XXX.XX, the estimated cost to restore the demising wall of $XX,XXX.XX, and profit/risk of 20%<br> XXXXXXXXXX - X XXXXX XXXXX XXXXXXXXX XXXXXXXXX<br> XXXXXXXXXX - X XXXXXXXX XXXXX <br> XXXXXXXXXX - XX XXXXXXXX XXXXX | No |  | 1 |
| XXXX | 196236 | Commercial Appraisal | Retail | As Is | Good | Yes | Undergoing Renovatons - the HVAC system, doors, and electrical components had yet to be installed. $X,XXX.XX of the remaining budget has been allocated to this property. The owner removed the demising wall between X XXXXX XXXXX XXXXXXXXX XXXXXXXXX and X XXXXXXXX XXXXX, effectively creating a single economic unit. At the client's request, we have appraised the properties individually, incorporating a $XX,XXX.XX cost-to-cure estimate for reinstalling the wall. This valuation is based on the extraordinary assumption that the estimated cost is sufficient and that the properties will be restored to their original, separate configurations. | No |  | 1 |
| XXXX | 686311 | Commercial Appraisal | Retail | As Is | Average | Yes | Undergoing Renovations - the HVAC system, doors, and electrical components had yet to be installed. $X,XXX.XX of the remaining budget has been allocated to this property. | No |  | 1 |
| XXXX | 183361 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 524590 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXX | 760647 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | Yes | The subject is a mixed-use commercial and residential building that zoning archives indicates was previously used for textile manufacturing and dry cleaning plant. This use may seem to suggest the presence of potential surface and or sub-surface ground contamination. If a subsequent environmental audit suggests that there are areas of concern, we reserve the right to amend our valuation. We did observe remnants of possible asbestos tile. | 1 |
| XXXX | 348207 | Commercial Appraisal | Office | As Is | Fair | Yes | Unit A is currently vacant and undergoing renovations. The unit will require flooring, paint, appliances, upper cabinets, bathroom renovations, etc. The interior of the subject suffers from some deferred maintenance to include painting, replacing ceiling tiles, drywall repairs, and flooring upgrades/repairs. | No |  | 1 |
| XXXX | 404504 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 895210 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXX | 161943 | 1004 URAR | 2-4 Unit Multi-Family | As Is | Fair | Yes | XXXX XXXXXX XX: Property is currently undergoing interior repairs and upgrades, including kitchen and baths, washer/dryer, interior painting and electric panel replacement. Water damage in laundry room. | No |  | 3 |
| XXXX | 463715 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 437991 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXX | 891519 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXX | 316584 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXX | 809882 | Commercial Appraisal | Daycare Facility | As Is | Average | No |  | No |  | 1 |
| XXXX | 476103 | Commercial Appraisal | Warehouse | As Is | Average | Yes | There is a side open car port area approximately XXXX feet and the roof needs replacement. Additionally, the roof mansard around the perimeter needs repairs. Appraiser estimated the cost to repair the car port at $X/SF and an additional $X,XXX.XX for a total of $XX,XXX.XX to repair the roof mansard and patching of the driveway where needed. | No |  | 1 |
| XXXX | 692888 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXX | 348919 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 211697 | Commercial Appraisal | Commercial Condo | As Is | Good | No |  | No |  | 1 |
| XXXX | 741844 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXX | 913415 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXX | 238486 | Commercial Appraisal | Mixed Use | As Is | Good | No |  | No |  | 1 |
| XXXX | 230580 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | Yes | The Appraisal states smoke and carbon monoxide detectors have not been installed on the second floor of the home. State and County building and fire codes in the home's location require a smoke detector on every level of the home and a carbon monoxide detector on each level, within 10 feet of all sleeping areas. | 1 |
| XXXX | 878594 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXX | 536511 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Good | No |  | No |  | 1 |
| XXXX | 740296 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 174079 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 795078 | Commercial Appraisal | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXX | 374699 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | Yes | Photos show handrail missing for basement stairs. | 2 |
| XXXX | 123173 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 2 |
| XXXX | 575302 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C1 – New Construction | No |  | No |  | 1 |
| XXXX | 598166 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 999893 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | Yes | The Appraisal photos show exterior repairs are needed to the front entry steps as they are a safety hazard in their current condition. | 1 |
| XXXX | 523564 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 246182 | 1073 Individual Condo Report | Condominium | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 928032 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 779669 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXX | 982769 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 639662 | 1004 URAR | Single Family Detached | As Is | C2 – No Deferred Maintenance | No |  | No |  | 3 |
| XXXX | 817152 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXX | 363969 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 211438 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXX | 984822 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXX | 698498 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXX | 994608 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 229713 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 974962 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 934607 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 162660 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 233840 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 320632 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 519326 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 783906 | Commercial Appraisal | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXX | 491897 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 821733 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 821065 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 568658 | Commercial Appraisal | Office | As Is | Good | No |  | No |  | 1 |
| XXXX | 517113 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 942830 | 1004 URAR | Single Family Detached | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 673762 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 2 |
| XXXX | 607200 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | Yes | The Commercial Appraisal dated XX/XX/XXXX indicates there were areas of deferred maintenance observed at inspection; photos of the issues are included in the report. The subject's has wood rot on the exterior staircases, and damaged siding has resulted in water penetration and wood rot. The report provides a cost to cure estimate of $XX,XXX.XX and indicates this amount will be deducted from the final value conclusion of this appraisal report as "necessary repairs". The Report photos also show exterior paint on porch, and all trim areas are worn and peeling and siding is aged and dirty on all sides of the home. The Appraiser reported there was no hardwired heating source in the top floor units portable free standing electric heat units present that were not operational at the time of inspection, in the summer heat. Appraiser noted Broker was contacted and Broker indicated this was a previous problem with the thermostat connection in these units. The comments do not confirm heating issue was repaired.<br>| No |  | 1 |
| XXXX | 576498 | Commercial Appraisal | Retail | As Is | Good | No |  | No |  | 1 |
| XXXX | 768974 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | Yes | XX XXXXXXX XX, XXXXXXXX XXXX, XX XXXXX- Stair Handrail missing going down to basement. Furnace not functioning. <br> XXX XXXXXX XXXXXXXX XXXX XX XXXXX - Missing Furnace Cover, Missing Cover on Sump Pump in Basement, Electrical Box missing entire cover panel, exposed wires. | 2 |
| XXXX | 757524 | Commercial Appraisal | Retail | As Is | Good | No |  | No |  | 1 |
| XXXX | 250049 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXX | 442563 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 403435 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Good | No |  | No |  | 1 |
| XXXX | 752088 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXX | 649938 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 192158 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 602594 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 269897 | Commercial Appraisal | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 564735 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 916812 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 752474 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 862643 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 196887 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 903271 | Commercial Appraisal | Mixed Use | As Is | Average | Yes | At the time of inspection, the ground floor retail and one of the apartments were fully occupied with the remaining apartment unit currently undergoing renovations. One of the subject's apartment units is in a partially gutted state and is undergoing renovations. Most of the materials appeared to be on-site. Ownership has estimated the cost to complete the unit at $XX,XXX.XX. However, given that the bathroom and kitchen has not yet been installed, we have concluded to a renovation cost of $XX,XXX.XX; $X,XXX.XX for the bathroom, $XX,XXX.XX for the kitchen and $X,XXX.XX for remaining finishes and incidentals. This estimate includes entrepreneurial incentive for the lease-up of the unit. Based on our onsite inspection, no other observable deferred maintenance exists. | No |  | 1 |
| XXXX | 103221 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXX | 765817 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 9 |
| XXXX | 313296 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 117132 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXX | 529333 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXX | 284038 | Commercial Appraisal | Daycare Facility | As Is | Average | No |  | No |  | 1 |
| XXXX | 118251 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXX | 926737 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 561296 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 519645 | Commercial Appraisal | Mixed Use | As Is | Good | No |  | No |  | 1 |
| XXXX | 771557 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | Yes | There is one fire damaged unit, this unit was being repaired and it was reported that it will be available for rent in 3-4 months. | No |  | 1 |
| XXXX | 108041 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 454855 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXX | 767362 | Commercial Appraisal | Mixed Use | As Is | Fair | No |  | No |  | 1 |
| XXXX | 826149 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | Yes | Appraiser notes observed areas of missing siding/some siding damage, peeling paint on siding and subject roof (mix of wood shingle and metal roof) with several missing shingles and appearing to be nearing end of its'economic life, a through inspection of the interior of the subject showed no damage to livability on interior of home from these items. Appraiser has estimated a cost-to-cure total of $XX,XXX.XX for repairs or partial replacement of roof if needed, repair of missing/damaged siding and repainting of peeling paint and siding. | No |  | 1 |
| XXXX | 288123 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 605710 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | Yes | The report photos show the basement stairs are missing a handrail, and the electrical box and furnace are missing panel covers. | 2 |
| XXXX | 114856 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 328044 | Commercial Appraisal | Retail | As Is | Good | No |  | No |  | 1 |
| XXXX | 204170 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 537034 | Commercial Appraisal | Retail | As Is | Average | No |  | Yes | Basement photos show missing/ damaged sheetrock with exposed wiring, and it does not appear to have a rail going down the stairs. | 1 |
| XXXX | 492240 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 401671 | Commercial Appraisal | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXX | 986731 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 906739 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | No |  | No |  | 4 |
| XXXX | 618201 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | No |  | No |  | 6 |
| XXXX | 151033 | Commercial Appraisal | Office | As Is | Good | No |  | No |  | 1 |
| XXXX | 118638 | 1073 Individual Condo Report | Condominium | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 113665 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 227052 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | Yes | Unit A is currently vacant and undergoing renovations. The unit will require flooring, paint, appliances & bathroom renovations w/an estimated CTC of $XXX | No |  | 1 |
| XXXX | 252377 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 740923 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXX | 590054 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXX | 567693 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 3 |
| XXXX | 942685 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 170123 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 402072 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXX | 398791 | Commercial Appraisal | Commercial Condo | As Is | Average | Yes | The subject was damaged by two separate water leaks and is pending renovations. The proposed improvements include demolition of damaged areas, new elevator, new electrical, plumbing, and HVAC, drywall/sheetrock, framing, flooring, paint, etc. The estimated project cost is $XXX,XXX.XX. | No |  | 1 |
| XXXX | 407286 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXX | 166852 | Commercial Appraisal | Mixed Use | As Is | Good | No |  | No |  | 1 |
| XXXX | 223290 | Commercial Appraisal | Mixed Use | As Is | Average | Yes | "The improvements are in overall average condition although the building is not finished. The first-floor commercial space is incomplete. There is no heating system, the hardwired <br> alarm, emergency lighting, lavatory and the kitchen are not installed. The kitchen may not be required depending on occupancy. Some minor items are incomplete in the residential units. They include electric receptacles not in place, closet doors not installed and a wall heater not in place. In addition, the double <br> iron pull up doors at the front elevation are damaged" | No |  | 1 |
| XXXX | 359450 | Commercial Appraisal | Retail | As Is | Good | No |  | No |  | 1 |
| XXXX | 285399 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 839927 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 185116 | Commercial Appraisal | Warehouse | As Is | Good | No |  | No |  | 1 |
| XXXX | 612439 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXX | 524677 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXX | 927178 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 948076 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 576547 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXX | 206031 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 771764 | 1004 URAR | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 741196 | Commercial Appraisal | Office | As Is | Good | No |  | No |  | 1 |
| XXXX | 828462 | 1004 URAR | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 397334 | Commercial Appraisal | Commercial Condo | As Is | Good | No |  | No |  | 1 |
| XXXX | 483407 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXX | 784940 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXX | 806972 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Good | No |  | No |  | 1 |
| XXXX | 611908 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 856447 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 713272 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 4 |
| XXXX | 965972 | 1004 URAR | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 6 |
| XXXX | 428983 | 1004 URAR |  | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 835991 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXX | 660330 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXX | 538831 | 1004 URAR | 2-4 Unit Multi-Family | As Is | Good | No |  | No |  | 1 |
| XXXX | 310500 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 315042 | 1004 URAR | Single Family Detached | As Is | C1 – New Construction | No |  | No |  | 1 |
| XXXX | 251513 | Commercial Appraisal | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXX | 404119 | 1004 URAR | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 982132 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 9 |
| XXXX | 827399 | 1073 Individual Condo Report | Condominium | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 720957 | 1004 URAR | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 331661 | Commercial Appraisal | Automotive | As Is | Average | Yes | "The front building needs a new roof and HVAC unit and the single family home needs a new furnace/air conditioner. Ownership estimates costs for these improvements at approximately $XX,XXX.XX" | No |  | 1 |
| XXXX | 961742 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 635974 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXX | 416722 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 906437 | 1004 URAR | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 945447 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXX | 819507 | 1004 URAR | 2-4 Unit Multi-Family | As Is | Good | No |  | No |  | 1 |
| XXXX | 894333 | Commercial Appraisal | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXX | 329361 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 733148 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 959158 | Commercial Appraisal | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXX | 109644 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXX | 944008 | 1004 URAR |  | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 2 |
| XXXX | 451181 | Commercial Appraisal | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXX | 869744 | 1004 URAR | 2-4 Unit Multi-Family | As Is | Fair | No |  | No |  | 1 |
| XXXX | 464358 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 261909 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 338476 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 486520 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 710193 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 831584 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 659565 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 522936 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 289106 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXX | 683837 | 1004 URAR | 2-4 Unit Multi-Family | Subject to Completion per Plans and Specs | Average | No |  | No |  | 1 |
| XXXX | 766840 | Commercial Appraisal | Mixed Use | As Is | Good | No |  | No |  | 1 |
| XXXX | 433808 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 370092 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXX | 238755 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 474601 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXX | 354686 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Good | No |  | No |  | 1 |
| XXXX | 740165 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXX | 969625 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | Yes | The kitchen needs completed, there needs to be a railing installed at the loft, heat vents need installed, trim work needs completed, shower enclosure needs installed in third floor bathroom and some interior painting. The estimated cost to cure is $XX,XXX.XX. | No |  | 1 |
| XXXX | 903373 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 793156 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | No |  | Yes | Photos show electric meters with one meter missing a cover. | 1 |
| XXXX | 355593 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | Yes | The Appraisal indicates no smoke or CO detectors noted at inspection. The photos reflect the front entry way to the accessory is unlevel and hazardous, concrete is cracked and propped up by pavers off the ground. | 1 |
| XXXX | 309033 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXX | 757770 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXX | 730295 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | No |  | No |  | 3 |
| XXXX | 263288 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 639315 | Commercial Appraisal | Office | As Is | Good | No |  | No |  | 1 |
| XXXX | 640399 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 656335 | 1004 URAR | Single Family Detached | As Is | C5 – Major Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 615851 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 938368 | 1004 URAR | Single Family Attached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 220786 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 738474 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 850124 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXX | 365416 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 836009 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 933316 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXX | 300076 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 388284 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXX | 434443 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXX | 731378 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXX | 209555 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 748205 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXX | 955805 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 448173 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 182894 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 271602 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 586280 | 1004 URAR | Single Family Attached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 401648 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C5 – Major Deferred Maintenance | Yes | The subject is aXXX year old, wood frame, ranch style dwelling that is in disrepair. The subject needs the following repairs; roof replaced, a new septic system, repair and paint exterior siding, trim, doors, and deck, install gutters, remove dead tree at the front of the house and remove the overgrown vegetation. The interior is full of debris and the tenant's belongings. The subject should be cleaned out so the interior can be renovated. The interior needs painting and the floors need refinishing. The boiler is very old and should be replaced. The kitchen and bath are dated and may need some repairs but they are serviceable. | No |  | 1 |
| XXXX | 337603 | 1073 Individual Condo Report | Condominium | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 376864 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 940663 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 918309 | Commercial Appraisal | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXX | 313159 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXX | 423272 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXX | 200154 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 644741 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXX | 607688 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXX | 488243 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 893037 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXX | 345797 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | Yes | XXX XXXXXXXXX XXX, XXXXX XX XXXXX: Review data fields completed for this property. The Appraisal indicates repairs are needed to the exterior 2nd floor stairway, stairs are sagging, need stabilization and there is unsecured decking at the doorway. The cited cost to cure estimate is $X,XXX.XX. | 3 |
| XXXX | 971255 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXX | 347692 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 100895 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXX | 174573 | 1004 URAR | Single Family Detached | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXX | 876179 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXX | 254428 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXX | 251181 | 1004 URAR | Single Family Detached | As Is | C3 – Well-Maintained | No |  | No |  | 2 |
| XXXX | 390011 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 462525 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXX | 543897 | 1004 URAR | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 401604 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Good | Yes | Unit C is unrenovated and not currently inhabitable. | No |  | 1 |
| XXXX | 666040 | 1004 URAR | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 670320 | 1004 URAR | 2-4 Unit Multi-Family | As Is | Good | No |  | No |  | 1 |
| XXXX | 360672 | 1004 URAR | 2-4 Unit Multi-Family | As Is | Good | No |  | No |  | 1 |
| XXXX | 445467 | 1004 URAR | 2-4 Unit Multi-Family | As Is | Good | No |  | No |  | 1 |
| XXXX | 131171 | 1004 URAR | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 207048 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 782475 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 406298 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 371047 | 1004 URAR | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 309399 | 1004 URAR | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 512883 | 1004 URAR | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 656100 | 1004 URAR | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXX | 515385 | 1004 URAR | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |

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