# EDGAR Filing Document

**Accession Number:** 0001542220
**File Stem:** 0001999371-25-012342
**Filing Date:** 2025-8
**Character Count:** 1467892
**Document Hash:** fab8df90ea4d753f364eb0ba25232d36
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-012342.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001999371-25-012342

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

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20250829

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

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**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:** 251281722

**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:__________________ |

---

  <br> 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 2025-4</u> <br> (Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity (if applicable): _______________ <br>Central Index Key Number of underwriter (if applicable): ________________

<u>Jeff Taylor, (818) 532-3707</u> <br> 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.

In addition, this Form ABS-15G is supplemented by the Form ABS-15Gs filed by VCC Mortgage Securities, LLC (i) on April 15, 2016 (Accession Number: 0001193125-16-745284) (the "16-2 Prior Filing"), (ii) on May 1, 2017 (Accession Number: 0001193125-17-152159) (the "17-1 Prior Filing") and (iii) on May 19, 2020 (Accession Number: 0001387131-20-004976) (the "20-2 Prior Filing" and collectively with the 16-2 Prior Filing and 17-1 Prior Filing , the "Prior Filings"). The 16-2 Prior Filing provided information required by Rule 15Ga-2 (17 CFR 240.15Ga-2) with respect to mortgage loans that were included in the Velocity Commercial Capital Loan Trust 2016-2 securitization transaction (the "16-2 Prior Transaction"). The 17-1 Prior Filing provided information required by Rule 15Ga-2 (17 CFR 240.15Ga-2) with respect to mortgage loans that were included in the Velocity Commercial Capital Loan Trust 2017-1 securitization transaction (the "17-1 Prior Transaction"). The 20-2 Prior Filing provided information required by Rule 15Ga-2 (17 CFR 240.15Ga-2) with respect to mortgage loans that were included in the Velocity Commercial Capital Loan Trust 2020-2 securitization transaction (the "20-2 Prior Transaction" and collectively with the 16-2 Prior Transaction and the 17-1 Prior Transaction, the "Prior Transactions"). Each of the Prior Filings for the related Prior Transaction is incorporated by reference solely to the extent it relates to such mortgage loans that were included in the related Prior Transactions and will be included in the Velocity Commercial Capital Loan Trust 2025-4 transaction (which such subset of loans will be separately identified therein).

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| &nbsp;&nbsp;[99.01](ex99-01.htm) | &nbsp;&nbsp;AMC Diligence, LLC ("**AMC**") Executive Summary |
| &nbsp;&nbsp;[99.02](ex99-02.htm) | &nbsp;&nbsp;AMC Data Compare Report |
| &nbsp;&nbsp;[99.03](ex99-03.htm) | &nbsp;&nbsp;AMC Title Diligence Summary Report |
| &nbsp;&nbsp;[99.04](ex99-04.htm) | &nbsp;&nbsp;AMC Title Diligence Exceptions Report |
| &nbsp;&nbsp;[99.05](ex99-05.htm) | &nbsp;&nbsp;AMC Servicing Upload Report |
| &nbsp;&nbsp;[99.06](ex99-06.htm) | &nbsp;&nbsp;AMC Servicing Pay History Report |
| &nbsp;&nbsp;[99.07](ex99-07.htm) | &nbsp;&nbsp;AMC Valuation Summary Report |
| &nbsp;&nbsp;[99.08](ex99-08.htm) | &nbsp;&nbsp;AMC Multi-Property Valuation Report |
| &nbsp;&nbsp;[99.09](ex99-09.htm) | &nbsp;&nbsp;AMC Delinquency Summary Report |
| &nbsp;&nbsp;[99.10](ex99-10.htm) | &nbsp;&nbsp;AMC NOO Exception and Grades Report |
| &nbsp;&nbsp;[99.11](ex99-11.htm) | &nbsp;&nbsp;AMC NOO Exception Grades Report |
| &nbsp;&nbsp;[99.12](ex99-12.htm) | &nbsp;&nbsp;AMC GL Exception and Grades Report |
| &nbsp;&nbsp;[99.13](ex99-13.htm) | &nbsp;&nbsp;AMC GL Exception Grades Report |
| &nbsp;&nbsp;[99.14](ex99-14.htm) | &nbsp;&nbsp;AMC Valuation Check Report |
| &nbsp;&nbsp;[99.15](ex99-15.htm) | &nbsp;&nbsp;Opus Capital Markets Consultants, LLC ("**Opus**") Narrative |
| &nbsp;&nbsp;[99.16](ex99-16.htm) | &nbsp;&nbsp;Opus Standard Findings Report |
| &nbsp;&nbsp;[99.17](ex99-17.htm) | &nbsp;&nbsp;Opus Rating Agency Grades Report |
| &nbsp;&nbsp;[99.18](ex99-18.htm) | &nbsp;&nbsp;Opus Data Compare Report |
| &nbsp;&nbsp;[99.19](ex99-19.htm) | &nbsp;&nbsp;Opus Valuation Report |
| &nbsp;&nbsp;[99.20](ex99-20.htm) | &nbsp;&nbsp;Opus Multi-Property Valuation Report |
| &nbsp;&nbsp;[99.21](ex99-21.htm) | &nbsp;&nbsp;Opus NOO Rating Agency Grades Report |
| &nbsp;&nbsp;[99.22](ex99-22.htm) | &nbsp;&nbsp;Opus Property Conditions 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** | **VCC Mortgage Securities, LLC** |
|  | (Depositor) | (Depositor) |
| Date: August 29, 2025 | By: | /s/ Jeff Taylor |
|  | Name: | Jeff Taylor |
|  | Title: | Executive Vice President<br> (senior officer in charge of securitization) |

---

## Exhibit 99.01

**[VCC Mortgage Securities, LLC ABS-15G](vcc20254-abs15g_082925.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 April 2020 and August 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 six hundred eighty-seven (687) 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;104 | &nbsp;&nbsp;231 | &nbsp;&nbsp;45.02% |
| &nbsp;&nbsp;Investor 1-4 Fam\*\* | &nbsp;&nbsp;265 | &nbsp;&nbsp;586 | &nbsp;&nbsp;45.22% |
|  | &nbsp;&nbsp;**369** | &nbsp;&nbsp;**817** | &nbsp;&nbsp;**45.17%** |

---

The four (4) SBA loans below are a subset of the previous table.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Property <br> Type** | &nbsp;&nbsp;**Loan Type** | &nbsp;&nbsp;**Review <br> Population** | | |
| <br>&nbsp;&nbsp;**Review** | &nbsp;&nbsp;**Property <br> Type** | &nbsp;&nbsp;**Loan Type** | &nbsp;&nbsp;**Review <br> Population** | &nbsp;&nbsp;**Pool**<br>&nbsp;&nbsp;**Population** | &nbsp;&nbsp;**%**<br>&nbsp;&nbsp;**Population** |
| &nbsp;&nbsp;Guideline Review | &nbsp;&nbsp;Small Bal<br> CRE | &nbsp;&nbsp;SBA | &nbsp;&nbsp;4 | &nbsp;&nbsp;4 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;(Including Data Integrity) | &nbsp;&nbsp;Investor <br> 1-4 Fam | &nbsp;&nbsp;SBA | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;**Total Guideline Review** |  |  | &nbsp;&nbsp;**4** | &nbsp;&nbsp;**4** | &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 <br> Occupancy <br> ("NOO") | &nbsp;&nbsp;Investor 1-4 Fam <br> (not included in <br> Guideline Review) | &nbsp;&nbsp;318 | &nbsp;&nbsp;587 | &nbsp;&nbsp;54.27% |
| &nbsp;&nbsp;Total Non-Owner <br> Occupancy <br> ("NOO") |  | &nbsp;&nbsp;318 | &nbsp;&nbsp;547 | &nbsp;&nbsp;54.27% |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Review Population** | | |
| <br>&nbsp;&nbsp;**Review** | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Review Population** | &nbsp;&nbsp;**Pool**<br>&nbsp;&nbsp;**Population** | &nbsp;&nbsp;**%**<br>&nbsp;&nbsp;**Population** |
| &nbsp;&nbsp;Pay History Review | &nbsp;&nbsp;Small Bal CRE > | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Pay History Review | &nbsp;&nbsp;6 months | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Pay History Review | &nbsp;&nbsp;Investor 1-4 Fam > | &nbsp;&nbsp;4 | &nbsp;&nbsp;4 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Pay History Review | &nbsp;&nbsp;6 months | &nbsp;&nbsp;4 | &nbsp;&nbsp;4 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Total Servicing <br> Review** |  | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**100.00%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Review Population** | | |
| <br>&nbsp;&nbsp;**Review** | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Review Population** | &nbsp;&nbsp;**Pool**<br>&nbsp;&nbsp;**Population** | &nbsp;&nbsp;**%**<br>&nbsp;&nbsp;**Population** |
| &nbsp;&nbsp;Servicer Comment <br> Review | &nbsp;&nbsp;Small Bal CRE > | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Servicer Comment <br> Review | &nbsp;&nbsp;6 months | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Servicer Comment <br> Review | &nbsp;&nbsp;Investor 1-4 Fam > | &nbsp;&nbsp;4 | &nbsp;&nbsp;4 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Servicer Comment <br> Review | &nbsp;&nbsp;6months | &nbsp;&nbsp;4 | &nbsp;&nbsp;4 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Total Servicing <br> Review** |  | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**100.00%** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Review Population** | | |
| <br>&nbsp;&nbsp;**Review** | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Review Population** | &nbsp;&nbsp;**Pool**<br>&nbsp;&nbsp;**Population** | &nbsp;&nbsp;**%**<br>&nbsp;&nbsp;**Population** |
| &nbsp;&nbsp;Title Review | &nbsp;&nbsp;Small Bal CRE >= | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Title Review | &nbsp;&nbsp;12 months | &nbsp;&nbsp;5 | &nbsp;&nbsp;5 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Title Review | &nbsp;&nbsp;Investor 1-4 Fam <br> >= | &nbsp;&nbsp;4 | &nbsp;&nbsp;4 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;Title Review | &nbsp;&nbsp;12 months | &nbsp;&nbsp;4 | &nbsp;&nbsp;4 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Total Title Review** |  | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**100.00%** |

---

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

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

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![](ex9901001.jpg)

communicated by the Client to AMC. AMC did not choose the size of the samples, but AMC did select loans for inclusion in a sample once a number of loans to be reviewed had been determined. DBRS and Kroll are aware of the sample size covered during the Review.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Field** | &nbsp;&nbsp;**Loans With <br> Discrepancy** | &nbsp;&nbsp;**Total Times <br> Compared** | &nbsp;&nbsp;**% <br> Variance** | &nbsp;&nbsp;**# Of <br> Loans** |
| &nbsp;&nbsp;# of Units | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Amortization Term | &nbsp;&nbsp;14 | &nbsp;&nbsp;687 | &nbsp;&nbsp;2.04% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Amortization Type | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Appraised Value | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Borrower Full Name | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;City | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Contract Sales Price | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;DCR UW VCC | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;First Interest Rate Change Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;First Payment Change Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Index Type | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Interest Rate Change Frequency | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Interest Rate Initial Cap | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Interest Rate Initial Maximum | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Interest Rate Initial Minimum | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Interest Rate Life Cap | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Interest Rate Life Max | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Interest Rate Life Min | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Interest Rate Periodic Cap | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Investment Property Type | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Lien Position | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;LTV Valuation Value | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Margin | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Maturity Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Mod | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Next Interest Rate Change Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Note Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Occupancy | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Original Interest Rate | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Original Loan Amount | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |

---

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![](ex9901001.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Original LTV | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Original P&I | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Original Term | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Prepayment Penalty Period (months) | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Prepayment Terms | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Purpose | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Refi Purpose | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Representative FICO | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;State | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Street | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;Zip | &nbsp;&nbsp;0 | &nbsp;&nbsp;687 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;687 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**14** | &nbsp;&nbsp;**28854** | &nbsp;&nbsp;**0.05%** | &nbsp;&nbsp;**28854** |

---

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

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

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

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

---

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

---

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

For this review, the procedures included:

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

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

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■ 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.

■ 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

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signatures is present. For loans made to Business Entity borrowers, the Certification of Non-Owner Occupancy and Indemnity is not a required document and loan file will not be cited if missing.

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

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

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

At the direction of the Client, AMC conducted a valuation review utilizing various values and methodologies as further detailed in Item 5 below. In total, for the entire original population, Client ordered secondary valuation products on two hundred sixty-five (265) 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>Payment History Review (9 loans)</u>**

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

**<u>Servicer Comment Review (9 loans)</u>**

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

**<u>Title Review (9 loans)</u>**

SitusAMC was engaged to perform diligence on multiple pools of mortgage loans between August 2024 and January 2025. Property reports and images of recorded documents were provided by a title abstracting service provider selected by the engaging party ("Property Reports"). SitusAMC gathered, analyzed, and reviewed the Property Reports to assess any title, vesting, or lien issues and provided the engaging party a detailed report of all relevant findings.

The scope of the diligence included the following:

&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Chain of Title Review</u>: The deed chain was reviewed to identify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Any mortgages which were not executed by all parties on title at the time of origination/recordation
to identify any potential concerns related to mortgage enforceability or lien perfection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any properties which were no longer owned at least in part by the subject mortgage borrower were
reviewed to identify potential concerns related to or arising from the current ownership status.

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&nbsp;&nbsp;&nbsp;&nbsp;B. <u>First Lien Position Review</u>: Lien and subject mortgage information was reviewed to identify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Any mortgages recorded prior to the subject mortgage. ("Prior Mortgages")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any other liens or judgments recorded prior to the subject mortgage. ("Prior Liens")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Any junior liens recorded after the subject mortgage which have the potential to assert some form
of lien priority over the subject mortgage such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Municipal liens ("Municipal Liens")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Property tax liens/security agreements ("Property Tax Liens")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Federal/DOJ/IRS Tax liens ("Federal Tax Liens")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. HOA liens (including the identification of HOA super lien states) ("Super Position HOA Liens")

&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Prior Mortgage & Lien Validity Review:</u> For those items identified in B(a) and B(b),
an additional level of review was completed to determine if the item in question was then currently attached and/or enforceable
against the subject property as a priority lien, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Regional statutes/case law related to lien/mortgage enforcement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Debtor Identity Verification (i.e. Commonality of Name)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Attachment protections like Tenancy by the Entireties, Instantaneous Seisin, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Recorded Satisfactions, Releases, Reconveyances, Cancellations, Subordination Agreements, etc.
(whether shown on the Property Report or independently located via online public records)

&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Title Policy Coverage Review:</u> For those items identified in Section B(a) and B(b) above
which were not resolved in Section C above and for those items identified in Section A(a) above, SitusAMC reviewed the Lender's
Title Policy ("Title Policy"), when available, to determine whether SitusAMC believed that damages resulting from the
item in question could be indemnified by the title insurer under the apparent terms and conditions of the Title Policy. The findings
of this review are limited to the identification of coverage exceptions which are explicitly itemized in the Title Policy and should
not be construed as the equivalent to the Insurers determination of coverage.

&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Miscellaneous Item Review:</u> In instances where a miscellaneous item or exception is identified
in the course of the itemized scope that is not otherwise categorized above ("Miscellaneous Items"), that item is reviewed
to confirm whether or not it is believed to be a concern with respect to the enforceability of the subject mortgage or of material
interest to the engaging party.

**<u>Limited Appraisal Review (461 Mortgage Loans)</u>**

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

**(9) Disclaimer.**

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

Please be further advised that SitusAMC does not employ personnel who are licensed to practice law in the various jurisdictions covered in this Report, and the results set forth in this Report do not constitute legal advice or legal opinions

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whatsoever. The findings are recommendations or conclusions based on information provided to SitusAMC, and are not statements of fact or legal conclusions. Information contained in the Report related to the applicable statute of limitations for certain claims may not be accurate or reflect the most recent controlling case law. Further, a particular court in a particular jurisdiction may extend, not enforce or otherwise allow claims beyond the statute of limitations identified in the Report based on certain factors, including the facts and circumstances of an individual mortgage loan. The authorities administering the Applicable Law that was part of the review have broad discretionary powers which may permit such authorities, among other things, to withdraw exemptions accorded by statute or regulation, to impose additional requirements or to reach a conclusion that is not consistent with the results set forth in the Report. All decisions as to whether to issue, purchase, hold, sell or otherwise transact in securities backed by the mortgage loans reviewed in this Report, any investment strategy and any legal conclusions, including the potential liability related to the purchase or other transaction involving any such securities, shall be made solely by the parties to or investors in the transaction. The results set forth in this Report do not constitute tax or investment advice. The scoring models in this Report are designed to identify potential risk in the securities backed by the mortgage loans reviewed, and each party or investor assumes sole responsibility for determining the suitability of the information for its particular use. SitusAMC does not make any representation or warranty (express or implied) as to the value of any mortgage loan or mortgage loan's collateral that has been reviewed by SitusAMC.

**SUMMARY OF FINDINGS AND CONCLUSIONS OF REVIEW** 

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

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

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

**CREDIT REVIEW RESULTS** 

**Guideline Review Credit Results:**

All three hundred sixty-nine (369) mortgage loans reviewed by AMC have a Credit grade of "B" or higher and 34.96% of the mortgage loans by number have a Credit grade of "A.". Two hundred forty (240) of the "B" grades correspond to mortgages loans where the lender issued a guideline exception/waiver. There is a total of five hundred sixty-ninety (569) waived (and downgraded) credit exceptions affecting those two hundred forty (240) mortgages loans. Some mortgage loans received multiple waivers.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Guideline Review Credit Loan Grades** | &nbsp;&nbsp;**Guideline Review Credit Loan Grades** | &nbsp;&nbsp;**Guideline Review Credit Loan Grades** |
| &nbsp;&nbsp;**Final Loan Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp; **% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;129 | &nbsp;&nbsp;34.96% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;240 | &nbsp;&nbsp;65.04% |
| &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;**369** | &nbsp;&nbsp;**100.00%** |

---

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**Non-Owner Occupancy Review Credit Results** 

Three hundred seventeen (317) mortgage loans reviewed by AMC have a Credit grade of "A" and one (1) mortgage loan has a Credit grade of "C".

---

| | | |
|:---|:---|:---|
| &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;317 | &nbsp;&nbsp;99.69% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.31% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**318** | &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 three hundred nine (309) residential mortgage loans. Zero (0) mortgage loan had a value more than 10% below Origination Value or a secondary valuation was not received.

**Guideline Review Valuation Results:**

Three hundred thirty-four (334) of the mortgage loans received a Property grade "A", and thirty-five (35) of the mortgage loans received and Property grade "C". The thirty-five (35) mortgage loans with the Property grade "C" corresponds to the twenty-eight (28) mortgage loans with the "Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo", five (5) "Subject is not in average or better condition", one (1) "Valuation Error: Property condition not provided" exception, and one (1) "Loan is to be securitized. Highest level secondary valuation does not support the value used to qualify. Sec ID: 7."

---

| | | |
|:---|:---|:---|
| &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;334 | &nbsp;&nbsp;90.51% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;35 | &nbsp;&nbsp;9.49% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**369** | &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, three hundred thirty-four (334) mortgage loans reviewed by AMC in the Full Guideline Review scope have an Overall grade of "B" or higher and 31.98 % of the mortgage loans by number have an Overall grade of "A." Thirty-five (35) mortgage loan has an Overall grade of "C".

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Guideline Review Overall Loan Grades** | &nbsp;&nbsp;**Guideline Review Overall Loan Grades** | &nbsp;&nbsp;**Guideline Review Overall Loan Grades** |
| &nbsp;&nbsp;**Final Loan Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp; **% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;118 | &nbsp;&nbsp;31.98% |

---

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;B | &nbsp;&nbsp;216 | &nbsp;&nbsp;58.54% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;35 | &nbsp;&nbsp;9.49% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**369** | &nbsp;&nbsp;**100.00%** |

---

In the Guideline Review Population there are four (4) SBA mortgage loans. SitusAMC conducted a review of the four 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, three hundred seventeen (317) mortgage loans reviewed by AMC have an Overall grade of "A" and one (1) mortgage loan has an Overall grade of "C" .

---

| | | |
|:---|:---|:---|
| &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;317 | &nbsp;&nbsp;99.69% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.31% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**318** | &nbsp;&nbsp;**100.00%** |

---

**Payment History Review Summary** 

AMC conducted a Payment History Review on mortgage loans nine (9) mortgage loans. All nine (9) (100.00%) of the Mortgage loans subjected to the Payment History Review had complete pay history strings. In total, no mortgage loans showed at last one delinquency within the look back period. As of the 7/31/2025 cutoff date, all nine (9) mortgage loans (100.00%) mortgage loans were current. Some "% of Loans" may not add to 100% due to rounding.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**# of Mortgage Loans** | &nbsp;&nbsp;**% of Mortgage Loans** |
| &nbsp;&nbsp;No Delinquency, No Missing Data | &nbsp;&nbsp;8 | &nbsp;&nbsp;88.89% |
| &nbsp;&nbsp;Delinquency, No Missing Data | &nbsp;&nbsp;1 | &nbsp;&nbsp;11.11% |
| &nbsp;&nbsp;No Delinquency, At Least One Month Missing | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Delinquency, At Least One Month Missing | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**100.00%** |
| &nbsp;&nbsp;**Lookback Period** | &nbsp;&nbsp;**Loan Count** | &nbsp;&nbsp;**% of Loans** |
| &nbsp;&nbsp;Twelve (12) Months | &nbsp;&nbsp;9 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**100.00%** |

---

**Servicer Comment Review Summary**

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AMC conducted a Servicing Review on nine (9) mortgage loans. The servicing review contained EV2 grades for one (1) mortgage loan.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Servicing Review Grade | &nbsp;&nbsp;Loan Count | &nbsp;&nbsp;% of Loans |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;1 | &nbsp;&nbsp;11.11% |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;8 | &nbsp;&nbsp;88.89% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**9** | &nbsp;&nbsp;**100.00%** |

---

**Title Review**

As requested by the Client, a title review was included in SitusAMC's scope of review. To facilitate this review, the Client provided SitusAMC with identifying data on the population of mortgage loans. Data provided by the client, included mortgage loan and servicer identification numbers as well as subject property address, borrower names, origination date, original mortgage loan amount for the subject mortgage and title policies from origination as it relates to the subject mortgage. Using the data provided, SitusAMC ordered a current owner's title search on these mortgage loans through a service provider. Upon receipt and review of the current owner's title search results, SitusAMC identified whether or not the subject mortgage was of record, whether any deed vesting concerns of substance were present, and whether the title search report revealed any liens and/or judgments which could affect the seniority of the subject mortgage, including potentially superior post origination liens and/or judgments such as Property Tax Liens, Municipal Liens, and Association Super Liens. SitusAMC reviewed the title policies for all liens and/or judgments that were recorded before the recordation of the subject mortgage to determine if any identifiable liens and/or judgments were listed as an exception on schedule B of the applicable title policies.

**SitusAMC TITLE REVIEW SUMMARY (9 Mortgage Loans across 12 properties)**

As part of the due diligence services, the Client provided SitusAMC with identifying data on 9 mortgage loans across 12 properties. Based on the scope of review set forth herein, the critical findings are summarized as follows:

● There are no potential issues concerning origination deed vesting.

● No unresolved Super Position HOA Liens recorded after the subject mortgage which were entitled to limited or full lien priority over the subject mortgage were identified.

● Except with respect to 1 Municipal Lien across 1 mortgage loan file, no unresolved Municipal Liens which had limited or full lien priority over the subject mortgage were located.

● No unresolved Property Tax Liens which had limited or full lien priority over the subject mortgage were located.

● All Prior Liens identified in our review have been resolved.

● All Prior Mortgages identified in our review have been resolved.

● As to any Miscellaneous Items of substance, the items in this category typically defy standard categorization or summarization and are individually detailed.

**SitusAMC Limited Appraisal Review Summary (461 Mortgage Loans across 517 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 four hundred forty-two (442) mortgage loans representing four hundred ninety-eight (498) properties. Additionally, SitusAMC reviewed a separate population of nineteen (19) mortgage loans outside the original SitusAMC population. 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;**Is there property damage?** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Percentage of Loans (%)** |
| &nbsp;&nbsp;No | &nbsp;&nbsp;478 | &nbsp;&nbsp;92.46% |
| &nbsp;&nbsp;Yes | &nbsp;&nbsp;39 | &nbsp;&nbsp;7.54% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**517** | &nbsp;&nbsp;**100.00%** |

---

11 \| P a g e

![](ex9901001.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Environmental/Health/Safety Problems** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Percentage of Loans (%)** |
| &nbsp;&nbsp;No | &nbsp;&nbsp;472 | &nbsp;&nbsp;91.30% |
| &nbsp;&nbsp;Yes | &nbsp;&nbsp;45 | &nbsp;&nbsp;8.70% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**517** | &nbsp;&nbsp;**100.00%** |

---

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

All items are relevant for the three hundred sixty-nine (369) 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 <br> Count** | &nbsp;&nbsp;**% of <br> Loans** | &nbsp;&nbsp;**Original <br> Balance** | &nbsp;&nbsp;**% of <br> Balance** |
| &nbsp;&nbsp;Fixed | &nbsp;&nbsp;368 | &nbsp;&nbsp;99.73% | &nbsp;&nbsp;$168685266.00 | &nbsp;&nbsp;99.89% |
| &nbsp;&nbsp;Adjustable | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.27% | &nbsp;&nbsp;$183750.00 | &nbsp;&nbsp;0.11% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**369** | &nbsp;&nbsp;**100.00%** | &nbsp;&nbsp;**$168869016.00** | &nbsp;&nbsp;**100.00%** |
| &nbsp;&nbsp;**Lien Position** | &nbsp;&nbsp;**Loan <br> Count** | &nbsp;&nbsp;**% of <br> Loans** | &nbsp;&nbsp;**Original <br> Balance** | &nbsp;&nbsp;**% of <br> Balance** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;369 | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;$168869016.00 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**369** | &nbsp;&nbsp;**100.00%** | &nbsp;&nbsp;**$168869016.00** | &nbsp;&nbsp;**100.00%** |
| &nbsp;&nbsp;**Loan Purpose** | &nbsp;&nbsp;**Loan <br> Count** | &nbsp;&nbsp;**% of <br> Loans** | &nbsp;&nbsp;**Original <br> Balance** | &nbsp;&nbsp;**% of <br> Balance** |
| &nbsp;&nbsp;Cash Out: Other/Multi-purpose/Unknown Purpose | &nbsp;&nbsp;247 | &nbsp;&nbsp;66.94% | &nbsp;&nbsp;$92991800 | &nbsp;&nbsp;55.07% |
| &nbsp;&nbsp;Other-than-first-time Home Purchase | &nbsp;&nbsp;94 | &nbsp;&nbsp;25.47% | &nbsp;&nbsp;$55760746.00 | &nbsp;&nbsp;33.02% |
| &nbsp;&nbsp;Rate/Term Refinance - Borrower Initiated | &nbsp;&nbsp;28 | &nbsp;&nbsp;7.59% | &nbsp;&nbsp;$20116470 | &nbsp;&nbsp;11.91% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**369** | &nbsp;&nbsp;**100.00%** | &nbsp;&nbsp;**$168869016.00** | &nbsp;&nbsp;**100.00%** |
| &nbsp;&nbsp;**Original Term** | &nbsp;&nbsp;**Loan <br> Count** | &nbsp;&nbsp;**% of <br> Loans** | &nbsp;&nbsp;**Original <br> Balance** | &nbsp;&nbsp;**% of <br> Balance** |
| &nbsp;&nbsp;121-180 Months | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.27% | &nbsp;&nbsp;$165000.00 | &nbsp;&nbsp;0.10% |
| &nbsp;&nbsp;241-360 Months | &nbsp;&nbsp;368 | &nbsp;&nbsp;99.73% | &nbsp;&nbsp;$168704016.00 | &nbsp;&nbsp;99.90% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**369** | &nbsp;&nbsp;**100.00%** | &nbsp;&nbsp;**$168869016.00** | &nbsp;&nbsp;**100.00%** |

---

12 \| P a g e

## Exhibit 99.02

**[VCC Mortgage Securities, LLC ABS-15G](vcc20254-abs15g_082925.htm)**

**Exhibit 99.02**

![](situsamc_logo.jpg)

**Data Compare (Non-Ignored)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AMC Loan ID** | **Customer Loan ID** | **Edgar Loan IDs** | **Servicer Loan ID** | **Investor Loan Number** | **Field Label** | **Bid Tape Field Value** | **Field Value** | **Compare Status** | **Comment** |
| 223548726 | XXXX | 2025-4-100053 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| 223549646 | XXXX | 2025-4-100013 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference |
| 223595126 | XXXX | 2025-4-100081 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| 223595173 | XXXX | 2025-4-100060 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology Difference |
| 223638732 | XXXX | 2025-4-100180 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| 223706591 | XXXX | 2025-4-100214 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology Difference |
| 223710802 | XXXX | 2025-4-100262 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| 223710838 | XXXX | 2025-4-100304 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| 223742130 | XXXX | 2025-4-100335 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| 223787042 | XXXX | 2025-4-100403 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference |
| 223795317 | XXXX | 2025-4-100569 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference |
| 223851663 | XXXX | 2025-4-100432 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| 223890613 | XXXX | 2025-4-100532 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| 223890646 | XXXX | 2025-4-100565 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |

---

## Exhibit 99.03

**[VCC Mortgage Securities, LLC ABS-15G](vcc20254-abs15g_082925.htm)**

**Exhibit 99.03**

![](situsamc_logo.jpg)

**Title Diligence**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Client LN** | **SitusAMC ID** | **EDGAR Loan ID** | **Servicer LN** | **Address** | **City** | **ST** | **Zip** | **Trade** | **Title Report Effective Date** | **Title Report Date** | **Tax Certificate Effective Date** | **Subject Lien Recorded** | **Number of Pages Recorded** | **Subject Mortgage Originator** | **Origination Balance** | **Origination Date** | **Recording Date** | **Mortgage Book** | **Mortgage Page** | **Mortgage Doc Number** | **County of Recording** | **State of Recording** | **Critical Defect** | **SMtg Open** | **Address Variation** | **Origination Vesting** | **Current Vesting** | **SMtg First Position Mortgage** | **Prior Lien / Judgment** | **Municipal Lien** | **Association Super Lien** | **Property Tax Lien** | **Property Tax Status** | **SMtg Lien Position (Mortgages)** | **Critical Exception Count** | **Prior Mortgage Exception Count** | **Prior Mortgage Exception Total** | **Prior Mortgage Exception Details** | **Prior Lien Exception Count** | **Prior Lien Exception Total** | **Prior Lien Exception Details** | **Municipal Lien Exception Count** | **Municipal Lien Exception Total** | **Municipal Lien Exception Details** | **Property Tax Lien Exception Count** | **Property Tax Lien Exception Total** | **Property Tax Lien Exception Details** | **Association Lien Exception Count** | **Association Lien Exception Total** | **Association Lien Exception Details** | **IRS Lien Exception Count** | **IRS Lien Exception Total** | **IRS Lien Exception Details** | **Deed Vesting Exception Categories** | **Property Tax Status Issue** | **DQ Property Tax Amount** | **Property Tax Status Details** | **Final Event Level** | **Title Exceptions** | **Title Comments** |
| XXXX | XXXX | 2025-4-100056 |  | XXXX | XXXX | XX | XXXX | XXXX | 06/06/2025 | 06/17/2025 |  | Yes | 20 | XXXX | XXXX | XX/XX/XXXX | XX/XX/XXXX |  |  | XXXX | XXXX | XX | Pass | Pass | Pass | Pass | Fail | Pass | Pass | Pass | Pass | Pass | Pass | 1 | 0 |  |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | Transferred to Land Trust |  |  |  | 2 | Transferred to Land Trust | XXXX |
| XXXX | XXXX | 2025-4-100007 |  | XXXX | XXXX | XX | XXXX | XXXX | 05/20/2025 | 06/17/2025 |  | Yes | 21 | XXXX | XXXX | XX/XX/XXXX | XX/XX/XXXX | XXXX | XXXX |  | XXXX | XX | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | 1 | 0 |  |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |  | Tax Report Not Available |  |  | 2 | Subordinate Liens/Judgments | XXXX |
| XXXX | XXXX | 2025-4-100000 |  | XXXX | XXXX | XX | XXXX | XXXX | 06/12/2025 | 06/17/2025 |  | Yes | 23 | XXXX | XXXX | XX/XX/XXXX | XX/XX/XXXX |  |  | XXXX | XXXX | XX | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | 1 | 0 |  |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |  | Tax Report Not Available |  |  | 2 | Inter-Family Deed Transfer | XXXX |
| XXXX | XXXX | 2025-4-100001 |  | XXXX | XXXX | XX | XXXX | XXXX | 06/06/2025 | 06/17/2025 |  | Yes | 17 | XXXX | XXXX | XX/XX/XXXX | XX/XX/XXXX | XXXX | XXXX | XXXX | XXXX | XX | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | 1 | 0 |  |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |  | Tax Report Not Available |  |  | 1 |  |  |
| XXXX | XXXX | 2025-4-100002 |  | XXXX | XXXX | XX | XXXX | XXXX | 06/06/2025 | 06/17/2025 |  | Yes | 17 | XXXX | XXXX | XX/XX/XXXX | XX/XX/XXXX | XXXX | XXXX | XXXX | XXXX | XX | Fail | Pass | Pass | Pass | Pass | Pass | Pass | Fail | Pass | Pass | Pass | 1 | 1 |  |  |  | 0 |  |  | 1 | XXXX | XXXX | 0 |  |  | 0 |  |  | 0 |  |  |  | Tax Report Not Available |  |  | 3 | Municipal Certificate of Sale | XXXX |
| XXXX | XXXX | 2025-4-100005 |  | XXXX | XXXX | XX | XXXX | XXXX | 06/13/2025 | 06/17/2025 |  | Yes | 23 | XXXX | XXXX | XX/XX/XXXX | XX/XX/XXXX | XXXX | XXXX | XXXX | XXXX | XX | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | 1 | 0 |  |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |  |  |  |  | 1 |  |  |
| XXXX | XXXX | 2025-4-100004 |  | XXXX | XXXX | XX | XXXX | XXXX | 06/09/2025 | 06/17/2025 |  | Yes | 22 | XXXX | XXXX | XX/XX/XXXX | XX/XX/XXXX |  |  | XXXX | XXXX | XX | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | 1 | 0 |  |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |  |  |  |  | 2 | Subordinate Mortgage<br>Subordinate Mortgage<br>Subordinate Mortgage<br>Subordinate Mortgage | XXXX |
| XXXX | XXXX | 2025-4-100006 |  | XXXX | XXXX | XX | XXXX | XXXX | 06/06/2025 | 06/17/2025 |  | Yes | 21 | XXXX | XXXX | XX/XX/XXXX | XX/XX/XXXX | XXXX | XXXX | XXXX | XXXX | XX | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | 1 | 0 |  |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |  | Tax Report Not Available |  |  | 1 |  |  |
| XXXX | XXXX | 2025-4-100057 |  | XXXX | XXXX | XX | XXXX | XXXX | 07/22/2025 | 07/25/2025 |  | Yes | 25 | XXXX | XXXX | XX/XX/XXXX | XX/XX/XXXX |  |  | XXXX | XXXX | XX | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | 1 | 0 |  |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |  | Tax Report Not Available |  |  | 1 |  |  |
| XXXX | XXXX | 2025-4-100058 |  | XXXX | XXXX | XX | XXXX | XXXX | 07/22/2025 | 07/25/2025 |  | Yes | 25 | XXXX | XXXX | XX/XX/XXXX | XX/XX/XXXX |  |  | XXXX | XXXX | XX | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | 1 | 0 |  |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |  | Tax Report Not Available |  |  | 2 | Subordinate Liens/Judgments | XXXX |
| XXXX | XXXX | 2025-4-100059 |  | XXXX | XXXX | XX | XXXX | XXXX | 07/22/2025 | 07/25/2025 |  | Yes | 25 | XXXX | XXXX | XX/XX/XXXX | XX/XX/XXXX |  |  | XXXX | XXXX | XX | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | 1 | 0 |  |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |  | Tax Report Not Available |  |  | 1 |  |  |
| XXXX | XXXX | 2025-4-100407 |  | XXXX | XXXX | XX | XXXX | XXXX | 07/22/2025 | 07/25/2025 |  | Yes | 25 | XXXX | XXXX | XX/XX/XXXX | XX/XX/XXXX |  |  | XXXX | XXXX | XX | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | Pass | 1 | 0 |  |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  |  | Tax Report Not Available |  |  | 1 |  |  |

---

## Exhibit 99.04

**[VCC Mortgage Securities, LLC ABS-15G](vcc20254-abs15g_082925.htm)**

**Exhibit 99.04**

![](situsamc_logo.jpg)

**Title Diligence Excp.**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Client LN** | **SitusAMC ID** | **EDGAR Loan ID** | **Address** | **City** | **ST** | **Zip** | **Trade** | **Origination Balance** | **Origination Date** | **Unique Exception ID** | **Exception Grade** | **Raw Exception Grade** | **Exception Category** | **Exception Subcategory** | **Exception Type** | **SOL Expired** | **SOL Expiration Date** | **Title Policy** | **Title Policy Insurer** | **Title Policy Effective Date** | **Title Policy Exception** | **Paid on HUD** | **CBR Status** | **Borrower Vested on Title Policy** | **Lien Amount** | **Accrual Rate** | **Lienholder** | **Recording Date** | **Additional Exception Information** |
| XXXX | XXXX | 2025-4-100056 | XXXX | XXXX | XX | XXXX | VCC / Title Review / Bulk / 06.16.2025 / 2025-4 | XXXX | XX/XX/XXXX | 33678680 | 2 | 2 | Title Diligence | Deed Vesting | Transferred to Land Trust |  |  |  |  |  |  |  |  |  |  |  |  |  | XXXX |
| XXXX | XXXX | 2025-4-100007 | XXXX | XXXX | XX | XXXX | VCC / Title Review / Bulk / 06.16.2025 / 2025-4 | XXXX | XX/XX/XXXX | 33678815 | 2 | 2 | Title Diligence | Subordinate Lien | Subordinate Liens/Judgments |  |  |  |  |  |  |  |  |  |  |  |  |  | XXXX |
| XXXX | XXXX | 2025-4-100000 | XXXX | XXXX | XX | XXXX | VCC / Title Review / Bulk / 06.16.2025 / 2025-4 | XXXX | XX/XX/XXXX | 33679014 | 2 | 2 | Title Diligence | Deed Vesting | Inter-Family Deed Transfer |  |  |  |  |  |  |  |  |  |  |  |  |  | XXXX |
| XXXX | XXXX | 2025-4-100002 | XXXX | XXXX | XX | XXXX | VCC / Title Review / Bulk / 06.16.2025 / 2025-4 | XXXX | XX/XX/XXXX | 33679704 | 3 | 3 | Title Diligence | Municipal Lien | Municipal Certificate of Sale |  |  |  |  |  |  |  |  |  | XXXX | XXXX | XXXX | XX/XX/XXXX | XXXX |
| XXXX | XXXX | 2025-4-100004 | XXXX | XXXX | XX | XXXX | VCC / Title Review / Bulk / 06.16.2025 / 2025-4 | XXXX | XX/XX/XXXX | 33680290 | 2 | 2 | Title Diligence | Subordinate Mortgage | Subordinate Mortgage |  |  |  |  |  |  |  |  |  | XXXX |  | XXXX | XX/XX/XXXX | XXXX |
| XXXX | XXXX | 2025-4-100004 | XXXX | XXXX | XX | XXXX | VCC / Title Review / Bulk / 06.16.2025 / 2025-4 | XXXX | XX/XX/XXXX | 33680291 | 2 | 2 | Title Diligence | Subordinate Mortgage | Subordinate Mortgage |  |  |  |  |  |  |  |  |  | XXXX |  | XXXX | XX/XX/XXXX | XXXX |
| XXXX | XXXX | 2025-4-100004 | XXXX | XXXX | XX | XXXX | VCC / Title Review / Bulk / 06.16.2025 / 2025-4 | XXXX | XX/XX/XXXX | 33680293 | 2 | 2 | Title Diligence | Subordinate Mortgage | Subordinate Mortgage |  |  |  |  |  |  |  |  |  | XXXX |  | XXXX | XX/XX/XXXX | XXXX |
| XXXX | XXXX | 2025-4-100004 | XXXX | XXXX | XX | XXXX | VCC / Title Review / Bulk / 06.16.2025 / 2025-4 | XXXX | XX/XX/XXXX | 33680297 | 2 | 2 | Title Diligence | Subordinate Mortgage | Subordinate Mortgage |  |  |  |  |  |  |  |  |  | XXXX |  | XXXX | XX/XX/XXXX | XXXX |
| XXXX | XXXX | 2025-4-100058 | XXXX | XXXX | XX | XXXX | VCC / Title Review / Bulk / 07.24.2025 / 2025-4 | XXXX | XX/XX/XXXX | 34043962 | 2 | 2 | Title Diligence | Subordinate Lien | Subordinate Liens/Judgments |  |  |  |  |  |  |  |  |  |  |  |  |  | XXXX |

---

## Exhibit 99.05

**[VCC Mortgage Securities, LLC ABS-15G](vcc20254-abs15g_082925.htm)**

**Exhibit 99.05**

![](situsamc_logo.jpg)

**Servicing Upload -** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Customer Loan ID** | **EDGAR Loan ID** | **Final Current Event Level** | **Current Exceptions** | **Collection comments** |
| XXXX | 2025-4-100056 | 1 |  | LOAN STATUS: The current loan status is Performing.<br> PAY HISTORY: The loan is next due for XX/XX/XXXX.<br> BORROWER CONTACT: No evidence of recent contact with the borrower.<br> EVIDENCE OF DISPUTE: No evidence of borrower dispute.<br> REASON FOR DEFAULT: The loan is performing and delinquency reason is not applicable.<br> FORECLOSURE: No evidence of current foreclosure activity.<br> BANKRUPTCY: There is no evidence of current or prior bankruptcy.<br> LITIGATION: There is no evidence of litigation on the file.<br> TITLE ISSUES: There is no evidence of title issues.<br> PROPERTY CONDITION: There is no evidence of property damage. The property condition is UTD. The current occupancy status is non-owner occupied.<br> ADDITIONAL INFORMATION: N/A |
| XXXX | 2025-4-100007 | 2 | [2] Property is located in a FEMA disaster area. | LOAN STATUS: The current loan status is Performing.<br> PAY HISTORY: The loan is next due for XX/XX/XXXX.<br> BORROWER CONTACT: The last contact with the borrower or authorized third party on the borrower's behalf was XX/XX/XXXX. The Borrower stated that the property was not impacted by the disaster and there are no damages.<br> EVIDENCE OF DISPUTE: No evidence of borrower dispute.<br> REASON FOR DEFAULT: The loan is performing and delinquency reason is not applicable.<br> FORECLOSURE: No evidence of current foreclosure activity.<br> BANKRUPTCY: There is no evidence of current or prior bankruptcy.<br> LITIGATION: There is no evidence of litigation on the file.<br> TITLE ISSUES: There is no evidence of title issues.<br> PROPERTY CONDITION: There is no evidence of property damage. The property condition is UTD. The current occupancy status is non-owner occupied.<br> ADDITIONAL INFORMATION: The comments on XX/XX/XXXX indicate that the property was located in a FEMA declared disaster area due to DR-4820. No property damage was reported. |
| XXXX | 2025-4-100000 | 1 | [1] Damaged Interior - Active insurance claim and funds held by servicer with indication of related contractor bid sufficient to cover repairs | LOAN STATUS: The current loan status is Performing.<br> PAY HISTORY: The loan is next due for XX/XX/XXXX.<br> BORROWER CONTACT: The last contact with the borrower or authorized third party on the borrower's behalf was 05/30/2025. An authorized third party called to discuss the account.<br> EVIDENCE OF DISPUTE: No evidence of borrower dispute.<br> REASON FOR DEFAULT: The loan is performing and delinquency reason is not applicable.<br> FORECLOSURE: No evidence of current foreclosure activity.<br> BANKRUPTCY: There is no evidence of current or prior bankruptcy.<br> LITIGATION: There is no evidence of litigation on the file.<br> TITLE ISSUES: There is no evidence of title issues.<br> PROPERTY CONDITION: There is evidence of property damage and the nature of the damage is water. The Borrower filed a claim for water damage that occurred on XX/XX/XXXX. The claim was classified as non-monitored. The claim check was endorsed and released on XX/XX/XXXX. There is no evidence that the repairs were 100% completed. The damage repair amount is estimated at $XXX. Property repair is in process. The property condition is UTD. The current occupancy status is non-owner occupied.<br> ADDITIONAL INFORMATION: N/A |
| XXXX | 2025-4-100001 | 1 |  | LOAN STATUS: The current loan status is Performing.<br> PAY HISTORY: The loan is next due for XX/XX/XXXX.<br> BORROWER CONTACT: No evidence of recent contact with the borrower.<br> EVIDENCE OF DISPUTE: No evidence of borrower dispute.<br> REASON FOR DEFAULT: The loan is performing and delinquency reason is not applicable.<br> FORECLOSURE: No evidence of current foreclosure activity.<br> BANKRUPTCY: There is evidence of bankruptcy on the loan. Bankruptcy was filed on XX/XX/XXXX. The chapter is Chapter 11. The bankruptcy was filed under case number XXXXX. The most recent bankruptcy status is dismissed. The bankruptcy was dismissed on XX/XX/XXXX.<br> LITIGATION: There is no evidence of litigation on the file.<br> TITLE ISSUES: There is no evidence of title issues.<br> PROPERTY CONDITION: There is no evidence of property damage. The property condition is UTD. The current occupancy status is non-owner occupied.<br> ADDITIONAL INFORMATION: N/A |
| XXXX | 2025-4-100002 | 1 |  | LOAN STATUS: The current loan status is Performing.<br> PAY HISTORY: The loan is next due for XX/XX/XXXX.<br> BORROWER CONTACT: No evidence of recent contact with the borrower.<br> EVIDENCE OF DISPUTE: No evidence of borrower dispute.<br> REASON FOR DEFAULT: The loan is performing and delinquency reason is not applicable.<br> FORECLOSURE: No evidence of current foreclosure activity.<br> BANKRUPTCY: There is evidence of bankruptcy on the loan. Bankruptcy was filed on XX/XX/XXXX. The chapter is Chapter 11. The bankruptcy was filed under case number XXXXX. The most recent bankruptcy status is dismissed. The bankruptcy was dismissed on XX/XX/XXXX.<br> LITIGATION: There is no evidence of litigation on the file.<br> TITLE ISSUES: There is no evidence of title issues.<br> PROPERTY CONDITION: There is no evidence of property damage. The property condition is UTD. The current occupancy status is non-owner occupied.<br> ADDITIONAL INFORMATION: N/A |
| XXXX | 2025-4-100003 | 1 |  | LOAN STATUS: The current loan status is Performing.<br> PAY HISTORY: The loan is next due for XX/XX/XXXX.<br> BORROWER CONTACT: The last contact with the borrower or authorized third party on the borrower's behalf was XX/XX/XXXX. The Borrower called with an authorized third party to confirm that the evidence of insurance was received.<br> EVIDENCE OF DISPUTE: No evidence of borrower dispute.<br> REASON FOR DEFAULT: The loan is performing and delinquency reason is not applicable.<br> FORECLOSURE: No evidence of current foreclosure activity.<br> BANKRUPTCY: There is no evidence of current or prior bankruptcy.<br> LITIGATION: There is no evidence of litigation on the file.<br> TITLE ISSUES: There is no evidence of title issues.<br> PROPERTY CONDITION: There is no evidence of property damage. The property condition is UTD. The current occupancy status is owner occupied.<br> ADDITIONAL INFORMATION: N/A |
| XXXX | 2025-4-100005 | 1 |  | LOAN STATUS: The current loan status is Performing.<br> PAY HISTORY: The loan is next due for XX/XX/XXXX.<br> BORROWER CONTACT: The last contact with the borrower or authorized third party on the borrower's behalf was XX/XX/XXXX. The Borrower made a promise to pay via the website.<br> EVIDENCE OF DISPUTE: No evidence of borrower dispute.<br> REASON FOR DEFAULT: The loan is performing and delinquency reason is not applicable.<br> FORECLOSURE: No evidence of current foreclosure activity.<br> BANKRUPTCY: There is no evidence of current or prior bankruptcy.<br> LITIGATION: There is no evidence of litigation on the file.<br> TITLE ISSUES: There is no evidence of title issues.<br> PROPERTY CONDITION: There is no evidence of property damage. The property condition is UTD. The current occupancy status is non-owner occupied.<br> ADDITIONAL INFORMATION: N/A |
| XXXX | 2025-4-100004 | 1 |  | LOAN STATUS: The current loan status is Performing.<br> PAY HISTORY: The loan is next due for XX/XX/XXXX.<br> BORROWER CONTACT: The last contact with the borrower or authorized third party on the borrower's behalf was XX/XX/XXXX. An authorized third party called to discuss retention options. A repayment plan was discussed. The Borrower stated that they will call back.<br> EVIDENCE OF DISPUTE: No evidence of borrower dispute.<br> REASON FOR DEFAULT: The loan is performing and delinquency reason is not applicable.<br> FORECLOSURE: No evidence of current foreclosure activity.<br> BANKRUPTCY: There is no evidence of current or prior bankruptcy.<br> LITIGATION: There is no evidence of litigation on the file.<br> TITLE ISSUES: There is no evidence of title issues.<br> PROPERTY CONDITION: There is no evidence of property damage. The property condition is UTD. The current occupancy status is owner occupied.<br> ADDITIONAL INFORMATION: N/A |
| XXXX | 2025-4-100006 | 1 |  | LOAN STATUS: The current loan status is Performing.<br> PAY HISTORY: The loan is next due for XX/XX/XXXX.<br> BORROWER CONTACT: No evidence of recent contact with the borrower.<br> EVIDENCE OF DISPUTE: No evidence of borrower dispute.<br> REASON FOR DEFAULT: The loan is performing and delinquency reason is not applicable.<br> FORECLOSURE: No evidence of current foreclosure activity.<br> BANKRUPTCY: There is no evidence of current or prior bankruptcy.<br> LITIGATION: There is no evidence of litigation on the file.<br> TITLE ISSUES: There is no evidence of title issues.<br> PROPERTY CONDITION: There is no evidence of property damage. The property condition is UTD. The current occupancy status is non-owner occupied.<br> ADDITIONAL INFORMATION: N/A |

---

## Exhibit 99.06

**[VCC Mortgage Securities, LLC ABS-15G](vcc20254-abs15g_082925.htm)**

**Exhibit 99.06**

![](situsamc_logo.jpg)

**Servicing Pay History**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **LOANUID** | **LOANID** | **EDGAR Loan ID** | **SLOANID** | **First Payment Date** | **Data Cutoff Date** | **Pay History Scope** | **Pay History Summary (MBA)** | **Months of Data Missing During Lookback** | **Delinquency During Lookback** |
| XXXX | XXXX | 2025-4-100056 |  | XX/XX/XXXX | 07/31/2025 | 12 | 000000000000 | 0 | 0 |
| XXXX | XXXX | 2025-4-100007 |  | XX/XX/XXXX | 07/31/2025 | 12 | 000000000000 | 0 | 0 |
| XXXX | XXXX | 2025-4-100000 |  | XX/XX/XXXX | 07/31/2025 | 12 | 000000000000 | 0 | 0 |
| XXXX | XXXX | 2025-4-100001 |  | XX/XX/XXXX | 07/31/2025 | 12 | 000000000000 | 0 | 0 |
| XXXX | XXXX | 2025-4-100002 |  | XX/XX/XXXX | 07/31/2025 | 12 | 000000000000 | 0 | 0 |
| XXXX | XXXX | 2025-4-100003 |  | XX/XX/XXXX | 07/31/2025 | 12 | 000000000000 | 0 | 0 |
| XXXX | XXXX | 2025-4-100005 |  | XX/XX/XXXX | 07/31/2025 | 12 | 000000000000 | 0 | 0 |
| XXXX | XXXX | 2025-4-100004 |  | XX/XX/XXXX | 07/31/2025 | 12 | 000211122221 | 0 | 9 |
| XXXX | XXXX | 2025-4-100006 |  | XX/XX/XXXX | 07/31/2025 | 12 | 000000000000 | 0 | 0 |

---

## Exhibit 99.07

**[VCC Mortgage Securities, LLC ABS-15G](vcc20254-abs15g_082925.htm)**

**Exhibit 99.07**

![](situsamc_logo.jpg)

**Valuation Report**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SitusAMC Loan ID** | **Customer Loan ID** | **EDGAR Loan ID** | **Investor Loan Number** | **Note Date** | **Original Loan Amount** | **Sales Price** | **Value for LTV** | **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** | **Is Eligible for Rep and Warrant Relief per Loan Collateral Advisor?** | **LCA Risk Score** | **Collateral Underwriter Risk Score** |
| XXXX | XXXX | 2025-4-100006 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100008 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100009 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100233 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100234 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100237 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100238 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 33.640% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 33.640% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100239 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 3.830% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 3.830% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100240 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 10.290% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 10.290% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100241 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100242 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100243 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100245 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100246 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 13.860% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 13.860% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100247 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 6.900% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100248 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100249 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100251 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100252 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100253 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100255 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100257 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100258 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100259 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100260 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100261 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100262 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 8.330% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 8.330% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100264 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100265 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 10.290% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 10.290% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100266 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100267 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100268 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 12.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 12.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100269 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 20.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 20.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100270 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100271 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  | $XXXX | $0.00 | 0.000% | XXXX |  | XX/XX/XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100273 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100274 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100277 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 35.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 35.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100278 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | -7.690% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100279 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100280 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 1.960% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 1.960% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100282 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100283 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100284 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100285 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100287 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 8.550% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 8.550% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100288 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100289 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100290 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100291 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100292 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | -3.450% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100294 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 6.450% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 6.450% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100295 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100296 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100297 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100298 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100299 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100300 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100301 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100302 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100303 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100304 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100305 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100306 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100309 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 20.780% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 20.780% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100310 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | -0.930% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100311 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100312 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 12.500% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 12.500% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100313 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100314 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100315 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100316 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100317 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100318 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 11.620% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 11.620% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100319 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100320 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100321 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100322 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100323 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 13.330% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 13.330% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100324 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100325 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100326 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100327 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100328 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100329 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100330 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100331 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100332 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 5.350% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 5.350% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100333 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | -7.270% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100334 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | -2.650% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100335 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100336 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 5.260% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 5.260% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100337 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 11.680% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 1.520% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100338 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100339 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100340 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100341 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100342 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100343 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100344 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100345 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 12.500% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 12.500% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100346 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100347 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 0.350% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.350% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100348 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100349 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100350 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100351 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100352 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100353 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100354 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  | $XXXX | $0.00 | 0.000% | XXXX |  | XX/XX/XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100355 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100356 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | -9.720% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100357 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100358 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 11.820% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 11.820% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100359 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | -3.230% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100360 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100361 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100362 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100363 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100364 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 15.870% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 15.870% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100365 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 1.610% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 1.610% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100366 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100367 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100368 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100369 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 25.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 25.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100371 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100372 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100373 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100374 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100375 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100376 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100377 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100378 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100379 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100380 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100381 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100382 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100383 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100384 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100385 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100386 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100387 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 2.890% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 2.890% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100388 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100389 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100390 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100391 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | -15.150% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100392 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 15.790% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 15.790% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100393 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 4.210% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 4.210% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100394 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100396 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100397 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 16.800% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 16.800% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100398 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100399 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 14.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 6.670% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100570 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100571 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100572 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 3.470% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 3.470% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100573 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100574 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100575 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100576 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100577 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100578 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100579 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100580 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100581 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100582 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 33.330% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 33.330% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100583 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 25.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 25.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100584 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100585 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100586 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100587 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | -7.050% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100588 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100589 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | -5.490% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100590 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100591 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100592 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100593 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 0.870% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.870% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100594 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 9.520% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 9.520% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100595 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100596 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100597 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100598 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100599 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 5.010% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 5.010% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100600 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100601 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 36.250% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 36.250% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100602 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100603 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100604 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100605 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 12.860% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 12.860% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100606 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100569 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100607 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 2.110% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100608 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100609 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 28.700% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 28.700% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100610 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100611 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100612 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | -4.260% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100613 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 50.530% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 50.530% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100614 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100615 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100616 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100617 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100618 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100619 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100620 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 2.860% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 2.860% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100621 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100622 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100623 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100624 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 3.130% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 3.130% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100625 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 56.420% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 56.420% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100626 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100627 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100628 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100629 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100630 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100631 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100632 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100633 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100634 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 12.580% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 12.580% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXX | $0.00 | 0.000% | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100635 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100636 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100637 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100638 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 69.290% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 69.290% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100639 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100640 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 1.400% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 1.400% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100641 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100642 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 20.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 20.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100643 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 5.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 5.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100644 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100645 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100646 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 29.730% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 29.730% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100647 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 16.360% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 16.360% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100648 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100649 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 16.250% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 16.250% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100650 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100651 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100652 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 6.250% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 6.250% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100653 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100654 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100655 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100656 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100657 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100658 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100659 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 4.710% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 4.710% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100660 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | -6.250% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100661 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | -6.030% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100662 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100663 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 0.030% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.030% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100664 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100665 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100666 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100667 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100668 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100669 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  | $XXXX | $XXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-4-100307 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $0.00 | 0.000% | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX | XXXX | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |

---

## Exhibit 99.08

**[VCC Mortgage Securities, LLC ABS-15G](vcc20254-abs15g_082925.htm)**

**Exhibit 99.08**

![](situsamc_logo.jpg)

**Multi Property Valuation Report**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SitusAMC Loan ID** | **Customer Loan ID** | **Edgar Loan IDs** | **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** | **Is Eligible for Rep and Warrant Relief per Loan Collateral Advisor?** | **Collateral Underwriter Risk Score** |
| XXXX | XXXX | 2025-4-100670 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $0.00 | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100671 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $0.00 | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100672 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $0.00 | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100673 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $0.00 | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100674 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $0.00 | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100675 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 1.587% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $XXXX | 1.59% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100676 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 3.774% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $XXXX | 3.77% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100677 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 1.639% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $XXXX | 1.64% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100678 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 60.000% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $XXXX | 60.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100679 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 23.529% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $XXXX | 23.53% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100680 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $XXXX | 23.53% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100681 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $0.00 | 0.000% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $0.00 | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100682 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $0.00 | 0.000% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $0.00 | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100683 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 60.417% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $XXXX | 60.42% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100684 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 32.353% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $XXXX | 32.35% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100685 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $0.00 | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100686 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $0.00 | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100687 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $0.00 | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100688 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $0.00 | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100689 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 11.111% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $XXXX | 11.11% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100690 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 3.605% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $XXXX | 3.61% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100691 |  | XX/XX/XXXX | $XXXX | $XXXX | $XXXX | $XXXX | 0.184% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $XXXX | 0.18% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100692 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $XXXX | -2.44% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100693 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $0.00 | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100694 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $0.00 | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100695 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $XXXX | 21.539% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $XXXX | 21.54% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100696 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $0.00 | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100697 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $0.00 | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-4-100698 |  | XX/XX/XXXX | $XXXX |  | $XXXX | $0.00 | 0.000% | XXXX | XXXX | XXXX | XX | XXXX | $XXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXX |  | $XXXX | $0.00 | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |

---

## Exhibit 99.09

**[VCC Mortgage Securities, LLC ABS-15G](vcc20254-abs15g_082925.htm)**

**Exhibit 99.09**

![](situsamc_logo.jpg)

**Delinquency Summary**

---

| | | |
|:---|:---|:---|
| **Category** | **# of Mortgage Loans** | **% of Mortgage Loans** |
| No Delinquency, No Missing Data | 8 | 88.89% |
| Delinquency, No Missing Data | 1 | 11.11% |
| No Delinquency, At Least One Month Missing | 0 | 0.00% |
| Delinquency, At Least One Month Missing | 0 | 0.00% |
| **Total** | **9** | **100.00%** |

---

## Exhibit 99.10

**[VCC Mortgage Securities, LLC ABS-15G](vcc20254-abs15g_082925.htm)**

**Exhibit 99.10**

![](situsamc_logo.jpg)

**Loan Level Exception - Final Grades**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** |
| **AMC Loan ID** | **Customer Loan ID** | **Edgar Loan ID** | **Borrower Name** | **Deal Number** | **Original Loan Amount** | **State** | **Note Date** | **QM Status** | **Overall Grade** | **Credit Grade** | **Credit Exceptions** | **Credit Exception Information** | **Credit Exception Comments** | **Property Grade** | **Property Exceptions** | **Property Exception Information** | **Property Exception Comments** | **Compliance Grade** | **Compliance Exceptions** | **Compliance Exception Information** | **Compliance Exception Comments** | **Compliance Comp Factors** | **Compensating Factors** | **Subject to High Cost - Unable to Test** | **Disposition 2** | **DBRS** | **Fitch** | **Kroll** | **Moody's** | **S&P** |
| XXXX | XXXX | 2025-4-100014 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100015 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100016 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100017 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100018 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100019 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100020 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100021 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100022 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100023 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100024 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100025 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100026 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100027 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100028 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100029 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100030 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100031 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100032 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100033 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100034 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100035 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100036 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100037 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100038 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100039 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100040 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100041 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100042 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100043 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100044 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100045 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100047 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100048 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100049 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100050 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100051 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100052 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100053 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100054 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100055 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100062 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100063 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100064 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100065 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100066 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100067 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100068 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100069 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100070 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100071 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100072 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100073 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100074 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100075 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100076 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100077 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100078 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100079 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100080 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100081 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100082 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100083 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100084 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100085 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100086 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100087 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100088 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100089 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100090 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100091 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100092 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100093 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100094 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100095 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100096 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100097 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100098 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100099 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100100 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100101 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100102 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100103 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100104 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100105 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100106 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100107 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100108 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100109 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100110 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100111 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100112 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100113 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100114 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100115 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100116 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100117 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100118 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100119 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100120 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100121 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100122 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100123 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100124 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100125 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100129 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100130 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100131 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100132 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100133 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100134 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100135 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100136 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100137 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100138 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100139 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100140 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100141 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100142 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100143 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100144 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100145 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100146 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100147 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100148 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100149 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100150 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100151 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100152 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100153 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100154 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100155 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100156 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100157 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100158 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100159 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100160 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100161 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100162 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100163 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100164 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100165 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100166 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100167 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100168 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100169 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100170 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100171 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100172 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 3 | 3 | [3] General - Missing Document: Certificate of NOO and Indemnity not provided | Missing certificate of occupancy and indemnity for individual trustees (MCP indicates this is required for vesting in a trust). Additional comment added by client, Occupancy was verified with the following: Borrower signed the business purpose disclosure, the origination credit report confirmed the borrower's primary address. Appraisal confirmed tenant occupancy and there is a signed lease in file for subject property. | BUYER - WAIVED COMMENT (2025-07-21): per document in file, borrower refused to sign. There is proof of primary in file. | 1 |  |  |  |  |  |  |  |  |  |  | - C |  |  |  |  | A C |
| XXXX | XXXX | 2025-4-100173 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100174 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100175 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100176 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100177 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100178 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100179 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100180 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100408 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100409 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100410 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100411 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100412 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100413 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100414 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100415 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100416 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100417 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100418 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100419 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100420 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100421 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100422 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100423 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100424 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100425 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100426 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100427 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100428 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100429 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100430 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100431 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100432 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100433 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100434 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100435 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100436 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100437 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100438 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100439 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100440 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100441 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100442 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100443 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100444 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100445 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100446 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100447 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100448 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100449 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100450 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100451 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100452 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100453 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100454 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100455 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100456 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100457 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100458 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100459 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100460 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100461 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100462 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100463 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100464 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100465 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100466 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100467 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100468 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100469 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100470 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100471 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100472 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100473 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100474 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100475 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100476 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100477 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100478 | XXXX XXXX | XXXXX | $XXX |  | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100479 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100480 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100481 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100482 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100483 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100484 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100485 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100486 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100487 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100488 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100489 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100490 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100491 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100492 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100493 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100494 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100495 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100496 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100497 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100498 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100499 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100500 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100501 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100502 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100503 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100504 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100505 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100506 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100507 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100508 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100509 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100510 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100511 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100512 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100513 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100514 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100515 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100516 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100517 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100518 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100519 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100520 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100521 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100522 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100523 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100524 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100525 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100526 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100527 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100528 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100529 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100530 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100531 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100532 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100533 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100534 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100535 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100536 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100537 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100538 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100539 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100540 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100541 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100542 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100543 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100544 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100545 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100546 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100547 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100548 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100549 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100550 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100551 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100552 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100553 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100554 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100555 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100556 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100557 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100558 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100559 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100560 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100561 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100562 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100563 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100564 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100565 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100566 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100567 |  | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100568 | XXXX XXXX | XXXXX | $XXX | XX | XX/XX/XXXX |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  |  |  | - A |  |  |  |  | A |

---

## Exhibit 9.11

**[VCC Mortgage Securities, LLC ABS-15G](vcc20254-abs15g_082925.htm)**

**Exhibit 99.11**

![](situsamc_logo.jpg)

**Exception Grades**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AMC Loan ID** | **Customer Loan ID** | **EDGAR Loan ID** | **Investor Loan Number** | **Loan Exception ID** | **Exception ID** | **Exception Date** | **Exception Type** | **Exception Category** | **Exception Subcategory** | **15E Category** | **Exception** | **Exception Detail** | **Exception Information** | **Compensating Factors** | **Compensating Factor Information** | **Applying Party** | **Follow-up Comments** | **Cleared Date** | **Cured Date** | **Waived Date** | **Exception Level Grade** | **Note Date** | **Property State** | **Exception Remediation** | **Compliance<br> Final Loan Grade** | **Originator QM ATR Status** | **TPR QM ATR Status** | **Is Curable** |
| XXXX | XXXX | 2025-4-100172 |  | 33815881 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Certificate of NOO and Indemnity not provided |  | Missing certificate of occupancy and indemnity for individual trustees (MCP indicates this is required for vesting in a trust). Additional comment added by client, Occupancy was verified with the following: Borrower signed the business purpose disclosure, the origination credit report confirmed the borrower's primary address. Appraisal confirmed tenant occupancy and there is a signed lease in file for subject property. |  |  |  | Buyer Comment (2025-07-21): per document in file, borrower refused to sign. There is proof of primary in file. |  |  | XX/XX/XXXX | 3 C | XX/XX/XXXX | XX | C | A |  |  | No |

---

## Exhibit 99.12

**[VCC Mortgage Securities, LLC ABS-15G](vcc20254-abs15g_082925.htm)**

**Exhibit 99.12**

![](situsamc_logo.jpg)

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

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** |
| **AMC Loan ID** | **Customer Loan ID** | **EDGAR Loan ID** | **Borrower Name** | **Deal Number** | **Original Loan Amount** | **State** | **Note Date** | **Purpose** | **QM Status** | **Overall Grade** | **Credit Grade** | **Credit Exceptions** | **Credit Exception Information** | **Credit Exception Comments** | **Property Grade** | **Property Exceptions** | **Property Exception Information** | **Property Exception Comments** | **Compliance Grade** | **Compliance Exceptions** | **Compliance Exception Information** | **Compliance Exception Comments** | **Compliance Comp Factors** | **Compensating Factors** | **Disposition 2** | **DBRS** | **Fitch** | **Kroll** | **Moody's** | **S&P** |
| XXXX | XXXX | 2025-4-100003 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - Missing Hazard Insurance | Approved exception for new business borrower acquired new established XXXX that currently occupies property. Per the guidelines, Borrowers must have a minimum 2 years of employment in similar business being acquired. Comp. Fact.: Seasoned Investor.<br> Missing evidence of underwritten verified funds to close. Assets section of approval WS is incomplete.<br> Approved exception for missing VOR. Comp. Fact.: Seasoned Investor.<br> Waiver of ins impounds is not cited as an approved exception | REVIEWER - GENERAL COMMENT (2020-04-29): Approved exception for new business borrower acquired new established XXXX that currently occupies property. Comp. Fact.: Seasoned Investor<br> SELLER - GENERAL COMMENT (2020-05-03): uploaded updated loan worksheet with exception for verification of funds to close<br> REVIEWER - GENERAL COMMENT (2020-05-04): exception remains- Uploaded approval WS Asste section of narrative does not identify/specify the sourcing of evidence of funds nor contain any calculation/ $ figure analysis.<br> SELLER - GENERAL COMMENT (2020-05-04): updated final loan worksheet<br> SELLER - GENERAL COMMENT (2020-05-04): Uploaded updated final loan worksheet with complete verified funds breakdown and exception for portion of funds to close being not sourced<br> REVIEWER - WAIVED COMMENT (2020-05-04): Exception waived- due to receipt of updated loan approval worksheet reflecting approved exception for unsourced funds to close. comp factors: seasoned investor<br> REVIEWER - RE-GRADED COMMENT (2020-05-05): .<br> REVIEWER - WAIVED COMMENT (2020-04-29): Approved exception for missing VOR. Comp. Fact.: Seasoned Investor.<br> SELLER - GENERAL COMMENT (2020-05-03): uploaded updated loan worksheet with exception for insurance impound waiver<br> REVIEWER - WAIVED COMMENT (2020-05-04): Exception waived- due to receipt of updated loan approval worksheet reflecting approved exception for waiver of ins impounds. comp factor: seasoned investor<br> REVIEWER - GENERAL COMMENT (2020-05-13): Insufficent | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100004 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100006 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - The property has been listed for sale in the last 12 months. | Cashout on property held < 6 mos. an approved exception is not documented | BUYER - GENERAL COMMENT (2022-01-25): exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2022-01-25): Approved exception documented on updated approval for seasoning less than 6 months on a cash out refinance. Comp factor, high FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100008 | XXXX XXXX | XXXXX | $XX | 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 Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factors; seasoned investor and LTV.<br> <2 active major tradelines on credit report.<br> Approved exception at origination for 1x 30 days late on subject within 90 days. Comp factors; seasoned investor and LTV.<br> Approved exception at origination for missing VOM-primary; guarantor lives rent free. Comp factors; seasoned investor and LTV. | REVIEWER - WAIVED COMMENT (2025-08-18): Approved exception at origination for FICO < 650. Comp factors; seasoned investor and LTV.<br> BUYER - GENERAL COMMENT (2025-07-21): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-21): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-06-18): Approved exception at origination for 1x 30 days late on subject within 90 days. Comp factors; seasoned investor, and LTV.<br> REVIEWER - WAIVED COMMENT (2025-06-18): Approved exception at origination for missing VOM-primary; guarantor lives rent free. 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 | 2025-4-100009 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: reserves and seasoned investor. | BUYER - GENERAL COMMENT (2025-08-01): Exception was already written and mitigated by XXXXX. Back to AMC<br> REVIEWER - WAIVED COMMENT (2025-08-01): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: reserves and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100010 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Missing Document: 1040 not provided<br> [2] General - Missing Document: 1120 not provided<br> [2] Application / Processing - Missing Document: Other not provided | Missing 2023 PTR for XXXXX (upload history index filename indicates PW protected. {XXXXX)<br> Missing 2023 BTR for XXXX (upload history index filename indicates PW protected. {XXXXX)<br> Missing Business and personal financial certifications for all borrowers and guarantors. | BUYER - GENERAL COMMENT (2025-06-23): These are moved to scrap folder as there never needed or required for this loan under XXXXX XXXXX.<br> REVIEWER - GENERAL COMMENT (2025-06-24): Exception remains. Guidelines provided do not have a Bank statement program. Information provided shows this loan in the XXXXX.<br> BUYER - GENERAL COMMENT (2025-07-14): change memo addressing this issue attached.<br> REVIEWER - WAIVED COMMENT (2025-07-15): Waived exception. Updated approval provided in trailing documents approving exception for missing tax returns based on a XXXXX not yet incorporated into credit policy. Comp factors, LTV and FICO.<br> BUYER - GENERAL COMMENT (2025-06-23): These are not needed for this loan under XXXXX XXXXX.<br> REVIEWER - GENERAL COMMENT (2025-06-24): Exception remains. Guidelines provided do not have a Bank statement program. Information provided shows this loan in the XXXXX.<br> BUYER - GENERAL COMMENT (2025-07-14): CAM attached with change memo addressing the XXXXX.<br> REVIEWER - WAIVED COMMENT (2025-07-15): Waived exception. Updated approval provided in trailing documents approving exception for missing tax returns based on a XXXXX not yet incorporated into credit policy. Comp factors, LTV and FICO.<br> BUYER - GENERAL COMMENT (2025-06-23): These are not needed, all financials were moved to the scrap folder. This loan was under the XXXXX.<br> REVIEWER - GENERAL COMMENT (2025-06-24): Exception remains. Guidelines provided do not have a Bank statement program. Information provided shows this loan in the XXXXX.<br> BUYER - GENERAL COMMENT (2025-06-25): Page 2 of CAM attached that shows this is part of the XXXXX.<br> REVIEWER - GENERAL COMMENT (2025-06-25): Exception remains. Please provide the guidelines for the Bank statement program.<br> BUYER - GENERAL COMMENT (2025-07-14): change memo attached addressing this issue.<br> REVIEWER - WAIVED COMMENT (2025-07-15): Waived exception. Updated approval provided in trailing documents approving exception for missing financial certification based on a XXXXX not yet incorporated into credit policy. Comp factors, LTV and FICO. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100011 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Loan File - Missing Document: Hazard Insurance Policy not provided | Approved exception at origination for waiver of liquor liability coverage requirement. (XXXXX) Comp factors: additional collateral and DSCR. | BUYER - GENERAL COMMENT (2025-06-19): Correct, approved exception.<br> REVIEWER - WAIVED COMMENT (2025-06-19): Approved exception at origination for waiver of liquor liability coverage requirement. (XXXXX) Comp factors: additional collateral and DSCR. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100012 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 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 | 2025-4-100013 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Application / Processing - Missing Document: Business P&L not provided | Approved exception at origination for waiver of requirement for 2024 business tax return extensions (XXXXX). Comp factors: LTV, DSCR, Seasoned business/guarantor experience. | BUYER - GENERAL COMMENT (2025-06-19): correct, approved excpetion.<br> REVIEWER - WAIVED COMMENT (2025-06-20): Approved exception at origination for waiver of requirement for 2024 business tax return extensions (XXXXX). Comp factors: LTV, DSCR, Seasoned business/guarantor experience. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100060 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: 1120 not provided | Approved exception at origination for waiver of business tax return extensions for 6 related business entities (XXXXX). Comp factors, LTV and over 20 years experience in the industry. | BUYER - GENERAL COMMENT (2025-06-27): correct, approved exception.<br> REVIEWER - WAIVED COMMENT (2025-06-30): Approved exception at origination for waiver of business tax return extensions for 6 related business entities (XXXXX). Comp factors, LTV and over 20 years experience in the industry. | 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 | 2025-4-100061 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Missing business credit report for 1 of 2 entity guarantors (missing XXXXX XXXX). | BUYER - GENERAL COMMENT (2025-06-27): XXXXX was established in 2024 and was reported in the personal tax returns, thus no business credit report.<br> REVIEWER - GENERAL COMMENT (2025-06-30): Exception remains. Missing credit report for XXXXX XXXX the operating company as well as a guarantor and was established around the same time as XXXXXXXXX which is the co-operating company (we have a credit report for this company in file). The operating agreement for XXXXX is indemnifying the manager from all liability indicating they would establish their own credit.<br> BUYER - GENERAL COMMENT (2025-07-01): Updated CAM attached noting that no business credit report was available for XXXXX.<br> REVIEWER - WAIVED COMMENT (2025-07-01): Exception waived. Updated to Approval provided in trailing documents approving exception for no credit report on the Operating Company. Comp factors, LTV and 20 years experience in the industry. | 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 | 2025-4-100126 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100127 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100128 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100181 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100182 | XXXX XXXX | XXXXX | $XX | 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 < 1.25x for investor traditional 1 with loan > $500k. Comp factors: Reserves, FICO.<br> Approved exception at origination for wind deductible > $XXXComp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-07-07): Approved exception at origination for DSCR < 1.25x for investor traditional 1 with loan > $500k. Comp factors: Reserves, FICO.<br> REVIEWER - WAIVED COMMENT (2025-07-07): Approved exception at origination for wind deductible > $XXXomp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100183 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100184 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100185 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.20 on XXXXX refi with loan amount > $500k. Comp factor, FICO. | BUYER - GENERAL COMMENT (2025-07-21): Exception is valid. Per MCP<br> 1.20x Multifamily, & Mixed-Use – Traditional I >$500K<br> REVIEWER - WAIVED COMMENT (2025-07-21): Approved exception at origination for DSCR < 1.20 on XXXXX refi with loan amount > $500k. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100186 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100187 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100188 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100189 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100190 |  | XXXXX | $XX | 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 below 1.00x for owner/user traditional 2 refi with loan exceeding $500k. Comp factors: Seasoned Investor and Reserves.<br> Approved exception a origination for co-insurance. Comp factor, seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-07): Approved exception at origination for DSCR below 1.00x for owner/user traditional 2 refi with loan exceeding $500k. Comp factors: Seasoned Investor and Reserves.<br> BUYER - GENERAL COMMENT (2025-07-21): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-21): Approved exception a origination for co-insurance. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100191 |  | XXXXX | $XX | 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 (2025-07-09): 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 | 2025-4-100192 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for Wind/Hail coverage excluded on the policy and missing law or ordinance. Comp factor, seasoned investor.<br> Approved exception at origination for missing Law and Ordinance coverage. Comp factor: Seasoned investor. | BUYER - GENERAL COMMENT (2025-07-21): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-21): Approved exception at origination for Wind/Hail coverage excluded on the policy and missing law or ordinance. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-07): 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 | 2025-4-100194 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR below 1.00x for investor traditional 2 purchase with loan exceeding $750k. Comp factors: LTV and reserves. | REVIEWER - WAIVED COMMENT (2025-07-07): Approved exception at origination for DSCR below 1.00x for investor traditional 2 purchase with loan exceeding $750k. Comp factors: LTV and reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100195 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for first time investor on XXXXX with LTV > 65%. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-07-08): Approved exception at origination for first time investor on XXXXX with LTV > 65%. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100196 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception: | Approved exception at origination for 2nd Mortgage term < 36 months. Comp factors: seasoned investor and reserves. | REVIEWER - WAIVED COMMENT (2025-07-08): Approved exception at origination for 2nd Mortgage term < 36 months. 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. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100197 |  | XXXXX | $XX | 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 DCR < 1.2 on XXXXX refinance with loan amount > $500,000 . Comp factors: LTV and seasoned investor.<br> Approved exception at origination for expired leases for 3 residential units. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-08): Approved exception at origination for DCR < 1.2 on XXXXX refinance with loan amount > $500,000 . Comp factors: LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-08): Approved exception at origination for expired leases for 3 residential units. 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 | 2025-4-100198 | XXXX XXXX | XXXXX | $XX | 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 & ordinance coverage. Comp factor: FICO.<br> Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-08): Approved exception at origination for missing law & ordinance coverage. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2025-07-08): Approved exception at origination for missing VOR-primary, borrower that lives rent free. 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 | 2025-4-100199 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for missing Law or Ordinance coverage. Comp factor, FICO.<br> Approved exception at origination for missing lease/seller will continue to occupy. Comp factors, LTV and FICO. | REVIEWER - WAIVED COMMENT (2025-07-07): Approved exception at origination for missing Law or Ordinance coverage. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-07-07): Approved exception at origination for missing lease/seller will continue to occupy. 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 | 2025-4-100200 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Missing VOM-subject. | BUYER - GENERAL COMMENT (2025-07-21): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-21): Exception waived. Updated approval provided in trailing documents approving exception for missing VOM-subject. 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 | 2025-4-100201 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100202 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - LTV does not meet guidelines | Approved exception at origination for DCR < 1.00 on a XXXXX refinance with loan amount > $XXXomp factor, seasoned investor.<br> Approved exception at origination for LTV > 70% on a XXXXX. Comp factor, seasoned investor. | BUYER - GENERAL COMMENT (2025-07-21): Corrected approval uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-21): Approved exception at origination for DCR < 1.00 on a XXXXX refinance with loan amount > $XXXomp factor, seasoned investor.<br> BUYER - GENERAL COMMENT (2025-07-21): Corrected Approval upoaded<br> REVIEWER - WAIVED COMMENT (2025-07-21): Approved exception at origination for LTV > 70% on a XXXXX. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100203 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects safety issues in XXX with ceiling collapsing and boarded up/broken windows. XXXX has exposed electrical, incomplete ceiling cover, torn carpet/tripping hazard. | REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2025-08-21): Unable to clear. Client indicated they are unable to clear. | 1 |  |  |  |  | Borrower's Experience/Track Record | - A |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100204 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100205 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing Law and Ordinance coverage. Comp factor: FICO. | BUYER - GENERAL COMMENT (2025-07-21): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-21): Approved exception at origination for missing Law and Ordinance coverage. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100206 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100207 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 3 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for < 2 active open major tradelines. Comp factors, FICO and LTV. | REVIEWER - WAIVED COMMENT (2025-07-10): Approved exception at origination for < 2 active open major tradelines. 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 | Residential units of this mixed use property are not habitable. Plumbing fixtures torn out of bathrooms and kitchens, water damage ceilings, missing sheetrock in ceilings and walls, appliances missing, wood flooring damaged and worn thin/possible breaking and falling through, Buyer is estimating the coast of $44,600 to rehabilitate the property. | BUYER - WAIVED COMMENT (2025-08-12): Low LTV, waived by management | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100208 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100209 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - FICO below 650 | Approved exception at origination for DCR < 1.20 XXXXX Investment with balance > $XXXomp factor: seasoned investor.<br> Approved exception at origination for < 650 FICO. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-09): Approved exception at origination for DCR < 1.20 XXXXX Investment with balance > $XXXomp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-18): Approved exception at origination for < 650 FICO. 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 | 2025-4-100210 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100211 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100212 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily refinance with loan > $500k. Comp factors: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-07-10): Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily refinance with loan > $500k. 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 | 2025-4-100213 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for DSCR < 1.20 XXXXX Investment purchase with loan amount > $XXXomp factor: reserves.<br> Approved exception at origination for vacant property with minimal occupancy. Comp factors: seasoned investor and reserves. | REVIEWER - WAIVED COMMENT (2025-07-09): Approved exception at origination for DSCR < 1.20 XXXXX Investment purchase with loan amount > $XXXomp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-07-09): Approved exception at origination for vacant property with minimal occupancy. Comp factors: seasoned investor and reserves.<br> Comment: | 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 | 2025-4-100214 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance<br> [2] General - The property is ineligible. | Approved exception at origination for DSCR < 1.25 on XXXXX Investment refi with loan amount > $XXXomp factors: FICO and LTV.<br> Approved exception at origination for missing ordinance or law coverage. Comp factor: seasoned investor.<br> Approved exception at origination for override of statewide exclusion for traditional 2 property type located in XX. Comp factors: FICO and LTV. | REVIEWER - WAIVED COMMENT (2025-07-10): Approved exception at origination for DSCR < 1.25 on XXXXX Investment refi with loan amount > $XXXomp factors: FICO and LTV.<br> REVIEWER - WAIVED COMMENT (2025-07-10): Approved exception at origination for missing ordinance or law coverage. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-10): Approved exception at origination for override of statewide exclusion for traditional 2 property type located in XX. Comp factors: FICO and LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100215 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXX is less than guideline minimum loan amount of $XXX2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for missing 2M aggregate insurance coverage. Comp factor: seasoned investor.<br> Approved exception at origination for vacant subject with plans for owner-occupancy. Comp factor: seasoned investor.<br> Approved exception at origination to allow loan amount < $100,000 on aXXXXX. Comp factor: LTV.<br> Approved exception at origination for Cash out on property acquired < 6 months prior using appraised value versus original purchase price. Comp factor, seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-09): Approved exception at origination for missing 2M aggregate insurance coverage. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-09): Approved exception at origination for vacant subject with plans for owner-occupancy. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-09): Approved exception at origination to allow loan amount < $100,000 on aXXXXX. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-07-21): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-21): Approved exception at origination for Cash out on property acquired < 6 months prior using appraised value versus original purchase price. Comp factor, seasoned investor. | 3 | [3] General - Subject is not in average or better condition.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> Fair | Approved exception at origination for below average condition. Appraiser took into consideration that the owner is in the process of removing and reconfiguring interior walls and replacing/removing flooring. Comp factor, seasoned investor. \*\*\*Clients comments - 50% LTV. Cash-out refi. The building was in below average condition at the time of origination. Per the appraisal, "the overall condiion of the subject is rated to below average due to interior finish and build-out, which is below average in it's current state." Given the fact that the property was under rehab at the time of appraisal and the low LTV, XXXXX did not view as the property condition rating as material. XXXXX expects borrower to continue making necessary repairs to the property. | BUYER - GENERAL COMMENT (2025-07-21): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-21): Approved exception at origination for below average condition. Appraiser took into consideration that the owner is in the process of removing and reconfiguring interior walls and replacing/removing flooring. Comp factor, seasoned investor. | 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 | 2025-4-100216 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for incorrect DOB on credit report, all repositories were pulled correctly. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-07-09): Approved exception at origination for incorrect DOB on credit report, all repositories were pulled correctly. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100217 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.20 XXXXX Investment with loan amount > $XXXomp factors: FICO and reserves. | REVIEWER - WAIVED COMMENT (2025-07-09): Approved exception at origination for DSCR < 1.20 XXXXX Investment with loan amount > $XXXomp 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 | 2025-4-100218 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100219 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for missing ordinance or law coverage. Comp factors: LTV & FICO.<br> Missing evidence of lease agreement for XXXXX refi with > $500k loan amount. | REVIEWER - WAIVED COMMENT (2025-07-09): Approved exception at origination for missing ordinance or law coverage. Comp factors: LTV & FICO.<br> BUYER - GENERAL COMMENT (2025-07-21): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-21): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factors, LTV and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100220 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - FICO below 650<br> [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided | Approved exception at origination for FICO < 650. Comp factor: seasoned business.<br> Approved exception at origination for LTV > 65% for a first time investor on a XXXXX. Comp factor: seasoned business. \*\*\*Clients comments - "70% LTV. Owner-User trad. The borrowing entity is a XXXX that was formed in XXXXX and provided a strong P&L at origination.<br> After close borrower will retain sufficient reserves. Borrower intends to occupy subject property with business."<br> Approved exception at origination for < 2 active major tradelines for both guarantors. Comp factor: seasoned business.<br> Approved exception at origination for unverified funds/missing 3 months P&I for FTI. Comp factor: seasoned business. | REVIEWER - WAIVED COMMENT (2025-08-18): Approved exception at origination for FICO < 650. Comp factor: seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-07-10): Approved exception at origination for LTV > 65% for a first time investor on a XXXXX. Comp factor: seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-07-10): Approved exception at origination for < 2 active major tradelines for both guarantors. Comp factor: seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-07-10): Approved exception at origination for unverified funds/missing 3 months P&I for FTI. Comp factor: seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100221 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for DSCR < 1.20 XXXXX Investment refi with loan amount > $XXXomp factors: FICO and seasoned investor.<br> Approved exception at origination for missing VOM-subject. Comp factors: FICO and seasoned investor.<br> Approved exception at origination for 32.9% vacancy on a refi. Comp factors: FICO and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-10): Approved exception at origination for DSCR < 1.20 XXXXX Investment refi with loan amount > $XXXomp factors: FICO and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-10): Approved exception at origination for missing VOM-subject. Comp factors: FICO and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-10): Approved exception at origination for 32.9% vacancy on a refi. Comp factors: FICO and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100222 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for DCR < 1.00 owner/user refi of XXXXX with loan amount > $XXXComp. factor: reserves.<br> Approved exception at origination for < 2 active major tradelines. Comp. factor: reserves.<br> Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp. factor: reserves. | REVIEWER - WAIVED COMMENT (2025-07-09): Approved exception at origination for DCR < 1.00 owner/user refi of XXXXX with loan amount > $XXXomp. factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-07-09): Approved exception at origination for < 2 active major tradelines. Comp. factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-07-09): Approved exception at origination for missing VOR-primary, guarantor that 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 | 2025-4-100223 |  | XXXXX | $XX | 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 < 1.25 on XXXXX Investment refi with loan amount > $XXXomp factors: LTV and seasoned investor.<br> Approved exception at origination for 100% vacancy on a refi. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-07-10): Approved exception at origination for DSCR < 1.25 on XXXXX Investment refi with loan amount > $XXXomp factors: LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-10): Approved exception at origination for 100% vacancy on a refi. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100224 |  | XXXXX | $XX | 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 VOM-primary, recent Final HUD in the file. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-10): Approved exception at origination for missing VOM-primary, recent Final HUD in the file. 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 | 2025-4-100225 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for LTV > 65% for first time investor on a XXXXX. Comp factor: reserves.<br> Approved exception at origination for < 2 major tradelines on the credit report. Comp factor: reserves.<br> Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2025-07-30): Approved exception at origination for LTV > 65% for first time investor on a XXXXX. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-07-30): Approved exception at origination for < 2 major tradelines on the credit report. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-07-30): Approved exception at origination for missing VOR-primary, borrower that 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 | 2025-4-100226 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 3 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing ordinance or law coverage. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-07-10): Approved exception at origination for missing ordinance or law coverage. Comp factor: FICO. | 3 | [3] General - Subject is not in average or better condition.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> Fair | Appraiser list the overall condition as average-below average with the report supporting below average. Health and safety issues with missing stairs (incomplete) and handrails for back exterior steps and 3 different basement stairs, missing handrail on stairs to attic, deterioration of foundation (broken concrete), missing wall with large open gap to lower level in the 2nd floor bedroom, and a black substance around the bathtub. | BUYER - WAIVED COMMENT (2025-08-12): Waived by management | 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 |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100227 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance<br> [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for DCR < 1.25 on XXXXX investment refi with loan amount > $XXXomp factors: LTV and FICO.<br> Approved exception at origination for missing ordinance or law coverage. Comp factor: seasoned investor.<br> Approved exception at origination for cash out on property with an active sale listing. Comp factors: LTV and FICO. | REVIEWER - WAIVED COMMENT (2025-07-09): Approved exception at origination for DCR < 1.25 on XXXXX investment refi with loan amount > $XXXomp factors: LTV and FICO.<br> REVIEWER - WAIVED COMMENT (2025-07-09): Approved exception at origination for missing ordinance or law coverage. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-09): Approved exception at origination for cash out on property with an active sale listing. Comp factors: LTV and FICO. | 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.<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100228 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for LTV > 70 for a first time investor on XXXXX. Comp factor: reserves.<br> Approved exception at origination for < 2 active major tradelines. Comp factor: reserves. | BUYER - GENERAL COMMENT (2025-07-21): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-21): Approved exception at origination for LTV > 70 for a first time investor on XXXXX. Comp factor: reserves.<br> BUYER - GENERAL COMMENT (2025-07-21): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-21): Approved exception at origination for < 2 active major tradelines. 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 | 2025-4-100233 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for FICO < 650. Comp factor; seasoned investor.<br> Approved exception at origination for loan amount <$XXXomp factor; LTV. | REVIEWER - WAIVED COMMENT (2025-07-14): Approved exception at origination for FICO < 650. Comp factor; seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-14): Approved exception at origination for loan amount <$XXXomp 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 | 2025-4-100234 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for FICO < 650. Comp factors: LTV and DSCR.<br> Approved exception at origination for basic form policy coverage type. Comp factors: LTV and DSCR. | REVIEWER - WAIVED COMMENT (2025-07-14): Approved exception at origination for FICO < 650. Comp factors: LTV and DSCR.<br> REVIEWER - WAIVED COMMENT (2025-07-14): Approved exception at origination for basic form policy coverage type. Comp factors: LTV and DSCR. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100237 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Application / Processing - Missing Document: HOA Questionnaire not provided | Approved exception at origination for missing required HOA documentation for subject condo property. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-07-14): Approved exception at origination for missing required HOA documentation for subject condo property. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100238 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Property has been listed for sale in the past 12 months. | Approved exception at origination for cash out on property held <6 months using valuation exceeding original purchase price. Comp factors: FICO and property condition which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2025-07-16): Approved exception at origination for cash out on property held <6 months using valuation exceeding original purchase price. Comp factors: FICO and property condition which is unable to be validated as a non-quantitative subjective trait. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100239 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Credit report is aged > 60 days.<br> Approved exception at origination for missing VOR - primary; borrower lives rent free. Comp factors: reserves and seasoned investor. | BUYER - GENERAL COMMENT (2025-07-21): Exception noted om uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-23): Exception waived. Updated approval provided in trailing documents approving exception for expired credit. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-14): Approved exception at origination for missing VOR - primary; borrower 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 | 2025-4-100240 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for FICO < 650. Comp factor; seasoned investor.<br> Approved exception at origination for missing VOR - primary; guarantor lives rent free. Comp factor: seasoned investor.<br> Approved exception at origination for 55.38% vacancy/missing lease for 1 of 2 units being refinanced. Comp factors: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-14): Approved exception at origination for FICO < 650. Comp factor; seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-14): Approved exception at origination for missing VOR - primary; guarantor lives rent free. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2025-07-21): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for 55.38% vacancy/missing lease for 1 of 2 units being refinanced. Comp factors: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100241 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100242 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100243 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100244 |  | XXXXX | $XX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | 1) EOI for 2 of 4 properties does not include loss of rents coverage (Property 2 - XXXXX} Rental value coverage is checked no and # of months field is populated, check box for actual loss sustained is blank, and Property 3 {XXXXX} Rental value coverage is checked no and limit/months not defined. 2) EOI for 2 of 4 properties (XXXXX) reflects 90% coinsurance without evidence of UW approval.<br> Incomplete VOM-subject; Pay history/payment receipts not provided for 2 of 4 properties. Per LOE in file (D0454) claims that 6 months payments were escrowed at closing of recent refinances, however settlement stmts provided reflect 'Debt Service' (D0449) and 'Debt Service Reserve' (D0450) without indication of 'prepaid' nor other loan/lender documentation. Loan payoff statements (XXXXX) reflect full face amounts of loan due with unpaid accrued interest charge balances amounting to XXXXX of respective loan amounts {although no late fees}.<br> Approved exception at origination for 100% vacancy/missing leases for 2 of 2 units in 1 of 4 subject properties. Comp factor: seasoned investor. | BUYER - GENERAL COMMENT (2025-07-21): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-23): Exception waived. Updated approval provided in trailing documents approving exception for insurance. Comp factor, FICO.<br> BUYER - GENERAL COMMENT (2025-07-21): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-23): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOM. Comp factors, seasoned investor and FICO.<br> REVIEWER - WAIVED COMMENT (2025-07-16): Approved exception at origination for 100% vacancy/missing leases for 2 of 2 units in 1 of 4 subject 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 | 2025-4-100245 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100246 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100247 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for missing wind and hail coverage. Comp factor: seasoned investor.<br> Approved exception at origination for missing lease on 1-4 refinance. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-14): Approved exception at origination for missing wind and hail coverage. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-14): Approved exception at origination for missing lease on 1-4 refinance. 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 | 2025-4-100248 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property<br> [2] General - LTV does not meet guidelines | Approved exception at origination for non conforming property- zoned SFR and currently configured as multifamily with estimated $40k cost to cure (no holdback included in loan structure). Comp factor: FICO.<br> Approved exception at origination for LTV > 75% on cash out refinance of 1-unit SFR property. Comp factors: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-07-16): Approved exception at origination for non conforming property- zoned SFR and currently configured as multifamily with estimated $40k cost to cure (no holdback included in loan structure). Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2025-07-16): Approved exception at origination for LTV > 75% on cash out refinance of 1-unit SFR property. Comp factors: seasoned investor and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100249 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100251 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - The property has been listed for sale in the last 12 months. | Cash out on property listed within recent 6 months. | BUYER - GENERAL COMMENT (2025-07-23): exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-24): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100252 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100253 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] General - LTV does not meet guidelines | Approved exception at origination for First time investor on 1-unit SFR purchase. Comp factor: reserves.<br> Approved exception at origination for LTV > 70% on SFR purchase with loan > $1MM. Comp factor: reserves. | BUYER - GENERAL COMMENT (2025-07-21): Corrected uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for First time investor on 1-unit SFR purchase. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-07-15): Approved exception at origination for LTV > 70% on SFR purchase with loan > $1MM. 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 | 2025-4-100254 |  | XXXXX | $XX |  | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100255 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100257 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - Insufficient Hazard Insurance<br> [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided | Approved exception at origination for missing cert of occupancy & indemnity with incomplete notary. Comp factor: seasoned investor. \*\*\*Clients comment - XXXXX obtained a current utility from borrower. Borrwer's DL/credit report confimed primary. Signed lease in file for subject property. Borrower signed BP cert and BP disclosure.<br> Approved exception at origination for missing loss of use and no condo master policy. Sufficient HO6 coverage. Comp factor: FICO.<br> Approved exception at origination for unverifiable assets to be used for down payment on purchase. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-07-18): Approved exception at origination for missing cert of occupancy & indemnity with incomplete notary. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-18): Approved exception at origination for missing loss of use and no condo master policy. Sufficient HO6 coverage. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2025-07-18): Approved exception at origination for unverifiable assets to be used for down payment on purchase. 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 | 2025-4-100258 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided<br> [2] Application / Processing - Missing Document: Proof of Residency Status not provided | Approved exception at origination for missing Lease on 1 of 2 units being refinanced. Comp factor; LTV.<br> Approved exception at origination for missing property profile report for primary (DL and lease corroborate address). Comp factor; LTV. | REVIEWER - WAIVED COMMENT (2025-07-14): Approved exception at origination for missing Lease on 1 of 2 units being refinanced. Comp factor; LTV.<br> REVIEWER - WAIVED COMMENT (2025-07-14): Approved exception at origination for missing property profile report for primary (DL and lease corroborate address). Comp factor; LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100259 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp factors: FICO and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-15): Approved exception at origination for missing VOR-primary, guarantor that lives rent free. 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 | 2025-4-100260 | XXXX XXXX | XXXXX | $XX | 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 $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount <$XXXomp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-07-14): Approved exception at origination for loan amount <$XXXomp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100261 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100262 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal shows extensive water damage on ceiling of Unit 1 from unknown source (no pictures of attic provided), missing radiator in Unit 2, missing handrail on stairs to attic, and PTD Certification of occupancy noted on in-house review. \*\*\*Clients comments - Purchase Transaction. 75% LTV. Leak appeared to be from prior issue and XXXXX did not view as material in terms of underwriting. Property needs work, but is habitable. XXXXX expects borrower to complete any necessary repairs to their investment property. Property condition considered in value/LTV. The XXXXX real estate analyst did note that the purchase contract required the borrower to obtain a certificate of occupancy which was received and confirmed that the subject property was in compliance with the regulations of the Zoning Ordinance of the city. | BUYER - WAIVED COMMENT (2025-08-12): Waived by operations management | 1 |  |  |  |  |  | - A |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100264 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines | Approved exception at origination for bankruptcy (ch 13) discharged within 2 yrs. Comp factors: LTV and re-established credit. | REVIEWER - WAIVED COMMENT (2025-07-15): Approved exception at origination for bankruptcy (ch 13) discharged within 2 yrs. Comp factors: LTV and re-established credit. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100265 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Missing EOI for liability coverage, document in file referencing liability coverage (XXXXX) appears to be a quotation and does not contain policy number and/or effective date(s). | BUYER - GENERAL COMMENT (2025-08-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-12): Exception waived. Updated approval provided in trailing documents approving exception for liability 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 | 2025-4-100266 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exceptions at origination for unit owners Policy 1) missing subject unit number, and 2) contains loss of use in lieu of loss of rents coverage without indication of landlord/rental coverage. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-16): Approved exceptions at origination for unit owners Policy 1) missing subject unit number, and 2) contains loss of use in lieu of loss of rents coverage without indication of landlord/rental coverage. Comp factor; seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100267 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100268 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for missing lease for 1 of 2 units being refinanced. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-07-15): Approved exception at origination for missing lease for 1 of 2 units being refinanced. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100269 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100270 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100271 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100273 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | EOI contains loss of use coverage in lieu of business income/loss of rents coverage, without evidence of landlord/rental policy. | BUYER - GENERAL COMMENT (2025-07-21): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-23): Exception waived. Updated approval provided in trailing documents approving exception for missing loss of rents. 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 | 2025-4-100274 | XXXX XXXX | XXXXX | $XX | 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 and property condition which cannot be substantiated. | REVIEWER - WAIVED COMMENT (2025-07-10): Approved exception at origination for FICO < 650. Comp factor, 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 | 2025-4-100276 | XXXX XXXX | XXXXX | $XX |  | XX/XX/XXXX | Purchase |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Boarded windows on the main house of XXXXX and although no value was given to the ADU it does have safety issues. ADU has boarded broken windows, foundation concerns, holes in walls exposing interior to the outside, and appears kitchen appliances/cabinets have been torn out. Holdback agreement in file for the main house kitchen flooring and sub-flooring only. \*\*\*Clients comment - Purchase Transaction. 75% LTV. Property vacant at the time of appraisal.No value was given to the ADU in the appraised value, which is vacant and not being used. XXXXX did complete a holdback on funding for repair to the main house kitchen floor/sub-flooring. A 10,000 cost for deferred maintenance was considered in the value and XXXXX expects borrower to complete any necessary repairs. | BUYER - WAIVED COMMENT (2025-08-12): Waived by operations management | 1 |  |  |  |  |  | - A |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100277 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing all kitchen appliances and boarded windows. Unknow if windows are damaged. | BUYER - WAIVED COMMENT (2025-08-12): Waived by Sr. Management | 1 |  |  |  |  |  | - A |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100278 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100279 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100280 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] General - Insufficient Hazard Insurance<br> [2] General - Missing Document: Comparable Rent Schedule not provided | Approved exception at origination for first time investor on a 1 unit SFR purchase with LTV > 70%. Comp factor: reserves.<br> Named storm (wind) deductible of 5% exceeds $25K. | REVIEWER - WAIVED COMMENT (2025-07-15): Approved exception at origination for first time investor on a 1 unit SFR purchase with LTV > 70%. Comp factor: reserves.<br> BUYER - GENERAL COMMENT (2025-07-21): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-23): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO.<br> BUYER - GENERAL COMMENT (2025-07-21): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-23): Exception cleared. Updated approval provided in trailing documents approving exception for missing comparable rents. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100282 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100283 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> Approved exception at origination for unpaid collections on credit report with aggregate balance > $25k. Comp factor: seasoned investor and LTV. | REVIEWER - WAIVED COMMENT (2025-07-14): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-07-14): Approved exception at origination for unpaid collections on credit report with aggregate balance > $25k. Comp factor: 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 | 2025-4-100284 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Unit owners policy does not include wind/hail coverage. | BUYER - GENERAL COMMENT (2025-07-21): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-23): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100285 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-08-08): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-07-16): Approved exception at origination for missing VOR-primary, borrower that 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 | 2025-4-100287 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for First time investor with LTV >70%. Comp factor, reserves. | REVIEWER - WAIVED COMMENT (2025-07-10): Approved exception at origination for First time investor with LTV >70%. 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 | 2025-4-100288 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100289 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100290 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] General - Insufficient Hazard Insurance | Approved exceptions at origination for 1) open notice of foreclosure sale, and 2) 2x30 days late within 12 months (both on investment property mortgages). Comp factor: reserves.<br> EOI reflects homeowners policy type with loss of use coverage in lieu of loss of rents. | REVIEWER - WAIVED COMMENT (2025-07-15): Approved exceptions at origination for 1) open notice of foreclosure sale, and 2) 2x30 days late within 12 months (both on investment property mortgages). Comp factor: reserves.<br> BUYER - GENERAL COMMENT (2025-07-21): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-23): Exception waived. Updated approval provided in trailing documents approving exception for missing loss of rents. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100291 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 1) Condo master policy is missing borrower name and unit number, 2) EOI reflects loss of use in lieu of loss of rents coverage without indication of landlord/rental policy type. Comp factor, LTV.<br> Approved exception at origination for missing lease agreement on 1-4 refinance. Comp factor: LTV. | BUYER - GENERAL COMMENT (2025-07-21): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for 1) Condo master policy is missing borrower name and unit number, 2) EOI reflects loss of use in lieu of loss of rents coverage without indication of landlord/rental policy type. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-07-14): Approved exception at origination for missing lease agreement on 1-4 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 | 2025-4-100292 |  | XXXXX | $XX | 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 $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $XXXomp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-15): Approved exception at origination for loan < $XXXomp 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 | 2025-4-100294 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100295 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100296 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for < 2 active major tradelines. Comp factor: seasoned investor.<br> Approved exception at origination for 1x30 in recent 90 days on subject. Comp factor: seasoned investor.<br> Approved exception at origination for basic form for insurance coverage. Comp factor: seasoned investor.<br> Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-18): Approved exception at origination for < 2 active major tradelines. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-18): Approved exception at origination for 1x30 in recent 90 days on subject. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-18): Approved exception at origination for basic form for insurance coverage. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-18): Approved exception at origination for missing VOR-primary, guarantor that 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 | 2025-4-100297 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100298 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> Approved exception at origination for < 2 active major tradelines. Comp factor: seasoned investor.<br> Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-17): Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-17): Approved exception at origination for < 2 active major tradelines. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-17): Approved exception at origination for missing VOR-primary, guarantor that 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 | 2025-4-100299 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100300 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100301 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100302 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for incomplete VOR-primary; missing cancelled checks to support private landlord VOM. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait.<br> Approved exception at origination for 100% vacancy per appraisal (pro-forma lease in file). Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2025-07-15): Approved exception at origination for incomplete VOR-primary; missing cancelled checks to support private landlord VOM. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-07-15): Approved exception at origination for 100% vacancy per appraisal (pro-forma lease 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 | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100303 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100304 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for missing lease on a refi. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-07-16): Approved exception at origination for missing lease on a refi. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100305 | XXXX XXXX | XXXXX | $XX | 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 $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75000. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-07-17): Approved exception at origination for loan amount < $75000. 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 reflects foundation settlement, absence of water mitigation to window frames, damaged/broken front window, missing electrical covers, missing floor trim, missing kitchen cabinet doors and standing water in basement. | BUYER - WAIVED COMMENT (2025-08-12): Waived by operations management | 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 | 2025-4-100306 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> Wind deductible > $XXXpproved exception at origination for basic form policy coverage type. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-07-17): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-07-21): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2025-07-23): Exception remains. Approval provided is for another loan.<br> BUYER - GENERAL COMMENT (2025-07-23): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-24): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2025-07-21): Exception removed on uploaded approval It is not a requirement per the MCP.<br> REVIEWER - GENERAL COMMENT (2025-07-23): Exception remains. Approval provided is for another loan.<br> BUYER - GENERAL COMMENT (2025-07-23): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-24): Approved exception at origination for basic form policy coverage type. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100235 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Loan File - Missing Document: Hazard Insurance Policy not provided | Approved exception at origination for missing HOA master policy. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-15): Approved exception at origination for missing HOA master policy. Comp factor; seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100236 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Ineligible property<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for override of statewide exclusion on traditional property type located in XX. Comp factor, seasoned investor and FICO.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-07-13): Approved exception at origination for override of statewide exclusion on traditional property type located in XX. Comp factor, seasoned investor and FICO.<br> REVIEWER - WAIVED COMMENT (2025-07-13): 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 | 2025-4-100250 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for seller contribution >3% of purchase price. Comp factors; reserves and FICO.<br> Approved exception at origination for DSCR <1.0x for owner user traditional 2 purchase with loan > $750k. Comp factor, reserves and FICO.<br> Approved exception at origination for missing Law & Ordinance coverage. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-07-13): Approved exception at origination for seller contribution >3% of purchase price. Comp factors; reserves and FICO.<br> REVIEWER - WAIVED COMMENT (2025-07-13): Approved exception at origination for DSCR <1.0x for owner user traditional 2 purchase with loan > $750k. Comp factor, reserves and FICO.<br> REVIEWER - WAIVED COMMENT (2025-07-13): Approved exception at origination for missing Law & Ordinance coverage. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100256 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factors; LTV and reserves. | REVIEWER - WAIVED COMMENT (2025-07-13): Approved exception at origination for FICO < 650. Comp factors; LTV and reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100263 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for vacant property on a refi. Comp factors, seasoned investor and LTV.<br> Approved exception at origination for missing Law and Ordinance/ Business income coverage. Comp factor LTV | REVIEWER - WAIVED COMMENT (2025-07-30): Approved exception at origination for vacant property on a refi. Comp factors, seasoned investor and LTV.<br> REVIEWER - WAIVED COMMENT (2025-07-10): Approved exception at origination for missing Law and Ordinance/ Business income coverage. 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 | 2025-4-100272 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception for incorrect address disclosed on Lease (property is on a corner lot). Comp factor seasoned investor and LTV. | REVIEWER - WAIVED COMMENT (2025-07-10): Approved exception for incorrect address disclosed on Lease (property is on a corner lot). Comp factor 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 | 2025-4-100275 | XXXX XXXX | XXXXX | $XX | 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 <1.0x for owner user traditional 2 refi with loan > $500k. Comp factors; seasoned investor and seasoned business.<br> Approved exception at origination for wind deductible > $25k. Comp factors; seasoned investor and seasoned business. | REVIEWER - WAIVED COMMENT (2025-07-13): Approved exception at origination for DSCR <1.0x for owner user traditional 2 property with loan > $750k. Comp factors; seasoned investor and seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-07-13): Approved exception at origination for wind deductible > $25k. Comp factors; seasoned investor and seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100281 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOM-primary. Comp factor; FICO. | REVIEWER - WAIVED COMMENT (2025-07-13): Approved exception at origination for missing VOM-primary. Comp factor; FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100286 |  | XXXXX | $XX | 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 | Dwelling deductible amount of $5% on policy is unclear. Dwelling deductible above is $500. Please provided updated policy with deductible in the comment section and coverage sections matching.<br> Approved exception at origination for incomplete VOM- subject; <12 months receipts provided. Comp factor; LTV. | BUYER - GENERAL COMMENT (2025-07-21): The notes on the policy state the deductible for G.L. (Liability) of $500.00 and 5% for dwelling $XXXAn exception has been noted for the dwelling deductible.<br> REVIEWER - WAIVED COMMENT (2025-07-23): Exception waived. Updated approval provided in trailing documents approving exception for dwelling coverage deductible. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-07-13): Approved exception at origination for incomplete VOM- subject; <12 months pay history receipts provided. Comp factor; LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100293 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided | Approved exception at origination for unverified funds to close. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-07-13): Approved exception at origination for unverified funds to close. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100229 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100230 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100231 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100232 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100309 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100310 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100311 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100312 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement<br> [2] General Appraisal Requirements - Subject is a refinance and property is listed for sale.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for vacant property on a refi. Comp factor: LTV.<br> Approved exception at origination for Cash out on property listed within most recent 6 months. Comp factor, LTV. | REVIEWER - WAIVED COMMENT (2025-07-16): Approved exception at origination for vacant property on a refi. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-07-22): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for Cash out on property listed within most recent 6 months. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100313 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Ineligible property<br> [2] General - Insufficient Hazard Insurance<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> Rural property.<br> Master HOA Policy does not include borrower name or unit number.<br> Approved exception at origination for loan amount < $XXXomp factor, LTV. | REVIEWER - WAIVED COMMENT (2025-07-17): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-07-22): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-23): Exception waived. Updated approval provided in trialing documents approving exception for rural property. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2025-07-22): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-23): Exception waived. Updated approval provided in trailing documents approving exception for Master HOA Policy missing borrowers name and property unit number. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2025-07-22): Corrected uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for loan amount < $XXXomp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100314 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100315 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100316 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100317 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor, LTV.<br> Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp factor, LTV. | BUYER - GENERAL COMMENT (2025-07-22): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for FICO < 650. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2025-07-22): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100318 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] General - Guideline issue: Property type is not allowed per credit guidelines. | Approved exception at origination for LTV > 60% for first time foreign investor. Comp factor: reserves.<br> Approved exception at origination for First time investor purchase a 1 unit SFR. Comp factor, reserves. | REVIEWER - WAIVED COMMENT (2025-07-18): Approved exception at origination for LTV > 60% for first time foreign investor. Comp factor: reserves.<br> BUYER - GENERAL COMMENT (2025-07-22): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for First time investor purchase a 1 unit SFR. 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 | 2025-4-100319 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 3 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | REVIEWER - RE-GRADED COMMENT (2025-08-08): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing handrail on stairs to basement, boarded basement windows, property does not have a water meter, and rear balcony does not appear to be properly supported. \*\*\*Clients comment - Purchase Transaction. 75% LTV. Property vacant at time of appraisal. Per borrower LOE in file they will cure the boarded windows/concrete noted by exterior door post-funding. The property is vacant and we would expect the borrower to install the water meter prior to tenants moving in. Property condition considered in value/LTV and XXXXX expects the borrower to complete any necessary repairs. | BUYER - WAIVED COMMENT (2025-08-12): Waived by operations management | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100320 |  | XXXXX | $XX | 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 (2025-07-18): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100321 | XXXX XXXX | XXXXX | $XX | 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 liability insurance < $300. Comp factor, seasoned investor.<br> Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp factor, seasoned investor. | BUYER - GENERAL COMMENT (2025-07-22): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for liability insurance < $300. Comp factor, seasoned investor.<br> BUYER - GENERAL COMMENT (2025-07-22): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for missing VOR-primary, borrower that 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 | 2025-4-100322 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines | Approved exception at origination for FICO < 650 for both borrower and coborrower. Comp factor: LTV.<br> Approved exception at origination for unpaid collections/charge offs > $XXXomp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-07-17): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-07-17): Approved exception at origination for unpaid collection/charge offs > $XXXomp 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 | 2025-4-100323 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy on a refi. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-07-18): Approved exception at origination for 100% vacancy on a refi. Comp factor: LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | In-house review indicates exterior of property is in fair to poor condition with property currently under rehab; requires flooring, drywall repairs, and paint in the living/dining, bedrooms, and laundry room. Damaged/missing rear siding. Appraisal pictures of the carport/storage have numerous oxygen tanks, larger back-up oxygen tank, and an oxygen condenser being stored. Original appraisal has the property in C4 conditional. \*\*\*Clients comment - 44.12% LTV. Cash-out refinance. The subject is under construction and the cost to finish renovation estimated to be 5,000, and the cost was considered in the property value/LTV. The appraiser didn't note any risks associated with the oxygen tanks, so XXXXX did not view as material in terms of underwriting. XXXXX expects borrower to continue renovating the property and complete any necessary repairs. | BUYER - WAIVED COMMENT (2025-08-12): Waived by operations management | 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 | 2025-4-100324 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy on a refi. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-07-18): Approved exception at origination for 100% vacancy on a refi. 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 | 2025-4-100325 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] General 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 FICO < 650. Comp factor, seasoned investor.<br> Approved exception at origination for < 2 active open major tradelines. Comp factors, seasoned investor.<br> Cash out on a property listed in recent 6 months. | REVIEWER - WAIVED COMMENT (2025-07-17): Approved exception at origination for FICO < 650. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-17): Approved exception at origination for < 2 active open major tradelines. Comp factors, seasoned investor.<br> BUYER - GENERAL COMMENT (2025-07-22): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-23): 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 | 2025-4-100326 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor.<br> Policy does not include loss of rent or loss of use and indicates it is for a vacant unoccupied property.<br> Approved exception at origination to allow processor cert for subject VOM. Comp factors: LTV and seasoned investor.<br> Approved exception at origination for vacant property on a refi with lease in the file. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-17): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor.<br> BUYER - GENERAL COMMENT (2025-07-22): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-23): Exception waived. Updated approval provided in trailing documents approving exception for policy missing loss of rents coverage. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-07-17): Approved exception at origination to allow processor cert for subject VOM. Comp factors: LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-17): Approved exception at origination for vacant property on a refi with lease in the file. 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 | 2025-4-100327 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100328 | XXXX XXXX | XXXXX | $XX | 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. | BUYER - GENERAL COMMENT (2025-07-22): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for FICO < 650. 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 | 2025-4-100329 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100330 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for 4x30 on primary mortgage within recent 90 days. Comp factor, seasoned investor.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-17): Approved exception at origination for 4x30 on primary mortgage within recent 90 days. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-17): 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 | 2025-4-100331 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $XXXomp factors: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-07-21): Approved exception at origination for loan amount < $XXXomp 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 | 2025-4-100332 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100333 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement<br> [2] General Appraisal Requirements - Subject is a refinance and property is listed for sale.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX<br> [2] General - The property is ineligible. | Approved exception at origination for missing 12 months cancelled checks on lien held by private lender. Comp factor, seasoned investor.<br> Approved exception at origination for 100% vacancy/missing lease agreement for subject property. Comp factor, seasoned investor.<br> Approved exception at origination for Cash out on property listed within recent 6 months with prepayment penalty > 2 years. Comp factor, seasoned investor.<br> Approved exception at origination for Rural property. Comp factor, seasoned investor. | BUYER - GENERAL COMMENT (2025-07-22): Corrected uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for missing 12 months cancelled checks on lien held by private lender. Comp factor, seasoned investor.<br> BUYER - GENERAL COMMENT (2025-07-22): Corrected uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for 100% vacancy/missing lease agreement for subject property. Comp factor, seasoned investor.<br> BUYER - GENERAL COMMENT (2025-07-22): Corrected uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for Cash out on property listed within recent 6 months with prepayment penalty > 2 years. Comp factor, seasoned investor.<br> BUYER - GENERAL COMMENT (2025-07-22): corrected uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for Rural property. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100334 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] Credit Documentation - Missing lease Agreement<br> [2] General - The property is ineligible. | Approved exception at origination for 1x 120+ days late within 90 days and 1x additional rolling 120 day late within 12 months on credit report . Comp factor: LTV.<br> Approved exception at origination for Missing lease for 1 unit SFR condo refinance (subject is listed as a ST rental). Comp factor, LTV.<br> Approved exception at origination for rural property. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-07-21): Approved exception at origination for 1x 120+ days late within 90 days on subject and 1x additional rolling 120 day late on subject within 12 months . Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-07-23): Uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-24): Approved exception at origination for Missing lease for 1 unit SFR condo refinance (subject is listed as a ST rental). Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-07-21): Approved exception at origination for rural property. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100335 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for Rural property. Comp factor, LTV.<br> Approved exception at origination for missing lease for the subject. Comp factor: LTV. | BUYER - GENERAL COMMENT (2025-07-22): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for Rural property. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-07-17): Approved exception at origination for missing lease for the subject. 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 | 2025-4-100336 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for liability coverage <$300k on unit owner's policy. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-21): Approved exception at origination for liability coverage <$300k on unit owner's policy. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100337 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Ineligible property<br> [2] General - Ineligible property | Approved exception at origination for Dwelling < 500 square feet. Comp factor, FICO.<br> Approved exception at origination for Rural property. Comp factor, FICO. | BUYER - GENERAL COMMENT (2025-07-23): Uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-24): Approved exception at origination for Dwelling < 500 square feet. Comp factor, FICO.<br> BUYER - GENERAL COMMENT (2025-07-22): Exceptions noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for Rural property. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100338 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100339 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | EOI for liability coverage is a blanket policy without required endorsement for full coverage amount applicable to each covered location. | BUYER - GENERAL COMMENT (2025-07-23): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-24): Exception waived. Updated approval provided in trailing documents approving exception for missing insurance endorsement. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100340 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2025-07-17): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100341 |  | XXXXX | $XX | 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 seasoned business. | REVIEWER - WAIVED COMMENT (2025-08-08): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100342 |  | XXXXX | $XX | 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 seasoned business. | REVIEWER - WAIVED COMMENT (2025-08-08): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100343 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for 'Credit' (no active major tradelines on credit report for borrower). Comp factors: FICO and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-21): Approved exception at origination for 'Credit' (no active major tradelines on credit report). 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 | 2025-4-100344 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Credit Exception: | Interest only period > 5 years. | BUYER - GENERAL COMMENT (2025-07-24): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-24): Exception waived. Updated approval provided in trailing documents approving exception for interest only period. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100345 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100346 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100347 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing loss of rent coverage. Comp factor, FICO. | BUYER - GENERAL COMMENT (2025-07-22): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for missing loss of rent coverage. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100348 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] General - The property is ineligible. | Approved exception at origination for 'Credit' (< 2 active major tradelines). Comp factor: FICO.<br> Cash out on property held < 6 months using valuation exceeding original purchase price. | REVIEWER - WAIVED COMMENT (2025-07-21): Approved exception at origination for < 2 active major tradelines. Comp factor: FICO.<br> BUYER - GENERAL COMMENT (2025-07-24): Uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-25): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently acquired property using higher appraised value versus original purchase price. Comp factor, FICO. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing kitchen appliances in both units with appliances included in the Construction Costs provided. | BUYER - WAIVED COMMENT (2025-08-12): Waived by operations management | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100349 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Property has been listed for sale in the past 12 months. | Cash out on property held < 6 months using valuation exceeding original purchase price. | BUYER - GENERAL COMMENT (2025-07-23): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-24): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently acquired property. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100350 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Property has been listed for sale in the past 12 months. | Approved exception at origination for cash out on property held <6 months (transferred from solely guarantor's spouse to entity held solely by guarantor). Comp factor seasoned investor. | BUYER - GENERAL COMMENT (2025-07-23): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-24): Approved exception at origination for cash out on property held <6 months (transferred from solely guarantor's spouse to entity held solely by guarantor). 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 | 2025-4-100307 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.15x. Comp factors: LTV, guarantor support/liquidity, and additional collateral. | BUYER - GENERAL COMMENT (2025-07-24): correct, approved exception<br> REVIEWER - WAIVED COMMENT (2025-07-24): Approved exception at origination for DSCR < 1.15x. Comp factors: LTV, guarantor support/liquidity, and additional collateral. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100308 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 3 | 1 |  |  |  | 3 | [3] General - Subject is not in average or better condition.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> Fair | Appraisal reflect property condition is fair. \*\*\*Clients comments - 70% LTV. Purchase. Property condition is fair per appraisal . XXXXX also noted that "The Executive Summary on Page vi of the appraisal describes the subject's condition as "fair." However, they are later described throughout the reports as being in "average" condition.". Subject property is dated and could use cosmetic updates; however, there were no cited deferred maintenance or health and safety issues. Subject is a warehouse/distribution center. Property vacant at the time of origination. XXXXX did not view property condition as material in terms of underwriting and noted that the borrower as "forward-looking" and intending to update the property. Property condition considered in value/LTV. | BUYER - GENERAL COMMENT (2025-07-28): XXXXX's credit policy does not specify what condition the property must be in. Can you please show where in our credit policy this came from?<br> REVIEWER - GENERAL COMMENT (2025-07-28): Exception remains. Property condition stated on the appraisal is part of the USPAP requirements and used to determine value of the property. This is not a guideline issues, it is required by the rating agencies when securitizing. The exception can be waived but will not change the exception grade.<br> BUYER - WAIVED COMMENT (2025-07-29): We will waive this exception. | 1 |  |  |  |  |  | - A |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100351 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for 1) All perils deductible is > $10k, 2) Fair rental value (loss of rents) coverage amount is $0. Comp factor, seasoned investor.<br> Approved exception at origination for liability coverage < $300k. Comp factor: seasoned investor. | BUYER - GENERAL COMMENT (2025-07-24): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for 1) All perils deductible is > $10k, 2) Fair rental value (loss of rents) coverage amount is $0. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-24): Approved exception at origination for liability coverage < $300k. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100352 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] General - Insufficient Hazard Insurance<br> [2] Application / Processing - Missing Document: HOA Questionnaire not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for missing borrowers name on the HOA Master Policy. Comp factors, LTV and FICO.<br> Approved exception at origination for Unit owner's policy not containing wind & hail coverage. Comp factors, LTV and FICO.<br> Approved exception at origination for missing required HOA docs for subject condo property. Comp factors, LTV and FICO.<br> Approved exception at origination for 100% vacancy/ missing lease on a refinance. Comp factors: LTV and FICO. | BUYER - GENERAL COMMENT (2025-07-24): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for missing borrowers name on the HOA Master Policy. Comp factors, LTV and FICO.<br> BUYER - GENERAL COMMENT (2025-07-24): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for Unit owner's policy not containing wind & hail coverage. Comp factors, LTV and FICO.<br> BUYER - GENERAL COMMENT (2025-07-24): Uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for missing required HOA docs for subject condo property. Comp factors, LTV and FICO.<br> REVIEWER - WAIVED COMMENT (2025-07-21): Approved exception at origination for 100% vacancy/ missing lease on SFR condo refinance. Comp factors: LTV and FICO. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100353 | XXXX XXXX | XXXXX | $XX | 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 (2025-07-21): 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 | 2025-4-100354 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property<br> [2] General - Missing Document: Comparable Rent Schedule not provided | Rural property. | BUYER - GENERAL COMMENT (2025-07-24): Exception noted om uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-25): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2025-07-24): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-25): Exception waived. Updated approval provided in trailing documents approving exception for missing Comparable rent schedule with appraisal. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100355 |  | XXXXX | $XX | 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 on SFR refinance. Comp factor: LTV. | BUYER - GENERAL COMMENT (2025-07-24): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for 100% vacancy/ missing lease on SFR 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 | 2025-4-100356 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exceptions at origination for 1) open pre-foreclosure- notice of lis-pendens listed on property profile report for subject, and 2) rolling 30 day late within 90 days on subject VOM lender rating. Comp factors: reserves (for 1 and 2) and seasoned investor (for 1).<br> Approved exception at origination for incomplete VOM-subject - missing proof of most recent monthly payment. Comp factor: seasoned investor.<br> Approved exception at origination for 100% vacancy per appraisal on SFR refinance (lease provided in file reflects a start date 4 days prior to appraisal effective date). Comp factors: reserves and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-23): Approved exceptions at origination for 1) open pre-foreclosure- notice of lis-pendens listed on property profile report for subject, and 2) rolling 30 day late within 90 days on subject VOM lender rating. Comp factors: reserves (for 1 and 2) and seasoned investor (for 1).<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for incomplete VOM-subject - missing proof of most recent monthly payment. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-22): Approved exception at origination for 100% vacancy per appraisal on SFR refinance (lease provided in file reflects a start date 4 days prior to appraisal effective date). Comp factors: reserves 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 | Appraisal reflects safety issue of uncovered electrical outlets/panels in bathroom and through out the home, gap under front door exposed to the outside, unknown wires hanging on the back of the home, and missing frame and door in back. Deferred maintenance/ property under varying states of renovation, although no cost to cure was generated, and analyst review stipulates that UW review is required to determine if PTD conditions are needed. \*\*\*Client comment - 75% LTV. Cash-out refi. A holdback was not required, the RE analyst asked the UW to review the file for a PTD condition, but the UW didn't deem as necessary. We did not require a holdback on this loan. We don't have an update on the status of the repairs at this point, but will reach out to the borrower to confirm. . Property condition considered in value and LTV. | BUYER - WAIVED COMMENT (2025-08-12): Waived by Operations management | 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 | 2025-4-100357 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for missing certificate of occupancy for new construction as indicated as required per analyst review. Comp factors, LTV and property condition (property condition is subjected and not used). \*\*\* Clients comment - Borrower's DL/credit report confimed primary. Signed lease in file for subject property. Borrower signed BP cert and BP disclosure.<br> Approved exception at origination for FICO < 650.. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait.<br> Unpaid collections/charge-offs >$25k with LTV> 50%<br> EOI reflects loss of use without indication of landlord/ rental policy/coverage type.<br> Approved exception at origination for 100% vacancy/missing lease on 1-4 refi. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | BUYER - GENERAL COMMENT (2025-07-24): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for missing certificate of occupancy for new construction as indicated as required per analyst review. Comp factors, LTV and property condition (property condition is subjected and not used).<br> REVIEWER - WAIVED COMMENT (2025-07-24): Approved exception at origination for FICO < 650.. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait.<br> BUYER - GENERAL COMMENT (2025-07-24): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-25): Exception waived. Updated approval provided in trailing documents approving exception for unpaid collections. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2025-07-24): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-25): Exception waived. Updated approval provided in trailing documents approving exception for missing loss of rents. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-07-24): Approved exception at origination for 100% vacancy/missing lease on 1-4 refi. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100358 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOM- subject; missing pay history receipts to support processor cert provided in file. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-21): Approved exception at origination for incomplete VOM- subject; missing pay history receipts to support processor cert provided in file. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100359 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100360 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100361 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | 100% vacancy per appraisal/missing leases for 1 of 2 units being refinanced (Lease provided n file for 1 of 2 units indicates has start date subsequent to appraisal effective/inspection date). | BUYER - GENERAL COMMENT (2025-07-24): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-25): 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 | 2025-4-100362 | XXXX XXXX | XXXXX | $XX | 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 on SFR refinance. Comp factor: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100363 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100364 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property | Rural property. | BUYER - GENERAL COMMENT (2025-07-24): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-25): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100365 | XXXX XXXX | XXXXX | $XX | 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 on SFR refinance. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-07-21): Approved exception at origination for 100% vacancy/ missing lease on SFR 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 | 2025-4-100366 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100367 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100368 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100369 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for first time investor on 1 unit SFR purchase. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2025-07-22): Approved exception at origination for first time investor on 1 unit SFR purchase. 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 | 2025-4-100370 |  | XXXXX | $XX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for credit report pulled using incorrect SSN. Comp factor: seasoned investor.<br> Approved exception at origination for cash out on 3 of 3 properties all held <6 months and using valuations exceeding original purchase price. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for credit report pulled using incorrect SSN. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for cash out on 3 of 3 properties all held <6 months and using valuations exceeding original purchase price. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100371 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100372 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100373 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | 25.2 % vacancy per appraisal/ missing active lease on a refinance for unit 2. | BUYER - GENERAL COMMENT (2025-07-24): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-25): Exception waived. Updated approval provided in trailing documents approving exception for 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 | 2025-4-100374 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines<br> [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for collection/charge off > $25k. Comp factor: FICO.<br> Approved exception at origination for expired credit report. Comp factor: FICO.<br> Approved exception at origination for VOM for missing VOM-subject with private lender on processor cert. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for collection/charge off > $25k. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for expired credit report. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for VOM for missing VOM-subject with private lender on processor cert. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100375 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Appraisal Documentation - Missing Document: Appraisal not provided<br> [2] General - Property has been listed for sale in the past 12 months.<br> [2] General - The property is ineligible. | Approved exception at origination for FICO < 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 updated appraisal. Listing discrepancy- Appraisal reflects subject has not been listed within 12 months, however listing agreement reflecting cancellation within 90 days of note date was provided.in file, and there is an approved exception for recently listed property. Comp factors, LTV and marketing trends (marketing trends are subjective and not used).<br> Approved exception at origination for cash out on property listed within 6 months. 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 rural property. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2025-07-24): 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> BUYER - GENERAL COMMENT (2025-07-24): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for missing updated appraisal. Listing discrepancy- Appraisal reflects subject has not been listed within 12 months, however listing agreement reflecting cancellation within 90 days of note date was provided.in file, and there is an approved exception for recently listed property. Comp factors, LTV and marketing trends (marketing trends are subjective and not used).<br> REVIEWER - WAIVED COMMENT (2025-07-24): Approved exception at origination for cash out on property listed within 6 months. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-07-24): Approved exception at origination for rural property. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100376 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100377 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor.<br> Approved exception at origination for < 2 active major tradelines on report. Comp factors: LTV and seasoned investor.<br> Deductible > 5% (EOI reflects $5k deductible on loss of rents coverage of $31.2k).<br> Missing VOR-primary; borrower lives rent free. | REVIEWER - WAIVED COMMENT (2025-07-22): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-22): Approved exception at origination for 'Credit' (< 2 active major tradelines on report). Comp factors: LTV and seasoned investor.<br> BUYER - GENERAL COMMENT (2025-07-24): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-25): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2025-07-24): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-25): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR-primary. 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 | 2025-4-100378 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Loan amounts less than $75,000 are not permitted according to the guidelines | Approved exception at origination for loan amount < $XXXComp factor, LTV. | REVIEWER - WAIVED COMMENT (2025-07-29): Approved exception at origination for loan amount < $XXXomp 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 | 2025-4-100379 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines | Approved exception at origination with 1x30 days late within 6 months on primary. Comp factors: seasoned investor and FICO. | BUYER - GENERAL COMMENT (2025-07-24): Exception is valid. Last payment made on primary was for May 2025. Loan was due for the 6/1 payment at close<br> REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination with 1x30 days late within 6 months on primary. 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 | 2025-4-100380 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100381 | XXXX XXXX | XXXXX | $XX | 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 (2025-07-22): Approved exception at origination for missing VOR-primary, borrower lives rent free. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100382 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> Approved exception at origination for missing loss of rent coverage. Comp factor, seasoned investor. | BUYER - GENERAL COMMENT (2025-07-24): Uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for missing loss of rent coverage. 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 | 2025-4-100383 | XXXX XXXX | XXXXX | $XX | 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. | BUYER - GENERAL COMMENT (2025-07-24): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-25): 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 | 2025-4-100384 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for credit report pulled using incorrect DOB. Comp factor: seasoned investor.<br> Approved exception at origination for incomplete leases- missing pages for 2 of 2 units. Comp factor: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-07-22): Approved exception at origination for credit report pulled using incorrect DOB. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-22): Approved exception at origination for incomplete leases- missing pages for 2 of 2 units. Comp factor: 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 | 2025-4-100385 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100386 |  | XXXXX | $XX | 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 factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-22): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100387 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for First Time Buyer/Investor on 1 unit SFR. Comp factors: LTV and reserves.<br> Approved exception at origination for loss of use in lieu of loss of rents coverage without indication of landlord/rental policy/coverage type. Comp factor: LTV. | BUYER - GENERAL COMMENT (2025-07-24): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for First Time Buyer/Investor on 1 unit SFR. Comp factors: LTV and reserves.<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for loss of use in lieu of loss of rents coverage without indication of landlord/rental policy/coverage type. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100388 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - The property is ineligible. | Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factors: seasoned investor and FICO.<br> Approved exception at origination for rural property. Comp factors: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-07-22): Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factors: seasoned investor and FICO.<br> REVIEWER - WAIVED COMMENT (2025-07-22): Approved exception at origination for rural property. 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 | 2025-4-100389 | XXXX XXXX | XXXXX | $XX | 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 $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $XXXomp factor: LTV. | BUYER - GENERAL COMMENT (2025-07-24): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for loan < $XXXomp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100390 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100391 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 3 | 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] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for < 2 active major tradelines. Comp factor: LTV.<br> Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factor: LTV.<br> Approved exception at origination for refinance of property held < 12 months using valuation exceeding original purchase price. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for < 2 active major tradelines. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for refinance of property held < 12 months using valuation exceeding original purchase price. Comp factor: LTV. | 3 | [3] Value Discrepancy - Loan is to be securitized. Highest level secondary valuation does not support the value used to qualify. Sec ID: 7: Note Date: XX/XX/XXXX; Lien Position: 1 | Secondary valuation provided reflects a decrease in value of 15.15%. A second request was sent to the secondary valuation reviewer to re-review the original appraised value. They responded with no change to their value. \*\*\*Clients comment - XXXXX accepted the lower value and updated the final data tape accordingly. | BUYER - GENERAL COMMENT (2025-08-19): we're not able to clear this one. updating the value on the tape<br> REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2025-08-20): Client noted, unable to clear | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100392 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] General - LTV does not meet guidelines<br> [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided | Approved exception at origination for First Time Investor purchase of 1 unit SFR. Comp factor: reserves.<br> Approved exception at origination for < 2 active major tradelines. Comp factor: reserves.<br> Approved exception at origination for LTV > 70% for First Time investor on 1-4 property type. Comp factor: reserves.<br> Approved exception at origination for unverified funds to close. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for First Time Investor on 1-unit SFR purchase with LTV > 70%. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for < 2 active major tradelines. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for LTV > 70% for First Time investor on 1-4 property type. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception at origination for unverified funds to close. 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 | 2025-4-100393 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for first time investor/ first time buyer with LTV > 70% on 1 unit SFR purchase. Comp factor: reserves.<br> Approved exception at origination for < 2 active major tradelines. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2025-07-22): Approved exception at origination for first time investor with LTV > 70% on 1 unit SFR purchase. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-07-22): Approved exception at origination for < 2 active major tradelines. 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 | 2025-4-100394 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception for missing lease for subject 1-4 refinance (long-term (>10 yr) tenant is M-T-M per LOE in file). Comp factors: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-07-23): Approved exception for missing lease for subject 1-4 refinance (long-term (>10 yr) tenant is M-T-M per LOE in file). 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 | 2025-4-100395 |  | XXXXX | $XX |  | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - LTV over 75% | Approved exception at origination for LTV > 70% on blanket 1-4 purchase with balance > $XXXomp factor: reserves and seasoned investor. | BUYER - GENERAL COMMENT (2025-07-24): Corrected uploaded<br> REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for LTV > 70% on blanket 1-4 purchase with balance > $XXXomp factor: reserves and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100396 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> Approved exception at origination for < 2 active major tradelines. Comp factor: seasoned investor.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-22): Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-22): Approved exception at origination for < 2 active major tradelines. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-22): 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 | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100397 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | EOI (XXXXX) reflects exclusion of roof from coverage.<br> Approved exception at origination for loan amount < $XXXomp factor: LTV. | BUYER - GENERAL COMMENT (2025-08-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-13): Exception waived. Updated approval provided in trailing documents approving exception for roof exclusion. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-07-22): Approved exception at origination for loan amount < $XXXomp 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. | Health and safety issues with front porch deteriorated/rotten wood and missing light switch cover in kitchen. The file contains a LOE form borrower indicating intent to cure, however no evidence of completion was provided in file. | BUYER - WAIVED COMMENT (2025-08-12): Waived by operations management | 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 | 2025-4-100398 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100399 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement<br> [2] General - Property has been listed for sale in the past 12 months. | EOI reflects roof exclusion for >15 yrs aged. (XXXXX)<br> Approved exception at origination for 100% vacancy per appraisal on 1-4 refinance (executed valid lease provided in file). Comp factors: seasoned investor and seasoned business.<br> Approved exception at origination for Cash out refinance on property held < 12 months using valuation exceeding original purchase price (schedule of improvements provided {D0225}). Comp factors, seasoned investor and seasoned business. | BUYER - GENERAL COMMENT (2025-07-24): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-25): Exception waived. Updated approval provided in trailing documents approving exception for roof exclusion on insurance. Comp factors, seasoned business and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for 100% vacancy per appraisal on 1-4 refinance (executed valid lease provided in file). Comp factors: seasoned investor and seasoned business.<br> BUYER - GENERAL COMMENT (2025-07-24): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for Cash out refinance on property held < 12 months using valuation exceeding original purchase price (schedule of improvements provided {D0225}). Comp factors, seasoned investor and seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100400 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100401 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Guideline Issue - Note loan amount is greater than guideline maximum.: Note loan amount of $XXX is greater than guideline maximum loan amount of $2,000,000. | Approved exception at origination for loan amount > $5MM. Comp factors: LTV, reserves, and Debt Service. | REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for loan amount > $5MM. Comp factors: LTV, reserves, and Debt Service. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100402 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100403 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100404 |  | XXXXX | $XX | 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 | 2025-4-100405 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100406 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for LTV > 60%. Comp factors: reserves, DSCR and financials. | REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for LTV > 60%. Comp factors: reserves, DSCR and financials. | 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 qualifying DSCR on the loan is greater than the guideline minimum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100699 |  | XXXXX | $XX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for missing active lease for 1 of 3 properties being refinanced; appraisal reflects tenant vacating at the time of appraisal inspection (pro-forma lease provided in file). Comp factors: LTV and FICO. | REVIEWER - WAIVED COMMENT (2025-07-30): Approved exception at origination for missing active lease for 1 of 3 properties being refinanced; appraisal reflects tenant vacating at the time of appraisal inspection (pro-forma lease provided in file). 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 | 2025-4-100570 |  | XXXXX | $XX | 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> < 2 active major tradelines.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-08): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor.<br> BUYER - GENERAL COMMENT (2025-08-04): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-04): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for missing VOR-primary; guarantor lives rent free. 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 | Appraisal reflects missing basement stair handrail and damaged siding in the rear. | BUYER - WAIVED COMMENT (2025-08-12): Waived by operations management | 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 | 2025-4-100571 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property | Rural property. | BUYER - GENERAL COMMENT (2025-08-04): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-04): Exception waived. Updated approval provided in trailing documents approving exception for rural 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 | 2025-4-100572 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for < 2 active major tradelines. Comp factor: reserves.<br> Approved exception at origination for incomplete VOR- primary; missing 12 month pay history receipts/cancelled checks to support VOM summary form completed by private individual landlord. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2025-07-29): Approved exception at origination for < 2 active major tradelines. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-07-29): Approved exception at origination for incomplete VOR- primary; missing 12 month pay history receipts/cancelled checks to support VOM summary form completed by private individual landlord. 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 | 2025-4-100573 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Application / Processing - Missing Document: HOA Questionnaire not provided | Approved exception at origination for missing HOA documents. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-07-24): Approved exception at origination for missing HOA documents. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100574 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Application / Processing - Missing Document: HOA Questionnaire not provided | Approved exception at origination for missing HOA documents. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-07-29): Approved exception at origination for missing HOA documents. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100575 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100576 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy/ missing lease on refinance. Comp factors: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-07-29): Approved exception at origination for 100% vacancy/ missing lease on refinance. Comp factors: seasoned investor and FICO. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Appraisal reflects safety issue of missing cover on electrical panel. Evidence of replacement of cover not provided in file. | BUYER - WAIVED COMMENT (2025-08-12): Waived by operations management | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100577 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100578 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for LTV > 65% on cashout refinance of 2-4 family property by foreign investor. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2025-08-05): Approved exception at origination for LTV > 65% on cashout refinance of 2-4 family property by foreign investor. 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 | 2025-4-100579 |  | XXXXX | $XX | 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] 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 < 2 active major tradelines. Comp factor: seasoned investor.<br> Approved exception at origination for missing VOR-primary, processor certification provided for guarantor. Comp factor: seasoned investor.<br> Cash out on property listed within recent 6 months using the higher XXXXX analyst review value versus the lower listed price. | REVIEWER - WAIVED COMMENT (2025-07-30): Approved exception at origination for < 2 active major tradelines. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-30): Approved exception at origination for missing VOR-primary, processor certification provided for guarantor. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2025-08-04): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-04): 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 | 2025-4-100580 |  | XXXXX | $XX | 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 $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $XXXomp factor: LTV | REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for loan amount < $XXXomp factor: LTV | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100581 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement<br> [2] General Appraisal Requirements - Subject is a refinance and property is listed for sale.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX<br> [2] General - The property is ineligible. | Approved exception at origination for 100% vacancy/missing lease on refinance. Comp factors: LTV and seasoned investor.<br> Approved exception at origination for Cash out on property listed within recent 6 months. Comp factors, seasoned investor and LTV.<br> Approved exception at origination for rural property. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-29): Approved exception at origination for 100% vacancy/missing lease on refinance. Comp factors: LTV and seasoned investor.<br> BUYER - GENERAL COMMENT (2025-08-04): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-04): Approved exception at origination for Cash out on property listed within recent 6 months. Comp factors, seasoned investor and LTV.<br> REVIEWER - WAIVED COMMENT (2025-07-29): Approved exception at origination for rural property. 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 | 2025-4-100582 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Guideline Issue - Aged document: Primary Valuation is older than guidelines permit: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Appraisal is aged > 6 months.<br> Approved exception at origination for loan amount < $XXXComp factor: LTV.. | BUYER - GENERAL COMMENT (2025-08-04): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-04): Exception waived. Updated approval provided in trailing documents approving exception for age of appraisal. Comp factors, LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for loan amount < $XXXomp 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 | 2025-4-100583 | XXXX XXXX | XXXXX | $XX | 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 on a refinance with letter of explanation in file. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for 100% vacancy/missing lease on a refinance with letter of explanation in file. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100700 |  | XXXXX | $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.<br> [2] General - The property is ineligible.<br> [2] General Appraisal Requirements - Valuation Error: Subject street address not provided. | Approved exception at origination for 100% vacancy/missing lease for 2 of 4 properties being refinanced (recently executed lease in file for 1 of 2) and 40% vacancy/missing lease for 1 of 3 units on 1 of 4 properties being refinanced. Comp factors: FICO and reserves.<br> Approved exception at origination for Cash out refinance on 2x properties held <6 months. Comp factors, FICO and reserves.<br> Approved exception at origination for 3x rural subject properties. Comp factors: FICO and reserves.<br> Approved exception at origination for Appraisal/analyst review address for 1 of 4 properties does not match mortgage/DOT address (XXXXX per mortgage/DOT, and XXXXX per appraisal and analyst review). Comp factors, FICO and reserves. | REVIEWER - WAIVED COMMENT (2025-07-30): Approved exception at origination for 100% vacancy/missing lease for 2 of 4 properties being refinanced (recently executed lease in file for 1 of 2) and 40% vacancy/missing lease for 1 of 3 units on 1 of 4 properties being refinanced. Comp factors: FICO and reserves.<br> BUYER - GENERAL COMMENT (2025-08-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-13): Approved exception at origination for Cash out refinance on 2x properties held <6 months. Comp factors, FICO and reserves.<br> REVIEWER - WAIVED COMMENT (2025-07-30): Approved exception at origination for 3x rural subject properties. Comp factors: FICO and reserves.<br> BUYER - GENERAL COMMENT (2025-08-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-13): Approved exception at origination for Appraisal/analyst review address for 1 of 4 properties does not match mortgage/DOT address (XXXXX per mortgage/DOT, and XXXXX per appraisal and analyst review). 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 | 2025-4-100584 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100585 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100586 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100587 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Unit owners policy loss of use(rental endorsement present) coverage amount of XXXXX is < 4 months P&I. | BUYER - GENERAL COMMENT (2025-08-04): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-04): Exception waived. Updated approval provided in trailing documents approving exception for loss of rents coverage. 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 | 2025-4-100588 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100589 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100590 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 3 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Asset Calculation / Analysis - Guideline Requirement: Available for Reserves discrepancy.: Calculated Available for Reserves of is less than Guideline Available for Reserves of .<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for First Time Investor with LTV > 70% / CLTV > 85% on 2-4 family purchase. Comp factor: seasoned business. \*\*\*Clients comments - Borrowing entity is a marketing/communications business formed in XXXXX. The borrower does not intend to occupy the property with their business. Borrower has resided on his primary residence for 2 years and been self employed for more than 2 years.<br> First time investor with reserves < 3 months P&I (Insufficient underwritten funds to close).<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned business. | REVIEWER - WAIVED COMMENT (2025-07-29): Approved exception at origination for First Time Investor with LTV > 70% / CLTV > 85% on 2-4 family purchase. Comp factor: seasoned business.<br> BUYER - GENERAL COMMENT (2025-08-04): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-05): Exception waived. Updated approval provided in trailing documents approving exception for no reserves. Comp factor, seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-07-29): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned business. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects safety issues including dampness in the basement, missing electrical panel cover, missing handrails on staircases, missing rear deck railing and unsecured exterior egress. reinstallation of a stove and missing outlet covers in the living room. LOE in file indicated borrower intent to remediate these issues but no evidence of completion was provided. | BUYER - WAIVED COMMENT (2025-08-12): Waived by operations management | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100591 |  | XXXXX | $XX | 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 (2025-07-28): Approved exception at origination for FICO < 650. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100592 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Ineligible property | Rural property. | BUYER - GENERAL COMMENT (2025-08-12): Uploaded<br> REVIEWER - WAIVED COMMENT (2025-08-13): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100593 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Guideline issue: Property type is not allowed per credit guidelines. | First time investor purchase of a 1 unit SFR. | BUYER - GENERAL COMMENT (2025-08-04): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-05): Exception waived. Updated approval provided in trailing documents approving FTI of a 1 unit SFR. Comp factors, seasoned business 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 | 2025-4-100594 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Application / Processing - Missing Document: HOA Questionnaire not provided | Approved exception at origination for liability coverage < $XXXComp factor: FICO.<br> Approved exception at origination for missing HOA Certificate- no pending litigation. Comp factors: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-07-28): Approved exception at origination for liability coverage < $XXXomp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2025-07-28): Approved exception at origination for missing HOA Certificate- no pending litigation. 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 | 2025-4-100595 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> Approved exception at origination for missing VOM - subject. Missing 2 of 12 monthly payments Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-07-28): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-07-28): Approved exception at origination for missing VOM - subject. Missing 2 of 12 monthly payments Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100596 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property | Property is in an R-3 zone which is 1 unit SFR. Currently being used as a 3 Family. \*\*\*Clients comment - Per the appraisal, zoning compliance is legal and the township inspects the property annually as a 3-unit. Doesn't seem like XXXXX would need to convert in the event of foreclosure. | BUYER - GENERAL COMMENT (2025-08-04): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-05): Exception waived. Updated approval provided in trailing documents approving exception for property zoning. 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 | 2025-4-100597 |  | XXXXX | $XX | 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 days late mortgage payments in the last 24 months-primary and 2) 2x60 days late payments in the last 24 months on timeshare. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2025-07-28): Approved exception at origination for 2x30 days late mortgage payments in the last 24 months-primary and 2) 2x60 days late payments in the last 24 months on timeshare. 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 | 2025-4-100598 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] General - Missing Hazard Insurance | Approved exception at origination for 1x 120 days late (rolling) within 24 months. Comp factor: reserves.<br> Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor | REVIEWER - WAIVED COMMENT (2025-07-30): Approved exception at origination for 1x 120 days late (rolling) within 24 months. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-07-30): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100599 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines | Approved exception at origination for 2x30 days late mortgage payments in the last 24 months-primary and 2) 2x60 days late payments in the last 24 months on timeshare. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2025-07-28): Approved exception at origination for 2x30 days late mortgage payments in the last 24 months-primary and 2) 2x60 days late payments in the last 24 months on timeshare. Comp factor: reserves.<br> REVIEWER - RE-GRADED COMMENT (2025-07-28): Approved exception at origination for 2x30 days late mortgage payments in the last 24 months-primary and 2) 2x60 days late payments in the last 24 months on timeshare. 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 | 2025-4-100600 | XXXX XXXX | XXXXX | $XX | 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 (2025-07-29): 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 | 2025-4-100601 |  | XXXXX | $XX | 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 $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount > $XXXComp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for loan amount > $XXXomp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100602 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Comparable Rent Schedule not provided |  | BUYER - GENERAL COMMENT (2025-08-04): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-05): Exception waived. Updated approval provided in trailing documents approving exception for missing comparable rents. 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 | 2025-4-100603 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - Missing Hazard Insurance | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> Approved exception at origination for < 2 active major tradelines. Comp factor: LTV.<br> Approved exception at origination for liability coverage < $300k. Comp factor: seasoned investor.<br> Approved exceptions at origination for 1) incomplete VOM-subject missing monthly pay history receipts/cancelled checks to supplement private lender rating on land contract, and 2) missing VOR-primary, borrower lives rent free. 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 (2025-07-29): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-07-29): Approved exception at origination for < 2 active major tradelines. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-07-29): Approved exception at origination for liability coverage < $300k. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-29): Approved exceptions at origination for 1) incomplete VOM-subject missing monthly pay history receipts/cancelled checks to supplement private lender rating on land contract, and 2) missing VOR-primary, borrower lives rent free. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-07-29): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100701 |  | XXXXX | $XX |  | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - LTV does not meet guidelines<br> [2] Appraisal Documentation - Missing Document: Appraisal not provided<br> [2] Mortgage / Program Eligibility - Subordinate financing not permitted | Approved exception at origination for LTV> 75% on blanket 1-4 purchase. Comp factors: reserves and seasoned investor.<br> Approved exception at origination for appraisal aged > 6 months. Comp factor: seasoned investor.<br> Approved exception at origination for seller held 2nd mortgage term < 3 years. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-30): Approved exception at origination for LTV> 75% on blanket 1-4 purchase. Comp factors: reserves and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-30): Approved exception at origination for appraisal aged > 6 months. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2025-08-04): Uploaded note supports exception already written<br> REVIEWER - WAIVED COMMENT (2025-08-05): Approved exception at origination for seller held 2nd mortgage term < 3 years. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100604 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for seller credit > 3% of purchase price. Comp factor: seasoned investor.<br> Approved exception at origination for incomplete VOR-primary- missing 1 of 12 most recent monthly payments. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-28): Approved exception at origination for seller credit > 3% of purchase price. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-28): Approved exception at origination for incomplete VOR-primary; missing 1 of 12 most recent monthly payments (missing Nov 2024). Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100605 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 3 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] General - LTV does not meet guidelines<br> [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for first time buyer/first time investor purchase of a 1 unit SRF. Comp factors: seasoned business and reserves. \*\*\*Clients comments - Borrowing business is a day care facility formed in XXXXX. Borrower has strong reserves. Borrowing business is an established daycare, purchasing an existing established daycare. The existing daycare will continue operating out of subject property.<br> Approved exception at origination for LTV > 70% for time buyer/first time investor on SFR purchase. Comp factors: seasoned business and reserves.<br> Approved exception at origination for credit report aged > 60 days. Comp factors: seasoned business and reserves. | REVIEWER - WAIVED COMMENT (2025-07-28): Approved exception at origination for first time buyer/first time investor purchase of a 1 unit SRF. Comp factors: seasoned business and reserves.<br> REVIEWER - WAIVED COMMENT (2025-07-28): Approved exception at origination for LTV > 70% for time buyer/first time investor on SFR purchase. Comp factors: seasoned business and reserves.<br> REVIEWER - WAIVED COMMENT (2025-07-28): Approved exception at origination for credit report aged > 60 days. Comp factors: seasoned business and 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 | Property not habitable as is, missing 1 full bathroom with tub/shower. Cost to cure provided of $6,000 with no indication borrower intends to cure. | BUYER - WAIVED COMMENT (2025-08-12): Waived by Operations Management with 6K cost to cure. | 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 |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100606 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOM-primary; mortgage in spouse's name. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-29): Approved exception at origination for missing VOM-primary; mortgage in spouse's name. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100569 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Miscellaneous - Credit Exception: | Approved exception at origination for title seasoning > 12 months. Comp factor: Seasoned investor. \*\*\*Clients comment - Confirming that we will obtain a valid TPOL. We have the commitment in file showing the borrower/XXXXX as proposed insured. | REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for title seasoning > 12 months. Comp factor: Seasoned investor. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photos reflects rear deck stairs missing railing and damaged concrete floor in basement which may be a potential trip hazard. Letter of intent to to repair and /or correct specific uses provided by borrower; however confirmation of repairs not received. | BUYER - WAIVED COMMENT (2025-08-12): Waived by operations management | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100607 | XXXX XXXX | XXXXX | $XX | 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 | Analyst review and appraisal indicate health & safety issue of potential mold concern; LOE in file from borrower indicates intent to remedy, however no evidence of completion provided. | BUYER - WAIVED COMMENT (2025-08-12): Waived by Operations Management | 1 |  |  |  |  |  | - A |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100608 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal and inhouse appraisal review reflect water intrusion in basement. File contains a LOE from borrower indicating intent to address the issue but no proof of completion provided. | BUYER - WAIVED COMMENT (2025-08-12): Waived by Operations Management | 1 |  |  |  |  |  | - A |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100609 |  | XXXXX | $XX | 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 seasoned investor.<br> Missing VOR-primary; LOE reflects guarantor lives rent free.<br> Approved exception at origination for 100% vacancy/missing lease-primary (subsequently executed lease provided in file). Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-08): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor.<br> BUYER - GENERAL COMMENT (2025-08-04): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-05): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR-primary. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-07-28): Approved exception at origination for 100% vacancy/missing lease-primary (subsequently executed lease provided in file). 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 | Appraisal reflects front porch stairs are missing a handrail. | BUYER - WAIVED COMMENT (2025-08-12): Waived by Operations Management | 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 | 2025-4-100610 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100611 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination tor expired credit report. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination tor expired credit report. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100612 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines<br> [2] General - The property is ineligible. | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> Approved exception at origination unpaid charge off > $25k on credit report. Comp factor: LTV.<br> Rural Property. | REVIEWER - RE-GRADED COMMENT (2025-07-28): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - RE-GRADED COMMENT (2025-07-28): Approved exception at origination unpaid charge off > $25k on credit report. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-08-04): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-05): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100613 |  | XXXXX | $XX | 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 $XXX is less than guideline minimum loan amount of $XXX2] General - The property is ineligible. | Approved exception at origination for loan amount < $XXXomp factor: seasoned investor.<br> Appraisal reflects if subject property destroyed it will be rebuilt as a single family. | REVIEWER - WAIVED COMMENT (2025-07-29): Approved exception at origination for loan amount < $XXXomp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2025-08-04): Uploaded<br> REVIEWER - WAIVED COMMENT (2025-08-05): Exception waived. Updated approval provided in trailing documents approving exception for zoning. Comp factor, seasoned investor. | 3 | [3] General Appraisal Requirements - Valuation Error: Property condition not provided. | In house review indicates property is in below average condition. Picture provided with appraisal support property in below average condition with kitchen appliances obstructing full use of other appliances or cabinets. \*\*\*Clients comment - "70% LTV. Purchase transaction. Property vacant and exhibited fair/below average condition at origination. The property had been vacant for a series of months and was in need of updating, but no significant deferred maintenance or health and safety issues noted in the appraisal. It is reported that the buyer/borrower will lease-out the property to a single tenant, who intends on investing significant<br> amounts towards tenant improvements. Property condition considered in value/LTV." | BUYER - GENERAL COMMENT (2025-08-04): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-05): Exception waived. Updated approval provided in trailing documents approving exception for property in below average condition. Comp factor, seasoned investor. | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100614 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100615 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for < 12 months title vesting/value seasoning. Comp factor: FICO. \*\*\*Clients comment - Confirming that we will obtain a valid TPOL. We have the commitment in file showing the borrower/XXXXX as proposed insured.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for > 12 months title vesting. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100616 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided). Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2025-07-29): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided). Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects missing stoves, missing floor coverings, and evidence of leaking water heater and laundry tub in basement. LOE in file indicates commitment to remedy these issues but no evidence of completion. | BUYER - WAIVED COMMENT (2025-08-12): Waived by operations management | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100617 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for FICO <650. Comp factor: seasoned investor.<br> Approved exception at origination for mortgage account charge-off reflected on credit report. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-07-28): Approved exception at origination for FICO <650. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-28): Approved exception at origination for mortgage account charge-off reflected on credit report. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100618 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Application / Processing - Missing Document: HOA Questionnaire not provided | Approved exception at origination for missing 1) HOA certification, 2) HOA budget and 3) HOA P&L. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-29): Approved exception at origination for missing 1) HOA certification, 2) HOA budget and 3) HOA P&L. 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 | 2025-4-100619 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100620 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception: | Approved exception at origination for seller contribution > 3%. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-30): Approved exception at origination for seller contribution > 3%. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100702 |  | XXXXX | $XX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - FICO below 650<br> [2] General - Ineligible property<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement<br> [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> Approved exception at origination for 3x rural subject properties. Comp factor: seasoned investor.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor.<br> Approved exception at origination for 1) 100% vacancy for 1 of 3 properties 2) 3 of 3 leases in file are not executed. Comp factor, seasoned investor.<br> Approved exception at origination for Cash-out on 1 of 3 properties held < 12 months using valuation exceeding original purchase price ($5k sale prices appear to have been non-arms-length transactions/ sale from related party). Comp factor, seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-08): Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-29): Approved exception at origination for 3x rural subject properties. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-29): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2025-08-05): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-07): Approved exception at origination for 1) 100% vacancy for 1 of 3 properties 2) 3 of 3 leases in file are not executed. Comp factor, seasoned investor.<br> BUYER - GENERAL COMMENT (2025-08-05): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-07): Approved exception at origination for Cash-out on 1 of 3 properties held < 12 months using valuation exceeding original purchase price ($5k sale prices appear to have been non-arms-length transactions/ sale from related party). Comp factor, seasoned investor. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Property had damage including subject rear covered porch awning that's leaning and properly secured and basketball hoop mounted to the garage door does not appear to be properly secured. However, a letter of explanation indicates the items will be addressed post-closing. | BUYER - WAIVED COMMENT (2025-08-12): Waived by operations management | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100621 | XXXX XXXX | XXXXX | $XX | 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: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-29): Approved exception at origination for rural property. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100622 | XXXX XXXX | XXXXX | $XX | 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 $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000 on a SFR. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-07-28): Approved exception at origination for loan amount < $75,000 on a SFR. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100623 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Flood Insurance deductible > 2% of coverage amount. | BUYER - GENERAL COMMENT (2025-08-05): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-06): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100624 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Application / Processing - Missing Document: HOA Questionnaire not provided<br> [2] General - The property is ineligible. | Approved exception at origination for missing 1) HOA Certificate, 2) HOA Budget and 3) HOA P&L. Comp factors seasoned investor and FICO.<br> Approved exception at origination for rural property. Comp factor: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-07-29): Approved exception at origination for missing 1) HOA Certificate, 2) HOA Budget and 3) HOA P&L. Comp factors seasoned investor and FICO.<br> REVIEWER - WAIVED COMMENT (2025-07-29): Approved exception at origination for rural property. Comp factor: 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 | 2025-4-100625 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 3 | 2 | [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines<br> [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> Approved exception at origination for unpaid collections/charge-offs > $25k. 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 loan < $XXXomp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-08): Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-28): Approved exception at origination for unpaid collections > $25k. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-28): Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-28): Approved exception at origination for loan < $XXXomp factor: seasoned investor. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Health and safety issues with retaining wall and basement foundation issues requiring structural inspections by licensed professional, and poorly repaired front steps. PTD variance for property being 4 units and/or letter from zoning property can be rebuilt as 4 units. Holdback agreement in file is not executed and not noted on approval.\*\*Clients comment - 75% LTV. Purchase transaction. XXXXX received a copy of an inspection/repair report completed by a licensed vendor confirming that the basement foundation received reinforcement and sealing post-appraisal. Additonally, XXXXX received an inspection/repair report from a licensed vendor confirming that the gas lines were properly installed and secure. Regrding the zoning, There was a PTD condition cited by XXXXX real-estate anaylst regarding the units/zoning. XXXXX received email confirmation from a code enforcement officer confirming that the property is 3-units and that the county listing as a duplex is incorrect. The property condition was considered in the value/LTV and XXXXX expects the borrower to complete any necessary repairs. | BUYER - WAIVED COMMENT (2025-08-12): Waived by Operations Management | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100703 | XXXX XXXX | XXXXX | $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. | Appraisal reflects safety issue of missing handrail on 2nd flood staircase, missing cover on electrical panel and exposed wiring. LOE in file indicated boprrower intent to remediate these issues with no evidence of completion provided in file. | BUYER - WAIVED COMMENT (2025-08-12): Waived by Operations Management | 1 |  |  |  |  |  | - A |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100626 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $XXXomp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-29): Approved exception at origination for loan amount < $XXXomp 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 | 2025-4-100627 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Credit report reflects > 1x30 days late mortgage payments in the last 12 months. | BUYER - GENERAL COMMENT (2025-08-05): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-06): Exception waived. Updated approval provided in trailing documents approving exception for mortgage late. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100628 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100629 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100630 |  | XXXXX | $XX | 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 held < 12 months using valuation exceeding original purchase price. | BUYER - GENERAL COMMENT (2025-08-05): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-06): Exception waived. Updated approval provided in trailing documents approving exception for value seasoning. 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 | 2025-4-100631 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Property has been listed for sale in the past 12 months. | Cash out on property held < 12 months using valuation exceeding purchase price. | BUYER - GENERAL COMMENT (2025-08-05): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-07): Exception waived. Updated approval provided in trailing documents approving exception for value seasoning. 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 | 2025-4-100632 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100633 |  | XXXXX | $XX | 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 held <6 months using a valuation exceeding purchase price. | BUYER - GENERAL COMMENT (2025-08-05): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-07): Exception waived. Updated approval provided in trailing documents approving exception for value seasoning. 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 | 2025-4-100634 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement<br> [2] Guideline Issue - Note loan amount is greater than guideline maximum.: Note loan amount of $XXX is greater than guideline maximum loan amount of $2,000,000. | Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> Approved exception at origination for insurance on basic form missing loss of rent coverage. Comp factor: seasoned investor.<br> Approved exception at origination for 100% vacancy/missing lease on a refinance. Comp factor: seasoned investor and reserves.<br> Approved exception at origination for loan amount > $2,000,000 on an SFR. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-07-28): Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2025-08-05): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-08-07): Approved exception at origination for insurance on basic form missing loss of rent coverage. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-28): Approved exception at origination for 100% vacancy/missing lease on a refinance. Comp factor: seasoned investor and reserves.<br> REVIEWER - WAIVED COMMENT (2025-07-28): Approved exception at origination for loan amount > $2,000,000 on an SFR. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100635 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100636 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100637 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for credit report aged > 60 days. Comp factor, LTV.<br> Approved exception at origination for 100% vacancy of subject property. Comp factor: LTV. | BUYER - GENERAL COMMENT (2025-08-05): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-08-07): Approved exception at origination for credit report aged > 60 days. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-07-25): Approved exception at origination for 100% vacancy of subject 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 | 2025-4-100638 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] General - Ineligible property<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for First Time Investor on 1 unit SFR purchase with LTV>70%. Comp factors: FICO and reserves.<br> Rural subject property.<br> Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factors: FICO and reserves. | REVIEWER - WAIVED COMMENT (2025-07-29): Approved exception at origination for First Time Investor on 1 unit SFR purchase with LTV>70%. Comp factors: FICO and reserves.<br> BUYER - GENERAL COMMENT (2025-08-05): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-07): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-07-29): Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factors: FICO and reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100639 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Missing 1 of 4 leases on a cash-out refinance. | BUYER - GENERAL COMMENT (2025-08-05): Exception noted om uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-07): 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 | 2025-4-100704 |  | XXXXX | $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. | Missing handrail on stairs to basement (XXXXX). \*\*\*Clients comments - 50% LTV. Cash-out refi. The appraiser specifically stated the following, "The Appraiser observed the stairwell from the Main Level to the Basement to not have a handrail. However, the Appraiser did not observe this to be a potential Health & Safety Issue requiring a handrail. This is due to a combination of factors: the Subject older Age build (XXXXX) apparently without one, the narrow spacing between sidewalls for the stairs and the stairs appearing to be sound and stable for passage. Therefore, the Appraiser does not believe this to be a potential Health & Safety Issue." With this informaion from the appraiser, XXXXX did not view this to be material in terms of underwriting | BUYER - WAIVED COMMENT (2025-08-12): Waived by Sr. Management | 1 |  |  |  |  |  | - A |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100640 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100641 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Guideline Issue - Aged document: Primary Valuation is older than guidelines permit: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal aged > 6 months from note date. | BUYER - GENERAL COMMENT (2025-08-05): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-07): Exception waived. Updated approval provided in trailing documents approving exception for age of appraisal. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100642 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100643 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 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 $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor.<br> HOA mater policy is missing subject property unit number.<br> Approved exception at origination for loan amount < $XXXomp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-08): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor.<br> BUYER - GENERAL COMMENT (2025-08-05): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-07): Exception waived. Updated approval provided in trailing documents approving exception for HOA Master policy not referencing the unit number. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-07-29): Approved exception at origination for loan amount < $XXXomp 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 | 2025-4-100705 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100706 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100707 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100708 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 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. | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100709 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100710 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - LTV does not meet guidelines | Approved exception at origination for DSCR < 1.15x. Comp factors: additional collateral position, global DSCR, and guarantor strength/personal net worth.<br> Approved exception at origination for LTV > 70% on full doc investor loan purchase. Comp factors: additional collateral position, global DSCR, and guarantor strength/personal net worth. | REVIEWER - WAIVED COMMENT (2025-07-31): Approved exception at origination for DSCR < 1.15x. Comp factors: additional collateral position, global DSCR, and guarantor strength/personal net worth.<br> REVIEWER - WAIVED COMMENT (2025-07-31): Approved exception at origination for LTV > 70% on full doc investor loan purchase. Comp factors: additional collateral position, global DSCR, and guarantor strength/personal net worth. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100711 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100644 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Wind deductible of 5% exceeds $25k.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | BUYER - GENERAL COMMENT (2025-08-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-13): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-08-05): Approved exception at origination for missing VOR-primary; guarantor lives rent free. 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 | 2025-4-100645 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exceptions at origination for 1) missing VOR-primary, borrower that lives rent free. and 2) incomplete VOM-subject; missing pay history receipts to supplement processor cert provided in file. Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantitative subjective trait.<br> Approved exception at origination for missing lease on 2-4 family refinance (all units are listed as ST rentals). Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2025-08-05): Approved exceptions at origination for 1) missing VOR-primary, borrower that lives rent free. and 2) incomplete VOM-subject; missing pay history receipts to supplement processor cert provided in file. Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantitative subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-08-05): Approved exception at origination for missing lease on 2-4 family refinance (all units are listed as ST rentals). Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100646 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Application / Processing - Missing Document: HOA Questionnaire not provided<br> [2] General - Missing Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement<br> [2] General - Property has been listed for sale in the past 12 months. | Approved exception at origination for missing HOA P&L. Comp factor: seasoned investor.<br> Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor.<br> Approved exception at origination for missing lease/100% vacancy per appraisal on 1-4 refinance (pro-forma lease provided in file) . Comp factors: seasoned investor and reserves.<br> Approved exception at origination for cashout on property listed within 6 months. Comp factors: seasoned investor and reserves. | REVIEWER - WAIVED COMMENT (2025-08-05): Approved exception at origination for missing HOA P&L. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-05): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-05): Approved exception at origination for missing lease/100% vacancy per appraisal on 1-4 refinance (pro-forma lease provided in file) . Comp factors: seasoned investor and reserves.<br> REVIEWER - WAIVED COMMENT (2025-08-05): Approved exception at origination for cashout on property listed within 6 months. 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. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100647 |  | XXXXX | $XX | 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 $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $XXXomp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2025-08-05): Approved exception at origination for loan amount < $XXXomp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100648 | XXXX XXXX | XXXXX | $XX | 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 $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $XXXomp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-05): Approved exception at origination for loan < $XXXomp 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 | 2025-4-100649 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 3 | 2 | [2] General - LTV over 75% | Approved exception at origination for LTV > 75% on SFR purchase. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-06): Approved exception for LTV > 75% for SFR purchase. Comp factor: seasoned investor. | 3 | [3] General - Subject is not in average or better condition.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> C5 | Appraisal reflects C5 below average condition (cosmetic issues issues but no observation of health & safety issues). \*\*\*Clients comments - 66.88% LTV. Purchase transaction. XXXXX received a letter from a licesnsed contractor stating that small proeprty damages were cosmetic and no oher issues identified. XXXXX did not view cosmetic issues to be material in terms of underwriting. Property condition considered in value/LTV. | BUYER - GENERAL COMMENT (2025-08-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-13): Exception waived. Updated approval provided in trailing documents approving exception for property condition. Comp factor, FICO. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100650 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100651 |  | XXXXX | $XX | 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 on 1-4 refinance (subject is listed as a ST rental). Comp factor: LTV. | BUYER - GENERAL COMMENT (2025-08-12): Corrected Uploaded<br> REVIEWER - GENERAL COMMENT (2025-08-13): Exception remains. No trailing documents uploaded.<br> BUYER - GENERAL COMMENT (2025-08-14): Uploaded<br> REVIEWER - WAIVED COMMENT (2025-08-14): Approved exception at origination for 100% vacancy/missing lease on 1-4 refinance (subject is listed as a ST rental). Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100652 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property | Rural property. | BUYER - GENERAL COMMENT (2025-08-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-13): 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 | 2025-4-100653 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for missing lease on refinance (subject is operated as an assisted living facility). Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-05): Approved exception at origination for missing lease on refinance (subject is operated as an assisted living facility). 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 | 2025-4-100654 | XXXX XXXX | XXXXX | $XX | 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 (2025-08-08): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100655 |  | XXXXX | $XX | 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 | Missing handrail o stairs to attic. | BUYER - WAIVED COMMENT (2025-08-12): Waived by Operations Management | 1 |  |  |  |  |  | - A |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100656 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - Missing Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement<br> [2] General - Property has been listed for sale in the past 12 months. | Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factor: seasoned investor.<br> Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor.<br> 100% vacancy/missing lease on SFR refinance.<br> Cash out on property held < 12 months using valuation exceeding original purchase price. | REVIEWER - WAIVED COMMENT (2025-08-06): Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-06): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2025-08-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-13): Exception waived. Updated approval provided in trailing documents approving exception for vacancy. Comp factor, seasoned investor.<br> BUYER - GENERAL COMMENT (2025-08-12): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2025-08-13): Exception remains. Approval provided does not have an exception for value seasoning.<br> BUYER - GENERAL COMMENT (2025-08-14): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-14): Exception waived. Updated approval provided in trailing documents approving exception for value seasoning. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100657 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for < 2 active major tradelines. Comp factor: seasoned investor.<br> Approved exception at origination for co-insurance on 1-4 property type. Comp factor: seasoned investor.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-05): Approved exception at origination for < 2 active major tradelines. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-05): Approved exception at origination for co-insurance on 1-4 property type. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-05): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects safety issues with property under rehab, incomplete inground pool, no fencing, kitchen missing stove and cabinets, exposed electrical in basement, missing doors in basement, and framed bathroom with drain and plumbing incomplete. An LOE in file indicates borrower intent to remediate however no evidence of completion is provided in file. | BUYER - WAIVED COMMENT (2025-08-12): Waived by Operation Management | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100658 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100659 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 3 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor.<br> Approved exception at origination for loan < $XXXomp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-08): Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-05): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-05): Approved exception at origination for loan < $XXXomp factor: seasoned investor. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing handrail on stairs to basement. | BUYER - WAIVED COMMENT (2025-08-12): Waived by operations management | 1 |  |  |  |  | Borrower's Experience/Track Record | - B |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100660 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement<br> [2] General - The property is ineligible. | Missing 1 of 3 executed leases.<br> Approved exception at origination for rural property. Comp factor: LTV. | BUYER - GENERAL COMMENT (2025-08-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-13): Exception waived. Updated approval provided in trailing documents approving exception for missing signed lease. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-08-05): Approved exception at origination for rural property. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100661 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100662 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100663 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100712 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 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 | 2025-4-100713 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 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 | 2025-4-100714 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100664 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal noted safety issues. 1) Uneven concrete with significant gap and sharp edges/tripping hazard. 2) Structural concerns due to settlement/cracked foundation. \*\*\*Clients comment - 50% LTV. Cash-out refi. Per borrower LOE cash-out proceeds would be used towards improvements to the property and leveling of the floor. XXXXX expects the borrower to complete any necessary repairs. Property condition considered in value and LTV. | BUYER - WAIVED COMMENT (2025-08-12): Waived by operations management | 1 |  |  |  |  |  | - A |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100665 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Application / Processing - Missing Document: Approval not provided<br> [2] General - Missing Document: Lease Agreement not provided | Rural property.<br> Approved exception at origination for missing lease. Comp factor, LTV. | BUYER - GENERAL COMMENT (2025-08-14): Uploaded<br> REVIEWER - WAIVED COMMENT (2025-08-14): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2025-08-14): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-14): Approved exception at origination 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 | 2025-4-100666 | XXXX XXXX | XXXXX | $XX | 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 (2025-08-09): Approved exception at origination for FICO < 650. 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 | 2025-4-100667 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100668 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor seasoned investor.<br> Approved exception at origination for <2 active major tradelines on credit report. Comp factor: seasoned investor.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-11): Approved exception at origination for FICO < 650. Comp factor seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-11): Approved exception at origination for <2 active major tradelines on credit report. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-11): 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 | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100669 | XXXX XXXX | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for missing lease/ 100% vacancy on SFR refinance. Comp factors: FICO and property condition which is unable to be validated as a non-quantitative subjective factor. | REVIEWER - WAIVED COMMENT (2025-08-09): Approved exception at origination for missing lease/ 100% vacancy on SFR refinance. Comp factors: FICO and property condition which is unable to be validated as a non-quantitative subjective factor. | 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 | 2025-4-100715 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100716 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for foreign national borrower as a first time investor purchase of investment traditional 2 property with LTV > 60%. Comp factor: reserves.<br> Approved exceptions at origination for 1) missing law & ordinance coverage and 2) wind deductible > 5% of coverage amount. Comp factor: reserves.<br> Approved exception at origination for incomplete VOR/VOM-primary; missing proof for 1 of 12 monthly payments. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2025-08-11): Approved exception at origination for foreign national borrower as a first time investor purchase of owner user traditional 2 property with LTV > 60%. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-08-08): Approved exceptions at origination for 1) missing law & ordinance coverage and 2) wind deductible > 5% of coverage amount. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-08-08): Approved exception at origination for incomplete VOR/VOM-primary; missing proof for 1 of 12 monthly payments. 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 | 2025-4-100717 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100718 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for DSCR < 1.20x on investor traditional 1 refinance with loan > $750k. Comp factors: LTV and seasoned investor.<br> EOI reflects blanket liability coverage (EOI includes street numbers outside of ranges listed on subject mortgage) [specifically XXXXX].<br> Approved exception at origination for missing law & ordinance coverage. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-11): Approved exception at origination for DSCR < 1.20x on investor traditional 1 refinance with loan > $750k. Comp factors: LTV and seasoned investor.<br> BUYER - GENERAL COMMENT (2025-08-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-13): Exception waived. Updated approval provided in trailing documents approving exception for missing/blanket insurance covera. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-08-11): Approved exception at origination for missing law & ordinance coverage. 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 | 2025-4-100719 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 3 | 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 purchase with loan > $750k. Comp factors: FICO and reserves which is not supported due to underwritten verified funds < funds required to close.<br> Approved exception at origination for wind deductible > $25k. Comp factors: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-08-11): Approved exception at origination for DSCR < 1.25x for investor traditional 2 purchase with loan > $750k. Comp factors: FICO and reserves which is not supported due to underwritten verified funds < funds required to close.<br> REVIEWER - WAIVED COMMENT (2025-08-08): Approved exception at origination for wind deductible > $25k. Comp factors: seasoned investor and FICO. | 3 | [3] General - Subject is not in average or better condition.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> Fair | Appraisal reflects subject is in fair/below average condition. \*\*\*Clients comment - "70% LTV. Purchase transaction. Property vacant and exhibited fair/below average condition at origination. The property had been vacant for a series of months and was in need of updating, but no significant deferred maintenance or health and safety issues noted in the appraisal. It is reported that the buyer/borrower will lease-out the property to a single tenant, who intends on investing significant<br> amounts towards tenant improvements. Property condition considered in value/LTV." | BUYER - GENERAL COMMENT (2025-08-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-08-13): Exception waived. Updated approval provided in trailing documents approving exception for property condition. Comp factor, FICO. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | - B |  |  |  |  | C |
| XXXX | XXXX | 2025-4-100720 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.25x for investor traditional 1 refinance with loan > $500k. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-08-08): Approved exception at origination for DSCR < 1.25x for investor traditional 1 refinance with loan > $500k. 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 | 2025-4-100721 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR<1.15x. Comp factors: LTV, company financial strength, and guarantor support/liquidity | REVIEWER - WAIVED COMMENT (2025-08-12): Approved exception at origination for DSCR<1.15x. Comp factors: LTV, company financial strength, and guarantor support/liquidity. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100722 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100723 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100724 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100725 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | 2025-4-100726 |  | XXXXX | $XX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for 1st DT with LTV >55% on XXXXX. Comp factors: DSCR and guarantor support/liquidity | REVIEWER - WAIVED COMMENT (2025-08-12): Approved exception at origination for 1st DT with LTV >55% on XXXXX. Comp factors: DSCR and guarantor support/liquidity. | 1 |  |  |  | 1 |  |  |  |  | The qualifying DSCR on the loan is greater than the guideline minimum. | - B |  |  |  |  | A B |
| XXXX | XXXX | 2025-4-100727 |  | XXXXX | $XX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  | - A |  |  |  |  | A |

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## Exhibit 99.13

**[VCC Mortgage Securities, LLC ABS-15G](vcc20254-abs15g_082925.htm)**

**Exhibit 99.13**

![](situsamc_logo.jpg)

**GL 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 | 2025-4-100003 |  | 17382094 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Verification of Down Payment Funds not provided |  | Missing evidence of underwritten verified funds to close. Assets section of approval WS is incomplete. | Borrower's Experience/Track Record | CF- seasoned investor | Originator,SitusAMC | Reviewer Comment (2020-05-05): .<br>Reviewer Comment (2020-05-04): Exception waived- due to receipt of updated loan approval worksheet reflecting approved exception for unsourced funds to close. comp factors: seasoned investor<br>Seller Comment (2020-05-04): Uploaded updated final loan worksheet with complete verified funds breakdown and exception for portion of funds to close being not sourced<br>Seller Comment (2020-05-04): updated final loan worksheet<br>Reviewer Comment (2020-05-04): exception remains- Uploaded approval WS Asste section of narrative does not identify/specify the sourcing of evidence of funds nor contain any calculation/ $ figure analysis.<br>Seller Comment (2020-05-03): uploaded updated loan worksheet with exception for verification of funds to close |  |  | XX/XX/XXXX 8:15:44 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100003 |  | 17382472 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception for missing VOR. Comp. Fact.: Seasoned Investor. | Borrower's Experience/Track Record | CF- seasoned investor | Originator,SitusAMC | Reviewer Comment (2020-04-29): Approved exception for missing VOR. Comp. Fact.: Seasoned Investor. |  |  | XX/XX/XXXX 7:41:47 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100003 |  | 17382495 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception for new business borrower acquired new established laundromat business that currently occupies property. Per the guidelines, Borrowers must have a minimum 2 years of employment in similar business being acquired. Comp. Fact.: Seasoned Investor. | Borrower's Experience/Track Record | CF- seasoned investor | Originator,SitusAMC | Reviewer Comment (2020-04-29): Approved exception for new business borrower acquired new established laundromat business that currently occupies property. (File does not contain evidence of prior Subject business operating /management experience, hence borrower does not meet the Owner-user experience guideline requirements) Comp. Fact.: Seasoned Investor |  |  | XX/XX/XXXX 7:45:21 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100003 |  | 17414470 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Waiver of ins impounds is not cited as an approved exception | Borrower's Experience/Track Record | CF- seasoned investor | Originator,SitusAMC | Reviewer Comment (2020-05-13): Insufficent<br>Reviewer Comment (2020-05-04): Exception waived- due to receipt of updated loan approval worksheet reflecting approved exception for waiver of ins impounds. comp factor: seasoned investor<br>Seller Comment (2020-05-03): uploaded updated loan worksheet with exception for insurance impound waiver |  |  | XX/XX/XXXX 9:27:06 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100006 |  | 25293739 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Cashout on property held < 6 mos. an approved exception is not documented | The representative FICO score exceeds the guideline minimum by XX points. | FICO 803. | SitusAMC,Originator | Reviewer Comment (2022-01-25): Approved exception documented on updated approval for seasoning less than 6 months on a cash out refinance. Comp factor, high FICO.<br>Buyer Comment (2022-01-25): exception noted on uploaded approval |  |  | XX/XX/XXXX 9:30:08 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100008 |  | 33684307 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors; seasoned investor and LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- seasoned investor<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-18): Approved exception at origination for FICO < 650. Comp factors; seasoned investor and LTV. |  |  | XX/XX/XXXX 2:49:04 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100008 |  | 33684315 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOM-primary; guarantor lives rent free. 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 (2025-06-18): Approved exception at origination for missing VOM-primary; guarantor lives rent free. Comp factors; seasoned investor, and LTV. |  |  | XX/XX/XXXX 9:57:20 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100008 |  | 33701732 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 1x 30 days late on subject within 90 days. 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 (2025-06-18): Approved exception at origination for 1x 30 days late on subject within 90 days. Comp factors; seasoned investor, and LTV. |  |  | XX/XX/XXXX 10:00:04 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100008 |  | 33701733 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | <2 active major tradelines on credit report. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-07-21): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factor, LTV.<br>Buyer Comment (2025-07-21): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:42:06 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100009 |  | 34034536 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: reserves and seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-01): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: reserves and seasoned investor.<br>Buyer Comment (2025-08-01): Exception was already written and mitigated by XXXXX. Back to AMC |  |  | XX/XX/XXXX 4:52:47 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100010 |  | 33679615 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: 1120 not provided |  | Missing 2023 BTR for CPA business (upload history index filename indicates PW protected. {XXXXX) | 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 (2025-07-15): Waived exception. Updated approval provided in trailing documents approving exception for missing tax returns based on a XXXXX not yet incorporated into credit policy. Comp factors, LTV and FICO.<br>Buyer Comment (2025-07-14): CAM attached with change memo addressing the XXXXX.<br>Reviewer Comment (2025-06-24): Exception remains. Guidelines provided do not have a Bank statement program. Information provided shows this loan in the XXXXX.<br>Buyer Comment (2025-06-23): These are not needed for this loan under XXXXX XXXXX. |  |  | XX/XX/XXXX 9:47:44 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100010 |  | 33680134 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: 1040 not provided |  | Missing 2023 PTR for XXXXX (upload history index filename indicates PW protected. {XXXXX) | 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 (2025-07-15): Waived exception. Updated approval provided in trailing documents approving exception for missing tax returns based on a XXXXX not yet incorporated into credit policy. Comp factors, LTV and FICO.<br>Buyer Comment (2025-07-14): change memo addressing this issue attached.<br>Reviewer Comment (2025-06-24): Exception remains. Guidelines provided do not have a Bank statement program. Information provided shows this loan in the XXXXX.<br>Buyer Comment (2025-06-23): These are moved to scrap folder as there never needed or required for this loan under XXXXX XXXXX. |  |  | XX/XX/XXXX 9:48:00 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100010 |  | 33680368 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Missing Document | Missing Document: Other not provided |  | Missing Business and personal financial certifications for all borrowers and guarantors. | 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 (2025-07-15): Waived exception. Updated approval provided in trailing documents approving exception for missing financial certification based on a XXXXX not yet incorporated into credit policy. Comp factors, LTV and FICO.<br>Buyer Comment (2025-07-14): change memo attached addressing this issue.<br>Reviewer Comment (2025-06-25): Exception remains. Please provide the guidelines for the Bank statement program.<br>Buyer Comment (2025-06-25): Page 2 of CAM attached that shows this is part of the XXXXX.<br>Reviewer Comment (2025-06-24): Exception remains. Guidelines provided do not have a Bank statement program. Information provided shows this loan in the XXXXX.<br>Buyer Comment (2025-06-23): These are not needed, all financials were moved to the scrap folder. This loan was under the XXXXX. |  |  | XX/XX/XXXX 9:48:42 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100011 |  | 33678903 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Loan File | Missing Document | Missing Document: Hazard Insurance Policy not provided |  | Approved exception at origination for waiver of liquor liability coverage requirement. (XXXXX) Comp factors: additional collateral and DSCR. | The qualifying DSCR on the loan is greater than the guideline minimum. | Sufficient global DSCR for FY 2024 and as ofXX/XX/XXXX. | SitusAMC,Originator | Reviewer Comment (2025-06-19): Approved exception at origination for waiver of liquor liability coverage requirement. (XXXXX) Comp factors: additional collateral and DSCR.<br>Buyer Comment (2025-06-19): Correct, approved exception. |  |  | XX/XX/XXXX 2:11:03 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100013 |  | 33681682 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Business P&L not provided |  | Approved exception at origination for waiver of requirement for 2024 business tax return extensions (XXXXX). Comp factors: LTV, DSCR, Seasoned business/guarantor experience. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum. | 1st T/D LTV of 50%.<br>Principals' over 20 years of hospitality industry experience.<br>Sufficient global DSCR as of XX/XX/XXXX and XX/XX/XXXX. | SitusAMC,Originator<br>SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-06-20): Approved exception at origination for waiver of requirement for 2024 business tax return extensions (XXXXX). Comp factors: LTV, DSCR, Seasoned business/guarantor experience.<br>Buyer Comment (2025-06-19): correct, approved excpetion. |  |  | XX/XX/XXXX 9:32:24 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100060 |  | 33781475 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: 1120 not provided |  | Approved exception at origination for waiver of business tax return extensions for 6 related business entities (XXXXX). Comp factors, LTV and over 20 years experience in the industry. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Borrower's Experience/Track Record.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-30): Approved exception at origination for waiver of business tax return extensions for 6 related business entities (XXXXX). Comp factors, LTV and over 20 years experience in the industry.<br>Buyer Comment (2025-06-27): correct, approved exception. |  |  | XX/XX/XXXX 12:29:00 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100061 |  | 33764199 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Missing business credit report for 1 of 2 entity guarantors (missing XXXXX LLC). | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-01): Exception waived. Updated to Approval provided in trailing documents approving exception for no credit report on the Operating Company. Comp factors, LTV and 20 years experience in the industry.<br>Buyer Comment (2025-07-01): Updated CAM attached noting that no business credit report was available for XXXXX.<br>Reviewer Comment (2025-06-30): Exception remains. Missing credit report for XXXXX LLC the operating company as well as a guarantor and was established around the same time as XXXXXLLC which is the co-operating company (we have a credit report for this company in file). The operating agreement for XXXXX is indemnifying the manager from all liability indicating they would establish their own credit.<br>Buyer Comment (2025-06-27): XXXXX was established in 2024 and was reported in the personal tax returns, thus no business credit report. |  |  | XX/XX/XXXX 4:53:08 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100182 |  | 33848393 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x for investor traditional 1 with loan > $500k. Comp factors: Reserves, FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-07): Approved exception at origination for DSCR < 1.25x for investor traditional 1 with loan > $500k. Comp factors: Reserves, FICO. |  |  | XX/XX/XXXX 9:44:31 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100182 |  | 33848395 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for wind deductible > $XXXComp 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 (2025-07-07): Approved exception at origination for wind deductible > $XXXomp factor: FICO. |  |  | XX/XX/XXXX 9:44:50 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100185 |  | 33850620 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20 on XXXXX refi with loan amount > $500k. Comp factor, FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-21): Approved exception at origination for DSCR < 1.20 on XXXXX refi with loan amount > $500k. Comp factor, FICO.<br>Buyer Comment (2025-07-21): Exception is valid. Per MCP<br> 1.20x Multifamily, & Mixed-Use – Traditional I >$500K |  |  | XX/XX/XXXX 1:26:11 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100190 |  | 33850942 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR below 1.00x for owner/user traditional 2 refi with loan exceeding $500k. Comp factors: Seasoned Investor and Reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's Experience/Track Record.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-07): Approved exception at origination for DSCR below 1.00x for owner/user traditional 2 refi with loan exceeding $500k. Comp factors: Seasoned Investor and Reserves. |  |  | XX/XX/XXXX 12:23:51 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100190 |  | 33850953 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception a origination for co-insurance. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-21): Approved exception a origination for co-insurance. Comp factor, seasoned investor.<br>Buyer Comment (2025-07-21): Corrected Uploaded |  |  | XX/XX/XXXX 1:29:41 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100191 |  | 33868809 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-09): Approved exception at origination for rural property. Comp factor: LTV. |  |  | XX/XX/XXXX 9:36:35 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100192 |  | 33851390 | XXXX | XX/XX/XXXX | 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 (2025-07-07): Approved exception at origination for missing Law and Ordinance coverage. Comp factor: Seasoned investor. |  |  | XX/XX/XXXX 1:23:39 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100192 |  | 33851572 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Wind/Hail coverage excluded on the policy and missing law or ordinance. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-21): Approved exception at origination for Wind/Hail coverage excluded on the policy and missing law or ordinance. Comp factor, seasoned investor.<br>Buyer Comment (2025-07-21): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:43:51 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100194 |  | 33853166 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR below 1.00x for investor traditional 2 purchase with loan exceeding $750k. 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. | 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. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-07): Approved exception at origination for DSCR below 1.00x for investor traditional 2 purchase with loan exceeding $750k. Comp factors: LTV and reserves. |  |  | XX/XX/XXXX 3:34:23 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100195 |  | 33859435 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for first time investor on XXXXX with LTV > 65%. 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 (2025-07-08): Approved exception at origination for first time investor on XXXXX with LTV > 65%. Comp factor: FICO. |  |  | XX/XX/XXXX 9:27:34 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100196 |  | 33855442 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for 2nd Mortgage term < 36 months. 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. | Borrower's Experience/Track Record.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-08): Approved exception at origination for 2nd Mortgage term < 36 months. Comp factors: seasoned investor and reserves. |  |  | XX/XX/XXXX 9:35:12 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100197 |  | 33856587 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DCR < 1.2 on XXXXX refinance with loan amount > $500,000 . Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | LTV is < guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-08): Approved exception at origination for DCR < 1.2 on XXXXX refinance with loan amount > $500,000 . Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 9:57:04 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100197 |  | 33856589 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for expired leases for 3 residential units. 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 (2025-07-08): Approved exception at origination for expired leases for 3 residential units. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 9:57:25 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100198 |  | 33856628 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-08): Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:34:48 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100198 |  | 33856629 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing law & ordinance coverage. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-08): Approved exception at origination for missing law & ordinance coverage. Comp factor: FICO. |  |  | XX/XX/XXXX 10:35:05 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100199 |  | 33851757 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing Law or 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 (2025-07-07): Approved exception at origination for missing Law or Ordinance coverage. Comp factor, FICO. |  |  | XX/XX/XXXX 2:29:36 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100199 |  | 33852023 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease/seller will continue to occupy. Comp factors, LTV and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-07): Approved exception at origination for missing lease/seller will continue to occupy. Comp factors, LTV and FICO. |  |  | XX/XX/XXXX 2:29:58 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100200 |  | 33875085 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing VOM-subject. | 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 (2025-07-21): Exception waived. Updated approval provided in trailing documents approving exception for missing VOM-subject. Comp factor, LTV.<br>Buyer Comment (2025-07-21): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:39:17 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100202 |  | 33856730 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 70% on a XXXXX. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-21): Approved exception at origination for LTV > 70% on a XXXXX. Comp factor, seasoned investor.<br>Buyer Comment (2025-07-21): Corrected Approval upoaded |  |  | XX/XX/XXXX 2:41:38 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100202 |  | 33856731 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DCR < 1.00 on a XXXXX refinance with loan amount > $XXXomp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-21): Approved exception at origination for DCR < 1.00 on a XXXXX refinance with loan amount > $XXXomp factor, seasoned investor.<br>Buyer Comment (2025-07-21): Corrected approval uploaded |  |  | XX/XX/XXXX 2:41:53 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100203 |  | 34260685 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects safety issues in XXX with ceiling collapsing and boarded up/broken windows. XXXX has exposed electrical, incomplete ceiling cover, torn carpet/tripping hazard. |  |  |  | Reviewer Comment (2025-08-21): Unable to clear. Client indicated they are unable to clear. |  |  |  | 3 C | XX/XX/XXXX | XX | Purchase | C A | C |  |  | No |
| XXXX | XXXX | 2025-4-100205 |  | 33860198 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing Law and 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 (2025-07-21): Approved exception at origination for missing Law and Ordinance coverage. Comp factor: FICO.<br>Buyer Comment (2025-07-21): Corrected Uploaded |  |  | XX/XX/XXXX 2:54:48 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100207 |  | 33875141 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active open major tradelines. Comp factors, FICO and LTV. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-10): Approved exception at origination for < 2 active open major tradelines. Comp factors, FICO and LTV. |  |  | XX/XX/XXXX 11:47:00 AM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100207 |  | 33888402 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Residential units of this mixed use property are not habitable. Plumbing fixtures torn out of bathrooms and kitchens, water damage ceilings, missing sheetrock in ceilings and walls, appliances missing, wood flooring damaged and worn thin/possible breaking and falling through, Buyer is estimating the coast of $44,600 to rehabilitate the property. |  |  |  | Buyer Comment (2025-08-12): Low LTV, waived by management |  |  | XX/XX/XXXX 11:45:48 AM | 3 C | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100209 |  | 33861122 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for < 650 FICO. Comp factor: seasoned investor. | Borrower's Experience/Track Record<br>Borrower has owned the subject property for at least 5 years. | Seasoned investor. | SitusAMC,Originator<br>SitusAMC | Reviewer Comment (2025-08-18): Approved exception at origination for < 650 FICO. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 2:41:30 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100209 |  | 33861126 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DCR < 1.20 XXXXX Investment with balance > $XXXomp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-09): Approved exception at origination for DCR < 1.20 XXXXX Investment with balance > $XXXomp factor: seasoned investor. |  |  | XX/XX/XXXX 10:02:16 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100212 |  | 33873170 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily 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 | 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 (2025-07-10): Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily refinance with loan > $500k. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 12:01:23 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100213 |  | 33861711 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20 XXXXX Investment purchase with loan amount > $XXXomp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-09): Approved exception at origination for DSCR < 1.20 XXXXX Investment purchase with loan amount > $XXXomp factor: reserves. |  |  | XX/XX/XXXX 4:52:18 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100213 |  | 33879494 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for vacant property with minimal occupancy. Comp factors: seasoned investor and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Seasoned investor.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-09): Approved exception at origination for vacant property with minimal occupancy. Comp factors: seasoned investor and reserves.<br> Comment: |  |  | XX/XX/XXXX 4:52:55 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100214 |  | 33871852 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25 on XXXXX Investment refi with loan amount > $XXXomp 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 (2025-07-10): Approved exception at origination for DSCR < 1.25 on XXXXX Investment refi with loan amount > $XXXomp factors: FICO and LTV. |  |  | XX/XX/XXXX 9:30:02 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100214 |  | 33871875 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing ordinance or law coverage. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-10): Approved exception at origination for missing ordinance or law coverage. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 9:29:48 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100214 |  | 33872738 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion for traditional 2 property type located in XX. 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 (2025-07-10): Approved exception at origination for override of statewide exclusion for traditional 2 property type located in XX. Comp factors: FICO and LTV. |  |  | XX/XX/XXXX 9:29:34 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100215 |  | 33861550 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for vacant subject with plans for owner-occupancy. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-09): Approved exception at origination for vacant subject with plans for owner-occupancy. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:29:47 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100215 |  | 33861554 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing 2M aggregate insurance coverage. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-09): Approved exception at origination for missing 2M aggregate insurance coverage. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:30:04 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100215 |  | 33861574 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination to allow loan amount < $100,000 on aXXXXX. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-09): Approved exception at origination to allow loan amount < $100,000 on aXXXXX. Comp factor: LTV. |  |  | XX/XX/XXXX 10:30:22 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100215 |  | 33861734 | XXXX | XX/XX/XXXX | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> Fair | Approved exception at origination for below average condition. Appraiser took into consideration that the owner is in the process of removing and reconfiguring interior walls and replacing/removing flooring. Comp factor, seasoned investor. \*\*\*Clients comments - 50% LTV. Cash-out refi. The building was in below average condition at the time of origination. Per the appraisal, "the overall condiion of the subject is rated to below average due to interior finish and build-out, which is below average in it's current state." Given the fact that the property was under rehab at the time of appraisal and the low LTV, XXXXX did not view as the property condition rating as material. XXXXX expects borrower to continue making necessary repairs to the property. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-21): Approved exception at origination for below average condition. Appraiser took into consideration that the owner is in the process of removing and reconfiguring interior walls and replacing/removing flooring. Comp factor, seasoned investor.<br>Buyer Comment (2025-07-21): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:44:47 PM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100215 |  | 33875415 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Approved exception at origination for Cash out on property acquired < 6 months prior using appraised value versus original purchase price. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-21): Approved exception at origination for Cash out on property acquired < 6 months prior using appraised value versus original purchase price. Comp factor, seasoned investor.<br>Buyer Comment (2025-07-21): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:45:09 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100216 |  | 33863982 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for incorrect DOB on credit report, all repositories were pulled correctly. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-09): Approved exception at origination for incorrect DOB on credit report, all repositories were pulled correctly. Comp factor: FICO. |  |  | XX/XX/XXXX 10:34:20 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100217 |  | 33862446 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20 XXXXX Investment with loan amount > $XXXomp factors: FICO and reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | Reserves > requirements.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-09): Approved exception at origination for DSCR < 1.20 XXXXX Investment with loan amount > $XXXomp factors: FICO and reserves. |  |  | XX/XX/XXXX 6:13:08 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100219 |  | 33863477 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing ordinance or law coverage. Comp factors: LTV & FICO. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower has owned the subject property for at least 5 years.<br>The representative FICO score exceeds the guideline minimum by XX points. | LTV is < guidelines.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC<br>SitusAMC,Originator | Reviewer Comment (2025-07-09): Approved exception at origination for missing ordinance or law coverage. Comp factors: LTV & FICO. |  |  | XX/XX/XXXX 7:35:34 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100219 |  | 33881288 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing evidence of lease agreement for XXXXX refi with > $500k loan amount. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | LTV is < guidelines.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-21): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factors, LTV and FICO.<br>Buyer Comment (2025-07-21): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:47:36 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100220 |  | 33864156 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-18): Approved exception at origination for FICO < 650. Comp factor: seasoned business. |  |  | XX/XX/XXXX 2:43:06 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100220 |  | 33881311 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for LTV > 65% for a first time investor on a XXXXX. Comp factor: seasoned business. \*\*\*Clients comments - "70% LTV. Owner-User trad. The borrowing entity is a truck repair business that was formed in XXXXX and provided a strong P&L at origination.<br> After close borrower will retain sufficient reserves. Borrower intends to occupy subject property with business." | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-10): Approved exception at origination for LTV > 65% for a first time investor on a XXXXX. Comp factor: seasoned business. |  |  | XX/XX/XXXX 9:43:49 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100220 |  | 33881316 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Verification of Down Payment Funds not provided |  | Approved exception at origination for unverified funds/missing 3 months P&I for FTI. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-10): Approved exception at origination for unverified funds/missing 3 months P&I for FTI. Comp factor: seasoned business. |  |  | XX/XX/XXXX 9:45:22 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100220 |  | 33881321 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines for both guarantors. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-10): Approved exception at origination for < 2 active major tradelines for both guarantors. Comp factor: seasoned business. |  |  | XX/XX/XXXX 9:44:17 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100221 |  | 33864031 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOM-subject. Comp factors: FICO and seasoned investor. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | FICO is > guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-10): Approved exception at origination for missing VOM-subject. Comp factors: FICO and seasoned investor. |  |  | XX/XX/XXXX 9:51:21 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100221 |  | 33881346 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20 XXXXX Investment refi with loan amount > $XXXomp factors: FICO and seasoned investor. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record | FICO is > guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC<br>SitusAMC,Originator | Reviewer Comment (2025-07-10): Approved exception at origination for DSCR < 1.20 XXXXX Investment refi with loan amount > $XXXomp factors: FICO and seasoned investor. |  |  | XX/XX/XXXX 9:50:31 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100221 |  | 33881348 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 32.9% vacancy on a refi. Comp factors: FICO and seasoned investor. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record | FICO is > guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC<br>SitusAMC,Originator | Reviewer Comment (2025-07-10): Approved exception at origination for 32.9% vacancy on a refi. Comp factors: FICO and seasoned investor. |  |  | XX/XX/XXXX 9:50:14 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100222 |  | 33864630 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for < 2 active major tradelines. Comp. factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves are > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-09): Approved exception at origination for < 2 active major tradelines. Comp. factor: reserves. |  |  | XX/XX/XXXX 10:40:14 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100222 |  | 33864632 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp. factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves are > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-09): Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp. factor: reserves. |  |  | XX/XX/XXXX 10:40:31 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100222 |  | 33864633 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DCR < 1.00 owner/user refi of XXXXX with loan amount > $XXXComp. factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves are > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-09): Approved exception at origination for DCR < 1.00 owner/user refi of XXXXX with loan amount > $XXXomp. factor: reserves. |  |  | XX/XX/XXXX 10:41:04 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100223 |  | 33881376 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy on a refi. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-10): Approved exception at origination for 100% vacancy on a refi. Comp factor: LTV. |  |  | XX/XX/XXXX 9:54:11 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100223 |  | 33881378 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25 on XXXXX Investment refi with loan amount > $XXXomp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-10): Approved exception at origination for DSCR < 1.25 on XXXXX Investment refi with loan amount > $XXXomp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 9:54:28 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100224 |  | 33864838 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOM-primary, recent Final HUD in the file. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-10): Approved exception at origination for missing VOM-primary, recent Final HUD in the file. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 9:58:04 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100225 |  | 33865127 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 major tradelines on the credit report. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-30): Approved exception at origination for < 2 major tradelines on the credit report. Comp factor: reserves. |  |  | XX/XX/XXXX 4:19:03 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100225 |  | 33865129 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for LTV > 65% for first time investor on a XXXXX. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-30): Approved exception at origination for LTV > 65% for first time investor on a XXXXX. Comp factor: reserves. |  |  | XX/XX/XXXX 4:19:41 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100225 |  | 33865154 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-30): Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp factor: reserves. |  |  | XX/XX/XXXX 4:20:43 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100226 |  | 33867172 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing ordinance or law coverage. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-10): Approved exception at origination for missing ordinance or law coverage. Comp factor: FICO. |  |  | XX/XX/XXXX 10:40:37 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100226 |  | 33887106 | XXXX | XX/XX/XXXX | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> Fair | Appraiser list the overall condition as average-below average with the report supporting below average. Health and safety issues with missing stairs (incomplete) and handrails for back exterior steps and 3 different basement stairs, missing handrail on stairs to attic, deterioration of foundation (broken concrete), missing wall with large open gap to lower level in the 2nd floor bedroom, and a black substance around the bathtub. |  |  |  | Buyer Comment (2025-08-12): Waived by management |  |  | XX/XX/XXXX 11:47:19 AM | 3 C | XX/XX/XXXX | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100227 |  | 33868876 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DCR < 1.25 on XXXXX investment refi with loan amount > $XXXomp factors: LTV and FICO. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | LTV is < guidelines.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-09): Approved exception at origination for DCR < 1.25 on XXXXX investment refi with loan amount > $XXXomp factors: LTV and FICO. |  |  | XX/XX/XXXX 10:52:56 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100227 |  | 33868878 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing ordinance or law coverage. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-09): Approved exception at origination for missing ordinance or law coverage. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:53:16 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100227 |  | 33868902 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Approved exception at origination for cash out on property with an active sale listing. Comp factors: LTV and FICO. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | LTV is < guidelines.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-09): Approved exception at origination for cash out on property with an active sale listing. Comp factors: LTV and FICO. |  |  | XX/XX/XXXX 10:53:37 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100228 |  | 33874581 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-21): Approved exception at origination for < 2 active major tradelines. Comp factor: reserves.<br>Buyer Comment (2025-07-21): Corrected Uploaded |  |  | XX/XX/XXXX 4:58:52 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100228 |  | 33881431 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for LTV > 70 for a first time investor on XXXXX. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-21): Approved exception at origination for LTV > 70 for a first time investor on XXXXX. Comp factor: reserves.<br>Buyer Comment (2025-07-21): Corrected Uploaded |  |  | XX/XX/XXXX 4:58:38 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100233 |  | 33885703 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-07-14): Approved exception at origination for FICO < 650. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 10:03:40 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100233 |  | 33922540 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount <$XXXomp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-07-14): Approved exception at origination for loan amount <$XXXomp factor; LTV. |  |  | XX/XX/XXXX 10:03:56 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100234 |  | 33922003 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: LTV and DSCR. | The 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 (2025-07-14): Approved exception at origination for FICO < 650. Comp factors: LTV and DSCR. |  |  | XX/XX/XXXX 9:36:42 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100234 |  | 33922004 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for basic form policy coverage type. Comp factors: LTV and DSCR. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- DSCR<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-14): Approved exception at origination for basic form policy coverage type. Comp factors: LTV and DSCR. |  |  | XX/XX/XXXX 9:36:55 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100237 |  | 33892106 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided |  | Approved exception at origination for missing required HOA documentation for subject condo property. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-07-14): Approved exception at origination for missing required HOA documentation for subject condo property. Comp factor: LTV. |  |  | XX/XX/XXXX 5:28:54 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100238 |  | 33949141 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Approved exception at origination for cash out on property held <6 months using valuation exceeding original purchase price. Comp factors: FICO and property condition which is unable to be validated as a non-quantitative subjective trait. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-16): Approved exception at origination for cash out on property held <6 months using valuation exceeding original purchase price. Comp factors: FICO and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 12:39:29 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100239 |  | 33887819 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR - primary; borrower lives rent free. Comp factors: 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 (2025-07-14): Approved exception at origination for missing VOR - primary; borrower lives rent free. Comp factors: reserves and seasoned investor. |  |  | XX/XX/XXXX 4:32:39 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100239 |  | 33888169 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Credit report is aged > 60 days. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-07-23): Exception waived. Updated approval provided in trailing documents approving exception for expired credit. Comp factor, seasoned investor.<br>Buyer Comment (2025-07-21): Exception noted om uploaded approval |  |  | XX/XX/XXXX 10:32:18 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100240 |  | 33886133 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF- aeasoned investor | SitusAMC,Originator | Reviewer Comment (2025-07-14): Approved exception at origination for FICO < 650. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 11:45:21 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100240 |  | 33886269 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 55.38% vacancy/missing lease for 1 of 2 units being refinanced. Comp factors: seasoned investor. | Borrower's Experience/Track Record | CF- aeasoned investor | SitusAMC,Originator | Reviewer Comment (2025-07-23): Approved exception at origination for 55.38% vacancy/missing lease for 1 of 2 units being refinanced. Comp factors: seasoned investor.<br>Buyer Comment (2025-07-21): Corrected Uploaded |  |  | XX/XX/XXXX 10:34:46 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100240 |  | 33886435 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR - primary; guarantor lives rent free. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- aeasoned investor | SitusAMC,Originator | Reviewer Comment (2025-07-14): Approved exception at origination for missing VOR - primary; guarantor lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:52:06 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100244 |  | 33917435 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing leases for 2 of 2 units in 1 of 4 subject properties. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-16): Approved exception at origination for 100% vacancy/missing leases for 2 of 2 units in 1 of 4 subject properties. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 12:36:17 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100244 |  | 33917440 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | 1) EOI for 2 of 4 properties does not include loss of rents coverage (Property 2 - XXXXX} Rental value coverage is checked no and # of months field is populated, check box for actual loss sustained is blank, and Property 3 {XXXXX} Rental value coverage is checked no and limit/months not defined. 2) EOI for 2 of 4 properties (XXXXX) reflects 90% coinsurance without evidence of UW approval. | 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 (2025-07-23): Exception waived. Updated approval provided in trailing documents approving exception for insurance. Comp factor, FICO.<br>Buyer Comment (2025-07-21): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:44:07 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100244 |  | 33950319 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Incomplete VOM-subject; Pay history/payment receipts not provided for 2 of 4 properties. Per LOE in file (D0454) claims that 6 months payments were escrowed at closing of recent refinances, however settlement stmts provided reflect 'Debt Service' (D0449) and 'Debt Service Reserve' (D0450) without indication of 'prepaid' nor other loan/lender documentation. Loan payoff statements (XXXXX) reflect full face amounts of loan due with unpaid accrued interest charge balances amounting to XXXXX of respective loan amounts {although no late fees}. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned investor.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-23): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOM. Comp factors, seasoned investor and FICO.<br>Buyer Comment (2025-07-21): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:46:21 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100247 |  | 33892645 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease on 1-4 refinance. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-14): Approved exception at origination for missing lease on 1-4 refinance. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 7:06:49 PM | 2 B | XX/XX/XXXX | PA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100247 |  | 33892653 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing wind and hail coverage. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-14): Approved exception at origination for missing wind and hail coverage. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 7:07:06 PM | 2 B | XX/XX/XXXX | PA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100248 |  | 33945243 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 75% on cash out refinance of 1-unit SFR property. Comp factors: seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned investor.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-16): Approved exception at origination for LTV > 75% on cash out refinance of 1-unit SFR property. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 9:21:26 AM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100248 |  | 33945579 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for non conforming property- zoned SFR and currently configured as multifamily with estimated $40k cost to cure (no holdback included in loan structure). Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-16): Approved exception at origination for non conforming property- zoned SFR and currently configured as multifamily with estimated $40k cost to cure (no holdback included in loan structure). Comp factor: FICO. |  |  | XX/XX/XXXX 9:21:39 AM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100251 |  | 33937566 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Cash out on property listed within recent 6 months. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-24): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, LTV.<br>Buyer Comment (2025-07-23): exception noted on uploaded approval |  |  | XX/XX/XXXX 9:22:03 AM | 2 B | XX/XX/XXXX | LA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100253 |  | 33912084 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 70% on SFR purchase with loan > $1MM. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-15): Approved exception at origination for LTV > 70% on SFR purchase with loan > $1MM. Comp factor: reserves. |  |  | XX/XX/XXXX 1:44:50 PM | 2 B | XX/XX/XXXX | MA | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100253 |  | 33912087 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for First time investor on 1-unit SFR purchase. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-23): Approved exception at origination for First time investor on 1-unit SFR purchase. Comp factor: reserves.<br>Buyer Comment (2025-07-21): Corrected uploaded |  |  | XX/XX/XXXX 10:54:21 AM | 2 B | XX/XX/XXXX | MA | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100257 |  | 33959906 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for missing cert of occupancy & indemnity with incomplete notary. Comp factor: seasoned investor. \*\*\*Clients comment - XXXXX obtained a current utility from borrower. Borrwer's DL/credit report confimed primary. Signed lease in file for subject property. Borrower signed BP cert and BP disclosure. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-18): Approved exception at origination for missing cert of occupancy & indemnity with incomplete notary. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:34:17 AM | 2 B | XX/XX/XXXX | FL | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100257 |  | 33959922 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing loss of use and no condo master policy. Sufficient HO6 coverage. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-18): Approved exception at origination for missing loss of use and no condo master policy. Sufficient HO6 coverage. Comp factor: FICO. |  |  | XX/XX/XXXX 11:34:46 AM | 2 B | XX/XX/XXXX | FL | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100257 |  | 33959931 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Verification of Down Payment Funds not provided |  | Approved exception at origination for unverifiable assets to be used for down payment on purchase. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-18): Approved exception at origination for unverifiable assets to be used for down payment on purchase. Comp factor: FICO. |  |  | XX/XX/XXXX 11:35:13 AM | 2 B | XX/XX/XXXX | FL | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100258 |  | 33891854 | XXXX | XX/XX/XXXX | 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; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-07-14): Approved exception at origination for missing Lease on 1 of 2 units being refinanced. Comp factor; LTV. |  |  | XX/XX/XXXX 5:19:26 PM | 2 B | XX/XX/XXXX | CA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100258 |  | 33928080 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Proof of Residency Status not provided |  | Approved exception at origination for missing property profile report for primary (DL and lease corroborate address). Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-07-14): Approved exception at origination for missing property profile report for primary (DL and lease corroborate address). Comp factor; LTV. |  |  | XX/XX/XXXX 5:24:42 PM | 2 B | XX/XX/XXXX | CA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100259 |  | 33916198 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp factors: FICO and seasoned investor. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | FICO is > guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-15): Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp factors: FICO and seasoned investor. |  |  | XX/XX/XXXX 8:45:02 PM | 2 B | XX/XX/XXXX | GA | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100260 |  | 33927411 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount <$XXXomp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-07-14): Approved exception at origination for loan amount <$XXXomp factor: LTV. |  |  | XX/XX/XXXX 4:43:00 PM | 2 B | XX/XX/XXXX | MI | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100262 |  | 33971533 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal shows extensive water damage on ceiling of Unit 1 from unknown source (no pictures of attic provided), missing radiator in Unit 2, missing handrail on stairs to attic, and PTD Certification of occupancy noted on in-house review. \*\*\*Clients comments - Purchase Transaction. 75% LTV. Leak appeared to be from prior issue and XXXXX did not view as material in terms of underwriting. Property needs work, but is habitable. XXXXX expects borrower to complete any necessary repairs to their investment property. Property condition considered in value/LTV. The XXXXX real estate analyst did note that the purchase contract required the borrower to obtain a certificate of occupancy which was received and confirmed that the subject property was in compliance with the regulations of the Zoning Ordinance of the city. |  |  |  | Buyer Comment (2025-08-12): Waived by operations management |  |  | XX/XX/XXXX 2:20:59 PM | 3 C | XX/XX/XXXX | NJ | Purchase | C A | C |  |  | No |
| XXXX | XXXX | 2025-4-100264 |  | 33915327 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for bankruptcy (ch 13) discharged within 2 yrs. Comp factors: LTV and re-established credit. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-15): Approved exception at origination for bankruptcy (ch 13) discharged within 2 yrs. Comp factors: LTV and re-established credit. |  |  | XX/XX/XXXX 2:15:56 PM | 2 B | XX/XX/XXXX | SC | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100265 |  | 33940409 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing EOI for liability coverage, document in file referencing liability coverage (XXXXX) appears to be a quotation and does not contain policy number and/or effective date(s). | 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 (2025-08-12): Exception waived. Updated approval provided in trailing documents approving exception for liability coverage. Comp factor, FICO.<br>Buyer Comment (2025-08-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:45:21 PM | 2 B | XX/XX/XXXX | IL | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100266 |  | 33921791 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exceptions at origination for unit owners Policy 1) missing subject unit number, and 2) contains loss of use in lieu of loss of rents coverage without indication of landlord/rental coverage. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-07-16): Approved exceptions at origination for unit owners Policy 1) missing subject unit number, and 2) contains loss of use in lieu of loss of rents coverage without indication of landlord/rental coverage. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 4:57:18 PM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100268 |  | 33905559 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease for 1 of 2 units being refinanced. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-15): Approved exception at origination for missing lease for 1 of 2 units being refinanced. Comp factor: LTV. |  |  | XX/XX/XXXX 9:07:50 AM | 2 B | XX/XX/XXXX | OH | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100273 |  | 33939573 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | EOI contains loss of use coverage in lieu of business income/loss of rents coverage, without evidence of landlord/rental policy. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-23): Exception waived. Updated approval provided in trailing documents approving exception for missing loss of rents. Comp factor, seasoned investor.<br>Buyer Comment (2025-07-21): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:13:34 AM | 2 B | XX/XX/XXXX | CA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100274 |  | 33888866 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor, LTV 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 (2025-07-10): Approved exception at origination for FICO < 650. Comp factor, LTV and property condition which cannot be substantiated. |  |  | XX/XX/XXXX 2:47:43 PM | 2 B | XX/XX/XXXX | TX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100276 |  | 33972263 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. |  | Boarded windows on the main house of XXXXX and although no value was given to the ADU it does have safety issues. ADU has boarded broken windows, foundation concerns, holes in walls exposing interior to the outside, and appears kitchen appliances/cabinets have been torn out. Holdback agreement in file for the main house kitchen flooring and sub-flooring only. \*\*\*Clients comment - Purchase Transaction. 75% LTV. Property vacant at the time of appraisal.No value was given to the ADU in the appraised value, which is vacant and not being used. XXXXX did complete a holdback on funding for repair to the main house kitchen floor/sub-flooring. A 10,000 cost for deferred maintenance was considered in the value and XXXXX expects borrower to complete any necessary repairs. |  |  |  | Buyer Comment (2025-08-12): Waived by operations management |  |  | XX/XX/XXXX 12:38:28 PM | 3 C | XX/XX/XXXX |  | Purchase | C A | C |  |  | No |
| XXXX | XXXX | 2025-4-100277 |  | 33959926 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing all kitchen appliances and boarded windows. Unknow if windows are damaged. |  |  |  | Buyer Comment (2025-08-12): Waived by Sr. Management |  |  | XX/XX/XXXX 12:43:35 PM | 3 C | XX/XX/XXXX | TX | Purchase | C A | C |  |  | No |
| XXXX | XXXX | 2025-4-100280 |  | 33916292 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor on a 1 unit SFR purchase with LTV > 70%. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-15): Approved exception at origination for first time investor on a 1 unit SFR purchase with LTV > 70%. Comp factor: reserves. |  |  | XX/XX/XXXX 9:52:51 PM | 2 B | XX/XX/XXXX | NY | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100280 |  | 33916296 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Comparable Rent Schedule not provided |  |  | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-23): Exception cleared. Updated approval provided in trailing documents approving exception for missing comparable rents. Comp factor, FICO.<br>Buyer Comment (2025-07-21): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:54:51 AM | 2 B | XX/XX/XXXX | NY | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100280 |  | 33941384 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Named storm (wind) deductible of 5% exceeds $25K. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-23): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO.<br>Buyer Comment (2025-07-21): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:56:32 AM | 2 B | XX/XX/XXXX | NY | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100283 |  | 33901417 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-14): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 7:52:34 PM | 2 B | XX/XX/XXXX | LA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100283 |  | 33901464 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for unpaid collections on credit report with aggregate balance > $25k. Comp factor: seasoned investor and LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | LTV is < guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-14): Approved exception at origination for unpaid collections on credit report with aggregate balance > $25k. Comp factor: seasoned investor and LTV. |  |  | XX/XX/XXXX 7:54:46 PM | 2 B | XX/XX/XXXX | LA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100284 |  | 33945034 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Unit owners policy does not include wind/hail coverage. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-23): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor, FICO.<br>Buyer Comment (2025-07-21): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:01:01 PM | 2 B | XX/XX/XXXX | PA | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100285 |  | 33917525 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp factor: LTV. | 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 (2025-07-16): Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp factor: LTV. |  |  | XX/XX/XXXX 2:17:36 PM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100285 |  | 33917526 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-08): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 11:20:47 AM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100287 |  | 33888398 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for First time investor with LTV >70%. Comp factor, 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 (2025-07-10): Approved exception at origination for First time investor with LTV >70%. Comp factor, reserves. |  |  | XX/XX/XXXX 3:06:48 PM | 2 B | XX/XX/XXXX | ID | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100290 |  | 33916170 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exceptions at origination for 1) open notice of foreclosure sale, and 2) 2x30 days late within 12 months (both on investment property mortgages). Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves are > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-15): Approved exceptions at origination for 1) open notice of foreclosure sale, and 2) 2x30 days late within 12 months (both on investment property mortgages). Comp factor: reserves. |  |  | XX/XX/XXXX 7:32:20 PM | 2 B | XX/XX/XXXX | PA | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100290 |  | 33941250 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | EOI reflects homeowners policy type with loss of use coverage in lieu of loss of rents. | 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 (2025-07-23): Exception waived. Updated approval provided in trailing documents approving exception for missing loss of rents. Comp factor, FICO.<br>Buyer Comment (2025-07-21): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:23:02 PM | 2 B | XX/XX/XXXX | PA | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100291 |  | 33891135 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease agreement on 1-4 refinance. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2025-07-14): Approved exception at origination for missing lease agreement on 1-4 refinance. Comp factor: LTV. |  |  | XX/XX/XXXX 5:01:17 PM | 2 B | XX/XX/XXXX | CA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100291 |  | 33891314 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for 1) Condo master policy is missing borrower name and unit number, 2) EOI reflects loss of use in lieu of loss of rents coverage without indication of landlord/rental policy type. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2025-07-23): Approved exception at origination for 1) Condo master policy is missing borrower name and unit number, 2) EOI reflects loss of use in lieu of loss of rents coverage without indication of landlord/rental policy type. Comp factor, LTV.<br>Buyer Comment (2025-07-21): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:25:09 PM | 2 B | XX/XX/XXXX | CA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100292 |  | 33904499 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $XXXomp 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 (2025-07-15): Approved exception at origination for loan < $XXXomp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 9:01:07 AM | 2 B | XX/XX/XXXX | PA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100296 |  | 33949750 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-18): Approved exception at origination for < 2 active major tradelines. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:48:40 AM | 2 B | XX/XX/XXXX | VA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100296 |  | 33949766 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-18): Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:48:59 AM | 2 B | XX/XX/XXXX | VA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100296 |  | 33949787 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 1x30 in recent 90 days on subject. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-18): Approved exception at origination for 1x30 in recent 90 days on subject. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:49:19 AM | 2 B | XX/XX/XXXX | VA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100296 |  | 33949809 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for basic form for insurance coverage. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-18): Approved exception at origination for basic form for insurance coverage. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:49:35 AM | 2 B | XX/XX/XXXX | VA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100298 |  | 33928346 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-17): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 12:17:05 PM | 2 B | XX/XX/XXXX | VA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100298 |  | 33928362 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-17): Approved exception at origination for < 2 active major tradelines. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 12:16:49 PM | 2 B | XX/XX/XXXX | VA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100298 |  | 33928378 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-17): Approved exception at origination for missing VOR-primary, guarantor that lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 12:16:32 PM | 2 B | XX/XX/XXXX | VA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100302 |  | 33902401 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal (pro-forma lease 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 | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-15): Approved exception at origination for 100% vacancy per appraisal (pro-forma lease in file). Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 12:13:03 PM | 2 B | XX/XX/XXXX | IN | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100302 |  | 33902420 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOR-primary; missing cancelled checks to support private landlord VOM. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-15): Approved exception at origination for incomplete VOR-primary; missing cancelled checks to support private landlord VOM. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 12:12:48 PM | 2 B | XX/XX/XXXX | IN | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100304 |  | 33917684 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease on a refi. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-16): Approved exception at origination for missing lease on a refi. Comp factor: LTV. |  |  | XX/XX/XXXX 2:31:13 PM | 2 B | XX/XX/XXXX | PA | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100305 |  | 33924594 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75000. 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 (2025-07-17): Approved exception at origination for loan amount < $75000. Comp factor: LTV. |  |  | XX/XX/XXXX 11:07:22 AM | 2 B | XX/XX/XXXX | OH | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100305 |  | 33933686 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects foundation settlement, absence of water mitigation to window frames, damaged/broken front window, missing electrical covers, missing floor trim, missing kitchen cabinet doors and standing water in basement. |  |  |  | Buyer Comment (2025-08-12): Waived by operations management |  |  | XX/XX/XXXX 12:54:18 PM | 3 C | XX/XX/XXXX | OH | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100306 |  | 33933543 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-17): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 2:46:31 PM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100306 |  | 33933554 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for basic form policy coverage type. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-24): Approved exception at origination for basic form policy coverage type. Comp factor: LTV.<br>Buyer Comment (2025-07-23): Corrected Uploaded<br>Reviewer Comment (2025-07-23): Exception remains. Approval provided is for another loan.<br>Buyer Comment (2025-07-21): Exception removed on uploaded approval It is not a requirement per the MCP. |  |  | XX/XX/XXXX 9:24:00 AM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100306 |  | 33962835 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Wind deductible > $25,000. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-24): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV.<br>Buyer Comment (2025-07-23): Exception noted on uploaded approval<br>Reviewer Comment (2025-07-23): Exception remains. Approval provided is for another loan.<br>Buyer Comment (2025-07-21): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:24:53 AM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100235 |  | 33917204 | XXXX | XX/XX/XXXX | 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; seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-15): Approved exception at origination for missing HOA master policy. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 12:05:32 PM | 2 B | XX/XX/XXXX | MD | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100236 |  | 33905699 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; seasoned 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 (2025-07-13): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; seasoned investor and FICO. |  |  | XX/XX/XXXX 1:13:58 PM | 2 B | XX/XX/XXXX | IL | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100236 |  | 33905747 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for override of statewide exclusion on traditional property type located in XX. Comp factor, 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 (2025-07-13): Approved exception at origination for override of statewide exclusion on traditional property type located in XX. Comp factor, seasoned investor and FICO. |  |  | XX/XX/XXXX 1:14:09 PM | 2 B | XX/XX/XXXX | IL | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100250 |  | 33908483 | XXXX | XX/XX/XXXX | 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 (2025-07-13): Approved exception at origination for missing Law & Ordinance coverage. Comp factor: FICO. |  |  | XX/XX/XXXX 2:58:17 PM | 2 B | XX/XX/XXXX | AZ | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100250 |  | 33908488 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for seller contribution >3% of purchase price. Comp factors; reserves and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- FICO<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-13): Approved exception at origination for seller contribution >3% of purchase price. Comp factors; reserves and FICO. |  |  | XX/XX/XXXX 2:58:38 PM | 2 B | XX/XX/XXXX | AZ | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100250 |  | 33908492 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR <1.0x for owner user traditional 2 purchase with loan > $750k. Comp factor, reserves and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- FICO<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-13): Approved exception at origination for DSCR <1.0x for owner user traditional 2 purchase with loan > $750k. Comp factor, reserves and FICO. |  |  | XX/XX/XXXX 2:59:03 PM | 2 B | XX/XX/XXXX | AZ | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100256 |  | 33908971 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors; LTV and 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 (2025-07-13): Approved exception at origination for FICO < 650. Comp factors; LTV and reserves. |  |  | XX/XX/XXXX 3:27:10 PM | 2 B | XX/XX/XXXX | NJ | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100263 |  | 33877835 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing Law and Ordinance/ Business income 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 (2025-07-10): Approved exception at origination for missing Law and Ordinance/ Business income coverage. Comp factor LTV |  |  | XX/XX/XXXX 1:25:57 PM | 2 B | XX/XX/XXXX | SC | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100263 |  | 34101302 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for vacant property on a refi. Comp factors, seasoned investor and LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-30): Approved exception at origination for vacant property on a refi. Comp factors, seasoned investor and LTV. |  |  | XX/XX/XXXX 4:24:05 PM | 2 B | XX/XX/XXXX | SC | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100272 |  | 33878207 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception for incorrect address disclosed on Lease (property is on a corner lot). Comp factor seasoned investor and LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Borrower's Experience/Track Record.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-10): Approved exception for incorrect address disclosed on Lease (property is on a corner lot). Comp factor seasoned investor and LTV. |  |  | XX/XX/XXXX 1:55:32 PM | 2 B | XX/XX/XXXX | NY | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100275 |  | 33907194 | XXXX | XX/XX/XXXX | 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 refi with loan > $500k. Comp factors; seasoned investor and seasoned business. | Borrower's Experience/Track Record | CF- seasoned investor, seasoned business | SitusAMC,Originator | Reviewer Comment (2025-07-13): Approved exception at origination for DSCR <1.0x for owner user traditional 2 property with loan > $750k. Comp factors; seasoned investor and seasoned business. |  |  | XX/XX/XXXX 1:32:42 PM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100275 |  | 33907381 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for wind deductible > $25k. Comp factors; seasoned investor and seasoned business. | Borrower's Experience/Track Record | CF- seasoned investor, seasoned business | SitusAMC,Originator | Reviewer Comment (2025-07-13): Approved exception at origination for wind deductible > $25k. Comp factors; seasoned investor and seasoned business. |  |  | XX/XX/XXXX 1:31:56 PM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100281 |  | 33909906 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOM-primary. Comp factor; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-07-13): Approved exception at origination for missing VOM-primary. Comp factor; FICO. |  |  | XX/XX/XXXX 4:03:02 PM | 2 B | XX/XX/XXXX | OH | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100286 |  | 33907905 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM- subject; <12 months 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 (2025-07-13): Approved exception at origination for incomplete VOM- subject; <12 months pay history receipts provided. Comp factor; LTV. |  |  | XX/XX/XXXX 2:25:12 PM | 2 B | XX/XX/XXXX | CA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100286 |  | 33917323 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Dwelling deductible amount of $5% on policy is unclear. Dwelling deductible above is $500. Please provided updated policy with deductible in the comment section and coverage sections matching. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-07-23): Exception waived. Updated approval provided in trailing documents approving exception for dwelling coverage deductible. Comp factor, LTV.<br>Buyer Comment (2025-07-21): The notes on the policy state the deductible for G.L. (Liability) of $500.00 and 5% for dwelling $XXXAn exception has been noted for the dwelling deductible. |  |  | XX/XX/XXXX 1:16:36 PM | 2 B | XX/XX/XXXX | CA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100293 |  | 33908055 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Verification of Down Payment Funds not provided |  | Approved exception at origination for unverified funds to close. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-07-13): Approved exception at origination for unverified funds to close. Comp factor: FICO. |  |  | XX/XX/XXXX 2:28:31 PM | 2 B | XX/XX/XXXX | RI | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100312 |  | 33917502 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for vacant property on a refi. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-16): Approved exception at origination for vacant property on a refi. Comp factor: LTV. |  |  | XX/XX/XXXX 1:25:33 PM | 2 B | XX/XX/XXXX | NC | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100312 |  | 33950351 | XXXX | XX/XX/XXXX | Credit | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | Subject is a refinance and property is listed for sale. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for Cash out on property listed within most recent 6 months. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-23): Approved exception at origination for Cash out on property listed within most recent 6 months. Comp factor, LTV.<br>Buyer Comment (2025-07-22): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:22:24 PM | 2 B | XX/XX/XXXX | NC | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100313 |  | 33928586 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $XXXomp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-23): Approved exception at origination for loan amount < $XXXomp factor, LTV.<br>Buyer Comment (2025-07-22): Corrected uploaded |  |  | XX/XX/XXXX 1:24:19 PM | 2 B | XX/XX/XXXX | PA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100313 |  | 33928587 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-17): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 12:42:02 PM | 2 B | XX/XX/XXXX | PA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100313 |  | 33960937 | XXXX | XX/XX/XXXX | 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. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-23): Exception waived. Updated approval provided in trialing documents approving exception for rural property. Comp factor, LTV.<br>Buyer Comment (2025-07-22): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:25:03 PM | 2 B | XX/XX/XXXX | PA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100313 |  | 33960991 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Master HOA Policy does not include borrower name or unit number. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-23): Exception waived. Updated approval provided in trailing documents approving exception for Master HOA Policy missing borrowers name and property unit number. Comp factor, LTV.<br>Buyer Comment (2025-07-22): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:26:00 PM | 2 B | XX/XX/XXXX | PA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100317 |  | 33945386 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-23): Approved exception at origination for FICO < 650. Comp factor, LTV.<br>Buyer Comment (2025-07-22): Corrected Uploaded |  |  | XX/XX/XXXX 1:29:14 PM | 2 B | XX/XX/XXXX | FL | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100317 |  | 33945396 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp factor, LTV. | 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 (2025-07-23): Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp factor, LTV.<br>Buyer Comment (2025-07-22): Corrected Uploaded |  |  | XX/XX/XXXX 1:29:01 PM | 2 B | XX/XX/XXXX | FL | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100318 |  | 33964338 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for LTV > 60% for first time foreign investor. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-18): Approved exception at origination for LTV > 60% for first time foreign investor. Comp factor: reserves. |  |  | XX/XX/XXXX 11:58:24 AM | 2 B | XX/XX/XXXX | NV | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100318 |  | 33973660 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Guideline issue: Property type is not allowed per credit guidelines. |  | Approved exception at origination for First time investor purchase a 1 unit SFR. Comp factor, reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-23): Approved exception at origination for First time investor purchase a 1 unit SFR. Comp factor, reserves.<br>Buyer Comment (2025-07-22): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:37:03 PM | 2 B | XX/XX/XXXX | NV | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100319 |  | 33970065 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-08): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 1:52:56 PM | 2 B | XX/XX/XXXX | MI | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100319 |  | 33976727 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing handrail on stairs to basement, boarded basement windows, property does not have a water meter, and rear balcony does not appear to be properly supported. \*\*\*Clients comment - Purchase Transaction. 75% LTV. Property vacant at time of appraisal. Per borrower LOE in file they will cure the boarded windows/concrete noted by exterior door post-funding. The property is vacant and we would expect the borrower to install the water meter prior to tenants moving in. Property condition considered in value/LTV and XXXXX expects the borrower to complete any necessary repairs. |  |  |  | Buyer Comment (2025-08-12): Waived by operations management |  |  | XX/XX/XXXX 12:56:29 PM | 3 C | XX/XX/XXXX | MI | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100320 |  | 33971390 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-18): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 2:21:19 PM | 2 B | XX/XX/XXXX | MI | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100321 |  | 33953773 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-23): Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp factor, seasoned investor.<br>Buyer Comment (2025-07-22): Corrected Uploaded |  |  | XX/XX/XXXX 1:43:23 PM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100321 |  | 33953778 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for liability insurance < $300. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-23): Approved exception at origination for liability insurance < $300. Comp factor, seasoned investor.<br>Buyer Comment (2025-07-22): Corrected Uploaded |  |  | XX/XX/XXXX 1:44:04 PM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100322 |  | 33933078 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650 for both borrower and coborrower. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-17): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 1:24:09 PM | 2 B | XX/XX/XXXX | NY | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100322 |  | 33933081 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for unpaid collections/charge offs > $XXXomp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-17): Approved exception at origination for unpaid collection/charge offs > $XXXomp factor: LTV. |  |  | XX/XX/XXXX 1:24:25 PM | 2 B | XX/XX/XXXX | NY | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100323 |  | 33964492 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy on a refi. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-18): Approved exception at origination for 100% vacancy on a refi. Comp factor: LTV. |  |  | XX/XX/XXXX 3:56:02 PM | 2 B | XX/XX/XXXX | VA | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100323 |  | 33979357 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | In-house review indicates exterior of property is in fair to poor condition with property currently under rehab; requires flooring, drywall repairs, and paint in the living/dining, bedrooms, and laundry room. Damaged/missing rear siding. Appraisal pictures of the carport/storage have numerous oxygen tanks, larger back-up oxygen tank, and an oxygen condenser being stored. Original appraisal has the property in C4 conditional. \*\*\*Clients comment - 44.12% LTV. Cash-out refinance. The subject is under construction and the cost to finish renovation estimated to be 5,000, and the cost was considered in the property value/LTV. The appraiser didn't note any risks associated with the oxygen tanks, so XXXXX did not view as material in terms of underwriting. XXXXX expects borrower to continue renovating the property and complete any necessary repairs. |  |  |  | Buyer Comment (2025-08-12): Waived by operations management |  |  | XX/XX/XXXX 12:58:32 PM | 3 C | XX/XX/XXXX | VA | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100324 |  | 33940945 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy on a refi. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-18): Approved exception at origination for 100% vacancy on a refi. Comp factor: LTV. |  |  | XX/XX/XXXX 12:33:53 PM | 2 B | XX/XX/XXXX | MD | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100325 |  | 33925115 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-17): Approved exception at origination for FICO < 650. Comp factor, seasoned investor. |  |  | XX/XX/XXXX 1:01:30 PM | 2 B | XX/XX/XXXX | OH | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100325 |  | 33925116 | XXXX | XX/XX/XXXX | 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, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-17): Approved exception at origination for < 2 active open major tradelines. Comp factors, seasoned investor. |  |  | XX/XX/XXXX 1:01:46 PM | 2 B | XX/XX/XXXX | OH | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100325 |  | 33925378 | XXXX | XX/XX/XXXX | Credit | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | Subject is a refinance and property is listed for sale. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Cash out on a property listed in recent 6 months. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-23): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, seasoned investor.<br>Buyer Comment (2025-07-22): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:40:25 PM | 2 B | XX/XX/XXXX | OH | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100326 |  | 33926587 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned 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 (2025-07-17): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 1:52:12 PM | 2 B | XX/XX/XXXX | TN | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100326 |  | 33926591 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for vacant property on a refi with lease in the file. 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 (2025-07-17): Approved exception at origination for vacant property on a refi with lease in the file. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 1:52:27 PM | 2 B | XX/XX/XXXX | TN | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100326 |  | 33926599 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination to allow processor cert for subject VOM. 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 (2025-07-17): Approved exception at origination to allow processor cert for subject VOM. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 1:52:46 PM | 2 B | XX/XX/XXXX | TN | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100326 |  | 33961683 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Policy does not include loss of rent or loss of use and indicates it is for a vacant unoccupied property. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-23): Exception waived. Updated approval provided in trailing documents approving exception for policy missing loss of rents coverage. Comp factor, LTV.<br>Buyer Comment (2025-07-22): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:55:00 PM | 2 B | XX/XX/XXXX | TN | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100328 |  | 33921884 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-23): Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br>Buyer Comment (2025-07-22): Corrected Uploaded |  |  | XX/XX/XXXX 2:01:52 PM | 2 B | XX/XX/XXXX | WA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100330 |  | 33926685 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 4x30 on primary mortgage within recent 90 days. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-17): Approved exception at origination for 4x30 on primary mortgage within recent 90 days. Comp factor, seasoned investor. |  |  | XX/XX/XXXX 3:56:23 PM | 2 B | XX/XX/XXXX | NJ | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100330 |  | 33926691 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-17): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned investor. |  |  | XX/XX/XXXX 3:56:07 PM | 2 B | XX/XX/XXXX | NJ | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100331 |  | 33962156 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $XXXomp factors: seasoned investor and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | FICO is > guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-21): Approved exception at origination for loan amount < $XXXomp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 2:28:08 PM | 2 B | XX/XX/XXXX | IN | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100333 |  | 33921528 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing 12 months cancelled checks on lien held by private lender. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-23): Approved exception at origination for missing 12 months cancelled checks on lien held by private lender. Comp factor, seasoned investor.<br>Buyer Comment (2025-07-22): Corrected uploaded |  |  | XX/XX/XXXX 2:10:33 PM | 2 B | XX/XX/XXXX | NC | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100333 |  | 33921613 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease agreement for subject property. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-23): Approved exception at origination for 100% vacancy/missing lease agreement for subject property. Comp factor, seasoned investor.<br>Buyer Comment (2025-07-22): Corrected uploaded |  |  | XX/XX/XXXX 2:10:11 PM | 2 B | XX/XX/XXXX | NC | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100333 |  | 33922092 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for Rural property. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-23): Approved exception at origination for Rural property. Comp factor, seasoned investor.<br>Buyer Comment (2025-07-22): corrected uploaded |  |  | XX/XX/XXXX 2:09:54 PM | 2 B | XX/XX/XXXX | NC | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100333 |  | 33922248 | XXXX | XX/XX/XXXX | Credit | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | Subject is a refinance and property is listed for sale. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for Cash out on property listed within recent 6 months with prepayment penalty > 2 years. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-23): Approved exception at origination for Cash out on property listed within recent 6 months with prepayment penalty > 2 years. Comp factor, seasoned investor.<br>Buyer Comment (2025-07-22): Corrected uploaded |  |  | XX/XX/XXXX 2:09:38 PM | 2 B | XX/XX/XXXX | NC | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100334 |  | 33962525 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 1x 120+ days late within 90 days and 1x additional rolling 120 day late within 12 months on credit report . Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-21): Approved exception at origination for 1x 120+ days late within 90 days on subject and 1x additional rolling 120 day late on subject within 12 months . Comp factor: LTV. |  |  | XX/XX/XXXX 3:55:00 PM | 2 B | XX/XX/XXXX | HI | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100334 |  | 33962533 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-21): Approved exception at origination for rural property. Comp factor: LTV. |  |  | XX/XX/XXXX 4:08:14 PM | 2 B | XX/XX/XXXX | HI | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100334 |  | 33994878 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for Missing lease for 1 unit SFR condo refinance (subject is listed as a ST rental). Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-24): Approved exception at origination for Missing lease for 1 unit SFR condo refinance (subject is listed as a ST rental). Comp factor, LTV.<br>Buyer Comment (2025-07-23): Uploaded |  |  | XX/XX/XXXX 9:28:08 AM | 2 B | XX/XX/XXXX | HI | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100335 |  | 33922520 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease for the subject. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-17): Approved exception at origination for missing lease for the subject. Comp factor: LTV. |  |  | XX/XX/XXXX 10:53:46 AM | 2 B | XX/XX/XXXX | NJ | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100335 |  | 33959046 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for Rural property. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-23): Approved exception at origination for Rural property. Comp factor, LTV.<br>Buyer Comment (2025-07-22): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:13:37 PM | 2 B | XX/XX/XXXX | NJ | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100336 |  | 33969602 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for liability coverage <$300k on unit owner's policy. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-21): Approved exception at origination for liability coverage <$300k on unit owner's policy. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 4:23:39 PM | 2 B | XX/XX/XXXX | FL | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100337 |  | 33979610 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for Rural property. Comp factor, FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-23): Approved exception at origination for Rural property. Comp factor, FICO.<br>Buyer Comment (2025-07-22): Exceptions noted on uploaded approval |  |  | XX/XX/XXXX 2:20:25 PM | 2 B | XX/XX/XXXX | HI | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100337 |  | 34021957 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for Dwelling < 500 square feet. 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 (2025-07-24): Approved exception at origination for Dwelling < 500 square feet. Comp factor, FICO.<br>Buyer Comment (2025-07-23): Uploaded |  |  | XX/XX/XXXX 9:30:29 AM | 2 B | XX/XX/XXXX | HI | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100339 |  | 33990237 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | EOI for liability coverage is a blanket policy without required endorsement for full coverage amount applicable to each covered location. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-24): Exception waived. Updated approval provided in trailing documents approving exception for missing insurance endorsement. Comp factor, FICO.<br>Buyer Comment (2025-07-23): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:33:49 AM | 2 B | XX/XX/XXXX | AZ | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100340 |  | 33940550 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-07-17): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 5:05:40 PM | 2 B | XX/XX/XXXX | CT | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100341 |  | 33940904 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and seasoned business. | Borrower's Experience/Track Record | Seasoned investor, seasoned business | SitusAMC,Originator | Reviewer Comment (2025-08-08): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and seasoned business. |  |  | XX/XX/XXXX 11:18:14 AM | 2 B | XX/XX/XXXX | CT | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100342 |  | 33941511 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and seasoned business. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-08): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and seasoned business. |  |  | XX/XX/XXXX 11:24:05 AM | 2 B | XX/XX/XXXX | CT | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100343 |  | 33950327 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for 'Credit' (no active major tradelines on credit report for borrower). Comp factors: FICO and seasoned investor. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | FICO is > guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-21): Approved exception at origination for 'Credit' (no active major tradelines on credit report). Comp factors: FICO and seasoned investor. |  |  | XX/XX/XXXX 12:45:21 PM | 2 B | XX/XX/XXXX | CA | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100344 |  | 33993991 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Interest only period > 5 years. | 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 (2025-07-24): Exception waived. Updated approval provided in trailing documents approving exception for interest only period. Comp factor, LTV.<br>Buyer Comment (2025-07-24): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:54:36 PM | 2 B | XX/XX/XXXX | GA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100347 |  | 33962203 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing loss of rent 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 (2025-07-23): Approved exception at origination for missing loss of rent coverage. Comp factor, FICO.<br>Buyer Comment (2025-07-22): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:27:37 PM | 2 B | XX/XX/XXXX | FL | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100348 |  | 33970610 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for 'Credit' (< 2 active major tradelines). Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-21): Approved exception at origination for < 2 active major tradelines. Comp factor: FICO. |  |  | XX/XX/XXXX 4:52:25 PM | 2 B | XX/XX/XXXX | MI | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100348 |  | 33970752 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Cash out on property held < 6 months using valuation exceeding original purchase price. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-25): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently acquired property using higher appraised value versus original purchase price. Comp factor, FICO.<br>Buyer Comment (2025-07-24): Uploaded |  |  | XX/XX/XXXX 9:18:53 AM | 2 B | XX/XX/XXXX | MI | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100348 |  | 34024251 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing kitchen appliances in both units with appliances included in the Construction Costs provided. |  |  |  | Buyer Comment (2025-08-12): Waived by operations management |  |  | XX/XX/XXXX 1:01:21 PM | 3 C | XX/XX/XXXX | MI | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100349 |  | 33991383 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Cash out on property held < 6 months using valuation exceeding original purchase price. | 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 (2025-07-24): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently acquired property. Comp factor, FICO.<br>Buyer Comment (2025-07-23): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:40:42 AM | 2 B | XX/XX/XXXX | NJ | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100350 |  | 33993135 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Approved exception at origination for cash out on property held <6 months (transferred from solely guarantor's spouse to entity held solely by guarantor). Comp factor seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-24): Approved exception at origination for cash out on property held <6 months (transferred from solely guarantor's spouse to entity held solely by guarantor). Comp factor seasoned investor.<br>Buyer Comment (2025-07-23): Corrected Uploaded |  |  | XX/XX/XXXX 9:42:55 AM | 2 B | XX/XX/XXXX | TX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100307 |  | 33917456 | XXXX | XX/XX/XXXX | 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 additional collateral. | 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 (2025-07-24): Approved exception at origination for DSCR < 1.15x. Comp factors: LTV, guarantor support/liquidity, and additional collateral.<br>Buyer Comment (2025-07-24): correct, approved exception |  |  | XX/XX/XXXX 1:58:17 PM | 2 B | XX/XX/XXXX | CA | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100308 |  | 33904457 | XXXX | XX/XX/XXXX | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> Fair | Appraisal reflect property condition is fair. \*\*\*Clients comments - 70% LTV. Purchase. Property condition is fair per appraisal . XXXXX also noted that "The Executive Summary on Page vi of the appraisal describes the subject's condition as "fair." However, they are later described throughout the reports as being in "average" condition.". Subject property is dated and could use cosmetic updates; however, there were no cited deferred maintenance or health and safety issues. Subject is a warehouse/distribution center. Property vacant at the time of origination. XXXXX did not view property condition as material in terms of underwriting and noted that the borrower as "forward-looking" and intending to update the property. Property condition considered in value/LTV. |  |  |  | Buyer Comment (2025-07-29): We will waive this exception.<br>Reviewer Comment (2025-07-28): Exception remains. Property condition stated on the appraisal is part of the USPAP requirements and used to determine value of the property. This is not a guideline issues, it is required by the rating agencies when securitizing. The exception can be waived but will not change the exception grade.<br>Buyer Comment (2025-07-28): XXXXX's credit policy does not specify what condition the property must be in. Can you please show where in our credit policy this came from? |  |  | XX/XX/XXXX 1:04:05 PM | 3 C | XX/XX/XXXX | NC | Purchase | C A | C |  |  | No |
| XXXX | XXXX | 2025-4-100351 |  | 34024797 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for liability coverage < $300k. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-24): Approved exception at origination for liability coverage < $300k. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 8:48:49 AM | 2 B | XX/XX/XXXX | TX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100351 |  | 34029373 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for 1) All perils deductible is > $10k, 2) Fair rental value (loss of rents) coverage amount is $0. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-25): Approved exception at origination for 1) All perils deductible is > $10k, 2) Fair rental value (loss of rents) coverage amount is $0. Comp factor, seasoned investor.<br>Buyer Comment (2025-07-24): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:21:13 AM | 2 B | XX/XX/XXXX | TX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100352 |  | 33980450 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/ missing lease on a refinance. Comp factors: LTV and FICO. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | LTV is < guidelines.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-21): Approved exception at origination for 100% vacancy/ missing lease on SFR condo refinance. Comp factors: LTV and FICO. |  |  | XX/XX/XXXX 11:03:57 PM | 2 B | XX/XX/XXXX | NY | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100352 |  | 33999926 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Unit owner's policy not containing wind & hail coverage. Comp factors, LTV and FICO. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | LTV is < guidelines.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-25): Approved exception at origination for Unit owner's policy not containing wind & hail coverage. Comp factors, LTV and FICO.<br>Buyer Comment (2025-07-24): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:27:50 AM | 2 B | XX/XX/XXXX | NY | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100352 |  | 33999949 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided |  | Approved exception at origination for missing required HOA docs for subject condo property. Comp factors, LTV and FICO. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | LTV is < guidelines.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-25): Approved exception at origination for missing required HOA docs for subject condo property. Comp factors, LTV and FICO.<br>Buyer Comment (2025-07-24): Uploaded |  |  | XX/XX/XXXX 9:27:32 AM | 2 B | XX/XX/XXXX | NY | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100352 |  | 34022139 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing borrowers name on the HOA Master Policy. Comp factors, LTV and FICO. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | LTV is < guidelines.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-25): Approved exception at origination for missing borrowers name on the HOA Master Policy. Comp factors, LTV and FICO.<br>Buyer Comment (2025-07-24): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:27:17 AM | 2 B | XX/XX/XXXX | NY | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100353 |  | 33978375 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-21): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 8:41:30 PM | 2 B | XX/XX/XXXX | CT | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100354 |  | 33974690 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Comparable Rent Schedule not provided |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-25): Exception waived. Updated approval provided in trailing documents approving exception for missing Comparable rent schedule with appraisal. Comp factor, LTV.<br>Buyer Comment (2025-07-24): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:30:30 AM | 2 B | XX/XX/XXXX | SC | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100354 |  | 33996345 | XXXX | XX/XX/XXXX | 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 (2025-07-25): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV.<br>Buyer Comment (2025-07-24): Exception noted om uploaded approval |  |  | XX/XX/XXXX 9:31:17 AM | 2 B | XX/XX/XXXX | SC | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100355 |  | 33979706 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor: 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 (2025-07-25): Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor: LTV.<br>Buyer Comment (2025-07-24): Corrected Uploaded |  |  | XX/XX/XXXX 9:33:53 AM | 2 B | XX/XX/XXXX | IL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100356 |  | 33992861 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects safety issue of uncovered electrical outlets/panels in bathroom and through out the home, gap under front door exposed to the outside, unknown wires hanging on the back of the home, and missing frame and door in back. Deferred maintenance/ property under varying states of renovation, although no cost to cure was generated, and analyst review stipulates that UW review is required to determine if PTD conditions are needed. \*\*\*Client comment - 75% LTV. Cash-out refi. A holdback was not required, the RE analyst asked the UW to review the file for a PTD condition, but the UW didn't deem as necessary. We did not require a holdback on this loan. We don't have an update on the status of the repairs at this point, but will reach out to the borrower to confirm. . Property condition considered in value and LTV. |  |  |  | Buyer Comment (2025-08-12): Waived by Operations management |  |  | XX/XX/XXXX 1:09:00 PM | 3 C | XX/XX/XXXX | PA | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100356 |  | 33992995 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exceptions at origination for 1) open pre-foreclosure- notice of lis-pendens listed on property profile report for subject, and 2) rolling 30 day late within 90 days on subject VOM lender rating. Comp factors: reserves (for 1 and 2) and seasoned investor (for 1). | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | Reserves > guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-23): Approved exceptions at origination for 1) open pre-foreclosure- notice of lis-pendens listed on property profile report for subject, and 2) rolling 30 day late within 90 days on subject VOM lender rating. Comp factors: reserves (for 1 and 2) and seasoned investor (for 1). |  |  | XX/XX/XXXX 5:21:34 PM | 2 B | XX/XX/XXXX | PA | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100356 |  | 33993024 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal on SFR refinance (lease provided in file reflects a start date 4 days prior to appraisal effective date). Comp factors: reserves and seasoned investor. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | Reserves > guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-22): Approved exception at origination for 100% vacancy per appraisal on SFR refinance (lease provided in file reflects a start date 4 days prior to appraisal effective date). Comp factors: reserves and seasoned investor. |  |  | XX/XX/XXXX 3:04:55 PM | 2 B | XX/XX/XXXX | PA | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100356 |  | 34008537 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM-subject - missing proof of most recent monthly payment. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-23): Approved exception at origination for incomplete VOM-subject - missing proof of most recent monthly payment. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 5:20:19 PM | 2 B | XX/XX/XXXX | PA | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100357 |  | 34025120 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease on 1-4 refi. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-24): Approved exception at origination for 100% vacancy/missing lease on 1-4 refi. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 9:59:34 AM | 2 B | XX/XX/XXXX | TX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100357 |  | 34025121 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650.. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-24): Approved exception at origination for FICO < 650.. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 10:00:01 AM | 2 B | XX/XX/XXXX | TX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100357 |  | 34030582 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | EOI reflects loss of use without indication of landlord/ rental policy/coverage type. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-25): Exception waived. Updated approval provided in trailing documents approving exception for missing loss of rents. Comp factor, LTV.<br>Buyer Comment (2025-07-24): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:44:53 AM | 2 B | XX/XX/XXXX | TX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100357 |  | 34030785 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Unpaid collections/charge-offs >$25k with LTV> 50% | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-25): Exception waived. Updated approval provided in trailing documents approving exception for unpaid collections. Comp factor, LTV.<br>Buyer Comment (2025-07-24): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:45:58 AM | 2 B | XX/XX/XXXX | TX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100357 |  | 34030826 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for missing certificate of occupancy for new construction as indicated as required per analyst review. Comp factors, LTV and property condition (property condition is subjected and not used). \*\*\* Clients comment - Borrower's DL/credit report confimed primary. Signed lease in file for subject property. Borrower signed BP cert and BP disclosure. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-25): Approved exception at origination for missing certificate of occupancy for new construction as indicated as required per analyst review. Comp factors, LTV and property condition (property condition is subjected and not used).<br>Buyer Comment (2025-07-24): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:47:28 AM | 2 B | XX/XX/XXXX | TX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100358 |  | 33976761 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM- subject; missing pay history receipts to support processor cert provided in file. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-21): Approved exception at origination for incomplete VOM- subject; missing pay history receipts to support processor cert provided in file. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 5:53:33 PM | 2 B | XX/XX/XXXX | CA | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100361 |  | 33991412 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | 100% vacancy per appraisal/missing leases for 1 of 2 units being refinanced (Lease provided n file for 1 of 2 units indicates has start date subsequent to appraisal effective/inspection date). | 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 (2025-07-25): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV.<br>Buyer Comment (2025-07-24): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:53:19 AM | 2 B | XX/XX/XXXX | OH | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100362 |  | 33985379 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-23): Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 5:49:38 PM | 2 B | XX/XX/XXXX | IL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100364 |  | 33999890 | XXXX | XX/XX/XXXX | 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 (2025-07-25): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV.<br>Buyer Comment (2025-07-24): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:58:46 AM | 2 B | XX/XX/XXXX | SC | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100365 |  | 33989376 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-21): Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor: LTV. |  |  | XX/XX/XXXX 11:37:19 PM | 2 B | XX/XX/XXXX | AZ | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100369 |  | 34004201 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor on 1 unit SFR purchase. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-22): Approved exception at origination for first time investor on 1 unit SFR purchase. Comp factor: reserves. |  |  | XX/XX/XXXX 9:01:45 PM | 2 B | XX/XX/XXXX | FL | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100370 |  | 34013178 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report pulled using incorrect SSN. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-23): Approved exception at origination for credit report pulled using incorrect SSN. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 1:06:01 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100370 |  | 34013208 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Approved exception at origination for cash out on 3 of 3 properties all held <6 months and using valuations exceeding original purchase price. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-23): Approved exception at origination for cash out on 3 of 3 properties all held <6 months and using valuations exceeding original purchase price. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 1:06:22 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100373 |  | 34030136 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | 25.2 % vacancy per appraisal/ missing active lease on a refinance for unit 2. | 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 (2025-07-25): Exception waived. Updated approval provided in trailing documents approving exception for vacancy. Comp factor, LTV.<br>Buyer Comment (2025-07-24): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:11:01 AM | 2 B | XX/XX/XXXX | OH | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100374 |  | 34046645 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for collection/charge off > $25k. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-25): Approved exception at origination for collection/charge off > $25k. Comp factor: FICO. |  |  | XX/XX/XXXX 1:22:00 PM | 2 B | XX/XX/XXXX | CA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100374 |  | 34046659 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for VOM for missing VOM-subject with private lender on processor cert. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-25): Approved exception at origination for VOM for missing VOM-subject with private lender on processor cert. Comp factor: FICO. |  |  | XX/XX/XXXX 1:22:16 PM | 2 B | XX/XX/XXXX | CA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100374 |  | 34046674 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for expired credit report. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-25): Approved exception at origination for expired credit report. Comp factor: FICO. |  |  | XX/XX/XXXX 1:22:35 PM | 2 B | XX/XX/XXXX | CA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100375 |  | 33999848 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-24): Approved exception at origination for FICO < 650. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 11:29:34 AM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100375 |  | 33999857 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-24): Approved exception at origination for rural property. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 11:29:51 AM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100375 |  | 34012484 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Approved exception at origination for cash out on property listed within 6 months. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-24): Approved exception at origination for cash out on property listed within 6 months. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 11:30:07 AM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100375 |  | 34012737 | XXXX | XX/XX/XXXX | Credit | Property - Appraisal | Appraisal Documentation | Property - Appraisal | Missing Document: Appraisal not provided |  | Approved exception at origination for missing updated appraisal. Listing discrepancy- Appraisal reflects subject has not been listed within 12 months, however listing agreement reflecting cancellation within 90 days of note date was provided.in file, and there is an approved exception for recently listed property. Comp factors, LTV and marketing trends (marketing trends are subjective and not used). | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-25): Approved exception at origination for missing updated appraisal. Listing discrepancy- Appraisal reflects subject has not been listed within 12 months, however listing agreement reflecting cancellation within 90 days of note date was provided.in file, and there is an approved exception for recently listed property. Comp factors, LTV and marketing trends (marketing trends are subjective and not used).<br>Buyer Comment (2025-07-24): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:13:59 AM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100377 |  | 33990394 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned 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 (2025-07-22): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 10:00:17 AM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100377 |  | 33990410 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines on 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. | Seasoned investor.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-22): Approved exception at origination for 'Credit' (< 2 active major tradelines on report). Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 10:00:02 AM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100377 |  | 33990445 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing VOR-primary; borrower lives rent free. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-25): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR-primary. Comp factor, LTV.<br>Buyer Comment (2025-07-24): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:19:31 AM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100377 |  | 34005323 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Deductible > 5% (EOI reflects $5k deductible on loss of rents coverage of $31.2k). | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-25): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV.<br>Buyer Comment (2025-07-24): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:20:40 AM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100378 |  | 34076892 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Loan amounts less than $75,000 are not permitted according to the guidelines |  | Approved exception at origination for loan amount < $XXXComp 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 (2025-07-29): Approved exception at origination for loan amount < $XXXomp factor, LTV. |  |  | XX/XX/XXXX 1:32:38 PM | 2 B | XX/XX/XXXX | WI | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100379 |  | 34013258 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination with 1x30 days late within 6 months on primary. Comp factors: seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned investor.<br>FICO > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-25): Approved exception at origination with 1x30 days late within 6 months on primary. Comp factors: seasoned investor and FICO.<br>Buyer Comment (2025-07-24): Exception is valid. Last payment made on primary was for May 2025. Loan was due for the 6/1 payment at close |  |  | XX/XX/XXXX 10:22:22 AM | 2 B | XX/XX/XXXX | WI | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100381 |  | 33999904 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary, borrower lives rent free. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-22): Approved exception at origination for missing VOR-primary, borrower lives rent free. Comp factor: FICO. |  |  | XX/XX/XXXX 7:01:34 PM | 2 B | XX/XX/XXXX | NJ | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100382 |  | 33992051 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-25): Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br>Buyer Comment (2025-07-24): Uploaded |  |  | XX/XX/XXXX 10:26:14 AM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100382 |  | 34043592 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing loss of rent coverage. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-25): Approved exception at origination for missing loss of rent coverage. Comp factor, seasoned investor. |  |  | XX/XX/XXXX 10:26:31 AM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100383 |  | 34003816 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary, borrower lives rent free. Comp 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 (2025-07-25): Approved exception at origination for missing VOR-primary, borrower lives rent free. Comp factor: FICO.<br>Buyer Comment (2025-07-24): Corrected Uploaded |  |  | XX/XX/XXXX 10:31:20 AM | 2 B | XX/XX/XXXX | CA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100384 |  | 34006889 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report pulled using incorrect DOB. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-22): Approved exception at origination for credit report pulled using incorrect DOB. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:22:17 PM | 2 B | XX/XX/XXXX | NY | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100384 |  | 34006947 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for incomplete leases- missing pages for 2 of 2 units. Comp factor: seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned investor.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-22): Approved exception at origination for incomplete leases- missing pages for 2 of 2 units. Comp factor: seasoned investor and FICO. |  |  | XX/XX/XXXX 10:21:25 PM | 2 B | XX/XX/XXXX | NY | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100386 |  | 34005791 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-22): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 9:57:16 PM | 2 B | XX/XX/XXXX | IL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100387 |  | 34011240 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for First Time Buyer/Investor on 1 unit SFR. Comp factors: LTV and reserves. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | LTV is < guidelines.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-25): Approved exception at origination for First Time Buyer/Investor on 1 unit SFR. Comp factors: LTV and reserves.<br>Buyer Comment (2025-07-24): Corrected Uploaded |  |  | XX/XX/XXXX 10:35:55 AM | 2 B | XX/XX/XXXX | TX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100387 |  | 34011248 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for loss of use in lieu of loss of rents coverage without indication of landlord/rental policy/coverage type. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-23): Approved exception at origination for loss of use in lieu of loss of rents coverage without indication of landlord/rental policy/coverage type. Comp factor: LTV. |  |  | XX/XX/XXXX 11:24:55 AM | 2 B | XX/XX/XXXX | TX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100388 |  | 33999861 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factors: seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned investor.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-22): Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 5:59:03 PM | 2 B | XX/XX/XXXX | GA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100388 |  | 33999874 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. Comp factors: seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned investor.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-22): Approved exception at origination for rural property. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 5:59:16 PM | 2 B | XX/XX/XXXX | GA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100389 |  | 33993656 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $XXXomp 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 (2025-07-25): Approved exception at origination for loan < $XXXomp factor: LTV.<br>Buyer Comment (2025-07-24): Corrected Uploaded |  |  | XX/XX/XXXX 11:12:55 AM | 2 B | XX/XX/XXXX | TX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100391 |  | 34013237 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-23): Approved exception at origination for < 2 active major tradelines. Comp factor: LTV. |  |  | XX/XX/XXXX 1:40:45 PM | 2 B | XX/XX/XXXX | RI | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100391 |  | 34013239 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-23): Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factor: LTV. |  |  | XX/XX/XXXX 1:47:50 PM | 2 B | XX/XX/XXXX | RI | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100391 |  | 34013246 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Approved exception at origination for refinance of property held < 12 months using valuation exceeding original purchase price. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-23): Approved exception at origination for refinance of property held < 12 months using valuation exceeding original purchase price. Comp factor: LTV. |  |  | XX/XX/XXXX 2:22:40 PM | 2 B | XX/XX/XXXX | RI | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100391 |  | 34108273 | XXXX | XX/XX/XXXX | Property | Appraisal Reconciliation | Value Discrepancy | Appraisal Reconciliation | Loan is to be securitized. Highest level secondary valuation does not support the value used to qualify. Sec ID: 7 | Note Date: XX/XX/XXXX; Lien Position: 1 | Secondary valuation provided reflects a decrease in value of 15.15%. A second request was sent to the secondary valuation reviewer to re-review the original appraised value. They responded with no change to their value. \*\*\*Clients comment - XXXXX accepted the lower value and updated the final data tape accordingly. |  |  |  | Reviewer Comment (2025-08-20): Client noted, unable to clear<br>Buyer Comment (2025-08-19): we're not able to clear this one. updating the value on the tape |  |  |  | 3 C | XX/XX/XXXX | RI | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100392 |  | 34008328 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for First Time Investor purchase of 1 unit SFR. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-23): Approved exception at origination for First Time Investor on 1-unit SFR purchase with LTV > 70%. Comp factor: reserves. |  |  | XX/XX/XXXX 8:31:45 AM | 2 B | XX/XX/XXXX | NJ | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100392 |  | 34008335 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-23): Approved exception at origination for < 2 active major tradelines. Comp factor: reserves. |  |  | XX/XX/XXXX 8:32:01 AM | 2 B | XX/XX/XXXX | NJ | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100392 |  | 34008353 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Verification of Down Payment Funds not provided |  | Approved exception at origination for unverified funds to close. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-23): Approved exception at origination for unverified funds to close. Comp factor: reserves. |  |  | XX/XX/XXXX 8:32:12 AM | 2 B | XX/XX/XXXX | NJ | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100392 |  | 34017162 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 70% for First Time investor on 1-4 property type. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-23): Approved exception at origination for LTV > 70% for First Time investor on 1-4 property type. Comp factor: reserves. |  |  | XX/XX/XXXX 4:12:43 PM | 2 B | XX/XX/XXXX | NJ | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100393 |  | 34006460 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-22): Approved exception at origination for < 2 active major tradelines. Comp factor: reserves. |  |  | XX/XX/XXXX 9:58:11 PM | 2 B | XX/XX/XXXX | NJ | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100393 |  | 34006468 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor/ first time buyer with LTV > 70% on 1 unit SFR purchase. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-22): Approved exception at origination for first time investor with LTV > 70% on 1 unit SFR purchase. Comp factor: reserves. |  |  | XX/XX/XXXX 9:59:02 PM | 2 B | XX/XX/XXXX | NJ | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100394 |  | 34013277 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception for missing lease for subject 1-4 refinance (long-term (>10 yr) tenant is M-T-M per LOE in file). Comp factors: seasoned investor and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | FICO is > guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-23): Approved exception for missing lease for subject 1-4 refinance (long-term (>10 yr) tenant is M-T-M per LOE in file). Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 4:19:45 PM | 2 B | XX/XX/XXXX | LA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100395 |  | 34010507 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV over 75% |  | Approved exception at origination for LTV > 70% on blanket 1-4 purchase with balance > $XXXomp factor: reserves and seasoned investor. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | Reserves > guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-25): Approved exception at origination for LTV > 70% on blanket 1-4 purchase with balance > $XXXomp factor: reserves and seasoned investor.<br>Buyer Comment (2025-07-24): Corrected uploaded |  |  | XX/XX/XXXX 11:02:23 AM | 2 B | XX/XX/XXXX |  | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100396 |  | 34005155 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-22): Approved exception at origination for < 2 active major tradelines. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 9:42:05 PM | 2 B | XX/XX/XXXX | VA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100396 |  | 34005166 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-22): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 9:41:51 PM | 2 B | XX/XX/XXXX | VA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100396 |  | 34005195 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-22): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 9:41:39 PM | 2 B | XX/XX/XXXX | VA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100397 |  | 34007769 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $XXXomp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-22): Approved exception at origination for loan amount < $XXXomp factor: LTV. |  |  | XX/XX/XXXX 10:24:35 PM | 2 B | XX/XX/XXXX | TX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100397 |  | 34013459 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | EOI (XXXXX) reflects exclusion of roof from coverage. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-08-13): Exception waived. Updated approval provided in trailing documents approving exception for roof exclusion. Comp factor, LTV.<br>Buyer Comment (2025-08-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:08:55 AM | 2 B | XX/XX/XXXX | TX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100397 |  | 34013462 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. |  | Health and safety issues with front porch deteriorated/rotten wood and missing light switch cover in kitchen. The file contains a LOE form borrower indicating intent to cure, however no evidence of completion was provided in file. |  |  |  | Buyer Comment (2025-08-12): Waived by operations management |  |  | XX/XX/XXXX 1:17:40 PM | 3 C | XX/XX/XXXX | TX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100399 |  | 34008627 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal on 1-4 refinance (executed valid lease provided in file). Comp factors: seasoned investor and seasoned business. | Borrower's Experience/Track Record | Seasoned investor and seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-25): Approved exception at origination for 100% vacancy per appraisal on 1-4 refinance (executed valid lease provided in file). Comp factors: seasoned investor and seasoned business. |  |  | XX/XX/XXXX 11:10:30 AM | 2 B | XX/XX/XXXX | MD | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100399 |  | 34017409 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | EOI reflects roof exclusion for >15 yrs aged. (XXXXX) | Borrower's Experience/Track Record | Seasoned investor and seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-25): Exception waived. Updated approval provided in trailing documents approving exception for roof exclusion on insurance. Comp factors, seasoned business and seasoned investor.<br>Buyer Comment (2025-07-24): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:09:35 AM | 2 B | XX/XX/XXXX | MD | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100399 |  | 34018042 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Approved exception at origination for Cash out refinance on property held < 12 months using valuation exceeding original purchase price (schedule of improvements provided {D0225}). Comp factors, seasoned investor and seasoned business. | Borrower's Experience/Track Record | Seasoned investor and seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-25): Approved exception at origination for Cash out refinance on property held < 12 months using valuation exceeding original purchase price (schedule of improvements provided {D0225}). Comp factors, seasoned investor and seasoned business.<br>Buyer Comment (2025-07-24): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:08:24 AM | 2 B | XX/XX/XXXX | MD | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100401 |  | 34041239 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is greater than guideline maximum. | Note loan amount of $XXX is greater than guideline maximum loan amount of $2,000,000. | Approved exception at origination for loan amount > $5MM. Comp factors: LTV, reserves, and Debt Service. | 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.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | LTV is < guidelines.<br>Reserves > required.<br>DSCR is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-25): Approved exception at origination for loan amount > $5MM. Comp factors: LTV, reserves, and Debt Service. |  |  | XX/XX/XXXX 12:54:36 PM | 2 B | XX/XX/XXXX | DC | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100406 |  | 34042869 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 60%. Comp factors: reserves, DSCR and financials. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | DSCR is > guidelines.<br>Guarantor Support/Liquidity. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-25): Approved exception at origination for LTV > 60%. Comp factors: reserves, DSCR and financials. |  |  | XX/XX/XXXX 11:22:30 AM | 2 B | XX/XX/XXXX | CA | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100699 |  | 34060851 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing active lease for 1 of 3 properties being refinanced; appraisal reflects tenant vacating at the time of appraisal inspection (pro-forma lease provided in file). Comp factors: LTV and FICO. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | LTV is < guidelines.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-30): Approved exception at origination for missing active lease for 1 of 3 properties being refinanced; appraisal reflects tenant vacating at the time of appraisal inspection (pro-forma lease provided in file). Comp factors: LTV and FICO. |  |  | XX/XX/XXXX 12:29:44 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100570 |  | 34043293 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Borrower's Experience/Track Record.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-08): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 11:27:40 AM | 2 B | XX/XX/XXXX | PA | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100570 |  | 34043334 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV and seasoned investor. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Borrower's Experience/Track Record.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-25): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 2:16:25 PM | 2 B | XX/XX/XXXX | PA | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100570 |  | 34043506 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | < 2 active major tradelines. | 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 (2025-08-04): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factor, LTV.<br>Buyer Comment (2025-08-04): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:54:11 PM | 2 B | XX/XX/XXXX | PA | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100570 |  | 34043980 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects missing basement stair handrail and damaged siding in the rear. |  |  |  | Buyer Comment (2025-08-12): Waived by operations management |  |  | XX/XX/XXXX 1:21:53 PM | 3 C | XX/XX/XXXX | PA | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100571 |  | 34048788 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Rural property. | 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 (2025-08-04): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factors, LTV and FICO.<br>Buyer Comment (2025-08-04): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:58:52 PM | 2 B | XX/XX/XXXX | NJ | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100572 |  | 34055217 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-29): Approved exception at origination for < 2 active major tradelines. Comp factor: reserves. |  |  | XX/XX/XXXX 1:27:29 PM | 2 B | XX/XX/XXXX | NY | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100572 |  | 34055218 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOR- primary; missing 12 month pay history receipts/cancelled checks to support VOM summary form completed by private individual landlord. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-29): Approved exception at origination for incomplete VOR- primary; missing 12 month pay history receipts/cancelled checks to support VOM summary form completed by private individual landlord. Comp factor: reserves. |  |  | XX/XX/XXXX 1:28:27 PM | 2 B | XX/XX/XXXX | NY | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100573 |  | 34029610 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided |  | Approved exception at origination for missing HOA documents. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-07-24): Approved exception at origination for missing HOA documents. Comp factor: LTV. |  |  | XX/XX/XXXX 1:28:27 PM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100574 |  | 34054843 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided |  | Approved exception at origination for missing HOA documents. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-07-29): Approved exception at origination for missing HOA documents. Comp factor: LTV. |  |  | XX/XX/XXXX 9:31:57 AM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100576 |  | 34054947 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/ missing lease on refinance. 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 (2025-07-29): Approved exception at origination for 100% vacancy/ missing lease on refinance. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 10:51:07 AM | 2 B | XX/XX/XXXX | IN | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100576 |  | 34074372 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. |  | Appraisal reflects safety issue of missing cover on electrical panel. Evidence of replacement of cover not provided in file. |  |  |  | Buyer Comment (2025-08-12): Waived by operations management |  |  | XX/XX/XXXX 2:23:46 PM | 3 C | XX/XX/XXXX | IN | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100578 |  | 34140586 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 65% on cashout refinance of 2-4 family property by foreign investor. 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 (2025-08-05): Approved exception at origination for LTV > 65% on cashout refinance of 2-4 family property by foreign investor. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 1:03:04 PM | 2 B | XX/XX/XXXX | IL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100579 |  | 34055367 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary, processor certification provided for guarantor. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-30): Approved exception at origination for missing VOR-primary, processor certification provided for guarantor. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:50:20 AM | 2 B | XX/XX/XXXX | WI | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100579 |  | 34055368 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-30): Approved exception at origination for < 2 active major tradelines. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:50:37 AM | 2 B | XX/XX/XXXX | WI | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100579 |  | 34055378 | XXXX | XX/XX/XXXX | Credit | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | Subject is a refinance and property is listed for sale. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Cash out on property listed within recent 6 months using the higher XXXXX analyst review value versus the lower listed price. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-04): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, seasoned investor.<br>Buyer Comment (2025-08-04): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:52:03 PM | 2 B | XX/XX/XXXX | WI | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100580 |  | 34032281 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $XXXomp factor: LTV | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-25): Approved exception at origination for loan amount < $XXXomp factor: LTV |  |  | XX/XX/XXXX 2:25:34 PM | 2 B | XX/XX/XXXX | MO | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100581 |  | 34056386 | XXXX | XX/XX/XXXX | 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 (2025-07-29): Approved exception at origination for 100% vacancy/missing lease on refinance. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 9:26:18 PM | 2 B | XX/XX/XXXX | NC | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100581 |  | 34056387 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. Comp factors: LTV and 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 (2025-07-29): Approved exception at origination for rural property. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 9:15:53 PM | 2 B | XX/XX/XXXX | NC | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100581 |  | 34097152 | XXXX | XX/XX/XXXX | Credit | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | Subject is a refinance and property is listed for sale. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for Cash out on property listed within recent 6 months. Comp factors, seasoned investor and LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | LTV is < guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-04): Approved exception at origination for Cash out on property listed within recent 6 months. Comp factors, seasoned investor and LTV.<br>Buyer Comment (2025-08-04): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:57:33 PM | 2 B | XX/XX/XXXX | NC | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100582 |  | 34034083 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $XXXComp 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 (2025-07-25): Approved exception at origination for loan amount < $XXXomp factor: LTV.. |  |  | XX/XX/XXXX 3:30:00 PM | 2 B | XX/XX/XXXX | TX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100582 |  | 34034420 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Aged document: Primary Valuation is older than guidelines permit | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal is aged > 6 months. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-04): Exception waived. Updated approval provided in trailing documents approving exception for age of appraisal. Comp factors, LTV and seasoned investor.<br>Buyer Comment (2025-08-04): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:12:48 PM | 2 B | XX/XX/XXXX | TX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100583 |  | 34029764 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease on a refinance with letter of explanation in file. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-25): Approved exception at origination for 100% vacancy/missing lease on a refinance with letter of explanation in file. Comp factor: LTV. |  |  | XX/XX/XXXX 3:01:19 PM | 2 B | XX/XX/XXXX | NV | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100700 |  | 34056038 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease for 2 of 4 properties being refinanced (recently executed lease in file for 1 of 2) and 40% vacancy/missing lease for 1 of 3 units on 1 of 4 properties being refinanced. 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 (2025-07-30): Approved exception at origination for 100% vacancy/missing lease for 2 of 4 properties being refinanced (recently executed lease in file for 1 of 2) and 40% vacancy/missing lease for 1 of 3 units on 1 of 4 properties being refinanced. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 11:14:08 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100700 |  | 34056082 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for 3x rural subject properties. 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 (2025-07-30): Approved exception at origination for 3x rural subject properties. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 11:13:41 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100700 |  | 34056083 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Approved exception at origination for Cash out refinance on 2x properties held <6 months. 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 (2025-08-13): Approved exception at origination for Cash out refinance on 2x properties held <6 months. Comp factors, FICO and reserves.<br>Buyer Comment (2025-08-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:24:18 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100700 |  | 34091300 | XXXX | XX/XX/XXXX | Credit | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | Valuation Error: Subject street address not provided. |  | Approved exception at origination for Appraisal/analyst review address for 1 of 4 properties does not match mortgage/DOT address (XXXXX per mortgage/DOT, and XXXXX per appraisal and analyst review). 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 (2025-08-13): Approved exception at origination for Appraisal/analyst review address for 1 of 4 properties does not match mortgage/DOT address (XXXXX per mortgage/DOT, and XXXXX per appraisal and analyst review). Comp factors, FICO and reserves.<br>Buyer Comment (2025-08-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:25:06 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100587 |  | 34074720 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Unit owners policy loss of use(rental endorsement present) coverage amount of XXXXX is < 4 months P&I. | 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 (2025-08-04): Exception waived. Updated approval provided in trailing documents approving exception for loss of rents coverage. Comp factors, LTV and seasoned investor.<br>Buyer Comment (2025-08-04): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:08:06 PM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100590 |  | 34052206 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects safety issues including dampness in the basement, missing electrical panel cover, missing handrails on staircases, missing rear deck railing and unsecured exterior egress. reinstallation of a stove and missing outlet covers in the living room. LOE in file indicated borrower intent to remediate these issues but no evidence of completion was provided. |  |  |  | Buyer Comment (2025-08-12): Waived by operations management |  |  | XX/XX/XXXX 2:46:09 PM | 3 C | XX/XX/XXXX | MI | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100590 |  | 34052227 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for First Time Investor with LTV > 70% / CLTV > 85% on 2-4 family purchase. Comp factor: seasoned business. \*\*\*Clients comments - Borrowing entity is a marketing/communications business formed in XXXXX. The borrower does not intend to occupy the property with their business. Borrower has resided on his primary residence for 2 years and been self employed for more than 2 years. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator | Reviewer Comment (2025-07-29): Approved exception at origination for First Time Investor with LTV > 70% / CLTV > 85% on 2-4 family purchase. Comp factor: seasoned business. |  |  | XX/XX/XXXX 10:43:36 AM | 2 B | XX/XX/XXXX | MI | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100590 |  | 34052229 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator | Reviewer Comment (2025-07-29): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned business. |  |  | XX/XX/XXXX 10:44:16 AM | 2 B | XX/XX/XXXX | MI | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100590 |  | 34068730 | XXXX | XX/XX/XXXX | Credit | Asset | Asset Calculation / Analysis | Asset | Guideline Requirement: Available for Reserves discrepancy. | Calculated Available for Reserves of is less than Guideline Available for Reserves of . | First time investor with reserves < 3 months P&I (Insufficient underwritten funds to close). | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator | Reviewer Comment (2025-08-05): Exception waived. Updated approval provided in trailing documents approving exception for no reserves. Comp factor, seasoned business.<br>Buyer Comment (2025-08-04): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:06:33 AM | 2 B | XX/XX/XXXX | MI | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100591 |  | 34035364 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-28): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 11:22:00 AM | 2 B | XX/XX/XXXX | NJ | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100592 |  | 34050122 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Rural property. | 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 (2025-08-13): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, FICO.<br>Buyer Comment (2025-08-12): Uploaded |  |  | XX/XX/XXXX 9:27:27 AM | 2 B | XX/XX/XXXX | NE | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100593 |  | 34066419 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Guideline issue: Property type is not allowed per credit guidelines. |  | First time investor purchase of a 1 unit SFR. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned business.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-05): Exception waived. Updated approval provided in trailing documents approving FTI of a 1 unit SFR. Comp factors, seasoned business and FICO.<br>Buyer Comment (2025-08-04): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:47:25 AM | 2 B | XX/XX/XXXX | NJ | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100594 |  | 34050428 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for liability coverage < $XXXComp 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 (2025-07-28): Approved exception at origination for liability coverage < $XXXomp factor: FICO. |  |  | XX/XX/XXXX 5:10:40 PM | 2 B | XX/XX/XXXX | TX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100594 |  | 34050442 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided |  | Approved exception at origination for missing HOA Certificate- no pending litigation. Comp factors: seasoned investor and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-28): Approved exception at origination for missing HOA Certificate- no pending litigation. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 5:10:58 PM | 2 B | XX/XX/XXXX | TX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100595 |  | 34054670 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOM - subject. Missing 2 of 12 monthly payments 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 (2025-07-28): Approved exception at origination for missing VOM - subject. Missing 2 of 12 monthly payments Comp factor: LTV. |  |  | XX/XX/XXXX 4:56:07 PM | 2 B | XX/XX/XXXX | OH | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100595 |  | 34054671 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-28): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 4:55:47 PM | 2 B | XX/XX/XXXX | OH | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100596 |  | 34033092 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Property is in an R-3 zone which is 1 unit SFR. Currently being used as a 3 Family. \*\*\*Clients comment - Per the appraisal, zoning compliance is legal and the township inspects the property annually as a 3-unit. Doesn't seem like XXXXX would need to convert in the event of foreclosure. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-05): Exception waived. Updated approval provided in trailing documents approving exception for property zoning. Comp factor, seasoned investor.<br>Buyer Comment (2025-08-04): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:54:34 AM | 2 B | XX/XX/XXXX | IL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100597 |  | 34060239 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 2x30 days late mortgage payments in the last 24 months-primary and 2) 2x60 days late payments in the last 24 months on timeshare. 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 | Reviewer Comment (2025-07-28): Approved exception at origination for 2x30 days late mortgage payments in the last 24 months-primary and 2) 2x60 days late payments in the last 24 months on timeshare. Comp factor: reserves. |  |  | XX/XX/XXXX 9:01:14 AM | 2 B | XX/XX/XXXX | CT | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100598 |  | 34089196 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 1x 120 days late (rolling) within 24 months. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-30): Approved exception at origination for 1x 120 days late (rolling) within 24 months. Comp factor: reserves. |  |  | XX/XX/XXXX 1:09:27 PM | 2 B | XX/XX/XXXX | CT | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100598 |  | 34089216 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor | Borrower's Experience/Track Record | CF- seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-30): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor |  |  | XX/XX/XXXX 12:51:28 PM | 2 B | XX/XX/XXXX | CT | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100599 |  | 34033414 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for 2x30 days late mortgage payments in the last 24 months-primary and 2) 2x60 days late payments in the last 24 months on timeshare. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-28): Approved exception at origination for 2x30 days late mortgage payments in the last 24 months-primary and 2) 2x60 days late payments in the last 24 months on timeshare. Comp factor: reserves. |  |  | XX/XX/XXXX 9:02:32 AM | 2 B | XX/XX/XXXX | CT | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100600 |  | 34075113 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-29): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:41:01 AM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100601 |  | 34049913 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount > $XXXComp 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 (2025-07-25): Approved exception at origination for loan amount > $XXXomp factor: FICO. |  |  | XX/XX/XXXX 4:20:33 PM | 2 B | XX/XX/XXXX | VA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100602 |  | 34056217 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Comparable Rent Schedule not provided |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-05): Exception waived. Updated approval provided in trailing documents approving exception for missing comparable rents. Comp factor, LTV.<br>Buyer Comment (2025-08-04): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:08:07 AM | 2 B | XX/XX/XXXX | PA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100603 |  | 34055465 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-29): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 2:59:23 PM | 2 B | XX/XX/XXXX | MI | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100603 |  | 34055466 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exceptions at origination for 1) incomplete VOM-subject missing monthly pay history receipts/cancelled checks to supplement private lender rating on land contract, and 2) missing VOR-primary, borrower lives rent free. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-29): Approved exceptions at origination for 1) incomplete VOM-subject missing monthly pay history receipts/cancelled checks to supplement private lender rating on land contract, and 2) missing VOR-primary, borrower lives rent free. Comp factor: LTV. |  |  | XX/XX/XXXX 3:06:34 PM | 2 B | XX/XX/XXXX | MI | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100603 |  | 34055468 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-29): Approved exception at origination for < 2 active major tradelines. Comp factor: LTV. |  |  | XX/XX/XXXX 3:07:08 PM | 2 B | XX/XX/XXXX | MI | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100603 |  | 34055469 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for liability coverage < $300k. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-29): Approved exception at origination for liability coverage < $300k. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 3:13:00 PM | 2 B | XX/XX/XXXX | MI | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100603 |  | 34055471 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-29): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 3:13:12 PM | 2 B | XX/XX/XXXX | MI | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100701 |  | 34059642 | XXXX | XX/XX/XXXX | Credit | Property - Appraisal | Appraisal Documentation | Property - Appraisal | Missing Document: Appraisal not provided |  | Approved exception at origination for appraisal aged > 6 months. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-30): Approved exception at origination for appraisal aged > 6 months. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:18:27 AM | 2 B | XX/XX/XXXX |  | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100701 |  | 34097131 | XXXX | XX/XX/XXXX | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Subordinate financing not permitted |  | Approved exception at origination for seller held 2nd mortgage term < 3 years. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-05): Approved exception at origination for seller held 2nd mortgage term < 3 years. Comp factor: seasoned investor.<br>Buyer Comment (2025-08-04): Uploaded note supports exception already written |  |  | XX/XX/XXXX 10:11:27 AM | 2 B | XX/XX/XXXX |  | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100701 |  | 34097139 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV> 75% on blanket 1-4 purchase. 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. | Seasoned investor.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-30): Approved exception at origination for LTV> 75% on blanket 1-4 purchase. Comp factors: reserves and seasoned investor. |  |  | XX/XX/XXXX 11:22:08 AM | 2 B | XX/XX/XXXX |  | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100604 |  | 34052006 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for seller credit > 3% of purchase price. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-28): Approved exception at origination for seller credit > 3% of purchase price. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 6:52:12 PM | 2 B | XX/XX/XXXX | NY | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100604 |  | 34052013 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOR-primary- missing 1 of 12 most recent monthly payments. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-28): Approved exception at origination for incomplete VOR-primary; missing 1 of 12 most recent monthly payments (missing Nov 2024). Comp factor: seasoned investor. |  |  | XX/XX/XXXX 6:51:51 PM | 2 B | XX/XX/XXXX | NY | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100605 |  | 34044395 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time buyer/first time investor purchase of a 1 unit SRF. Comp factors: seasoned business and reserves. \*\*\*Clients comments - Borrowing business is a day care facility formed in XXXXX. Borrower has strong reserves. Borrowing business is an established daycare, purchasing an existing established daycare. The existing daycare will continue operating out of subject property. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Seasoned business.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-28): Approved exception at origination for first time buyer/first time investor purchase of a 1 unit SRF. Comp factors: seasoned business and reserves. |  |  | XX/XX/XXXX 1:09:20 PM | 2 B | XX/XX/XXXX | KY | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100605 |  | 34044408 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factors: seasoned business and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Seasoned business.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-28): Approved exception at origination for credit report aged > 60 days. Comp factors: seasoned business and reserves. |  |  | XX/XX/XXXX 1:10:45 PM | 2 B | XX/XX/XXXX | KY | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100605 |  | 34044445 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 70% for time buyer/first time investor on SFR purchase. Comp factors: seasoned business and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Seasoned business.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-28): Approved exception at origination for LTV > 70% for time buyer/first time investor on SFR purchase. Comp factors: seasoned business and reserves. |  |  | XX/XX/XXXX 1:11:22 PM | 2 B | XX/XX/XXXX | KY | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100605 |  | 34169942 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Property not habitable as is, missing 1 full bathroom with tub/shower. Cost to cure provided of $6,000 with no indication borrower intends to cure. |  |  |  | Buyer Comment (2025-08-12): Waived by Operations Management with 6K cost to cure. |  |  | XX/XX/XXXX 2:56:16 PM | 3 C | XX/XX/XXXX | KY | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100606 |  | 34055822 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOM-primary; mortgage in spouse's name. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-29): Approved exception at origination for missing VOM-primary; mortgage in spouse's name. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 3:56:49 PM | 2 B | XX/XX/XXXX | TN | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100569 |  | 34032450 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for title seasoning > 12 months. Comp factor: Seasoned investor. \*\*\*Clients comment - Confirming that we will obtain a valid TPOL. We have the commitment in file showing the borrower/XXXXX as proposed insured. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-25): Approved exception at origination for title seasoning > 12 months. Comp factor: Seasoned investor. |  |  | XX/XX/XXXX 3:48:54 PM | 2 B | XX/XX/XXXX | MI | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100569 |  | 34033183 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photos reflects rear deck stairs missing railing and damaged concrete floor in basement which may be a potential trip hazard. Letter of intent to to repair and /or correct specific uses provided by borrower; however confirmation of repairs not received. |  |  |  | Buyer Comment (2025-08-12): Waived by operations management |  |  | XX/XX/XXXX 2:57:15 PM | 3 C | XX/XX/XXXX | MI | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100607 |  | 34051751 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Analyst review and appraisal indicate health & safety issue of potential mold concern; LOE in file from borrower indicates intent to remedy, however no evidence of completion provided. |  |  |  | Buyer Comment (2025-08-12): Waived by Operations Management |  |  | XX/XX/XXXX 2:59:23 PM | 3 C | XX/XX/XXXX | TX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | 2025-4-100608 |  | 34033942 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal and inhouse appraisal review reflect water intrusion in basement. File contains a LOE from borrower indicating intent to address the issue but no proof of completion provided. |  |  |  | Buyer Comment (2025-08-12): Waived by Operations Management |  |  | XX/XX/XXXX 3:00:03 PM | 3 C | XX/XX/XXXX | PA | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | 2025-4-100609 |  | 34051154 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-08): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 11:29:06 AM | 2 B | XX/XX/XXXX | OH | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100609 |  | 34051184 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease-primary (subsequently executed lease provided in file). Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-28): Approved exception at origination for 100% vacancy/missing lease-primary (subsequently executed lease provided in file). Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 3:18:42 PM | 2 B | XX/XX/XXXX | OH | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100609 |  | 34051256 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing VOR-primary; LOE reflects guarantor lives rent free. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator | Reviewer Comment (2025-08-05): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR-primary. Comp factor, LTV.<br>Buyer Comment (2025-08-04): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:29:48 AM | 2 B | XX/XX/XXXX | OH | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100609 |  | 34169947 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects front porch stairs are missing a handrail. |  |  |  | Buyer Comment (2025-08-12): Waived by Operations Management |  |  | XX/XX/XXXX 3:12:26 PM | 3 C | XX/XX/XXXX | OH | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100611 |  | 34030465 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination tor expired credit report. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-25): Approved exception at origination tor expired credit report. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 4:04:56 PM | 2 B | XX/XX/XXXX | FL | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100612 |  | 34034512 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator | Reviewer Comment (2025-07-28): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 10:06:22 AM | 2 B | XX/XX/XXXX | HI | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100612 |  | 34034519 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination unpaid charge off > $25k on credit report. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator | Reviewer Comment (2025-07-28): Approved exception at origination unpaid charge off > $25k on credit report. Comp factor: LTV. |  |  | XX/XX/XXXX 10:06:55 AM | 2 B | XX/XX/XXXX | HI | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100612 |  | 34061242 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Rural Property. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator | Reviewer Comment (2025-08-05): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV.<br>Buyer Comment (2025-08-04): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:27:41 AM | 2 B | XX/XX/XXXX | HI | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100613 |  | 34055031 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $XXXomp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2025-07-29): Approved exception at origination for loan amount < $XXXomp factor: seasoned investor. |  |  | XX/XX/XXXX 10:16:47 AM | 2 B | XX/XX/XXXX | OH | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100613 |  | 34074237 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Appraisal reflects if subject property destroyed it will be rebuilt as a single family. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2025-08-05): Exception waived. Updated approval provided in trailing documents approving exception for zoning. Comp factor, seasoned investor.<br>Buyer Comment (2025-08-04): Uploaded |  |  | XX/XX/XXXX 11:31:06 AM | 2 B | XX/XX/XXXX | OH | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100613 |  | 34076088 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | Valuation Error: Property condition not provided. |  | In house review indicates property is in below average condition. Picture provided with appraisal support property in below average condition with kitchen appliances obstructing full use of other appliances or cabinets. \*\*\*Clients comment - "70% LTV. Purchase transaction. Property vacant and exhibited fair/below average condition at origination. The property had been vacant for a series of months and was in need of updating, but no significant deferred maintenance or health and safety issues noted in the appraisal. It is reported that the buyer/borrower will lease-out the property to a single tenant, who intends on investing significant<br> amounts towards tenant improvements. Property condition considered in value/LTV." | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2025-08-05): Exception waived. Updated approval provided in trailing documents approving exception for property in below average condition. Comp factor, seasoned investor.<br>Buyer Comment (2025-08-04): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:30:15 AM | 3 C | XX/XX/XXXX | OH | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100615 |  | 34047421 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-25): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: FICO. |  |  | XX/XX/XXXX 3:55:14 PM | 2 B | XX/XX/XXXX | PA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100615 |  | 34047631 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for < 12 months title vesting/value seasoning. Comp factor: FICO. \*\*\*Clients comment - Confirming that we will obtain a valid TPOL. We have the commitment in file showing the borrower/XXXXX as proposed insured. | 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 (2025-07-25): Approved exception at origination for > 12 months title vesting. Comp factor: FICO. |  |  | XX/XX/XXXX 3:55:30 PM | 2 B | XX/XX/XXXX | PA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100616 |  | 34055403 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects missing stoves, missing floor coverings, and evidence of leaking water heater and laundry tub in basement. LOE in file indicates commitment to remedy these issues but no evidence of completion. |  |  |  | Buyer Comment (2025-08-12): Waived by operations management |  |  | XX/XX/XXXX 3:29:55 PM | 3 C | XX/XX/XXXX | MI | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100616 |  | 34055405 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided). Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-29): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided). Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 2:45:38 PM | 2 B | XX/XX/XXXX | MI | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100617 |  | 34052334 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO <650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-28): Approved exception at origination for FICO <650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 9:06:24 PM | 2 B | XX/XX/XXXX | GA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100617 |  | 34052336 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for mortgage account charge-off reflected on credit report. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-28): Approved exception at origination for mortgage account charge-off reflected on credit report. Comp factor: LTV. |  |  | XX/XX/XXXX 8:59:25 PM | 2 B | XX/XX/XXXX | GA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100618 |  | 34076258 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided |  | Approved exception at origination for missing 1) HOA certification, 2) HOA budget and 3) HOA P&L. Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Seasoned investor. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2025-07-29): Approved exception at origination for missing 1) HOA certification, 2) HOA budget and 3) HOA P&L. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 1:07:00 PM | 2 B | XX/XX/XXXX | TX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100620 |  | 34056480 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for seller contribution > 3%. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-30): Approved exception at origination for seller contribution > 3%. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 9:51:40 AM | 2 B | XX/XX/XXXX | LA | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100702 |  | 34055870 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-08): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:30:27 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100702 |  | 34055871 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-29): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 4:40:11 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100702 |  | 34055879 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 1) 100% vacancy for 1 of 3 properties 2) 3 of 3 leases in file are not executed. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-07): Approved exception at origination for 1) 100% vacancy for 1 of 3 properties 2) 3 of 3 leases in file are not executed. Comp factor, seasoned investor.<br>Buyer Comment (2025-08-05): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:43:59 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100702 |  | 34055897 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Approved exception at origination for Cash-out on 1 of 3 properties held < 12 months using valuation exceeding original purchase price ($5k sale prices appear to have been non-arms-length transactions/ sale from related party). Comp factor, seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-07): Approved exception at origination for Cash-out on 1 of 3 properties held < 12 months using valuation exceeding original purchase price ($5k sale prices appear to have been non-arms-length transactions/ sale from related party). Comp factor, seasoned investor.<br>Buyer Comment (2025-08-05): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:44:57 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100702 |  | 34055903 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. |  | Property had damage including subject rear covered porch awning that's leaning and properly secured and basketball hoop mounted to the garage door does not appear to be properly secured. However, a letter of explanation indicates the items will be addressed post-closing. |  |  |  | Buyer Comment (2025-08-12): Waived by operations management |  |  | XX/XX/XXXX 3:30:51 PM | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100702 |  | 34089836 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for 3x rural subject properties. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-29): Approved exception at origination for 3x rural subject properties. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 5:01:10 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100621 |  | 34055080 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-29): Approved exception at origination for rural property. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 12:46:31 PM | 2 B | XX/XX/XXXX | CA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100622 |  | 34043566 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000 on a SFR. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-07-28): Approved exception at origination for loan amount < $75,000 on a SFR. Comp factor: LTV. |  |  | XX/XX/XXXX 12:32:37 PM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100623 |  | 34085536 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Flood Insurance deductible > 2% of coverage amount. | 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 (2025-08-06): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO.<br>Buyer Comment (2025-08-05): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:38:53 PM | 2 B | XX/XX/XXXX | NY | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100624 |  | 34055140 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. Comp factor: seasoned investor and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | The representative FICO score exceeds the guideline minimum by XX points.<br>Seasoned investor. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2025-07-29): Approved exception at origination for rural property. Comp factor: seasoned investor and FICO. |  |  | XX/XX/XXXX 12:18:13 PM | 2 B | XX/XX/XXXX | FL | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100624 |  | 34075699 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided |  | Approved exception at origination for missing 1) HOA Certificate, 2) HOA Budget and 3) HOA P&L. Comp factors seasoned investor and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | The representative FICO score exceeds the guideline minimum by XX points.<br>Seasoned investor. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2025-07-29): Approved exception at origination for missing 1) HOA Certificate, 2) HOA Budget and 3) HOA P&L. Comp factors seasoned investor and FICO. |  |  | XX/XX/XXXX 12:18:53 PM | 2 B | XX/XX/XXXX | FL | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100625 |  | 34052462 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $XXXomp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-28): Approved exception at origination for loan < $XXXomp factor: seasoned investor. |  |  | XX/XX/XXXX 9:09:22 PM | 2 B | XX/XX/XXXX | PA | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100625 |  | 34052467 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-08): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:31:55 AM | 2 B | XX/XX/XXXX | PA | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100625 |  | 34052475 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for unpaid collections/charge-offs > $25k. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-28): Approved exception at origination for unpaid collections > $25k. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 9:13:33 PM | 2 B | XX/XX/XXXX | PA | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100625 |  | 34052478 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-28): Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 9:14:06 PM | 2 B | XX/XX/XXXX | PA | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100625 |  | 34052501 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Health and safety issues with retaining wall and basement foundation issues requiring structural inspections by licensed professional, and poorly repaired front steps. PTD variance for property being 4 units and/or letter from zoning property can be rebuilt as 4 units. Holdback agreement in file is not executed and not noted on approval.\*\*Clients comment - 75% LTV. Purchase transaction. XXXXX received a copy of an inspection/repair report completed by a licensed vendor confirming that the basement foundation received reinforcement and sealing post-appraisal. Additonally, XXXXX received an inspection/repair report from a licensed vendor confirming that the gas lines were properly installed and secure. Regrding the zoning, There was a PTD condition cited by XXXXX real-estate anaylst regarding the units/zoning. XXXXX received email confirmation from a code enforcement officer confirming that the property is 3-units and that the county listing as a duplex is incorrect. The property condition was considered in the value/LTV and XXXXX expects the borrower to complete any necessary repairs. |  |  |  | Buyer Comment (2025-08-12): Waived by Operations Management |  |  | XX/XX/XXXX 3:31:35 PM | 3 C | XX/XX/XXXX | PA | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100703 |  | 34055959 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. |  | Appraisal reflects safety issue of missing handrail on 2nd flood staircase, missing cover on electrical panel and exposed wiring. LOE in file indicated boprrower intent to remediate these issues with no evidence of completion provided in file. |  |  |  | Buyer Comment (2025-08-12): Waived by Operations Management |  |  | XX/XX/XXXX 3:32:11 PM | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | 2025-4-100626 |  | 34054917 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $XXXomp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2025-07-29): Approved exception at origination for loan amount < $XXXomp factor: seasoned investor. |  |  | XX/XX/XXXX 9:05:16 AM | 2 B | XX/XX/XXXX | GA | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100627 |  | 34059570 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Credit report reflects > 1x30 days late mortgage payments in the last 12 months. | 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 (2025-08-06): Exception waived. Updated approval provided in trailing documents approving exception for mortgage late. Comp factor, FICO.<br>Buyer Comment (2025-08-05): Exception noted on uploaded approval |  |  | XX/XX/XXXX 5:12:43 PM | 2 B | XX/XX/XXXX | CA | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100630 |  | 34055983 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Cash out on property held < 12 months using valuation exceeding original purchase price. | 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 (2025-08-06): Exception waived. Updated approval provided in trailing documents approving exception for value seasoning. Comp factors, seasoned investor and FICO.<br>Buyer Comment (2025-08-05): Exception noted on uploaded approval |  |  | XX/XX/XXXX 5:25:06 PM | 2 B | XX/XX/XXXX | NJ | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100631 |  | 34091615 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Cash out on property held < 12 months using valuation exceeding purchase price. | 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 (2025-08-07): Exception waived. Updated approval provided in trailing documents approving exception for value seasoning. Comp factors, seasoned investor and FICO.<br>Buyer Comment (2025-08-05): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:51:54 AM | 2 B | XX/XX/XXXX | NJ | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100633 |  | 34056257 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Cash out on property held <6 months using a valuation exceeding purchase price. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned investor.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-07): Exception waived. Updated approval provided in trailing documents approving exception for value seasoning. Comp factors, seasoned investor and FICO.<br>Buyer Comment (2025-08-05): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:55:59 AM | 2 B | XX/XX/XXXX | NJ | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100634 |  | 34056343 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is greater than guideline maximum. | Note loan amount of $XXX is greater than guideline maximum loan amount of $2,000,000. | Approved exception at origination for loan amount > $2,000,000 on an SFR. Comp factor: 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. | Seasoned investor.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-28): Approved exception at origination for loan amount > $2,000,000 on an SFR. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 4:06:39 PM | 2 B | XX/XX/XXXX | CA | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100634 |  | 34056345 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-07-28): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 4:06:57 PM | 2 B | XX/XX/XXXX | CA | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100634 |  | 34056348 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease on a refinance. Comp factor: seasoned investor and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Seasoned investor.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-28): Approved exception at origination for 100% vacancy/missing lease on a refinance. Comp factor: seasoned investor and reserves. |  |  | XX/XX/XXXX 4:07:18 PM | 2 B | XX/XX/XXXX | CA | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100634 |  | 34056349 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for insurance on basic form missing loss of rent coverage. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-07): Approved exception at origination for insurance on basic form missing loss of rent coverage. Comp factor: seasoned investor.<br>Buyer Comment (2025-08-05): Corrected Uploaded |  |  | XX/XX/XXXX 9:59:48 AM | 2 B | XX/XX/XXXX | CA | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100637 |  | 34048311 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy of subject property. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-07-25): Approved exception at origination for 100% vacancy of subject property. Comp factor: LTV. |  |  | XX/XX/XXXX 3:53:28 PM | 2 B | XX/XX/XXXX | TN | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100637 |  | 34048337 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-07): Approved exception at origination for credit report aged > 60 days. Comp factor, LTV.<br>Buyer Comment (2025-08-05): Corrected Uploaded |  |  | XX/XX/XXXX 10:07:24 AM | 2 B | XX/XX/XXXX | TN | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100638 |  | 34055341 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | FICO is > guidelines.<br>Reserves is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-29): Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 1:57:06 PM | 2 B | XX/XX/XXXX | FL | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100638 |  | 34055342 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for First Time Investor on 1 unit SFR purchase with LTV>70%. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | FICO is > guidelines.<br>Reserves is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-29): Approved exception at origination for First Time Investor on 1 unit SFR purchase with LTV>70%. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 2:20:00 PM | 2 B | XX/XX/XXXX | FL | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100638 |  | 34085109 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Rural subject property. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-08-07): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, FICO.<br>Buyer Comment (2025-08-05): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:14:21 AM | 2 B | XX/XX/XXXX | FL | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100639 |  | 34052518 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing 1 of 4 leases on a cash-out refinance. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-07): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV.<br>Buyer Comment (2025-08-05): Exception noted om uploaded approval |  |  | XX/XX/XXXX 10:17:54 AM | 2 B | XX/XX/XXXX | TX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100704 |  | 34099449 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. |  | Missing handrail on stairs to basement (XXXXX). \*\*\*Clients comments - 50% LTV. Cash-out refi. The appraiser specifically stated the following, "The Appraiser observed the stairwell from the Main Level to the Basement to not have a handrail. However, the Appraiser did not observe this to be a potential Health & Safety Issue requiring a handrail. This is due to a combination of factors: the Subject older Age build (XXXXX) apparently without one, the narrow spacing between sidewalls for the stairs and the stairs appearing to be sound and stable for passage. Therefore, the Appraiser does not believe this to be a potential Health & Safety Issue." With this informaion from the appraiser, XXXXX did not view this to be material in terms of underwriting |  |  |  | Buyer Comment (2025-08-12): Waived by Sr. Management |  |  | XX/XX/XXXX 3:47:41 PM | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | 2025-4-100641 |  | 34089985 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Aged document: Primary Valuation is older than guidelines permit | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal aged > 6 months from note date. | 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 (2025-08-07): Exception waived. Updated approval provided in trailing documents approving exception for age of appraisal. Comp factor, FICO.<br>Buyer Comment (2025-08-05): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:22:46 AM | 2 B | XX/XX/XXXX | NY | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100643 |  | 34052567 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $XXXomp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2025-07-29): Approved exception at origination for loan amount < $XXXomp factor: seasoned investor. |  |  | XX/XX/XXXX 6:36:25 AM | 2 B | XX/XX/XXXX | PA | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100643 |  | 34052568 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Seasoned investor. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2025-08-08): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 11:33:13 AM | 2 B | XX/XX/XXXX | PA | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100643 |  | 34071439 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | HOA mater policy is missing subject property unit number. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2025-08-07): Exception waived. Updated approval provided in trailing documents approving exception for HOA Master policy not referencing the unit number. Comp factor, seasoned investor.<br>Buyer Comment (2025-08-05): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:58:22 AM | 2 B | XX/XX/XXXX | PA | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100710 |  | 34071846 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.15x. Comp factors: additional collateral position, global DSCR, and guarantor strength/personal net worth. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Global DSCR > guidelines.<br>Net Worth > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-31): Approved exception at origination for DSCR < 1.15x. Comp factors: additional collateral position, global DSCR, and guarantor strength/personal net worth. |  |  | XX/XX/XXXX 10:38:21 AM | 2 B | XX/XX/XXXX | CA | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100710 |  | 34071854 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 70% on full doc investor loan purchase. Comp factors: additional collateral position, global DSCR, and guarantor strength/personal net worth. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Global DSCR > guidelines.<br>Net Worth > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-07-31): Approved exception at origination for LTV > 70% on full doc investor loan purchase. Comp factors: additional collateral position, global DSCR, and guarantor strength/personal net worth. |  |  | XX/XX/XXXX 10:38:04 AM | 2 B | XX/XX/XXXX | CA | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100644 |  | 34141076 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-05): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 1:43:18 PM | 2 B | XX/XX/XXXX | NY | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100644 |  | 34144338 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Wind deductible of 5% exceeds $25k. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-13): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO.<br>Buyer Comment (2025-08-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:34:53 AM | 2 B | XX/XX/XXXX | NY | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100645 |  | 34143037 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease on 2-4 family refinance (all units are listed as ST rentals). Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-08-05): Approved exception at origination for missing lease on 2-4 family refinance (all units are listed as ST rentals). Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 3:05:46 PM | 2 B | XX/XX/XXXX | CA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100645 |  | 34143044 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exceptions at origination for 1) missing VOR-primary, borrower that lives rent free. and 2) incomplete VOM-subject; missing pay history receipts to supplement processor cert provided in file. Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-08-05): Approved exceptions at origination for 1) missing VOR-primary, borrower that lives rent free. and 2) incomplete VOM-subject; missing pay history receipts to supplement processor cert provided in file. Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 3:04:07 PM | 2 B | XX/XX/XXXX | CA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100646 |  | 34144930 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease/100% vacancy per appraisal on 1-4 refinance (pro-forma 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. | Seasoned investor.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-05): Approved exception at origination for missing lease/100% vacancy per appraisal on 1-4 refinance (pro-forma lease provided in file) . Comp factors: seasoned investor and reserves. |  |  | XX/XX/XXXX 6:09:34 PM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100646 |  | 34144937 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided |  | Approved exception at origination for missing HOA P&L. Comp factor: 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. | Seasoned investor.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-05): Approved exception at origination for missing HOA P&L. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 6:09:46 PM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100646 |  | 34145331 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-05): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 6:10:02 PM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100646 |  | 34147247 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Approved exception at origination for cashout on property listed within 6 months. Comp factors: seasoned investor and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Seasoned investor.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-08-05): Approved exception at origination for cashout on property listed within 6 months. Comp factors: seasoned investor and reserves. |  |  | XX/XX/XXXX 6:07:21 PM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100647 |  | 34146803 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $XXXomp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-08-05): Approved exception at origination for loan amount < $XXXomp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX 7:03:12 PM | 2 B | XX/XX/XXXX | OH | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100648 |  | 34147370 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $XXXomp 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 (2025-08-05): Approved exception at origination for loan < $XXXomp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 9:36:37 PM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100649 |  | 34149812 | XXXX | XX/XX/XXXX | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> C5 | Appraisal reflects C5 below average condition (cosmetic issues issues but no observation of health & safety issues). \*\*\*Clients comments - 66.88% LTV. Purchase transaction. XXXXX received a letter from a licesnsed contractor stating that small proeprty damages were cosmetic and no oher issues identified. XXXXX did not view cosmetic issues to be material in terms of underwriting. Property condition considered in value/LTV. | 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 (2025-08-13): Exception waived. Updated approval provided in trailing documents approving exception for property condition. Comp factor, FICO.<br>Buyer Comment (2025-08-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:37:26 AM | 3 C | XX/XX/XXXX | NJ | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100649 |  | 34149894 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV over 75% |  | Approved exception at origination for LTV > 75% on SFR purchase. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-06): Approved exception for LTV > 75% for SFR purchase. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:45:05 AM | 2 B | XX/XX/XXXX | NJ | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100651 |  | 34147535 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease on 1-4 refinance (subject is listed as a ST rental). 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 (2025-08-14): Approved exception at origination for 100% vacancy/missing lease on 1-4 refinance (subject is listed as a ST rental). Comp factor: LTV.<br>Buyer Comment (2025-08-14): Uploaded<br>Reviewer Comment (2025-08-13): Exception remains. No trailing documents uploaded.<br>Buyer Comment (2025-08-12): Corrected Uploaded |  |  | XX/XX/XXXX 10:10:46 AM | 2 B | XX/XX/XXXX | TX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100652 |  | 34147590 | XXXX | XX/XX/XXXX | 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 (2025-08-13): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV.<br>Buyer Comment (2025-08-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:46:27 AM | 2 B | XX/XX/XXXX | CA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100653 |  | 34143740 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease on refinance (subject is operated as an assisted living facility). Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-05): Approved exception at origination for missing lease on refinance (subject is operated as an assisted living facility). Comp factor: seasoned investor. |  |  | XX/XX/XXXX 4:43:10 PM | 2 B | XX/XX/XXXX | CA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100654 |  | 34145968 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-08): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:34:35 AM | 2 B | XX/XX/XXXX | PA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100655 |  | 34162502 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing handrail o stairs to attic. |  |  |  | Buyer Comment (2025-08-12): Waived by Operations Management |  |  | XX/XX/XXXX 4:37:46 PM | 3 C | XX/XX/XXXX | MI | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | 2025-4-100656 |  | 34147549 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-06): Approved exception at origination for missing VOR-primary, guarantor lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 9:35:53 AM | 2 B | XX/XX/XXXX | PA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100656 |  | 34147550 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-06): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. |  |  | XX/XX/XXXX 9:57:32 AM | 2 B | XX/XX/XXXX | PA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100656 |  | 34147551 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | 100% vacancy/missing lease on SFR refinance. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-13): Exception waived. Updated approval provided in trailing documents approving exception for vacancy. Comp factor, seasoned investor.<br>Buyer Comment (2025-08-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:53:54 AM | 2 B | XX/XX/XXXX | PA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100656 |  | 34152528 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Cash out on property held < 12 months using valuation exceeding original purchase price. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-14): Exception waived. Updated approval provided in trailing documents approving exception for value seasoning. Comp factor, seasoned investor.<br>Buyer Comment (2025-08-14): Exception noted on uploaded approval<br>Reviewer Comment (2025-08-13): Exception remains. Approval provided does not have an exception for value seasoning.<br>Buyer Comment (2025-08-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:14:47 AM | 2 B | XX/XX/XXXX | PA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100657 |  | 34144041 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects safety issues with property under rehab, incomplete inground pool, no fencing, kitchen missing stove and cabinets, exposed electrical in basement, missing doors in basement, and framed bathroom with drain and plumbing incomplete. An LOE in file indicates borrower intent to remediate however no evidence of completion is provided in file. |  |  |  | Buyer Comment (2025-08-12): Waived by Operation Management |  |  | XX/XX/XXXX 4:47:33 PM | 3 C | XX/XX/XXXX | NJ | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100657 |  | 34144113 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-05): Approved exception at origination for < 2 active major tradelines. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 5:05:40 PM | 2 B | XX/XX/XXXX | NJ | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100657 |  | 34144121 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-05): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 5:06:08 PM | 2 B | XX/XX/XXXX | NJ | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100657 |  | 34144141 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for co-insurance on 1-4 property type. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-05): Approved exception at origination for co-insurance on 1-4 property type. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 5:07:54 PM | 2 B | XX/XX/XXXX | NJ | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100659 |  | 34147289 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-05): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 8:47:55 PM | 2 B | XX/XX/XXXX | MI | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100659 |  | 34147291 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-08): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:35:57 AM | 2 B | XX/XX/XXXX | MI | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100659 |  | 34147292 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $XXXomp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-08-05): Approved exception at origination for loan < $XXXomp factor: seasoned investor. |  |  | XX/XX/XXXX 9:01:11 PM | 2 B | XX/XX/XXXX | MI | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100659 |  | 34162656 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing handrail on stairs to basement. |  |  |  | Buyer Comment (2025-08-12): Waived by operations management |  |  | XX/XX/XXXX 4:58:01 PM | 3 C | XX/XX/XXXX | MI | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100660 |  | 34144470 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing 1 of 3 executed leases. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-08-13): Exception waived. Updated approval provided in trailing documents approving exception for missing signed lease. Comp factor, LTV.<br>Buyer Comment (2025-08-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:59:12 AM | 2 B | XX/XX/XXXX | IN | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100660 |  | 34144530 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-08-05): Approved exception at origination for rural property. Comp factor: LTV. |  |  | XX/XX/XXXX 5:34:56 PM | 2 B | XX/XX/XXXX | IN | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100664 |  | 34168460 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal noted safety issues. 1) Uneven concrete with significant gap and sharp edges/tripping hazard. 2) Structural concerns due to settlement/cracked foundation. \*\*\*Clients comment - 50% LTV. Cash-out refi. Per borrower LOE cash-out proceeds would be used towards improvements to the property and leveling of the floor. XXXXX expects the borrower to complete any necessary repairs. Property condition considered in value and LTV. |  |  |  | Buyer Comment (2025-08-12): Waived by operations management |  |  | XX/XX/XXXX 8:18:38 PM | 3 C | XX/XX/XXXX | OK | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | 2025-4-100665 |  | 34192661 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Missing Document | Missing Document: Approval not provided |  | 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 (2025-08-14): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV.<br>Buyer Comment (2025-08-14): Uploaded |  |  | XX/XX/XXXX 10:25:32 AM | 2 B | XX/XX/XXXX | NC | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100665 |  | 34192670 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for missing lease. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-08-14): Approved exception at origination for missing lease. Comp factor, LTV.<br>Buyer Comment (2025-08-14): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:24:44 AM | 2 B | XX/XX/XXXX | NC | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100666 |  | 34168090 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-09): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 4:34:27 PM | 2 B | XX/XX/XXXX | PA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100668 |  | 34168544 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-11): Approved exception at origination for FICO < 650. Comp factor seasoned investor. |  |  | XX/XX/XXXX 3:00:19 PM | 2 B | XX/XX/XXXX | VA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100668 |  | 34168547 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for <2 active major tradelines on credit report. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-11): Approved exception at origination for <2 active major tradelines on credit report. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 3:00:37 PM | 2 B | XX/XX/XXXX | VA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100668 |  | 34168550 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-11): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 3:00:53 PM | 2 B | XX/XX/XXXX | VA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100669 |  | 34174847 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease/ 100% vacancy on SFR refinance. Comp factors: FICO and property condition which is unable to be validated as a non-quantitative subjective factor. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-08-09): Approved exception at origination for missing lease/ 100% vacancy on SFR refinance. Comp factors: FICO and property condition which is unable to be validated as a non-quantitative subjective factor. |  |  | XX/XX/XXXX 4:23:33 PM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100716 |  | 34171589 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOR/VOM-primary; missing proof for 1 of 12 monthly payments. 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 (2025-08-08): Approved exception at origination for incomplete VOR/VOM-primary; missing proof for 1 of 12 monthly payments. Comp factor: reserves. |  |  | XX/XX/XXXX 11:20:37 PM | 2 B | XX/XX/XXXX | CT | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100716 |  | 34171662 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for foreign national borrower as a first time investor purchase of investment traditional 2 property with LTV > 60%. 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 (2025-08-11): Approved exception at origination for foreign national borrower as a first time investor purchase of owner user traditional 2 property with LTV > 60%. Comp factor: reserves. |  |  | XX/XX/XXXX 10:56:01 AM | 2 B | XX/XX/XXXX | CT | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100716 |  | 34171786 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exceptions at origination for 1) missing law & ordinance coverage and 2) wind deductible > 5% of coverage amount. 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 (2025-08-08): Approved exceptions at origination for 1) missing law & ordinance coverage and 2) wind deductible > 5% of coverage amount. Comp factor: reserves. |  |  | XX/XX/XXXX 11:21:21 PM | 2 B | XX/XX/XXXX | CT | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100718 |  | 34176833 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x on investor traditional 1 refinance with loan > $750k. 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 (2025-08-11): Approved exception at origination for DSCR < 1.20x on investor traditional 1 refinance with loan > $750k. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 11:32:04 AM | 2 B | XX/XX/XXXX | OH | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100718 |  | 34176842 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing law & ordinance coverage. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-11): Approved exception at origination for missing law & ordinance coverage. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 11:32:18 AM | 2 B | XX/XX/XXXX | OH | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100718 |  | 34179578 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | EOI reflects blanket liability coverage (EOI includes street numbers outside of ranges listed on subject mortgage) [specifically XXXXX]. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-08-13): Exception waived. Updated approval provided in trailing documents approving exception for missing/blanket insurance covera. Comp factor, seasoned investor.<br>Buyer Comment (2025-08-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:52:33 AM | 2 B | XX/XX/XXXX | OH | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100719 |  | 34169868 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x for investor traditional 2 purchase with loan > $750k. Comp factors: FICO and reserves which is not supported due to underwritten verified funds < funds required to close. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-08-11): Approved exception at origination for DSCR < 1.25x for investor traditional 2 purchase with loan > $750k. Comp factors: FICO and reserves which is not supported due to underwritten verified funds < funds required to close. |  |  | XX/XX/XXXX 10:31:34 AM | 2 B | XX/XX/XXXX | TX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100719 |  | 34169927 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for wind deductible > $25k. 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 (2025-08-08): Approved exception at origination for wind deductible > $25k. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 8:59:41 PM | 2 B | XX/XX/XXXX | TX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100719 |  | 34170909 | XXXX | XX/XX/XXXX | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> Fair | Appraisal reflects subject is in fair/below average condition. \*\*\*Clients comment - "70% LTV. Purchase transaction. Property vacant and exhibited fair/below average condition at origination. The property had been vacant for a series of months and was in need of updating, but no significant deferred maintenance or health and safety issues noted in the appraisal. It is reported that the buyer/borrower will lease-out the property to a single tenant, who intends on investing significant<br> amounts towards tenant improvements. Property condition considered in value/LTV." | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-08-13): Exception waived. Updated approval provided in trailing documents approving exception for property condition. Comp factor, FICO.<br>Buyer Comment (2025-08-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:56:18 AM | 3 C | XX/XX/XXXX | TX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2025-4-100720 |  | 34170169 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x for investor traditional 1 refinance with loan > $500k. 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 (2025-08-08): Approved exception at origination for DSCR < 1.25x for investor traditional 1 refinance with loan > $500k. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 12:20:41 PM | 2 B | XX/XX/XXXX | FL | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100721 |  | 34171570 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR<1.15x. Comp factors: LTV, company financial strength, and guarantor support/liquidity | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2025-08-12): Approved exception at origination for DSCR<1.15x. Comp factors: LTV, company financial strength, and guarantor support/liquidity. |  |  | XX/XX/XXXX 10:17:22 AM | 2 B | XX/XX/XXXX | CA | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2025-4-100726 |  | 34188788 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for 1st DT with LTV >55% on XXXXX. Comp factors: DSCR and guarantor support/liquidity | The qualifying DSCR on the loan is greater than the guideline minimum. | CF- DTI | SitusAMC,Originator | Reviewer Comment (2025-08-12): Approved exception at origination for 1st DT with LTV >55% on XXXXX. Comp factors: DSCR and guarantor support/liquidity. |  |  | XX/XX/XXXX 2:40:39 PM | 2 B | XX/XX/XXXX | NC | Purchase | B | A |  |  | No |

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## Exhibit 99.14

**[VCC Mortgage Securities, LLC ABS-15G](vcc20254-abs15g_082925.htm)**

**Exhibit 99.14**

![](situsamc_logo.jpg)

**Valuation Check**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SAMC Loan ID | VCC_LNNUM | EDGAR Loan ID | Property Type | Multi Property ID | EDGAR Loan ID | Multi PropertyAddress | Appraisal Property Condition | Is there property damage? | Are there any apparent environmental, health and/or safety problems notated by appraiser or visible on photos? | Comment |
| XXXX | XXXX | 2025-4-100408 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100409 | Investor 1-4 (Multiple) | XXXX | 2025-4-100871 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100409 | Investor 1-4 (Multiple) | XXXX | 2025-4-100872 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100409 | Investor 1-4 (Multiple) | XXXX | 2025-4-100873 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100410 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100411 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100412 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100413 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100414 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100415 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100416 | Investor 1-4 |  |  |  | C4 | No | Yes | Missing handrail on rear steps. |
| XXXX | XXXX | 2025-4-100417 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100418 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100419 | Investor 1-4 |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100420 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100421 | Investor 1-4 |  |  |  | Good | No | No |  |
| XXXX | XXXX | 2025-4-100422 | Investor 1-4 |  |  |  | C3 | No | Yes | Only smoke detectors on 1st floor, missing from basement bedrooms and missing CO detectors. |
| XXXX | XXXX | 2025-4-100423 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100424 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100425 | Investor 1-4 |  |  |  | C4 | No | Yes | Missing handrail on stairs to second floor. |
| XXXX | XXXX | 2025-4-100426 | Investor 1-4 |  |  |  | C4 | Yes | Yes | Bars on windows without safety release laches, missing railing on rear porch, walls/ceiling repairs needed in kitchen and Den and floor softening by laundry. |
| XXXX | XXXX | 2025-4-100427 | Investor 1-4 |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100428 | Investor 1-4 (Multiple) | XXXX | 2025-4-100874 | XXXX | C3 | Yes | Yes | Kitchen appliances not installed, dampness in the basement, and electrical panel cover missing. |
| XXXX | XXXX | 2025-4-100428 | Investor 1-4 (Multiple) | XXXX | 2025-4-100875 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100428 | Investor 1-4 (Multiple) | XXXX | 2025-4-100876 | XXXX | C3 | Yes | Yes | No railing on front steps, missing front left stone, missing downspout right side. |
| XXXX | XXXX | 2025-4-100429 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100430 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100431 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100432 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100433 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100434 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100435 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100436 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100437 | Investor 1-4 |  |  |  | C4 | Yes | Yes | Water was off at the time of inspection, broken glass/window pane, missing drawer fronts and wear on counter edges in kitchen. |
| XXXX | XXXX | 2025-4-100438 | Investor 1-4 |  |  |  | C2 | No | No |  |
| XXXX | XXXX | 2025-4-100439 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100440 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100441 | Investor 1-4 |  |  |  | Above Average | No | No |  |
| XXXX | XXXX | 2025-4-100442 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100443 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100444 | Investor 1-4 |  |  |  | C2 | No | No |  |
| XXXX | XXXX | 2025-4-100445 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100446 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100447 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100448 | Investor 1-4 |  |  |  | C3 | Yes | No | Incomplete garage and ceiling/flooring in garage. |
| XXXX | XXXX | 2025-4-100449 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100450 | Investor 1-4 (Multiple) | XXXX | 2025-4-100877 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100450 | Investor 1-4 (Multiple) | XXXX | 2025-4-100878 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100450 | Investor 1-4 (Multiple) | XXXX | 2025-4-100879 | XXXX | C4 | Yes | Yes | Dining celing damage and water damage in bathroom. Source of leak has been repaired. |
| XXXX | XXXX | 2025-4-100450 | Investor 1-4 (Multiple) | XXXX | 2025-4-100880 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100450 | Investor 1-4 (Multiple) | XXXX | 2025-4-100881 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100450 | Investor 1-4 (Multiple) | XXXX | 2025-4-100882 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100450 | Investor 1-4 (Multiple) | XXXX | 2025-4-100883 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100450 | Investor 1-4 (Multiple) | XXXX | 2025-4-100884 | XXXX | C4 | Yes | Yes | Ceiling damage and wall damange through out the house. Kitchen backsplash has been removed and not replaced. Missing kitchen appliances. |
| XXXX | XXXX | 2025-4-100451 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100452 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100453 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100454 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100455 | Investor 1-4 (Multiple) | XXXX | 2025-4-100885 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100455 | Investor 1-4 (Multiple) | XXXX | 2025-4-100886 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100455 | Investor 1-4 (Multiple) | XXXX | 2025-4-100887 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100455 | Investor 1-4 (Multiple) | XXXX | 2025-4-100888 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100455 | Investor 1-4 (Multiple) | XXXX | 2025-4-100889 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100455 | Investor 1-4 (Multiple) | XXXX | 2025-4-100890 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100455 | Investor 1-4 (Multiple) | XXXX | 2025-4-100891 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100455 | Investor 1-4 (Multiple) | XXXX | 2025-4-100892 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100455 | Investor 1-4 (Multiple) | XXXX | 2025-4-100893 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100455 | Investor 1-4 (Multiple) | XXXX | 2025-4-100894 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100456 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100457 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100458 | Investor 1-4 |  |  |  | Good | No | No |  |
| XXXX | XXXX | 2025-4-100459 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100460 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100461 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100462 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100463 | Investor 1-4 |  |  |  | C2 | No | No |  |
| XXXX | XXXX | 2025-4-100464 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100465 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100466 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100467 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100468 | Investor 1-4 |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100469 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100470 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100471 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100472 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100473 | Investor 1-4 (Multiple) | XXXX | 2025-4-100895 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100473 | Investor 1-4 (Multiple) | XXXX | 2025-4-100896 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100473 | Investor 1-4 (Multiple) | XXXX | 2025-4-100897 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100474 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100475 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100476 | Investor 1-4 |  |  |  | C2 | No | Yes | Wooden steps missing hand railing at main entrance. |
| XXXX | XXXX | 2025-4-100477 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100478 | Investor 1-4 |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100479 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100480 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100481 | Investor 1-4 |  |  |  | C2 | No | No |  |
| XXXX | XXXX | 2025-4-100482 | Investor 1-4 |  |  |  | C5 | Yes | No | Appraisal reflects possible terminte damage but no active termites. |
| XXXX | XXXX | 2025-4-100483 | Investor 1-4 |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100484 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100485 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100486 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100487 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100488 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100489 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100490 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100491 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100492 | Investor 1-4 |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100493 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100494 | Investor 1-4 |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100495 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100496 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100497 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100498 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100499 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100500 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100501 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100502 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100503 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100504 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100505 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100506 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100507 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100508 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100509 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100510 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100511 | Investor 1-4 (Multiple) | XXXX | 2025-4-100898 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100511 | Investor 1-4 (Multiple) | XXXX | 2025-4-100899 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100511 | Investor 1-4 (Multiple) | XXXX | 2025-4-100900 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100512 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100513 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100514 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100515 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100516 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100517 | Investor 1-4 |  |  |  | Above Average | No | No |  |
| XXXX | XXXX | 2025-4-100518 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100519 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100520 | Investor 1-4 (Multiple) | XXXX | 2025-4-100901 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100520 | Investor 1-4 (Multiple) | XXXX | 2025-4-100902 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100521 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100522 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100523 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100524 | Investor 1-4 |  |  |  | c4 | No | No |  |
| XXXX | XXXX | 2025-4-100525 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100526 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100527 | Investor 1-4 |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100528 | Investor 1-4 |  |  |  | Average | No | Yes | Missing hand railing at front entrance. |
| XXXX | XXXX | 2025-4-100529 | Investor 1-4 |  |  |  | C4 | Yes | No | Rotting siding, broken window, and missing roof tiles. |
| XXXX | XXXX | 2025-4-100530 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100531 | Investor 1-4 |  |  |  | C2 | No | No |  |
| XXXX | XXXX | 2025-4-100532 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100533 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100534 | Investor 1-4 |  |  |  | C3 | Yes | Yes | Standing water in the basement, unknown source of water. |
| XXXX | XXXX | 2025-4-100535 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100536 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100537 | Investor 1-4 |  |  |  | C4 | Yes | Yes | Basement handrail is loose at the top. |
| XXXX | XXXX | 2025-4-100538 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100539 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100540 | Investor 1-4 |  |  |  | Good | No | No |  |
| XXXX | XXXX | 2025-4-100541 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100542 | Investor 1-4 (Multiple) | XXXX | 2025-4-100903 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100542 | Investor 1-4 (Multiple) | XXXX | 2025-4-100904 | XXXX | C3 | Yes | No | Appraisal note garage is in poor condition/damaged. No value given. |
| XXXX | XXXX | 2025-4-100543 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100544 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100545 | Investor 1-4 |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100546 | Investor 1-4 |  |  |  | Good | No | No |  |
| XXXX | XXXX | 2025-4-100547 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100548 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100549 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100550 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100551 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100552 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100553 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100554 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100555 | Investor 1-4 |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100556 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100557 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100558 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100559 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100560 | Investor 1-4 |  |  |  | C1 | No | No |  |
| XXXX | XXXX | 2025-4-100561 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100562 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100563 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100564 | Investor 1-4 |  |  |  | C3 | No | Yes | Property is missing railing from the 2nd story deck |
| XXXX | XXXX | 2025-4-100565 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100566 | Investor 1-4 |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100567 | Investor 1-4 |  |  |  | C2 | No | No |  |
| XXXX | XXXX | 2025-4-100568 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100728 | Retail |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100729 | Retail |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100730 | Office |  |  |  | Average | No | Yes | Wooden steps on side entrance missing hand railing. |
| XXXX | XXXX | 2025-4-100731 | Multi-Family |  |  |  | Average | Yes | Yes | Appraisal indicating repairs started in 2025 however not completed. Missing kitchen cabinet doors , and wall damage in the bathroom of unit occupied. |
| XXXX | XXXX | 2025-4-100732 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100733 | Retail |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100734 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100735 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100736 | Office |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100737 | Retail |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100738 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100739 | Warehouse |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100740 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100741 | Retail |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100742 | Multi-Family |  |  |  | Above average | No | No |  |
| XXXX | XXXX | 2025-4-100743 | Office |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100744 | Automotive |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100745 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100746 | Office |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100747 | Multi-Family |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100748 | Retail |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100749 | Automotive |  |  |  | Good-average | No | No |  |
| XXXX | XXXX | 2025-4-100750 | Retail |  |  |  | Good-average | No | No |  |
| XXXX | XXXX | 2025-4-100751 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100752 | Retail |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100753 | Retail |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100754 | Office |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100755 | Warehouse |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100756 | Office |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100757 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100758 | Warehouse |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100759 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100760 | Retail |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100761 | Retail |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100762 | Office |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100763 | Multi-Family |  |  |  | Good | No | No |  |
| XXXX | XXXX | 2025-4-100764 | Mixed Use |  |  |  | Average | Yes | Yes | Appraisal photo refects electrical panel missing door with exposed wires. |
| XXXX | XXXX | 2025-4-100765 | Retail |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100766 | Office |  |  |  | Average | Yes | Yes | Internal Review and appraisal photos reflect at the time of inspection there was standing water on the floor in the mechanical room (basemenet) which traverses a portion of the rear building. Furthermore, there are signs of efflorescence on the block walls which indicate that there has been water infiltration for an extended period of time which could result in mold/structural damage. No evidence of structual issues or mold were noted currently. The rear droor trim is peeling, exposing wood. There ia an overgrown tree at the front left side that touches the left side of the exterior wall and extends unto the roof. There is plastic covering the chimney. Contact said that the cover is temporary as a cap is being installed soon. No evidence of of active wter penetration or chimney crumbling was noted. |
| XXXX | XXXX | 2025-4-100767 | Multi-Family |  |  |  | Average | Yes | Yes | Missing handrail on stair to basement unit, moisture damage to porch handrail, missing gutter extension, and damaged window siding. |
| XXXX | XXXX | 2025-4-100768 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100769 | Multi-Family |  |  |  | Fair | No | No |  |
| XXXX | XXXX | 2025-4-100770 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100771 | Warehouse |  |  |  | Good | Yes | Yes | Appraisal photos reflect standing water in building interior. |
| XXXX | XXXX | 2025-4-100772 | Office |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100773 | Mixed Use |  |  |  | Average | Yes | Yes | Appraisal photo reflects door missing from electrical panel with exposed wires. |
| XXXX | XXXX | 2025-4-100774 | Automotive |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100775 | Multi-Family |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100776 | Commercial Condo |  |  |  | Good | No | No |  |
| XXXX | XXXX | 2025-4-100777 | Commercial Condo |  |  |  | Good | No | No |  |
| XXXX | XXXX | 2025-4-100778 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100779 | Office |  |  |  | Average | Yes | Yes | Exposed wires above the electric meter and rust around the wall air condition. Interior picture provided by AMS with their inspection. |
| XXXX | XXXX | 2025-4-100780 | Commercial Condo |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100781 | Multi-Family |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100782 | Commercial Condo |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100783 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100784 | Retail |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100785 | Retail |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100786 | Automotive |  |  |  | Fair (below average) | Yes | No | Appraisal indicates a couple of small gaps in the flooring in the reception area, bowed wall panel, chipped laminate flooring and nonfunctional fluorescent lights. Estimated cost is to repair is $XXXX. Appraisal photo of of rear of building reflects damage to siding. |
| XXXX | XXXX | 2025-4-100787 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100788 | Automotive |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100789 | Warehouse |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100790 | Automotive |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100791 | Warehouse |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100792 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100793 | Multi-Family |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100794 | Multi-Family |  |  |  | Average | Yes | No | Refinishing of hardwood flooring or carpet to be updated and appliances installed. Estimated cost $XXXX. |
| XXXX | XXXX | 2025-4-100795 | Warehouse |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100796 | Commercial Condo |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100797 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100798 | Commercial Condo |  |  |  | Good | Yes | No | Missing/damaged ceiling tiles with exposed insulation. |
| XXXX | XXXX | 2025-4-100799 | Retail |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100800 | Retail |  |  |  | Average | Yes | No | Water damaged ceilings and drywall damage. |
| XXXX | XXXX | 2025-4-100801 | Commercial Condo |  |  |  | Good | No | No |  |
| XXXX | XXXX | 2025-4-100802 | Warehouse |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100803 | Office |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100804 | Office |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100805 | Warehouse |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100806 | Retail |  |  |  | Average | Yes | Yes | Vacant unit has been gutted, unknown if plumbing and electrical is installed and on. |
| XXXX | XXXX | 2025-4-100807 | Warehouse |  |  |  | Good | No | No |  |
| XXXX | XXXX | 2025-4-100808 | Retail |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100809 | Retail |  |  |  | Average | Yes | No | Stucco, paint damage to the exterior and debris on the outside of the building. There's paint and floor damage on the interior as well. |
| XXXX | XXXX | 2025-4-100810 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100811 | Office |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100812 | Retail |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100813 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100814 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100815 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100816 | Retail |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100817 | Retail |  |  |  | Fair | No | No |  |
| XXXX | XXXX | 2025-4-100818 | Multi-Family |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100819 | Retail |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100820 | Retail |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100821 | Multi-Family |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100822 | Retail |  |  |  | Good | No | No |  |
| XXXX | XXXX | 2025-4-100823 | Multi-Family |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100824 | Warehouse |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100825 | Commercial Condo |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100826 | Retail |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100827 | Commercial Condo |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100828 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100829 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100830 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100831 | Warehouse |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100832 | Mixed Use |  |  |  | Above Average | No | No |  |
| XXXX | XXXX | 2025-4-100833 | Mixed Use |  |  |  | Good | No | No |  |
| XXXX | XXXX | 2025-4-100834 | Multi-Family |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100835 | Office |  |  |  | Good | No | No |  |
| XXXX | XXXX | 2025-4-100836 | Office |  |  |  | Good | No | No |  |
| XXXX | XXXX | 2025-4-100837 | Multi-Family |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100838 | Automotive |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100839 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100840 | Office |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100841 | Commercial Condo |  |  |  | Good | No | No |  |
| XXXX | XXXX | 2025-4-100842 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100843 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100844 | Retail |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100845 | Multi-Family |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100846 | Warehouse |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100847 | Multi-Family |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100848 | Warehouse |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100849 | Mixed Use |  |  |  | Good | No | No |  |
| XXXX | XXXX | 2025-4-100850 | Retail |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100851 | Retail |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100852 | Warehouse |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100853 | Mixed Use |  |  |  | Good | No | No |  |
| XXXX | XXXX | 2025-4-100854 | Office |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100855 | Automotive |  |  |  | Good | No | No |  |
| XXXX | XXXX | 2025-4-100856 | Office |  |  |  | Good | No | No |  |
| XXXX | XXXX | 2025-4-100857 | Retail |  |  |  | Average | Yes | No | Appraisal and inhouse review indicates Unit XXXX is vacant and requires repairs to white box ready condition. The estinmated cost is $XXXX per owner. Repairs include new ceiling tile, light panels, painted walls, new vinyl plank flooring, new mechanicals and restroom. Exterior wall is disclolored and faded striping. Interior damaged floor and ceiling: stained floor and peeling paint on ceiling. The front parking lot requires paving and striping due to age and wear. |
| XXXX | XXXX | 2025-4-100858 | Commercial Condo |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100859 | Automotive |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100860 | Warehouse |  |  |  | Good | No | No |  |
| XXXX | XXXX | 2025-4-100861 | Multi-Family |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100862 | Warehouse |  |  |  | Good | No | No |  |
| XXXX | XXXX | 2025-4-100863 | Mixed Use |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100110 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100097 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100153 | Investor 1-4 |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100149 | Investor 1-4 |  |  |  | C3 | Yes | Yes | 1) Damaged flooring in the 1st floor bedroom and drywall water damage. 2) The deck and stairs at the rear of the property is damaged and unsafe. 3) There is water in the basement. Lender correspondence inticates no holdback required since CTC already factored into value at 50% LTV. |
| XXXX | XXXX | 2025-4-100150 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100151 | Investor 1-4 |  |  |  | C3 | Yes | Yes | Appraisal reflects roof to the attached garage was damaged with a hole and there was obviuos water damage inside with cost to cure of $XXXX |
| XXXX | XXXX | 2025-4-100148 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100152 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100155 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100172 | Investor 1-4 |  |  |  | C3 | Yes | Yes | In house review states "BPO reflects pool room spa windows need to be replaced there is a leak at the water pump. Cost to cure is $XXXX". |
| XXXX | XXXX | 2025-4-100028 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100031 | Investor 1-4 |  |  |  | Good | No | No |  |
| XXXX | XXXX | 2025-4-100034 | Investor 1-4 |  |  |  | C4 | Yes | Yes | Appraisal reflects roof damage to the detached garage and missing handrail to basement stairs. |
| XXXX | XXXX | 2025-4-100037 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100038 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100054 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100018 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100020 | Investor 1-4 |  |  |  | C2 | No | No |  |
| XXXX | XXXX | 2025-4-100023 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100026 | Investor 1-4 |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100035 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100016 | Investor 1-4 (Multiple) | XXXX | 2025-4-100905 | XXXX | Average | No | No |  |
| XXXX | XXXX | 2025-4-100016 | Investor 1-4 (Multiple) | XXXX | 2025-4-100906 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100016 | Investor 1-4 (Multiple) | XXXX | 2025-4-100907 | XXXX | Average | No | No |  |
| XXXX | XXXX | 2025-4-100016 | Investor 1-4 (Multiple) | XXXX | 2025-4-100908 | XXXX | Average | No | No |  |
| XXXX | XXXX | 2025-4-100016 | Investor 1-4 (Multiple) | XXXX | 2025-4-100909 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100016 | Investor 1-4 (Multiple) | XXXX | 2025-4-100910 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100016 | Investor 1-4 (Multiple) | XXXX | 2025-4-100911 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100016 | Investor 1-4 (Multiple) | XXXX | 2025-4-100912 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100016 | Investor 1-4 (Multiple) | XXXX | 2025-4-100913 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100016 | Investor 1-4 (Multiple) | XXXX | 2025-4-100914 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100016 | Investor 1-4 (Multiple) | XXXX | 2025-4-100915 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100016 | Investor 1-4 (Multiple) | XXXX | 2025-4-100916 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100016 | Investor 1-4 (Multiple) | XXXX | 2025-4-100917 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100016 | Investor 1-4 (Multiple) | XXXX | 2025-4-100918 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100016 | Investor 1-4 (Multiple) | XXXX | 2025-4-100919 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100016 | Investor 1-4 (Multiple) | XXXX | 2025-4-100920 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100024 | Investor 1-4 (Multiple) | XXXX | 2025-4-100921 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100024 | Investor 1-4 (Multiple) | XXXX | 2025-4-100922 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100024 | Investor 1-4 (Multiple) | XXXX | 2025-4-100923 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100024 | Investor 1-4 (Multiple) | XXXX | 2025-4-100924 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100024 | Investor 1-4 (Multiple) | XXXX | 2025-4-100925 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100024 | Investor 1-4 (Multiple) | XXXX | 2025-4-100926 | XXXX | C4 | Yes | Yes | Wood deck missing railing and partially supported by stacked bricks. |
| XXXX | XXXX | 2025-4-100024 | Investor 1-4 (Multiple) | XXXX | 2025-4-100927 | XXXX | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100027 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100029 | Investor 1-4 |  |  |  | C1 | No | No |  |
| XXXX | XXXX | 2025-4-100041 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100044 | Investor 1-4 |  |  |  | C3 | No | Yes | Front entrance missing railing < 4 steps. |
| XXXX | XXXX | 2025-4-100017 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100022 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100039 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100040 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100042 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100043 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100047 | Investor 1-4 |  |  |  | C1 | No | No |  |
| XXXX | XXXX | 2025-4-100050 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100051 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100052 | Investor 1-4 |  |  |  | C3 | Yes | Yes | Inground pool is not filled and in working condition. Pool is not separately fenced. |
| XXXX | XXXX | 2025-4-100014 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100015 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100019 | Investor 1-4 |  |  |  | C3 | No | Yes | Water heater is not double strapped as required. |
| XXXX | XXXX | 2025-4-100021 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100025 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100030 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100032 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100033 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100036 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100045 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100048 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100049 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100053 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100055 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100064 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100065 | Investor 1-4 |  |  |  | C3 | No | Yes | Moisture and apparent standing water in basement |
| XXXX | XXXX | 2025-4-100074 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100077 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100087 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100093 | Investor 1-4 |  |  |  | C2 | No | No |  |
| XXXX | XXXX | 2025-4-100108 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100111 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100114 | Investor 1-4 |  |  |  | C2 | No | No |  |
| XXXX | XXXX | 2025-4-100119 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100080 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100083 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100084 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100086 | Investor 1-4 |  |  |  | C2 | No | No |  |
| XXXX | XXXX | 2025-4-100090 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100099 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100100 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100104 | Investor 1-4 (Multiple) | XXXX | 2025-4-100928 | XXXX | C2 | No | No |  |
| XXXX | XXXX | 2025-4-100104 | Investor 1-4 (Multiple) | XXXX | 2025-4-100929 | XXXX | C2 | No | No |  |
| XXXX | XXXX | 2025-4-100105 | Investor 1-4 |  |  |  | C1 | No | No |  |
| XXXX | XXXX | 2025-4-100116 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100062 | Investor 1-4 |  |  |  | C4 | Yes | Yes | Appraisal and internal review reflect subject is in the process of being remodeled. Information from the owner was that the following items are to be completed: refinish all wood floors, complete tile work in the kitchen and replace cabinets, update baths and paint interior, add CO/smoke detectors to code, clean lot and remove excess growth. The owner estimates that the cost to complete is $XXXX. No evidence of completion provided. |
| XXXX | XXXX | 2025-4-100067 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100071 | Investor 1-4 |  |  |  | C3 | Yes | Yes | Appraisal reflects subject is in the process of being renovated. A holdback for $XXXX for granite counter tops and a contractor's bid of $XXXX was provided; however, appraisal also reflects missing smoke detectors, missing shower hardware, kitchen sink, bath fan, light fixture, bath outlet, switch and switch covers, missing soffit, exposed wiring on covered deck, furnace cover removed, gas and water off at the time of inspection, and missing handrail on front steps. No cost to cure provided. |
| XXXX | XXXX | 2025-4-100075 | Investor 1-4 |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100079 | Investor 1-4 |  |  |  | C3 | No | Yes | CAC unit on site but not connected at the time of inspection. |
| XXXX | XXXX | 2025-4-100081 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100085 | Investor 1-4 |  |  |  | C3 | No | Yes | Appraisal reflect missing basement stair railing and water on basement floor. |
| XXXX | XXXX | 2025-4-100096 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100098 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100102 | Investor 1-4 |  |  |  | C3 | Yes | Yes | Appraisal photos reflect a hole and cracking in the ceiling. Internal review indicates no structural issues were noted, therefore an extraordinanary assuption is being made the repairs are cosmetic in nature, estimated cost to cure $XXXX. |
| XXXX | XXXX | 2025-4-100107 | Investor 1-4 |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100109 | Investor 1-4 |  |  |  | C3 | No | Yes | Appraisal photos reflect exposed hood exhaust in unit 1 that may not be up to code. |
| XXXX | XXXX | 2025-4-100121 | Investor 1-4 |  |  |  | C3 | Yes | Yes | Appraisal photos reflect hole behind light an exterior light. Ceiling light in bonus room is hanging by electric wires. |
| XXXX | XXXX | 2025-4-100063 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100066 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100068 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100069 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100072 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100076 | Investor 1-4 |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100078 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100082 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100088 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100089 | Investor 1-4 |  |  |  | C3 | No | Yes | 2 unit property with no sink or appliances in the kitchens. Standing water in the basement without verification of source. |
| XXXX | XXXX | 2025-4-100091 | Investor 1-4 |  |  |  | C3 | No | Yes | Missing handrail to stairs down to the basement. |
| XXXX | XXXX | 2025-4-100092 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100094 | Investor 1-4 |  |  |  | C2 | No | No |  |
| XXXX | XXXX | 2025-4-100095 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100103 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100118 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100120 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100070 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100073 | Investor 1-4 (Multiple) | XXXX | 2025-4-100930 | XXXX | Average | No | No |  |
| XXXX | XXXX | 2025-4-100073 | Investor 1-4 (Multiple) | XXXX | 2025-4-100931 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100073 | Investor 1-4 (Multiple) | XXXX | 2025-4-100932 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100073 | Investor 1-4 (Multiple) | XXXX | 2025-4-100933 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100073 | Investor 1-4 (Multiple) | XXXX | 2025-4-100934 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100073 | Investor 1-4 (Multiple) | XXXX | 2025-4-100935 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100073 | Investor 1-4 (Multiple) | XXXX | 2025-4-100936 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100029 | Investor 1-4 |  |  |  | Very Good | No | No |  |
| XXXX | XXXX | 2025-4-100101 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100106 | Investor 1-4 |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100112 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100113 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100115 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100117 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100122 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100123 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100124 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100125 | Investor 1-4 |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100140 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100154 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100159 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100163 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100164 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100165 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100166 | Investor 1-4 |  |  |  | C2 | No | No |  |
| XXXX | XXXX | 2025-4-100168 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100171 | Investor 1-4 |  |  |  | C4 | Yes | Yes | Several instances of exterior soffit dage. Disclolored and warped interior cieling beading due to possible water leak. In house review indicated prior to docs a roof certificate be obtained, underwriter acknowledged the condition and proceeded without obtaining the certificate. |
| XXXX | XXXX | 2025-4-100173 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100132 | Investor 1-4 |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100141 | Investor 1-4 |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100142 | Investor 1-4 (Multiple) | XXXX | 2025-4-100937 | XXXX | C4 | Yes | Yes | Appraisal notes dampness in the basement, incomplete plumbing repairs, and electrical panel missing cover. Extensive defermaintence on the exterior. |
| XXXX | XXXX | 2025-4-100142 | Investor 1-4 (Multiple) | XXXX | 2025-4-100938 | XXXX | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100147 | Investor 1-4 |  |  |  | C2 | No | No |  |
| XXXX | XXXX | 2025-4-100160 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100161 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100162 | Investor 1-4 |  |  |  | C2 | No | No |  |
| XXXX | XXXX | 2025-4-100174 | Investor 1-4 |  |  |  | C2 | No | No |  |
| XXXX | XXXX | 2025-4-100180 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100131 | Investor 1-4 |  |  |  | C2 | No | No |  |
| XXXX | XXXX | 2025-4-100133 | Investor 1-4 |  |  |  | C3 | Yes | Yes | Electric panel box is not covered. Pump in basement could indicate drainage problem. |
| XXXX | XXXX | 2025-4-100134 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100135 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100136 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100137 | Investor 1-4 |  |  |  | C2 | No | No |  |
| XXXX | XXXX | 2025-4-100138 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100139 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100143 | Investor 1-4 |  |  |  | C4 | No | Yes | Dampness observed in bassement and gas and electricity off at time of inspection. |
| XXXX | XXXX | 2025-4-100144 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100157 | Investor 1-4 |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100158 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100175 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100177 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100129 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100130 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100145 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100146 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100156 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100167 | Investor 1-4 |  |  |  | Average | No | No | It is noted that there are two additional kitchens (basement and attic) that stoves need removing and gas lines capped. |
| XXXX | XXXX | 2025-4-100169 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100170 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100176 | Investor 1-4 |  |  |  | C3 | No | No |  |
| XXXX | XXXX | 2025-4-100178 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100179 | Investor 1-4 |  |  |  | C4 | No | No |  |
| XXXX | XXXX | 2025-4-100864 | Office |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100865 | Retail |  |  |  | Very good | No | No |  |
| XXXX | XXXX | 2025-4-100866 | Multi-Family |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100867 | Mixed Use |  |  |  | Good | No | No |  |
| XXXX | XXXX | 2025-4-100868 | Retail |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100869 | Automotive |  |  |  | Average | No | No |  |
| XXXX | XXXX | 2025-4-100870 | Commercial Condo |  |  |  | Good | No | No |  |

---

## Exhibit 99.15

**[VCC Mortgage Securities, LLC ABS-15G](vcc20254-abs15g_082925.htm)**

**Exhibit 99.15**

![](ex9915001.jpg)

VCC 2025-4<br>Velocity Commercial Capital, LLC <br>

Opus Capital Markets Consultants, <br> LLC

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

**Executive Narrative**

**August 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 (306) loans provided by Velocity Commercial Capital, LLC ("Client" or "VCC") who provided Opus Capital Markets Consultants, LLC (Consultant) with a data tape, from which 100% of the loan sample was chosen and loaded into the LauraMac underwriting software. Consultant performed a detailed credit review on the loans.

Opus conducted a review of the origination appraisal documentation for each loan and property not included in the Guideline Review. This encompassed Three Hundred and Five (305) loans representing Three Hundred and Forty-One (341) 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.

![](ex9915002.jpg)

As detailed herein, the pool contains 119 small balance commercial loans and 129 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 10, 2025 through August 11, 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:

![](ex9915003.jpg)

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

![](ex9915004.jpg)

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

![](ex9915005.jpg)

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

The valuation review was split based on the underlying property type, either residential or commercial. All commercial mortgage loans were assigned an "A" NRSRO valuation grade. For this review, Opus did not order any secondary valuation products. However, the client requested a secondary valuation for 129 residential mortgage loans.

EXHIBIT A

**Scope of Services:**

**Guideline Review**

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

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

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

<u>Transaction type:</u>

Borrower characteristics Loan characteristics DSCR (if applicable) LTV/CLTV/HTLTV Representative credit score, Asset reserves Property type Property usage Occupancy

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Loan File Documentation**

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

---

| | |
|:---|:---|
| 1008 <br> 1003 – Applications Initial<br>1003 – Application Final<br>AUS (DU/LP)<br>Loan Approvals<br>Underwriting worksheets<br>Income worksheets<br>Rate Lock<br>Change of Circumstances<br>Loan Estimates (LE)<br>Closing Disclosures (CD)<br>FACTA Disclosures<br>State Required Disclosures<br>Federal Required Disclosures<br>Signature tracking<br>Net Tangible Benefit Disclosure<br>Credit Report(s)<br>Fraud Report<br>OFAC Report (if not on credit)<br>Letter of Explanations<br>Borrower Identification<br>Business License\*<br>Income Documentations<br>Asset Documentation<br>Appraisal(s)<br>Third Party Valuation (Desk Review/AVM/BPO/Field Review)<br>Purchase Contract<br>Environmental Reports<br>Non Owner Certification & Identification<br>Final CD/HUD1/Settlement Statement<br>Flood Insurance<br>Flood Certification<br>Mortgage Insurance<br>Right of Recession<br>Mortgage/Deed of Trust & Riders<br>Note & Addendums<br>Power of Attorney<br>Entity Documentation<br>Insurance<br>RE Tax Certification<br>Occupancy Affidavit<br>Business/Investment Purpose Affidavit<br>Title<br>Closing Protection Letter | HOA Information<br>Condo Documents<br>Guaranty Agreements\*<br>Business P&L\*<br>Business P&L\*<br>Purchase Agreement\*<br>Occupancy & Business Purpose LOI<br>Rent Roll \*<br>Business Purpose Certification<br>Cash Out Letter<br>Verification of Mortgage/Rent<br>RE Taxes Information |

---

**Non-Owner Occupancy Review**

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

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

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

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

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

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

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

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

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

**Valuation Review**

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

Opus's review will include:

● the appropriate form,

● materially complete

● the address matched the mortgage note,

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

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

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

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

● completed and dated within the guideline restrictions,

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

● Photos present for Subject property and comparables

● the appraisal report does not include any apparent environmental problems

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

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

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

**Valuation Waterfall**

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

● CU Score = < 2.5, no additional valuation required

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

● 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>**

![](ex9915006.jpg)

**Multiple Loans to One Borrower:** TPR firm reviewed common identifiers for all loans in the population and confirmed there were 7 obligors with multiple loans in the pool.

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

![](ex9915007.jpg)

**<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 August 28, 2025.

![](ex9915008.jpg)

![](ex9915009.jpg)

![](ex9915010.jpg)

**GUIDELINE CREDIT REVIEW RESULTS**

Of the two hundred forty-eight (248) mortgage loans reviewed by Opus, one hundred seventy-nine (179) were assigned a Credit grade of "B" and involved lender-issued guideline exceptions. Across these 179 loans, a total of three hundred fifty-six (356) credit exceptions were granted. Additionally, 27.82% of the mortgage loans reviewed received a Credit grade of "A".

**GUIDELINE VALUATION REVIEW RESULTS**

Of the two hundred forty-eight (248) mortgage loans reviewed by Opus, five (5) were assigned a Valuation grade of "B" and involved lender-issued guideline exceptions. Across these 5 loans, a total of five (5) valuation exceptions were granted. Additionally, 97.98% of the mortgage loans reviewed received a Valuation grade of "A".

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

![](ex9915011.jpg)

![](ex9915012.jpg)

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

All fifty-eight (58) loans reviewed by Opus have a Credit grade of "A".

**<u>Loans Reviewed (306)</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;5700000785 | &nbsp;&nbsp;6723246496 | &nbsp;&nbsp;6723252083 | &nbsp;&nbsp;6723254922 | &nbsp;&nbsp;6723258383 | &nbsp;&nbsp;6723260329 |
| &nbsp;&nbsp;5700000823 | &nbsp;&nbsp;6723246562 | &nbsp;&nbsp;6723252136 | &nbsp;&nbsp;6723254923 | &nbsp;&nbsp;6723258393 | &nbsp;&nbsp;6723260351 |
| &nbsp;&nbsp;5700000824 | &nbsp;&nbsp;6723246614 | &nbsp;&nbsp;6723252223 | &nbsp;&nbsp;6723254973 | &nbsp;&nbsp;6723258395 | &nbsp;&nbsp;6723260406 |
| &nbsp;&nbsp;5700000826 | &nbsp;&nbsp;6723246617 | &nbsp;&nbsp;6723252258 | &nbsp;&nbsp;6723255010 | &nbsp;&nbsp;6723258509 | &nbsp;&nbsp;6723260422 |
| &nbsp;&nbsp;5700000827 | &nbsp;&nbsp;6723246630 | &nbsp;&nbsp;6723252317 | &nbsp;&nbsp;6723255313 | &nbsp;&nbsp;6723258586 | &nbsp;&nbsp;6723260454 |
| &nbsp;&nbsp;5700000828 | &nbsp;&nbsp;6723246806 | &nbsp;&nbsp;6723252419 | &nbsp;&nbsp;6723255526 | &nbsp;&nbsp;6723258591 | &nbsp;&nbsp;6723260458 |
| &nbsp;&nbsp;5700000829 | &nbsp;&nbsp;6723246814 | &nbsp;&nbsp;6723252483 | &nbsp;&nbsp;6723255636 | &nbsp;&nbsp;6723258602 | &nbsp;&nbsp;6723260560 |
| &nbsp;&nbsp;5700000830 | &nbsp;&nbsp;6723246893 | &nbsp;&nbsp;6723252486 | &nbsp;&nbsp;6723255705 | &nbsp;&nbsp;6723258675 | &nbsp;&nbsp;6723260625 |
| &nbsp;&nbsp;5700000831 | &nbsp;&nbsp;6723247128 | &nbsp;&nbsp;6723252537 | &nbsp;&nbsp;6723255773 | &nbsp;&nbsp;6723258708 | &nbsp;&nbsp;6723260662 |
| &nbsp;&nbsp;5700000852 | &nbsp;&nbsp;6723247180 | &nbsp;&nbsp;6723252551 | &nbsp;&nbsp;6723255804 | &nbsp;&nbsp;6723258716 | &nbsp;&nbsp;6723260702 |
| &nbsp;&nbsp;5700000866 | &nbsp;&nbsp;6723247246 | &nbsp;&nbsp;6723252635 | &nbsp;&nbsp;6723255811 | &nbsp;&nbsp;6723258762 | &nbsp;&nbsp;6723260717 |
| &nbsp;&nbsp;5700000924 | &nbsp;&nbsp;6723247298 | &nbsp;&nbsp;6723252932 | &nbsp;&nbsp;6723255882 | &nbsp;&nbsp;6723258810 | &nbsp;&nbsp;6723260734 |
| &nbsp;&nbsp;5700000929 | &nbsp;&nbsp;6723247398 | &nbsp;&nbsp;6723252981 | &nbsp;&nbsp;6723255888 | &nbsp;&nbsp;6723258860 | &nbsp;&nbsp;6723260790 |
| &nbsp;&nbsp;5700000936 | &nbsp;&nbsp;6723247488 | &nbsp;&nbsp;6723253036 | &nbsp;&nbsp;6723255983 | &nbsp;&nbsp;6723258862 | &nbsp;&nbsp;6723260826 |
| &nbsp;&nbsp;5700000981 | &nbsp;&nbsp;6723247532 | &nbsp;&nbsp;6723253193 | &nbsp;&nbsp;6723256042 | &nbsp;&nbsp;6723258868 | &nbsp;&nbsp;6723260928 |
| &nbsp;&nbsp;5700000985 | &nbsp;&nbsp;6723247800 | &nbsp;&nbsp;6723253195 | &nbsp;&nbsp;6723256210 | &nbsp;&nbsp;6723258871 | &nbsp;&nbsp;6723260982 |
| &nbsp;&nbsp;5700001004 | &nbsp;&nbsp;6723247930 | &nbsp;&nbsp;6723253239 | &nbsp;&nbsp;6723256288 | &nbsp;&nbsp;6723258875 | &nbsp;&nbsp;6723261005 |
| &nbsp;&nbsp;5700001005 | &nbsp;&nbsp;6723248069 | &nbsp;&nbsp;6723253276 | &nbsp;&nbsp;6723256311 | &nbsp;&nbsp;6723258877 | &nbsp;&nbsp;6723261045 |
| &nbsp;&nbsp;5700001024 | &nbsp;&nbsp;6723248253 | &nbsp;&nbsp;6723253363 | &nbsp;&nbsp;6723256365 | &nbsp;&nbsp;6723258923 | &nbsp;&nbsp;6723261183 |
| &nbsp;&nbsp;5700001043 | &nbsp;&nbsp;6723248338 | &nbsp;&nbsp;6723253371 | &nbsp;&nbsp;6723256379 | &nbsp;&nbsp;6723258947 | &nbsp;&nbsp;6723261224 |
| &nbsp;&nbsp;5700001076 | &nbsp;&nbsp;6723248339 | &nbsp;&nbsp;6723253379 | &nbsp;&nbsp;6723256548 | &nbsp;&nbsp;6723258958 | &nbsp;&nbsp;6723261312 |
| &nbsp;&nbsp;6723232321 | &nbsp;&nbsp;6723248418 | &nbsp;&nbsp;6723253443 | &nbsp;&nbsp;6723256551 | &nbsp;&nbsp;6723259072 | &nbsp;&nbsp;6723261349 |
| &nbsp;&nbsp;6723232917 | &nbsp;&nbsp;6723248513 | &nbsp;&nbsp;6723253454 | &nbsp;&nbsp;6723256616 | &nbsp;&nbsp;6723259099 | &nbsp;&nbsp;6723261453 |
| &nbsp;&nbsp;6723233023 | &nbsp;&nbsp;6723248768 | &nbsp;&nbsp;6723253494 | &nbsp;&nbsp;6723256816 | &nbsp;&nbsp;6723259145 | &nbsp;&nbsp;6723261495 |
| &nbsp;&nbsp;6723233240 | &nbsp;&nbsp;6723248867 | &nbsp;&nbsp;6723253538 | &nbsp;&nbsp;6723256919 | &nbsp;&nbsp;6723259216 | &nbsp;&nbsp;6723261529 |
| &nbsp;&nbsp;6723234532 | &nbsp;&nbsp;6723249000 | &nbsp;&nbsp;6723253703 | &nbsp;&nbsp;6723256996 | &nbsp;&nbsp;6723259232 | &nbsp;&nbsp;6723261564 |
| &nbsp;&nbsp;6723235001 | &nbsp;&nbsp;6723249023 | &nbsp;&nbsp;6723253728 | &nbsp;&nbsp;6723257137 | &nbsp;&nbsp;6723259393 | &nbsp;&nbsp;6723261576 |
| &nbsp;&nbsp;6723236171 | &nbsp;&nbsp;6723249330 | &nbsp;&nbsp;6723253750 | &nbsp;&nbsp;6723257141 | &nbsp;&nbsp;6723259403 | &nbsp;&nbsp;6723261588 |
| &nbsp;&nbsp;6723236350 | &nbsp;&nbsp;6723249333 | &nbsp;&nbsp;6723253753 | &nbsp;&nbsp;6723257306 | &nbsp;&nbsp;6723259404 | &nbsp;&nbsp;6723261602 |
| &nbsp;&nbsp;6723240090 | &nbsp;&nbsp;6723249386 | &nbsp;&nbsp;6723253821 | &nbsp;&nbsp;6723257315 | &nbsp;&nbsp;6723259405 | &nbsp;&nbsp;6723261671 |
| &nbsp;&nbsp;6723240724 | &nbsp;&nbsp;6723249578 | &nbsp;&nbsp;6723253855 | &nbsp;&nbsp;6723257342 | &nbsp;&nbsp;6723259406 | &nbsp;&nbsp;6723261679 |
| &nbsp;&nbsp;6723241059 | &nbsp;&nbsp;6723249677 | &nbsp;&nbsp;6723253920 | &nbsp;&nbsp;6723257361 | &nbsp;&nbsp;6723259414 | &nbsp;&nbsp;6723261816 |
| &nbsp;&nbsp;6723241708 | &nbsp;&nbsp;6723250065 | &nbsp;&nbsp;6723253954 | &nbsp;&nbsp;6723257372 | &nbsp;&nbsp;6723259544 | &nbsp;&nbsp;6723261824 |
| &nbsp;&nbsp;6723242019 | &nbsp;&nbsp;6723250142 | &nbsp;&nbsp;6723253962 | &nbsp;&nbsp;6723257597 | &nbsp;&nbsp;6723259555 | &nbsp;&nbsp;6723261907 |
| &nbsp;&nbsp;6723242596 | &nbsp;&nbsp;6723250170 | &nbsp;&nbsp;6723254122 | &nbsp;&nbsp;6723257698 | &nbsp;&nbsp;6723259562 | &nbsp;&nbsp;6723262241 |
| &nbsp;&nbsp;6723242615 | &nbsp;&nbsp;6723250298 | &nbsp;&nbsp;6723254123 | &nbsp;&nbsp;6723257704 | &nbsp;&nbsp;6723259583 | &nbsp;&nbsp;6723262314 |
| &nbsp;&nbsp;6723242618 | &nbsp;&nbsp;6723250453 | &nbsp;&nbsp;6723254169 | &nbsp;&nbsp;6723257759 | &nbsp;&nbsp;6723259602 | &nbsp;&nbsp;6723262379 |
| &nbsp;&nbsp;6723242622 | &nbsp;&nbsp;6723250625 | &nbsp;&nbsp;6723254279 | &nbsp;&nbsp;6723257780 | &nbsp;&nbsp;6723259603 | &nbsp;&nbsp;6723262381 |
| &nbsp;&nbsp;6723242624 | &nbsp;&nbsp;6723250734 | &nbsp;&nbsp;6723254338 | &nbsp;&nbsp;6723257789 | &nbsp;&nbsp;6723259631 | &nbsp;&nbsp;6723262509 |
| &nbsp;&nbsp;6723242625 | &nbsp;&nbsp;6723250756 | &nbsp;&nbsp;6723254391 | &nbsp;&nbsp;6723257854 | &nbsp;&nbsp;6723259752 | &nbsp;&nbsp;6723262632 |
| &nbsp;&nbsp;6723242679 | &nbsp;&nbsp;6723250768 | &nbsp;&nbsp;6723254410 | &nbsp;&nbsp;6723257863 | &nbsp;&nbsp;6723259795 | &nbsp;&nbsp;6723262845 |
| &nbsp;&nbsp;6723243049 | &nbsp;&nbsp;6723250962 | &nbsp;&nbsp;6723254467 | &nbsp;&nbsp;6723257967 | &nbsp;&nbsp;6723259867 | &nbsp;&nbsp;6723262865 |
| &nbsp;&nbsp;6723243128 | &nbsp;&nbsp;6723250965 | &nbsp;&nbsp;6723254588 | &nbsp;&nbsp;6723257998 | &nbsp;&nbsp;6723259927 | &nbsp;&nbsp;6723262995 |
| &nbsp;&nbsp;6723243331 | &nbsp;&nbsp;6723251138 | &nbsp;&nbsp;6723254632 | &nbsp;&nbsp;6723258088 | &nbsp;&nbsp;6723259948 | &nbsp;&nbsp;6723263008 |
| &nbsp;&nbsp;6723243654 | &nbsp;&nbsp;6723251181 | &nbsp;&nbsp;6723254713 | &nbsp;&nbsp;6723258187 | &nbsp;&nbsp;6723260030 | &nbsp;&nbsp;6723263060 |
| &nbsp;&nbsp;6723243725 | &nbsp;&nbsp;6723251360 | &nbsp;&nbsp;6723254806 | &nbsp;&nbsp;6723258248 | &nbsp;&nbsp;6723260143 | &nbsp;&nbsp;6723263123 |
| &nbsp;&nbsp;6723244223 | &nbsp;&nbsp;6723251579 | &nbsp;&nbsp;6723254847 | &nbsp;&nbsp;6723258296 | &nbsp;&nbsp;6723260203 | &nbsp;&nbsp;6723263385 |
| &nbsp;&nbsp;6723244432 | &nbsp;&nbsp;6723251706 | &nbsp;&nbsp;6723254897 | &nbsp;&nbsp;6723258308 | &nbsp;&nbsp;6723260204 | &nbsp;&nbsp;6723263796 |
| &nbsp;&nbsp;6723244494 | &nbsp;&nbsp;6723251774 | &nbsp;&nbsp;6723254899 | &nbsp;&nbsp;6723258313 | &nbsp;&nbsp;6723260220 | &nbsp;&nbsp;6723263976 |
| &nbsp;&nbsp;6723245258 | &nbsp;&nbsp;6723251894 | &nbsp;&nbsp;6723254900 | &nbsp;&nbsp;6723258314 | &nbsp;&nbsp;6723260285 | &nbsp;&nbsp;6723265012 |
| &nbsp;&nbsp;6723246087 | &nbsp;&nbsp;6723252035 | &nbsp;&nbsp;6723254919 | &nbsp;&nbsp;6723258325 | &nbsp;&nbsp;6723260293 | &nbsp;&nbsp;6723265257 |

---

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

## Exhibit 99.16

**[VCC Mortgage Securities, LLC ABS-15G](vcc20254-abs15g_082925.htm)**

**Exhibit 99.16**

---

| | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Seller** | **Loan ID** | **Seller Loan ID** | **Alt Loan ID** | **Queue** | **Created Date** | **Last Modified Date** | **Finding Status** | **Event Level** | **Finding Category** | **Finding Sub Category** | **Finding Name** | **Reviewer Comments** | **Seller Comments** | **Finding Resolution** | **Finding Document** | **Reviewer Comp Factors** | **Originator Comp Factors** | **State** | **Occupancy** | **Loan Purpose** | **Refinance Purpose** | **Unique Finding ID** | **Acknowledged / Waived By** | **Waiver in File?** |
| XXXX | XXXX |  | 596056 | Closed | 2025-06-27 22:56 | 2025-08-19 22:39 | 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-08/19/2025 <br> Ready for Review-Document Uploaded. CAM for XXXX XXXXXXX uploaded with change memo including compensation factors. - Seller-08/19/2025 <br> Counter-CAM and exception provided was for the wrong file, please provide the correct CAM showing the exception. - Due Diligence Vendor-08/19/2025 <br> Ready for Review-Document Uploaded. - Seller-08/18/2025 <br> Counter-Whenever an exception to guidelines is made, there should be compensating factors given to offset it. Typical comp factors include high FICO, low LTV, at least two times verified cash reserves, etc. - Due Diligence Vendor-08/08/2025 <br> Ready for Review-The VOM from the lender which was paid off with the subject loan reported the note being paid off was<br> in good standing, however, showed that the loan was 30+ days past due 12 times. This is due to the<br> note that was refinanced with the subject loan was in technical default. A letter of explanation was<br> provided and the borrower actually made payments, however, the lender did not apply the payments to<br> the loan and instead was held by the lender's attorney. On XX/XX/XXXX, the borrower made a payment of<br> $XXX,XXX.XX which was held by the lender's attorney to facilitate an extension on the matured loan and<br> allow time to continue pursing alternative refinance options. A subsequent installment was sent on<br> XX/XX/XXXX and again was held by the lender's attorney on behalf of the property. This will be acceptable<br> as the loan was in technical default due to maturity and the borrower needing additional time to facilitate<br> a new lender to payoff the loan. This applies to the following 9 loan numbers as all 9 of these loans<br> were used to payoff 1 mortgage loan.<br> What additional factors are you looking for? <br> - Seller-08/06/2025 <br> Counter-Exception noted on the CAM, however no compensating factors were provided for the exception. - Due Diligence Vendor-07/31/2025 <br> Ready for Review-Change Memo #1 from the CAM addresses the late payments. - Seller-07/24/2025 <br> Open-Housing History Does Not Meet Guideline Requirements Default Data Entry doc points to Master Credit Policy pg. 41 indicating max late payments LTM of 1x 30 days vs. actual of 5 late payments in last 12 months per VOM - Due Diligence Vendor-06/27/2025 | Ready for Review-Document Uploaded. CAM for XXXX uploaded with change memo including compensation factors. - Seller-08/19/2025 <br> Ready for Review-Document Uploaded. - Seller-08/18/2025 <br> Ready for Review-The VOM from the lender which was paid off with the subject loan reported the note being paid off was<br> in good standing, however, showed that the loan was 30+ days past due 12 times. This is due to the<br> note that was refinanced with the subject loan was in technical default. A letter of explanation was<br> provided and the borrower actually made payments, however, the lender did not apply the payments to<br> the loan and instead was held by the lender's attorney. On XXXX, the borrower made a payment of<br> $XXXX which was held by the lender's attorney to facilitate an extension on the matured loan and<br> allow time to continue pursing alternative refinance options. A subsequent installment was sent on<br> XXXX and again was held by the lender's attorney on behalf of the property. This will be acceptable<br> as the loan was in technical default due to maturity and the borrower needing additional time to facilitate<br> a new lender to payoff the loan. This applies to the following 9 loan numbers as all 9 of these loans<br> were used to payoff 1 mortgage loan.<br>What additional factors are you looking for? <br> - Seller-08/06/2025 <br> Ready for Review-Change Memo #1 from the CAM addresses the late payments. - Seller-07/24/2025 | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/19/2025<br>| 1. Credit Approval Memorandum.pdf<br> 2. Credit Approval Memorandum (change memo) - XXXX XXXXXXX XXXXXXXXX XXX.pdf |  | LTV of 31.86%<br> Company strong leverage<br> Company strong liquidity | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 571413 | Closed | 2025-07-31 13:08 | 2025-08-19 20:32 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/19/2025 <br> Ready for Review-Document Uploaded. - Seller-08/18/2025 <br> Counter-The VOM was showing the loan with twelve 30 day late payments as well as being in technical default since the balloon note matured, both of which are against the guidelines. Please provide the compensating factors for making the exception and we will downgrade the exception. - Due Diligence Vendor-08/11/2025 <br> Ready for Review-Document Uploaded. Change memo covers all 9 loan numbers and addresses the payment history. - Seller-08/06/2025 <br> Open-Housing History Does Not Meet Guideline Requirements VOM indicates 12 x 30 last 12 months on subject property and indicates currently missing one payment which exceeds guideline limit of 0 x 30 in last 12 months. - Due Diligence Vendor-07/31/2025 | Ready for Review-Document Uploaded. - Seller-08/18/2025 <br>Ready for Review-Document Uploaded. Change memo covers all 9 loan numbers and addresses the payment history. - Seller-08/06/2025<br>| Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/19/2025<br>| 1. Credit Approval Memorandum.pdf<br>1. Credit Approval Memorandum.pdf |  | Combined LTV of 52.59% for all 9 properties<br> FICO score of 749<br> Satisfactory property DSCR based on appraisal market NOI | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 190565 | Closed | 2025-07-31 14:25 | 2025-08-19 20:34 | 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-08/19/2025 <br>Ready for Review-Document Uploaded. - Seller-08/18/2025 <br>Counter-The VOM was showing the loan with twelve 30 day late payments as well as being in technical default since the balloon note matured, both of which are against the guidelines. Please provide the compensating factors for making the exception and we will downgrade the exception. - Due Diligence Vendor-08/11/2025 <br>Ready for Review-Document Uploaded. change memo addresses payment history. - Seller-08/07/2025 <br>Open-Housing History Does Not Meet Guideline Requirements VOM indicates 12 x 30 last 12 months on subject property and indicates currently missing one payment which exceeds guideline limit of 0 x 30 in last 12 months. - Due Diligence Vendor-07/31/2025 | Ready for Review-Document Uploaded. - Seller-08/18/2025 <br>Ready for Review-Document Uploaded. change memo addresses payment history. - Seller-08/07/2025<br>| Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/19/2025<br>| 1. Credit Approval Memorandum.pdf<br>1. Credit Approval Memorandum.pdf |  | Combined LTV of 52.59% for all 9 properties<br> FICO score of 749<br> Satisfactory property DSCR based on appraisal market NOI | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 323447 | Closed | 2025-07-31 16:10 | 2025-08-19 20:24 | 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-08/19/2025 <br>Ready for Review-Document Uploaded. - Seller-08/18/2025 <br>Counter-The VOM was showing the loan with twelve 30 day late payments as well as being in technical default since the balloon note matured, both of which are against the guidelines. Please provide the compensating factors for making the exception and we will downgrade the exception. - Due Diligence Vendor-08/11/2025 <br>Ready for Review-Document Uploaded. change memo addresses payment history. - Seller-08/07/2025 <br>Open-Housing History Does Not Meet Guideline Requirements VOM indicates 12 x 30 last 12 months on subject property and indicates currently missing one payment which exceeds guideline limit of 0 x 30 in last 12 months. - Due Diligence Vendor-07/31/2025 | Ready for Review-Document Uploaded. - Seller-08/18/2025 <br>Ready for Review-Document Uploaded. change memo addresses payment history. - Seller-08/07/2025<br>| Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/19/2025<br>| 1. Credit Approval Memorandum.pdf<br>1. Credit Approval Memorandum.pdf |  | Combined LTV of 52.59% for all 9 properties<br> FICO score of 749<br> Satisfactory property DSCR based on appraisal market NOI | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 733365 | Closed | 2025-07-31 15:34 | 2025-08-19 20:35 | 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-08/19/2025 <br>Ready for Review-Document Uploaded. - Seller-08/18/2025 <br>Counter-The VOM was showing the loan with twelve 30 day late payments as well as being in technical default since the balloon note matured, both of which are against the guidelines. Please provide the compensating factors for making the exception and we will downgrade the exception. - Due Diligence Vendor-08/11/2025 <br>Ready for Review-Document Uploaded. change memo addresses payment history. - Seller-08/07/2025 <br>Open-Housing History Does Not Meet Guideline Requirements VOM indicates 12 x 30 last 12 months on subject property and indicates currently missing one payment which exceeds guideline limit of 0 x 30 in last 12 months. - Due Diligence Vendor-07/31/2025 | Ready for Review-Document Uploaded. - Seller-08/18/2025 <br>Ready for Review-Document Uploaded. change memo addresses payment history. - Seller-08/07/2025<br>| Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/19/2025<br>| 1. Credit Approval Memorandum.pdf<br>1. Credit Approval Memorandum.pdf |  | Combined LTV of 52.59% for all 9 properties<br> FICO score of 749<br> Satisfactory property DSCR based on appraisal market NOI | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 835434 | Closed | 2025-07-31 16:38 | 2025-08-19 20:03 | 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-08/19/2025 <br>Ready for Review-Document Uploaded. - Seller-08/18/2025 <br>Counter-The VOM was showing the loan with twelve 30 day late payments as well as being in technical default since the balloon note matured, both of which are against the guidelines. Please provide the compensating factors for making the exception and we will downgrade the exception. - Due Diligence Vendor-08/11/2025 <br>Ready for Review-Document Uploaded. Change memo addresses payment history. - Seller-08/06/2025 <br>Open-Housing History Does Not Meet Guideline Requirements VOM indicates 12 x 30 last 12 months on subject property and indicates currently missing one payment which exceeds guideline limit of 0 x 30 in last 12 months. - Due Diligence Vendor-07/31/2025 | Ready for Review-Document Uploaded. - Seller-08/18/2025 <br>Ready for Review-Document Uploaded. Change memo addresses payment history. - Seller-08/06/2025<br>| Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/19/2025<br>| 1. Credit Approval Memorandum.pdf<br>1. Credit Approval Memorandum.pdf |  | Combined LTV of 52.59% for all 9 properties<br> FICO score of 749<br> Satisfactory property DSCR based on appraisal market NOI | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 114810 | Closed | 2025-07-31 17:54 | 2025-08-19 20:20 | 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-08/19/2025 <br>Ready for Review-Document Uploaded. - Seller-08/18/2025 <br>Counter-The VOM was showing the loan with twelve 30 day late payments as well as being in technical default since the balloon note matured, both of which are against the guidelines. Please provide the compensating factors for making the exception and we will downgrade the exception. - Due Diligence Vendor-08/11/2025 <br>Ready for Review-Document Uploaded. Change memo addressing payment history. - Seller-08/07/2025 <br>Open-Housing History Does Not Meet Guideline Requirements VOM indicates 12 x 30 last 12 months on subject property and indicates currently missing one payment which exceeds guideline limit of 0 x 30 in last 12 months. - Due Diligence Vendor-07/31/2025 | Ready for Review-Document Uploaded. - Seller-08/18/2025 <br>Ready for Review-Document Uploaded. Change memo addressing payment history. - Seller-08/07/2025<br>| Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/19/2025<br>| 1. Credit Approval Memorandum.pdf<br>1. Credit Approval Memorandum.pdf |  | Combined LTV of 52.59% for all 9 properties<br> FICO score of 749<br> Satisfactory property DSCR based on appraisal market NOI | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 185728 | Closed | 2025-07-31 18:28 | 2025-08-19 20:13 | 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-08/19/2025 <br>Ready for Review-Document Uploaded. - Seller-08/18/2025 <br>Counter-The VOM was showing the loan with twelve 30 day late payments as well as being in technical default since the balloon note matured, both of which are against the guidelines. Please provide the compensating factors for making the exception and we will downgrade the exception. - Due Diligence Vendor-08/11/2025 <br>Ready for Review-Document Uploaded. Change memo addressing payment history. - Seller-08/07/2025 <br>Open-Housing History Does Not Meet Guideline Requirements VOM indicates 12 x 30 last 12 months on subject property and indicates currently missing one payment which exceeds guideline limit of 0 x 30 in last 12 months. - Due Diligence Vendor-07/31/2025 | Ready for Review-Document Uploaded. - Seller-08/18/2025 <br>Ready for Review-Document Uploaded. Change memo addressing payment history. - Seller-08/07/2025<br>| Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/19/2025<br>| 1. Credit Approval Memorandum.pdf<br>1. Credit Approval Memorandum.pdf |  | Combined LTV of 52.59% for all 9 properties<br> FICO score of 749<br> Satisfactory property DSCR based on appraisal market NOI | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 916825 | Closed | 2025-07-31 19:10 | 2025-08-19 20:10 | 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-08/19/2025 <br>Ready for Review-Document Uploaded. - Seller-08/18/2025 <br>Counter-The VOM was showing the loan with twelve 30 day late payments as well as being in technical default since the balloon note matured, both of which are against the guidelines. Please provide the compensating factors for making the exception and we will downgrade the exception. - Due Diligence Vendor-08/11/2025 <br>Ready for Review-Document Uploaded. change memo addressing payment history. - Seller-08/07/2025 <br>Open-Housing History Does Not Meet Guideline Requirements VOM indicates 12 x 30 last 12 months on subject property and indicates currently missing one payment which exceeds guideline limit of 0 x 30 in last 12 months. - Due Diligence Vendor-07/31/2025 | Ready for Review-Document Uploaded. - Seller-08/18/2025 <br>Ready for Review-Document Uploaded. change memo addressing payment history. - Seller-08/07/2025<br>| Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/19/2025<br>| 1. Credit Approval Memorandum.pdf<br>1. Credit Approval Memorandum.pdf |  | Combined LTV of 52.59% for all 9 properties<br> FICO score of 749<br> Satisfactory property DSCR based on appraisal market NOI | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 245878 | Closed | 2025-06-30 21:59 | 2025-08-11 21:58 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is greater than Guideline Maximum Loan Amount | Waived-Exception granted, the finding willbe graded a B or non-material. - Due Diligence Vendor-08/11/2025 <br> Ready for Review-The compensating factors are listed. CAM states:<br>The exception is mitigated by the LTV of 65.2%, property DSCR of 1.25x based on market rents from the appraisal reports, the additional properties taken as collateral and the principals FICO score of 785. <br>- Seller-08/06/2025 <br> Counter-Change #1 mentions the loan amount increase, but it does not state any compensating factors for going over the guideline limit. - Due Diligence Vendor-07/31/2025 <br> Ready for Review-The CAM discusses this policy exception on page 9. See attached. - Seller-07/14/2025 <br> Open-Audited Loan Amount of $XXXXXXXX.XX is greater than the Guideline Maximum Loan Amount of $5000000 Guidelines mention a general limit of $5,000,000 - Due Diligence Vendor-06/30/2025 | Ready for Review-The compensating factors are listed. CAM states:<br>The exception is mitigated by the LTV of 65.2%, property DSCR of 1.25x based on market rents from the appraisal reports, the additional properties taken as collateral and the principals FICO score of 785. <br>- Seller-08/06/2025 <br>Ready for Review-The CAM discusses this policy exception on page 9. See attached. - Seller-07/14/2025<br>| Waived-Exception granted, the finding willbe graded a B or non-material. - Due Diligence Vendor-08/11/2025<br>|  |  | LTV of 65.2%<br> DSCR of 1.25<br> Additional properties taken as collateral<br> FICO of 785 | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 555117 | Closed | 2025-07-17 23:01 | 2025-07-29 21:35 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 55.56% exceeds Guideline LTV of 55%. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-07/17/2025 |  | Waived-Audited LTV of 55.56% exceeds Guideline LTV of 55%. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-07/17/2025<br>|  |  | Strong DSCR<br> Company Financial Strength<br> Guarantor Support Liquidity | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 889723 | Closed | 2025-07-28 21:56 | 2025-07-28 22:00 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 1.00 is below guideline minimum of 1.15. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-07/28/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 1.00 is below guideline minimum of 1.15. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-07/28/2025<br>|  |  | Low Collateral LTV<br> Guarantor Support/Liquidity | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 756364 | Closed | 2025-06-20 19:08 | 2025-06-30 16:40 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/30/2025 <br>Ready for Review-Document Uploaded. Please see change memo in CAM addressing the LTV. - Seller-06/27/2025 <br>Open-Audited LTV of 72.41% exceeds Guideline LTV of 70% - Due Diligence Vendor-06/20/2025 | Ready for Review-Document Uploaded. Please see change memo in CAM addressing the LTV. - Seller-06/27/2025<br>| Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/30/2025<br>| 2. CAM (approved) - XXXXX XXXXXX XXX XXXXXXXXXX.pdf |  | Principal's strong credit history<br> Principal's high FICO score<br> OC's strong liquidity and leverage | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 253282 | Closed | 2025-07-29 19:07 | 2025-08-27 16:06 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Document Uploaded. Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/25/2025 <br> Ready for Review-I sent an email and will also comment here as well. By nature projections are forward looking assumptions and it's impossible to completely validate any set of projections. Additionally, we believe that credit memorandum provides sufficient justification to utilize the projections. Based on the verified historical revenue ($XXMM-$XXMM annually for the past three years), the projected revenue of $XX.XMM and $XXMM is a conservative estimate of revenue and is in reasonably in line with historical results. We understand that the interim revenue 9-month period (XX/XX/XXXX) shows a declining revenue trend, but this is a result of the recent acquisition of the company by the borrower and new management's efforts to restructure the business' core product offerings to improve profitability. Furthermore, the company's projected expenses and profitability are in-line with RMA industry averages which indicate that the projected figures are viable. Finally, the principal's strong industry experience (over 19-years of experience in the signage industry) and personal creditworthiness (FICO scores of 778 and 758 and additional collateral pledged to the loan) adds credibility to the projections. Based on these factors, the use of these projections for credit approval are reasonable. - Seller-08/22/2025 <br> Counter- - Due Diligence Vendor-08/20/2025 <br> Ready for Review-The support for the revenue projections are listed in the CAM on page 17:<br> Total revenue of the company fluctuated from $XX,XXM in FY 2021, $XX,XXXM in FY 2022 and to $XX,XXXM in FY 2023. The<br> company reported total revenue of $X,XXXM during the 9-month interim period ending XX/XX/XXXX. When the interim period<br> revenue is annualized, FY 2024 is projected to exceed $XXMM. The principals purchased the subject business in XX/XX/XXXX.<br> Upon purchase, the borrowers began implementing changes to improve profitability of the company and operating efficiency<br> of the company. Although revenue declined, the company has focused on providing higher margin services and implementing<br> changes to daily operation to improve overall profitability of the company.<br> The company's primary SG&A expenses are comprised of salaries, taxes, utilities, rent, insurance, taxes/licenses, interest,<br> depreciation and advertising.<br> Borrower Projections for FY 2026 and FY 2027:<br> Total annual revenues are projected to be $XX,XXXM and $XX,XXXM in FY 2025 and FY 2026. Revenue assumes fully<br> implemented changes to operational efficiency. Assumptions to the projections are listed below.<br> According to the borrower, the company is being conservative in revenue growth as management remains focused primarily<br> on optimizing operational expenses and developing a strong foundation to support more normalized sales growth of 10-15%<br> year over year. The company's focus is to pursue high margin contracts. The company also aims to drive COGS down closer<br> to an industry benchmark of 25%. The company also is accounting for tariffs and is balanced out by the pivot to more third<br> party install work. Operating expenses account for headcount reductions in workforce, improvements<br>- Seller-08/11/2025 <br> Counter-The revenue was declining from FY 2021 to FY 2024, can you please explain why the projections for FY 2025 used to calculate the global cash flow would not follow the same trend. - Due Diligence Vendor-08/11/2025 <br> Ready for Review- This is a projection based loan with a DSCR of 1.21x as shown on page 16 of the CAM. - Seller-08/07/2025 <br> Open-Commercial Debt Service Coverage Ratio of 1.08 is below guideline minimum of 1.15. - Due Diligence Vendor-07/29/2025 | Ready for Review-I sent an email and will also comment here as well. By nature projections are forward looking assumptions and it's impossible to completely validate any set of projections. Additionally, we believe that credit memorandum provides sufficient justification to utilize the projections. Based on the verified historical revenue ($XXMM-$XXMM annually for the past three years), the projected revenue of $XX.XMM and $XXMM is a conservative estimate of revenue and is in reasonably in line with historical results. We understand that the interim revenue 9-month period (03/31/25) shows a declining revenue trend, but this is a result of the recent acquisition of the company by the borrower and new management's efforts to restructure the business' core product offerings to improve profitability. Furthermore, the company's projected expenses and profitability are in-line with RMA industry averages which indicate that the projected figures are viable. Finally, the principal's strong industry experience (over 19-years of experience in the signage industry) and personal creditworthiness (FICO scores of 778 and 758 and additional collateral pledged to the loan) adds credibility to the projections. Based on these factors, the use of these projections for credit approval are reasonable. - Seller-08/22/2025 <br> Ready for Review-The support for the revenue projections are listed in the CAM on page 17:<br> Total revenue of the company fluctuated from $XX,XXM in FY 2021, $XX,XXXM in FY 2022 and to $XX,XXXM in FY 2023. The<br> company reported total revenue of $X,XXXM during the 9-month interim period ending 03/31/2025. When the interim period<br> revenue is annualized, FY 2024 is projected to exceed $XXMM. The principals purchased the subject business in XXXX.<br> Upon purchase, the borrowers began implementing changes to improve profitability of the company and operating efficiency<br> of the company. Although revenue declined, the company has focused on providing higher margin services and implementing<br> changes to daily operation to improve overall profitability of the company.<br> The company's primary SG&A expenses are comprised of salaries, taxes, utilities, rent, insurance, taxes/licenses, interest,<br> depreciation and advertising.<br> Borrower Projections for FY 2026 and FY 2027:<br> Total annual revenues are projected to be $XX,XXXM and $XX,XXXM in FY 2025 and FY 2026. Revenue assumes fully<br> implemented changes to operational efficiency. Assumptions to the projections are listed below.<br> According to the borrower, the company is being conservative in revenue growth as management remains focused primarily<br> on optimizing operational expenses and developing a strong foundation to support more normalized sales growth of 10-15%<br> year over year. The company's focus is to pursue high margin contracts. The company also aims to drive COGS down closer<br> to an industry benchmark of 25%. The company also is accounting for tariffs and is balanced out by the pivot to more third<br> party install work. Operating expenses account for headcount reductions in workforce, improvements<br>- Seller-08/11/2025 <br> Ready for Review- This is a projection based loan with a DSCR of 1.21x as shown on page 16 of the CAM. - Seller-08/07/2025 | Waived-Document Uploaded. Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/25/2025<br>| 2. CAM 08.25.2025.pdf |  | Principals' strong industry experience<br> Principals' FICO scores of 778 and 758<br> Net worth of $1.3MM | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 706722 | Closed | 2025-07-19 01:07 | 2025-08-19 18:20 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/19/2025 <br>Ready for Review-Document Uploaded. CAM uploaded with different mitigation reasons, no need to verify the personal guarantor's net worth. - Seller-08/19/2025 <br>Open-Audited LTV of 55% exceeds Guideline LTV of 50%. A lender exception is present in the loan file, dated prior to consummation, unable to verify Personal Guarantor's Net Worth. - Due Diligence Vendor-07/19/2025 | Ready for Review-Document Uploaded. CAM uploaded with different mitigation reasons, no need to verify the personal guarantor's net worth. - Seller-08/19/2025<br>| Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/19/2025<br>| 2. Credit Approval Memorandum with change memo.pdf |  | Subject's establishment of over 34 years <br> FICO Score of 733 | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 286197 | Closed | 2025-06-10 18:05 | 2025-08-27 16:08 | Waived | 2 - Non-Material | Credit | Missing Doc | HO6 Master Insurance Policy is Missing | Waived-Missing HO-6 Master Insurance Policy The borrower's HO6 policy provided reflects sufficient coverage. Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/10/2025 |  | Waived-Missing HO-6 Master Insurance Policy The borrower's HO6 policy provided reflects sufficient coverage. Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/10/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 286197 | Closed | 2025-06-10 18:41 | 2025-06-18 21:41 | 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-06/18/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-06/13/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. No valid and complete VOM for the subject property was provided. - Due Diligence Vendor-06/10/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/18/2025<br>| VCC Loan Approval Form-XXXXXXXXXX JXXXXX XXXXXX (1).pdf |  | Seasoned investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 286197 | Closed | 2025-06-10 18:24 | 2025-06-10 18:43 | Waived | 2 - Non-Material | Credit | Assets | Asset 2 Does Not Meet Guideline Requirements | Waived-Asset Record 2 Does Not Meet G/L Requirements Wire receipt for cash to close is not matched to a verified asset account. Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/10/2025 |  | Waived-Asset Record 2 Does Not Meet G/L Requirements Wire receipt for cash to close is not matched to a verified asset account. Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/10/2025<br>|  |  | Seasoned investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 286197 | Closed | 2025-06-10 18:41 | 2025-06-10 18:43 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Housing History Does Not Meet Guideline Requirements Documentation provided indicates multiple late payments for the subject property. No formal VOM was provided, only evidence of late charges and a LOX from the property owner regarding the late payments. Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-06/10/2025 |  | Waived-Housing History Does Not Meet Guideline Requirements Documentation provided indicates multiple late payments for the subject property. No formal VOM was provided, only evidence of late charges and a LOX from the property owner regarding the late payments. Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-06/10/2025<br>|  |  | Property Condition<br> Strong reserves | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 286197 | Closed | 2025-06-09 18:01 | 2025-06-09 18:01 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 637 is less than Guideline FICO of 650. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/09/2025 |  | Waived-Audited FICO of 637 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-06/09/2025<br>|  |  | Low LTV.<br> Property Condition. | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 390971 | Closed | 2025-07-25 19:06 | 2025-07-25 19:10 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-The finding is acknowledged and will be graded a B for S&P only. - Due Diligence Vendor-07/25/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. BPO not within tolerance, the file will be graded a B for S&P only. - Due Diligence Vendor-07/25/2025 |  | Acknowledged-The finding is acknowledged and will be graded a B for S&P only. - Due Diligence Vendor-07/25/2025<br>|  |  |  | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 136733 | Closed | 2025-07-22 17:36 | 2025-08-14 21:32 | 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-08/14/2025 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-08/13/2025 <br>Counter-Exception noted down to 0.68 DSCR however the actual DSCR is 0.593. - Due Diligence Vendor-08/04/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-08/01/2025 <br>Open-Audit Commercial Debt Service Coverage Ratio of 0.593 is below guideline minimum of 1.25 and the loan approval reflects a DSCR of 0.68. the lender exception provided was therefore not valid. Provide updated lender exception.<br>- Due Diligence Vendor-07/22/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/14/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXX (1).pdf<br> VCC Loan Approval Form-XXXXXXXXXXX - XXXX (1).pdf |  | Strong Reserves<br> Seasoned Business | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 136733 | Closed | 2025-07-25 12:15 | 2025-08-04 15:42 | Waived | 2 - Non-Material | Credit | Eligibility | Credit history does not meet guidelines | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/04/2025 <br>Ready for Review-Exception noted on uploaded approval - Buyer-08/01/2025 <br>Open-Lender guidelines require a minimum credit history of at least 2 active consumer credit of mortgage accounts reporting. Despite this requirement, the credit report provided does not reflect the required credit history. two accounts are reporting but both reflect the borrower as an authorized user. - Due Diligence Vendor-07/25/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/04/2025<br>|  |  | Strong reserves<br> Seasoned investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 136733 | Closed | 2025-07-22 18:17 | 2025-07-25 13:03 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided The Evidence of Law and Ordinance is missing in the provided Hazard Insurance as required by the lender guidelines. In addition, missing evidence the first-year premium is paid in full, documentation of a payment plan was provided but is not allowed on a purchase transaction. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/22/2025 |  | Waived-Hazard Insurance Policy Partially Provided The Evidence of Law and Ordinance is missing in the provided Hazard Insurance as required by the lender guidelines. In addition, missing evidence the first-year premium is paid in full, documentation of a payment plan was provided but is not allowed on a purchase transaction. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/22/2025<br>|  |  | Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 199758 | Closed | 2025-07-18 12:50 | 2025-08-12 18:04 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/12/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-08/02/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Verification of Rent (VOR)/Verification of Mortgage (VOM) for primary residence is missing in the file, documentation provided that borrower currently lives rent-free. No lender exception noted. - Due Diligence Vendor-07/18/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/12/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXXXX.pdf |  | Seasonved investor<br> Strong reserves | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 199758 | Closed | 2025-07-26 15:34 | 2025-07-26 15:41 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Housing History Does Not Meet Guideline Requirements Payment history provided for the subject property reflects multiple late payments in the most recent 12 months and is currently delinquent prior to close. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/26/2025 |  | Waived-Housing History Does Not Meet Guideline Requirements Payment history provided for the subject property reflects multiple late payments in the most recent 12 months and is currently delinquent prior to close. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/26/2025<br>|  |  | Seasoned Business<br> Strong Reserves | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 199758 | Closed | 2025-07-18 12:37 | 2025-07-26 15:25 | Waived | 2 - Non-Material | Credit | Eligibility | Delinquent Credit History Does Not Meet Guideline Requirements | Waived-Delinquent Credit History Does Not Meet Guideline Requirements Credit report reflects collection or charged-off accounts total balance more than XXK which exceeds the guideline. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/18/2025 |  | Waived-Delinquent Credit History Does Not Meet Guideline Requirements Credit report reflects collection or charged-off accounts total balance more than 25K which exceeds the guideline. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/18/2025<br>|  |  | Seasoned Business <br> Strong reserves | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 199758 | Closed | 2025-07-18 12:27 | 2025-07-26 15:25 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Lender guidelines require a minimum of two active major consumer credit tradelines. Despite this requirement, only one credit tradeline reported on the credit report. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/18/2025 |  | Waived-Lender guidelines require a minimum of two active major consumer credit tradelines. Despite this requirement, only one credit tradeline reported on the credit report. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/18/2025<br>|  |  | Seasoned Business <br> Strong reserves | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 199758 | Closed | 2025-07-18 11:43 | 2025-07-18 13:32 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 0.77 is below guideline minimum of 1. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/18/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 0.77 is below guideline minimum of 1. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/18/2025<br>|  |  | Seasoned Business<br> Strong reserves | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 199758 | Closed | 2025-07-18 12:12 | 2025-07-18 12:12 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing Law and 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-07/18/2025 |  | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing Law and 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-07/18/2025<br>|  |  | Seasoned Investor | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 199758 | Closed | 2025-07-17 20:59 | 2025-07-17 20:59 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 615 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-07/17/2025 |  | Waived-Audited FICO of 615 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-07/17/2025<br>|  |  | Seasoned Investor<br> Strong reserves | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 828338 | Closed | 2025-07-17 19:24 | 2025-07-24 21:30 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 0.952 is below guideline minimum of 1 (Owner-user property.) - Due Diligence Vendor-07/17/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 0.952 is below guideline minimum of 1 (Owner-user property.) - Due Diligence Vendor-07/17/2025<br>|  |  | Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 828338 | Closed | 2025-07-17 19:21 | 2025-07-24 21:30 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. The borrower resides rent free in primary residence therefore no VOR is available. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/17/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. The borrower resides rent free in primary residence therefore no VOR is available. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/17/2025<br>|  |  | Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 828338 | Closed | 2025-07-17 19:30 | 2025-07-24 21:30 | Waived | 2 - Non-Material | Credit | Borrower | Borrower 1 Credit Report is Incomplete | Waived-Incorrect DOB reflecting in Credit Report. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/17/2025 |  | Waived-Incorrect DOB reflecting in Credit Report. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/17/2025<br>|  |  | Low LTV | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 696381 | Closed | 2025-07-17 13:55 | 2025-07-17 14:04 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided Insurance in payment plan premium not collected at closing. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/17/2025 |  | Waived-Hazard Insurance Policy Partially Provided Insurance in payment plan premium not collected at closing. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/17/2025<br>|  |  | Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 646256 | Closed | 2025-08-27 17:30 | 2025-08-27 17:31 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with sufficient value provided, the finding will be graded a B for S&P only. - Due Diligence Vendor-08/27/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-08/27/2025 |  | Acknowledged-CDA with sufficient value provided, the finding will be graded a B for S&P only. - Due Diligence Vendor-08/27/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 646256 | Closed | 2025-07-23 15:14 | 2025-07-28 15:44 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 610 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-07/28/2025 |  | Waived-Audited FICO of 610 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-07/28/2025<br>|  |  | 1. Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 893760 | Closed | 2025-07-17 17:48 | 2025-08-04 14:05 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/04/2025 <br>Ready for Review-Document Uploaded. Uploaded - Buyer-08/01/2025 <br>Open-Commercial Debt Service Coverage Ratio of could not be calculated due to missing appraisal for property 2. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. Finding subject to waiver upon receipt of the missing appraisal. - Due Diligence Vendor-07/17/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/04/2025<br>| Appraisal - 3737.pdf<br>Appraisal - 3737 (1).pdf |  | Low LTV<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 893760 | Closed | 2025-07-25 14:36 | 2025-08-04 13:57 | 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-08/04/2025 <br>Ready for Review-Document Uploaded. Uploaded - Buyer-08/01/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. lender guidelines require a VOR for the borrower's primary residence. A rent-free letter was provided as no VOR is available. - Due Diligence Vendor-07/25/2025 |  | Waived-Exception granted the finding will be graded a B or non-material. - Due Diligence Vendor-08/04/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXXX (1).pdf |  | Low LTV<br> Seasoned investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 893760 | Closed | 2025-07-17 17:55 | 2025-07-17 17:55 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Ordinance or Law/Blanket Policy - Hazard Insurance Policy Partially Provided. The evidence of insurance is missing the Evidence of Law and Business Interruption coverages 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-07/17/2025 |  | Waived-Ordinance or Law/Blanket Policy - Hazard Insurance Policy Partially Provided. The evidence of insurance is missing the Evidence of Law and Business Interruption coverages 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-07/17/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 796847 | Closed | 2025-07-17 19:14 | 2025-07-17 19:14 | 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 Blanket Policy 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-07/17/2025 |  | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Blanket Policy 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-07/17/2025<br>|  |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 796847 | Closed | 2025-07-17 19:11 | 2025-07-17 19:11 | Waived | 2 - Non-Material | Credit | Assets | Asset 1 Does Not Meet Guideline Requirements | Waived-Asset Record 1 Does Not Meet G/L Requirements The bank statement is 72 days old; however, the guideline allows asset statements to be up to 60 days old. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/17/2025 |  | Waived-Asset Record 1 Does Not Meet G/L Requirements The bank statement is 72 days old; however, the guideline allows asset statements to be up to 60 days old. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/17/2025<br>|  |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 645439 | Closed | 2025-07-14 19:38 | 2025-07-24 12:48 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 629 is less than Guideline FICO of 650 Audited FICO of 629 which is lesser than the 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-07/24/2025 |  | Waived-Audited FICO of 629 is less than Guideline FICO of 650 Audited FICO of 629 which is lesser than the 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-07/24/2025<br>|  |  | 1.Seasoned Investor<br> 2.Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 645439 | Closed | 2025-07-14 19:40 | 2025-07-24 12:47 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided . The property is not covered by Wind and Hail Insurance. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025 |  | Waived-Hazard Insurance Policy Partially Provided . The property is not covered by Wind and Hail Insurance. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 994081 | Closed | 2025-07-15 15:41 | 2025-07-24 14:41 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 629 is less than Guideline FICO of 650 Audited FICO of 629 is less than guideline minimum FICO of 650. The lender provided an approved exception dated prior to consummation, and all compensating factors have been documented and validated. - Due Diligence Vendor-07/15/2025 |  | Waived-Audited FICO of 629 is less than Guideline FICO of 650 Audited FICO of 629 is less than guideline minimum FICO of 650. The lender provided an approved exception dated prior to consummation, and all compensating factors have been documented and validated. - Due Diligence Vendor-07/15/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 994081 | Closed | 2025-07-15 15:43 | 2025-07-15 15:43 | 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-07/15/2025 |  | 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-07/15/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 717998 | Closed | 2025-07-14 14:53 | 2025-07-24 19:18 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 560 is less than Guideline FICO of 650 Audited FICO of 629 is less than guideline required 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-07/24/2025 |  | Waived-Audited FICO of 560 is less than Guideline FICO of 650 Audited FICO of 629 is less than guideline required 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-07/24/2025<br>|  |  | 1. Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 717998 | Closed | 2025-07-14 18:15 | 2025-07-24 18:57 | 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-07/14/2025 |  | 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-07/14/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 695035 | Closed | 2025-07-14 17:41 | 2025-07-24 12:00 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 629 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-07/24/2025 |  | Waived-Audited FICO of 629 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-07/24/2025<br>|  |  | Seasoned Investor. | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 695035 | Closed | 2025-07-24 11:47 | 2025-07-24 11:47 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-Borrower has been vested owner on Title for less than 12 months; however, appraised value used for LTV calculation. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025 |  | Waived-Borrower has been vested owner on Title for less than 12 months; however, appraised value used for LTV calculation. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 695035 | Closed | 2025-07-14 17:44 | 2025-07-14 17:44 | 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-07/14/2025 |  | 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-07/14/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 354776 | Closed | 2025-07-15 14:18 | 2025-07-23 17:04 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 629 is less than Guideline FICO of 650 The audited FICO score of 629 is less than 650 minimum as required by lender's guidelines. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/15/2025 |  | Waived-Audited FICO of 629 is less than Guideline FICO of 650 The audited FICO score of 629 is less than 650 minimum as required by lender's guidelines. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/15/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 354776 | Closed | 2025-07-15 14:20 | 2025-07-23 17:02 | 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-07/15/2025 |  | 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-07/15/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 495812 | Closed | 2025-08-27 16:49 | 2025-08-27 16:50 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA within tolerance provided, the finding will be graded a B for S&P only. - Due Diligence Vendor-08/27/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-08/27/2025 |  | Acknowledged-CDA within tolerance provided, the finding will be graded a B for S&P only. - Due Diligence Vendor-08/27/2025<br>|  |  |  | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 495812 | Closed | 2025-07-15 19:54 | 2025-08-27 16:10 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 629 is less than Guideline FICO of 650 . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025 |  | Waived-Audited FICO of 629 is less than Guideline FICO of 650 . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025<br>|  |  | Seasoned investor<br> Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 495812 | Closed | 2025-07-15 19:41 | 2025-08-14 19:43 | 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-08/14/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-08/13/2025 <br>Open-Insufficient asset documentation in file - assets do not cover closing costs. Verified assets of $0 less than cash to close amount of $93,848.91. - Due Diligence Vendor-07/24/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/14/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXX.pdf |  | Seasoned investor<br> Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 495812 | Closed | 2025-07-15 20:09 | 2025-07-24 19:43 | 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-07/24/2025 |  | 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-07/24/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 380402 | Closed | 2025-07-21 01:18 | 2025-07-25 13:26 | 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-07/21/2025 |  | 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-07/21/2025<br>|  |  | High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 250834 | Closed | 2025-07-21 12:36 | 2025-07-25 11:16 | Waived | 2 - Non-Material | Credit | Closing | Borrower 1 Non-US Document Identification is expired | Waived-Borrower Non-US identity document expiration date is XX/XX/XXXX and note is dated XX/XX/XXXX. Lender guidelines require a valid document confirming the nationality of the borrower. Despite this condition, the employment authorization card provided is expired. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025 |  | Waived-Borrower Non-US identity document expiration date is XX/XX/XXXX and note is dated XX/XX/XXXX. Lender guidelines require a valid document confirming the nationality of the borrower. Despite this condition, the employment authorization card provided is expired. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025 |  |  | 1) Low LTV | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 250834 | Closed | 2025-07-21 14:39 | 2025-07-25 11:16 | Waived | 2 - Non-Material | Credit | Assets | Asset 1 Does Not Meet Guideline Requirements | Waived-Asset Record 1 Does Not Meet G/L Requirements Asset1 is considered to be unverified funds since bank Statement is 64 days old as of Closing 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-07/21/2025 |  | Waived-Asset Record 1 Does Not Meet G/L Requirements Asset1 is considered to be unverified funds since bank Statement is 64 days old as of Closing 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-07/21/2025<br>|  |  | 1) Low LTV | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 988703 | Closed | 2025-07-18 13:30 | 2025-07-24 17:13 | Waived | 2 - Non-Material | Credit | Assets | Asset 1 Does Not Meet Guideline Requirements | Waived-Asset Record 1 Does Not Meet G/L Requirements Asset1 is considered to be unverified funds since bank Statement is 72 days old as of Closing 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-07/18/2025 |  | Waived-Asset Record 1 Does Not Meet G/L Requirements Asset1 is considered to be unverified funds since bank Statement is 72 days old as of Closing 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-07/18/2025<br>|  |  | 1) High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 386320 | Closed | 2025-08-11 16:24 | 2025-08-11 16:31 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Housing History Does Not Meet Guideline Requirements Guidelines require a 12-month mortgage history. Property owned Free and Clear. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/11/2025 |  | Waived-Housing History Does Not Meet Guideline Requirements Guidelines require a 12-month mortgage history. Property owned Free and Clear. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-08/11/2025<br>|  |  | 1. Seasoned Investor<br> 2. Property Condition | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 386320 | Closed | 2025-08-06 12:25 | 2025-08-11 16:17 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 642 is less than Guideline FICO of 650 Audited FICO of 642 is less than the 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-08/06/2025 |  | Waived-Audited FICO of 642 is less than Guideline FICO of 650 Audited FICO of 642 is less than the 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-08/06/2025<br>|  |  | 1. Seasoned Investor<br> 2. Property Condition | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 551018 | Closed | 2025-07-17 19:48 | 2025-07-24 22:08 | 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. Verification of Mortgage (VOM) Document for Subject property has been verified and confirmed from the Processor Cert. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/17/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Verification of Mortgage (VOM) Document for Subject property has been verified and confirmed from the Processor Cert. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/17/2025<br>|  |  | High FICO | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 455926 | Closed | 2025-07-18 16:15 | 2025-07-24 18:27 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Primary - Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence.<br> Subject - Lender guidelines require a 12 month pay history for any mortgage held by a private lender. Despite this requirement, no payment from 3/25 to 5/25 were made, a LOE was provided in file by lender regarding the delay in payment. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/18/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Primary - Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence.<br> Subject - Lender guidelines require a 12 month pay history for any mortgage held by a private lender. Despite this requirement, no payment from XXX to XXX were made, a LOE was provided in file by lender regarding the delay in payment. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/18/2025 |  |  | 1) Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 455926 | Closed | 2025-07-18 17:01 | 2025-07-18 17:01 | Waived | 2 - Non-Material | Credit | Eligibility | Credit Report Expired | Waived-Credit report is 79 days old as of Closing 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-07/18/2025 |  | Waived-Credit report is 79 days old as of Closing 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-07/18/2025<br>|  |  | 1) Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 455926 | Closed | 2025-07-18 16:58 | 2025-07-18 16:58 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 604 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 604. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/18/2025 |  | Waived-Audited FICO of 604 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 604. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/18/2025<br>|  |  | 1) Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 148750 | Closed | 2025-07-25 18:16 | 2025-08-04 20:30 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/04/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-08/02/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12-month payment history for the borrower's primary residence reporting no more than 1x30 in the most recent 12 months with no late payments in the most recent 90 days. Despite this requirement, the file is missing verification of the 04 and 05/2025 to complete the required history. - Due Diligence Vendor-07/25/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/04/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXXX (1).pdf |  | High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 148750 | Closed | 2025-07-17 18:55 | 2025-07-25 18:30 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of XX is below guideline minimum of 1.20. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/17/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 0.832 is below guideline minimum of 1.20. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/17/2025<br>|  |  | High Fico | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 148750 | Closed | 2025-07-17 18:50 | 2025-07-25 17:53 | Waived | 2 - Non-Material | Credit | Missing Doc | Required Documentation is Missing | Waived-No mortgage/deed for 2nd TD has not provided in loan file for verification purpose. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/17/2025 |  | Waived-No mortgage/deed for 2nd TD has not provided in loan file for verification purpose. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/17/2025<br>|  |  | High Fico | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 148750 | Closed | 2025-07-17 18:43 | 2025-07-17 19:02 | Waived | 2 - Non-Material | Credit | Eligibility | Credit Report Expired | Waived-Timing requirement has not provided in guideline for credit report despite of this provided credit report in file 62 days old. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/17/2025 |  | Waived-Timing requirement has not provided in guideline for credit report despite of this provided credit report in file 62 days old. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/17/2025<br>|  |  | High Fico | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 733365 | Closed | 2025-07-10 16:30 | 2025-07-25 14:54 | 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-07/25/2025 <br> Ready for Review-Document Uploaded. Uploaded - Buyer-07/22/2025 <br> Open-Commercial Debt Service Coverage Ratio of XX% is below guideline minimum of 1.25% - Due Diligence Vendor-07/10/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-07/25/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXXX.pdf |  | Seasoned investor<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 733365 | Closed | 2025-07-07 19:48 | 2025-07-10 16:33 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. No Verification of Mortgage for the subject property was provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/07/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. No Verification of Mortgage for the subject property was provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/07/2025<br>|  |  | 1) Seasoned Investor<br> 2) Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 971836 | Closed | 2025-07-18 21:05 | 2025-07-24 15:46 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided Lender guidelines require evidence of L&O coverage. Despite this requirement, no L&O coverage was noted. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/18/2025 |  | Waived-Hazard Insurance Policy Partially Provided Lender guidelines require evidence of L&O coverage. Despite this requirement, no L&O coverage was noted. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/18/2025<br>|  |  | 1) Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 971836 | Closed | 2025-07-18 20:47 | 2025-07-24 15:36 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12 month pay history for any mortgage held by a private lender. Despite this requirement, no pay history was provided for the 2nd mortgage for subject property, since payment commencing on 7/4/2025. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/18/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12 month pay history for any mortgage held by a private lender. Despite this requirement, no pay history was provided for the 2nd mortgage for subject property, since payment commencing on 7/4/2025. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/18/2025<br>|  |  | 1) Seasoned Investor<br> 2) Strong Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 971836 | Closed | 2025-07-21 18:32 | 2025-07-24 15:35 | Waived | 2 - Non-Material | Credit | Closing | Collections, liens or judgments not paid at closing | Waived- Lender requires all tax liens to be paid off at closing. Despite this requirement, only $XXXX tax liens have been paid off, an outstanding lien of $XXXX is not paid at closing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025 |  | Waived- Lender requires all tax liens to be paid off at closing. Despite this requirement, only $XXXX tax liens have been paid off, an outstanding lien of $XXX is not paid at closing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025 |  |  | 1) Seasoned Investor<br> 2) Strong Reserves | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 691736 | Closed | 2025-07-25 21:47 | 2025-08-19 15:09 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing Rent Loss Coverage | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/19/2025 <br>Ready for Review-Document Uploaded. Corrected uploaded - Buyer-08/18/2025 <br>Counter-Exception made on the approval form but the compensating factor is not valid. Low LTV was cited however the loan was approved at 50% LTV which is the max for the documentation type. - Due Diligence Vendor-08/13/2025 <br>Ready for Review-Document Uploaded. - Buyer-08/02/2025 <br>Open-Hazard Insurance Policy does not reflect rent loss coverage. The loan approval indicates an exception was granted; however, there were no compensating factors provided for the exception to be considered valid. - Due Diligence Vendor-07/25/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/19/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - Seller.pdf<br> VCC Loan Approval Form-XXXXXXXXXX - Seller.pdf |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 329230 | Closed | 2025-07-21 02:55 | 2025-07-21 02:55 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Blanket or package policy of insurance covering the property and other properties and liabilities of the borrower. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/21/2025 |  | Waived-Blanket or package policy of insurance covering the property and other properties and liabilities of the borrower. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/21/2025<br>|  |  | High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 909166 | Closed | 2025-07-18 15:32 | 2025-07-18 15:32 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided The Evidence of Law and Ordinance is missing in the provided Hazard Insurance. As per Guideline, Policy must contain Law and Ordinance endorsement. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/18/2025 |  | Waived-Hazard Insurance Policy Partially Provided The Evidence of Law and Ordinance is missing in the provided Hazard Insurance. As per Guideline, Policy must contain Law and Ordinance endorsement. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/18/2025<br>|  |  | Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 909166 | Closed | 2025-07-18 15:19 | 2025-07-18 15:19 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Primary property has an active mortgage, and the mortgage payments has been paid by borrower's wife. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/18/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Primary property has an active mortgage, and the mortgage payments has been paid by borrower's wife. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/18/2025<br>|  |  | 1. Low LTV<br> 2. Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 909166 | Closed | 2025-07-18 14:54 | 2025-07-18 14:54 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $100000 Audited Loan Amount of $XX,XXX.XX is less than the Guideline Minimum Loan Amount of $100,000. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/18/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $100000 Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $100,000. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/18/2025 |  |  | 1. Low LTV<br> 2. Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 796026 | Closed | 2025-07-21 18:39 | 2025-08-04 21:50 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/04/2025 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-08/02/2025 <br>Open-Audit calculated DSCR of .675 is less than lender approval 0.82 which was what the exception was based on. Laned failed to include the verified annual hazard insurance premium. The compensating factors provided were documented and validated. Provide updated lender exception to support the recalculated DSCR. - Due Diligence Vendor-07/21/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/04/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXX.pdf |  | High FICO<br> Strong reserves | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 796026 | Closed | 2025-07-25 19:39 | 2025-07-25 19:39 | Waived | 2 - Non-Material | Credit | Eligibility | Transaction Ineligible | Waived-The 2nd lien is due and payable in less than 3 years as required by the lender guidelines. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-07/25/2025 |  | Waived-The 2nd lien is due and payable in less than 3 years as required by the lender guidelines. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-07/25/2025<br>|  |  | High FICO<br> Strong Reserves | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 796026 | Closed | 2025-07-21 18:14 | 2025-07-21 18:14 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided Insurance deductibles exceed the guideline maximum deductible. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors.<br> - Due Diligence Vendor-07/21/2025 |  | Waived-Hazard Insurance Policy Partially Provided Insurance deductibles exceed the guideline maximum deductible. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors.<br> - Due Diligence Vendor-07/21/2025<br>|  |  | 1) High FICO | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 962361 | Closed | 2025-07-25 11:02 | 2025-07-25 11:09 | Waived | 2 - Non-Material | Credit | Assets | Asset 1 Does Not Meet Guideline Requirements | Waived-Asset Record 1 Does Not Meet G/L Requirements Wire receipt for cash to close is considered unverified funds. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/25/2025 |  | Waived-Asset Record 1 Does Not Meet G/L Requirements Wire receipt for cash to close is considered unverified funds. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/25/2025<br>|  |  | High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 347632 | Closed | 2025-07-18 19:46 | 2025-08-11 22:20 | 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-08/11/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-08/02/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Verification of Mortgage (VOM) Document to verify 12 months mortgage history for Subject property is missing in loan file. - Due Diligence Vendor-07/18/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/11/2025<br>| VCC Loan Approval Form-XXXXXXXXXXX - XXXX.pdf |  | High FICO<br> Seasoned investor<br> Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 347632 | Closed | 2025-07-18 20:05 | 2025-07-18 20:07 | Waived | 2 - Non-Material | Credit | Eligibility | Subject property does not meet guidelines | Waived-Subject Property is Vacant, the total cost to cure value is 25k which exceeds the guideline limit. The guideline reflects minor and/or cosmetic deferred maintenance shall be limited to 5% of VCC's review value up to a maximum of $20,000. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/18/2025 | 48% LTV loan. On the date of appraisal, the improvements were found to be in generally average condition; however, there were some deferred maintenance items: restrooms/ceiling lights/flooring not finished. The property was under rehab at the time of appraisal. . We estimate the cost to cure to be approximately $XX,XXX, which was considered in the final value/LTV.VCC has not confirmed that the repairs are complete, but expects the borrower to complete all necessary repairs prior to tenants occupying the space. - Seller-08/28/2025 | Waived-Subject Property is Vacant, the total cost to cure value is 25k which exceeds the guideline limit. The guideline reflects minor and/or cosmetic deferred maintenance shall be limited to 5% of VCC's review value up to a maximum of $20,000. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/18/2025<br>|  |  | High FICO | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 347632 | Closed | 2025-07-18 19:49 | 2025-07-18 19:49 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided The Evidence of Law and Ordinance is missing in the provided Hazard Insurance. As per Guideline, Policy must contain Law and Ordinance endorsement. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/18/2025 |  | Waived-Hazard Insurance Policy Partially Provided The Evidence of Law and Ordinance is missing in the provided Hazard Insurance. As per Guideline, Policy must contain Law and Ordinance endorsement. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/18/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 924899 | Closed | 2025-07-18 14:40 | 2025-07-24 20:27 | 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. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/18/2025 |  | Waived-Credit report is 63 days old as of Note Date, which is greater than the maximum 60 days per lender guidelines. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/18/2025<br>|  |  | Seasoned Investor. | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 924899 | Closed | 2025-07-18 14:39 | 2025-07-24 20:27 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $100000 The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/18/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $100000 The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/18/2025 |  |  | Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 406285 | Closed | 2025-07-25 13:53 | 2025-07-28 12:13 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Lender guidelines require evidence of L&O coverage. Despite this requirement, no L&O coverage was noted. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/25/2025 |  | Waived-Lender guidelines require evidence of L&O coverage. Despite this requirement, no L&O coverage was noted. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/25/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 406285 | Closed | 2025-07-28 12:12 | 2025-07-28 12:12 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-Subject property #XXXXX was refinanced recently. Per lender's guidelines, a frequent refinance with less than 12 months seasoning required the original purchase price to be used for calculations. A refinance occurred within the last 6 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025 |  | Waived-Subject property #XXXXX was refinanced recently. Per lender's guidelines, a frequent refinance with less than 12 months seasoning required the original purchase price to be used for calculations. A refinance occurred within the last 6 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025 |  |  | Low LTV<br> High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 384581 | Closed | 2025-07-18 20:07 | 2025-08-12 20:45 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing Verification of Mortgage | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/12/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-08/02/2025 <br>Open-Verification of mortgage is missing for the subject property, unable to verify the 12-months payment history. - Due Diligence Vendor-07/18/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/12/2025<br>| VCC Loan Approval Form-XXXXXXXXXXX - XXXXX.pdf |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 384581 | Closed | 2025-07-18 19:55 | 2025-07-18 19:55 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-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-07/18/2025 |  | Waived-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-07/18/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 384581 | Closed | 2025-07-18 19:51 | 2025-07-18 19:51 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 608 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-07/18/2025 |  | Waived-Audited FICO of 608 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-07/18/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 894549 | Closed | 2025-07-15 12:22 | 2025-07-15 12:22 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. The borrower resides rent free in primary residence therefore no VOR is available. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/15/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. The borrower resides rent free in primary residence therefore no VOR is available. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/15/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 894549 | Closed | 2025-07-07 17:27 | 2025-07-07 17:27 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 538 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-07/07/2025 |  | Waived-Audited FICO of 538 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-07/07/2025<br>|  |  | Seasoned Investor. | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 894549 | Closed | 2025-07-07 16:56 | 2025-07-07 16:56 | 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-07/07/2025 |  | 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-07/07/2025<br>|  |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 174710 | Closed | 2025-07-15 09:27 | 2025-07-21 13:48 | Waived | 2 - Non-Material | Credit | Debt | Number of Collections exceed guidelines | Waived-Charged off account has amount of $XXXX exceeds max amount of $25,000 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-07/15/2025 |  | Waived-Charged off account has amount of $XXXX exceeds max amount of $25,000 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-07/15/2025 |  |  | Strong Reserves<br> High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 494516 | Closed | 2025-08-27 16:52 | 2025-08-27 16:53 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA within tolerance provided, the finding will be graded a B for S&P only. - Due Diligence Vendor-08/27/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-08/27/2025 |  | Acknowledged-CDA within tolerance provided, the finding will be graded a B for S&P only. - Due Diligence Vendor-08/27/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 494516 | Closed | 2025-07-14 15:32 | 2025-07-24 18:21 | 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 wind and Hail policy 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-07/14/2025 |  | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the wind and Hail policy 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-07/14/2025<br>|  |  | 1) Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 494516 | Closed | 2025-07-14 15:26 | 2025-07-24 18:21 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 629 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 629. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/14/2025 |  | Waived-Audited FICO of 629 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 629. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/14/2025<br>|  |  | 1) Mitigated <br> 2) Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 339715 | Closed | 2025-07-16 05:54 | 2025-07-16 05:54 | 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-07/16/2025 |  | 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-07/16/2025<br>|  |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 339715 | Closed | 2025-07-16 05:53 | 2025-07-16 05:53 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 70% exceeds Guideline LTV of 65%, as per G/L 5% LTV reduction for first time investor. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/16/2025 |  | Waived-Audited LTV of 70% exceeds Guideline LTV of 65%, as per G/L 5% LTV reduction for first time investor. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/16/2025<br>|  |  | Strong Reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 132739 | Closed | 2025-07-15 11:16 | 2025-07-21 15:08 | 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 and 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-07/15/2025 |  | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Evidence of Law and 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-07/15/2025<br>|  |  | High FICO | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 358428 | Closed | 2025-07-07 19:53 | 2025-07-24 18:40 | 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-07/24/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-07/22/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Both the VOM for the subject property and the VOR for the borrower's primary residence are missing from the file as required by the lender guidelines. - Due Diligence Vendor-07/07/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-07/24/2025<br>| VCC Loan Approval Form-XXXXXXXXXXX - XXXX.pdf |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 358428 | Closed | 2025-07-09 13:13 | 2025-07-24 18:39 | 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-07/24/2025 <br> Ready for Review-Exception noted on uploaded approval - Buyer-07/22/2025 <br> Open-Housing History Does Not Meet Guideline Requirements Lender guidelines require a mortgage history for the subject property reporting no less than 1x30 in the past 12 months, none in the past 90 days and the loan must be current at close. Despite this requirement, the payoff letter provided is reporting the loan is not current at close, currently due for 03/25 payment. - Due Diligence Vendor-07/09/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-07/24/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 358428 | Closed | 2025-07-09 13:00 | 2025-07-09 13:00 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided Lender guidelines require an insurance carrier to have a Best's Rating of no less than A. Despite this requirement, the carrier has a rating of B+. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/09/2025 |  | Waived-Hazard Insurance Policy Partially Provided Lender guidelines require an insurance carrier to have a Best's Rating of no less than A. Despite this requirement, the carrier has a rating of B+. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/09/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 358428 | Closed | 2025-07-07 21:43 | 2025-07-09 12:34 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 589 is less than Guideline FICO of 650 Audited FICO is less than Guideline FICO. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/07/2025 |  | Waived-Audited FICO of 589 is less than Guideline FICO of 650 Audited FICO is less than Guideline FICO. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/07/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 358428 | Closed | 2025-07-07 21:46 | 2025-07-09 12:34 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-Credit report is 67 days old as of Note Date, which is greater than the maximum 60 days per lender guidelines. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/07/2025 |  | Waived-Credit report is 67 days old as of Note Date, which is greater than the maximum 60 days per lender guidelines. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/07/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 884848 | Closed | 2025-07-23 15:44 | 2025-07-23 16:01 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Housing History Does Not Meet Guideline Requirements Mortgage tradeline on credit report reflects 2x60 in the most recent 24 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/23/2025 |  | Waived-Housing History Does Not Meet Guideline Requirements Mortgage tradeline on credit report reflects 2x60 in the most recent 24 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/23/2025<br>|  |  | Strong Reserves<br> Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 884848 | Closed | 2025-07-16 11:38 | 2025-07-16 11:38 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-There are 2 late payments (2x60) on mortgage account in past 24 months. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/16/2025 |  | Waived-There are 2 late payments (2x60) on mortgage account in past 24 months. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/16/2025<br>|  |  | Strong Reserves<br> Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 884848 | Closed | 2025-07-16 11:31 | 2025-07-16 11:31 | 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-07/16/2025 |  | 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-07/16/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 884848 | Closed | 2025-07-16 11:30 | 2025-07-16 11:30 | 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-07/16/2025 |  | 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-07/16/2025<br>|  |  | Strong Reserves<br> Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 839031 | Closed | 2025-07-25 17:33 | 2025-07-25 17:33 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided The Hazard Insurance policy does not reflect coverage for wind and hail as required by the GL. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/25/2025 |  | Waived-Hazard Insurance Policy Partially Provided The Hazard Insurance policy does not reflect coverage for wind and hail as required by the GL. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/25/2025<br>|  |  | Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 245925 | Closed | 2025-07-24 20:13 | 2025-08-11 22:11 | 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-08/11/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-08/02/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12-month mortgage history for the borrower's primary residence reporting no more than 1x30 with 0x30 in the most recent 90 days. Despite this requirement the file is missing verification of the 04/2025 and 05/2025 payments. - Due Diligence Vendor-07/24/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/11/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXX.pdf |  | Seasoned business<br> Strong reserves | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 245925 | Closed | 2025-07-21 14:11 | 2025-07-24 19:57 | Waived | 2 - Non-Material | Credit | Eligibility | Credit Report Expired | Waived-Credit report is 74 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-07/21/2025 |  | Waived-Credit report is 74 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-07/21/2025<br>|  |  | Seasoned Business<br> Strong Reserves | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 245925 | Closed | 2025-07-21 14:08 | 2025-07-21 14:08 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 637 is less than Guideline FICO of 650 . The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/21/2025 |  | Waived-Audited FICO of 637 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-07/21/2025<br>|  |  | Seasoned Business<br> Strong Reserves | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 371343 | Closed | 2025-07-14 12:38 | 2025-07-21 16:23 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% Borrower is a first-time investor. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-07/14/2025 |  | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% Borrower is a first-time investor. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-07/14/2025<br>|  |  | Strong Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 371343 | Closed | 2025-07-14 12:28 | 2025-07-21 16:23 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 1.039 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-07/14/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 1.039 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-07/14/2025<br>|  |  | Strong Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 371343 | Closed | 2025-07-14 12:00 | 2025-07-14 12:00 | Waived | 2 - Non-Material | Credit | Closing | Borrower 2 Photo ID is expired | Waived-Borrower 2 photo ID expiration date is 05-16-2025 and note is dated XX/XX/XXXX. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/14/2025 |  | Waived-Borrower 2 photo ID expiration date is 05-16-2025 and note is dated XX/XX/XXXX. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/14/2025 |  |  | Strong Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 282782 | Closed | 2025-07-14 19:22 | 2025-07-23 16:15 | Waived | 2 - Non-Material | Credit | Eligibility | Delinquent Credit History Does Not Meet Guideline Requirements | Waived-Delinquent Credit History Does Not Meet Guideline Requirements Lender guideline requires borrower to exhibit at least two active major consumer credit or mortgage accounts. Despite this condition, no active account is reported on Credit report. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/14/2025 |  | Waived-Delinquent Credit History Does Not Meet Guideline Requirements Lender guideline requires borrower to exhibit at least two active major consumer credit or mortgage accounts. Despite this condition, no active account is reported on Credit report. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/14/2025<br>|  |  | 1) Strong Reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 282782 | Closed | 2025-07-14 19:09 | 2025-07-14 19:09 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% Lender guidelines require a 5% LTV reduction for a First Time Investor borrower. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/14/2025 |  | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% Lender guidelines require a 5% LTV reduction for a First Time Investor borrower. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/14/2025<br>|  |  | 1) Strong Reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 319355 | Closed | 2025-07-25 18:38 | 2025-08-04 22:13 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/04/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-08/02/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12-month payment history for the borrower's primary residence reporting no more than 1x30 in the most recent 12 months with no late payments in the most recent 90 days. Despite this requirement, the file is missing verification of the 04 and 05/2025 to complete the required history. - Due Diligence Vendor-07/25/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/04/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXX.pdf |  | High FICO<br> Strong DSCR | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 319355 | Closed | 2025-07-23 14:00 | 2025-07-25 16:33 | Waived | 2 - Non-Material | Credit | Eligibility | Subject property does not meet guidelines | Waived-Subject Property is Vacant & the property has Deferred Maintenance with the renovation cost of $75,000 which exceeds the guideline limit. AS per Guideline, if a property suffers from deferred maintenance, it will be necessary to estimate the cost to repair the same. In general, minor and/or cosmetic deferred maintenance shall be limited to 5% of VCC's review value up to a maximum of $20,000. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/23/2025 | Property vacant at the time of origination. Deferred maintenance includes, Untended growth and littered yard; peeling paint on fascia board and faded striping; discoloration on wall and stained ground. Additionally, installation of kitchen/bathroom appliances for proposed apartments. Property under rehab at the time of origination. Property value considered in value/LTV. Per discussions with the borrower, renovations are 75% underway and expected to be complete by XX/XX/XXXX. - Seller-08/28/2025 | Waived-Subject Property is Vacant & the property has Deferred Maintenance with the renovation cost of $XXXX which exceeds the guideline limit. AS per Guideline, if a property suffers from deferred maintenance, it will be necessary to estimate the cost to repair the same. In general, minor and/or cosmetic deferred maintenance shall be limited to 5% of VCC's review value up to a maximum of $20,000. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/23/2025 |  |  | 1. High FICO<br> 2. Strong DCR | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 617939 | Closed | 2025-07-24 11:44 | 2025-07-24 11:56 | Waived | 2 - Non-Material | Credit | Missing Doc | HO6 Master Insurance Policy is Partial | Waived-HO-6 Master Insurance Policy Partially Provided The Master Condo Policy is missing the L&O 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. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025 |  | Waived-HO-6 Master Insurance Policy Partially Provided The Master Condo Policy is missing the L&O 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. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025<br>|  |  | Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 617939 | Closed | 2025-07-21 17:00 | 2025-07-24 11:55 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The VOM provided for the subject property was prepared by an individual and no 12-month payment history was provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The VOM provided for the subject property was prepared by an individual and no 12-month payment history was provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025<br>|  |  | Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 617939 | Closed | 2025-07-21 17:35 | 2025-07-21 17:35 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 641 is less than Guideline FICO of 650, Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025 |  | Waived-Audited FICO of 641 is less than Guideline FICO of 650, Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025<br>|  |  | Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 608294 | Closed | 2025-07-07 13:43 | 2025-08-12 19:35 | Waived | 2 - Non-Material | Credit | Insurance | Master Policy Expiration Date is Prior To the Transaction Date | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/12/2025 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval<br>- Buyer-08/02/2025 <br> Open-Master Policy Expiration Date of 06-15-2025 is Prior To the Transaction Date of XX/XX/XXXX - Due Diligence Vendor-07/07/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/12/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXX.pdf |  | Seasoned investor<br> High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 951469 | Closed | 2025-07-26 12:42 | 2025-08-04 17:49 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/04/2025 <br>Ready for Review-Document Uploaded. Exception corrected on uploaded approval - Buyer-08/02/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Missing evidence of the 04 and 05 payments for the borrower's primary residence to complete a full 12 month payment history. Lender provided an exception to account for the missing 05/01 payment only.<br> In addition, missing evidence of the 03 and 04 payments for the first lien on the borrower's primary residence to complete the required 12 month history. - Due Diligence Vendor-07/26/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/04/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXXX XXXXXXX.pdf |  | Low LTV<br> High FICO | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 951469 | Closed | 2025-07-22 11:09 | 2025-07-26 13:12 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 0.855 is below guideline minimum of 1.00. A lender exception dated prior to consummation was provided and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/22/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 0.855 is below guideline minimum of 1.00. A lender exception dated prior to consummation was provided and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/22/2025<br>|  |  | High FICO<br> Seasoned Investor | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 951469 | Closed | 2025-07-26 12:58 | 2025-07-26 13:11 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided Missing evidence of Commercial General Liability coverage of 1M/2M as required by lender guidelines. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/26/2025 |  | Waived-Hazard Insurance Policy Partially Provided Missing evidence of Commercial General Liability coverage of 1M/2M as required by lender guidelines. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/26/2025<br>|  |  | High FICO score | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 613076 | Closed | 2025-07-21 13:48 | 2025-07-21 13:48 | 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-07/21/2025 |  | 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-07/21/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 112936 | Closed | 2025-07-22 12:35 | 2025-07-22 12:35 | 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 12 months rent payment proof or cancelled check 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-07/22/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Missing 12 months rent payment proof or cancelled check 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-07/22/2025<br>|  |  | Strong Reserves<br> High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 485701 | Closed | 2025-07-28 19:01 | 2025-08-12 13:55 | 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-08/12/2025 <br>Ready for Review-Duplicate exception. Same result as prior - Buyer-08/02/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12-month payment history for the borrower's primary residence reporting no more than 1x3 in the most recent 12 months and 0x30 in the past 90 days. Despite this requirement, the credit report is reporting a last active date of 02/01 for the borrower's primary mortgage - Due Diligence Vendor-07/28/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/12/2025<br>|  |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 485701 | Closed | 2025-07-28 18:37 | 2025-08-12 13:40 | 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-08/12/2025 <br> Ready for Review-Exception noted on uploaded approval - Buyer-08/02/2025 <br> Open-Total Qualified Assets for Reserves Post-Close of $XXXX is less than Total Required Reserve Amount of $13901.28 - Due Diligence Vendor-07/28/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/12/2025<br>|  |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 485701 | Closed | 2025-07-24 11:23 | 2025-08-12 13:34 | 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-08/12/2025 <br>Ready for Review-Exception noted on uploaded approval - Buyer-08/02/2025 <br>Open-Audited Reserves of 0.64 month(s) are less than Guideline Required Reserves of 3 month(s) .64 months reserves less than 3 months required for a first-time investor per the applicable GL - Due Diligence Vendor-07/24/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/12/2025<br>|  |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 485701 | Closed | 2025-07-24 11:23 | 2025-08-12 13:25 | 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-08/12/2025 <br>Ready for Review-Document Uploaded. Corrected approval uploaded - Buyer-08/02/2025 <br>Open-Audited LTV of 75% exceeds Guideline LTV of 70% 5% LTV reduction for First Time Investor as per G/L. The lender provided an approved exception dated prior to consummation and cited high FICO and Strong Reserves. No reserves noted in the file. Provide updated lender exception removing the strong Reserves as a compensating factor. - Due Diligence Vendor-07/24/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/12/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXXXXX.pdf |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 485701 | Closed | 2025-07-24 11:28 | 2025-07-28 18:35 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance is missing 2M aggregate. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/24/2025 |  | Waived-Hazard Insurance is missing 2M aggregate. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/24/2025<br>|  |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 916622 | Closed | 2025-07-24 10:06 | 2025-07-29 13:50 | 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-07/24/2025 |  | 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-07/24/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 916622 | Closed | 2025-07-24 10:04 | 2025-07-24 10:04 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 639 is less than Guideline FICO of 650. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/24/2025 |  | Waived-Audited FICO of 639 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-07/24/2025<br>|  |  | Low LTV <br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 284229 | Closed | 2025-07-07 19:19 | 2025-07-07 19:19 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing proof of residency status for Non-US Citizen (Borrower 1) | Waived-Missing proof of residency status for Non-US Citizen (Borrower 1) No proof of legal U.S. Residency. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/07/2025 |  | Waived-Missing proof of residency status for Non-US Citizen (Borrower 1) No proof of legal U.S. Residency. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/07/2025<br>|  |  | Seasoned Investor<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 701480 | Closed | 2025-07-08 10:46 | 2025-07-11 13:34 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-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-07/08/2025 |  | Waived-Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/08/2025<br>|  |  | Seasoned Business<br> Strong Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 701480 | Closed | 2025-07-08 10:48 | 2025-07-11 13:34 | 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 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-07/08/2025 |  | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Evidence of Law 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-07/08/2025<br>|  |  | Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 701480 | Closed | 2025-07-08 10:43 | 2025-07-08 10:43 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 0.684 is below guideline minimum of 1.25. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/08/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 0.684 is below guideline minimum of 1.25. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/08/2025<br>|  |  | Strong Reserves<br> Seasoned Business | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 745136 | Closed | 2025-07-22 18:15 | 2025-07-22 18:15 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-Credit report is 69 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 and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/22/2025 |  | Waived-Credit report is 69 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 and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/22/2025<br>|  |  | 1. Low LTV<br> 2. High FICO | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 745136 | Closed | 2025-07-22 18:13 | 2025-07-22 18:13 | 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 and Ordinance coverage / deductible 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-07/22/2025 |  | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Evidence of Law and Ordinance coverage / deductible 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-07/22/2025<br>|  |  | 1. High FICO<br> 2. Low LTV | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 590247 | Closed | 2025-07-25 20:41 | 2025-07-25 20:44 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-The finding is acknowledged and will be graded a B for S&P only. - Due Diligence Vendor-07/25/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. Original review product not within tolerance, the loan will be graded a B for S&P only. - Due Diligence Vendor-07/25/2025 |  | Acknowledged-The finding is acknowledged and will be graded a B for S&P only. - Due Diligence Vendor-07/25/2025<br>|  |  |  | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 590247 | Closed | 2025-07-08 06:04 | 2025-07-08 06:04 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. VOM is private landlord company for subject property and missing 12 months mortgage statements/bank statements/cancelled checks. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/08/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. VOM is private landlord company for subject property and missing 12 months mortgage statements/bank statements/cancelled checks. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/08/2025<br>|  |  | Property Condition<br> Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 729046 | Closed | 2025-07-08 18:51 | 2025-07-09 09:46 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. The loan file is missing a VOR for the borrower's primary residence. A rent-free letter was provided but is not accounted for in the GL requirements. Lender provided approved exception dated prior to consummation and al lender compensating factors have been validated and documented.<br> - Due Diligence Vendor-07/08/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. The loan file is missing a VOR for the borrower's primary residence. A rent-free letter was provided but is not accounted for in the GL requirements. Lender provided approved exception dated prior to consummation and al lender compensating factors have been validated and documented.<br> - Due Diligence Vendor-07/08/2025<br>|  |  | 1) Seasoned Investor<br> 2) Seasoned Business | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 636314 | Closed | 2025-07-17 11:02 | 2025-07-23 17:33 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Primary - Lender guidelines require a recent 12 month pay history for primary mortgage. The DLA on Credit report for the 2nd lien is 3/25, missing verification of 04 and 05 payments on time. <br> Subject - Lender guidelines require a recent 12 month pay history for any mortgage held by a private lender. Despite this requirement, no recent 12 month pay history was provided for the subject property as the loan matured XX/XX/XXXX with a rolling 30 day late. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/17/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Primary - Lender guidelines require a recent 12 month pay history for primary mortgage. The DLA on Credit report for the 2nd lien is 3/25, missing verification of 04 and 05 payments on time. <br> Subject - Lender guidelines require a recent 12 month pay history for any mortgage held by a private lender. Despite this requirement, no recent 12 month pay history was provided for the subject property as the loan matured 11/1024 with a rolling 30 day late. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/17/2025<br>|  |  | 1) Seasoned Investor<br> Bringing cash to close | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 636314 | Closed | 2025-07-16 20:43 | 2025-07-23 17:03 | Waived | 2 - Non-Material | Credit | Eligibility | Delinquent Credit History Does Not Meet Guideline Requirements | Waived-Delinquent Credit History Does Not Meet Guideline Requirements If total balance of collection and charge off account > 25,000 it has to be paid off before closing, as per lender guidelines. Despite this condition, the total of charge off and collection balance exceeds 25K. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/16/2025 |  | Waived-Delinquent Credit History Does Not Meet Guideline Requirements If total balance of collection and charge off account > 25,000 it has to be paid off before closing, as per lender guidelines. Despite this condition, the total of charge off and collection balance exceeds 25K. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/16/2025<br>|  |  | 1) Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 636314 | Closed | 2025-07-16 23:02 | 2025-07-16 23:02 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 625 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 625. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/16/2025 |  | Waived-Audited FICO of 625 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 625. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/16/2025<br>|  |  | 1) Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 904422 | Closed | 2025-07-23 10:39 | 2025-07-25 20:50 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 1.078 is below guideline minimum of 1.25. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/23/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 1.078 is below guideline minimum of 1.25. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/23/2025<br>|  |  | Strong Reserves<br> High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 904422 | Closed | 2025-07-22 20:04 | 2025-07-25 19:49 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/22/2025 |  | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/22/2025<br>|  |  | Strong Reserves<br> High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 394446 | Closed | 2025-07-15 15:29 | 2025-07-24 15:16 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/15/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/15/2025<br>|  |  | 1) Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 394446 | Closed | 2025-07-15 16:24 | 2025-07-24 15:16 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Property type is ineligible due to 1) Real Estate - Properties located in a town or city with a population of < 25,000 will not be classified as rural and are not eligible collateral per guideline. Properties located in a town or city with a population of < 25,000 will be classified as rural and are not eligible collateral per guideline. Despite this requirement city population is less than 25K per documents in file. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025 |  | Waived-Property type is ineligible due to 1) Real Estate - Properties located in a town or city with a population of < 25,000 will not be classified as rural and are not eligible collateral per guideline. Properties located in a town or city with a population of < 25,000 will be classified as rural and are not eligible collateral per guideline. Despite this requirement city population is less than 25K per documents in file. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025<br>|  |  | 1) Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 394446 | Closed | 2025-07-15 16:13 | 2025-07-15 16:13 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 617 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 617. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/15/2025 |  | Waived-Audited FICO of 617 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 617. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/15/2025<br>|  |  | 1) Low LTV <br> 2) Strong DSCR | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 394446 | Closed | 2025-07-15 16:13 | 2025-07-15 16:13 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Lender requires a min loan amount of $75,000 per program guidelines, despite this requirement the qualifying loan amount is $XX,XXX.XX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/15/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Lender requires a min loan amount of $75,000 per program guidelines, despite this requirement the qualifying loan amount is $XXXXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/15/2025 |  |  | 1) Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 510287 | Closed | 2025-07-10 09:37 | 2025-07-10 15:07 | 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, and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/10/2025 |  | 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, and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/10/2025<br>|  |  | High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 510287 | Closed | 2025-07-10 09:40 | 2025-07-10 15:06 | 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 and 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-07/10/2025 |  | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Evidence of Law and 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-07/10/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 443052 | Closed | 2025-07-08 20:37 | 2025-08-27 16:15 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 615 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying is 615. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/08/2025 |  | Waived-Audited FICO of 615 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying is 615. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/08/2025<br>|  |  | Seasoned investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 743683 | Closed | 2025-07-24 15:13 | 2025-08-11 22:46 | 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-08/11/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-08/02/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require the most recent 12-month mortgage history reflecting no more than 1x30 in the past 12 months and verifying no late payments in the past 12 months. The loan file is missing verification for the 03, 04 and 05/2025 payments to complete the required VOM. - Due Diligence Vendor-07/24/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material - Due Diligence Vendor-08/11/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXXXXX.pdf |  | Seasoned investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 743683 | Closed | 2025-07-22 16:21 | 2025-07-24 14:45 | 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 - Due Diligence Vendor-07/22/2025 |  | 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 - Due Diligence Vendor-07/22/2025<br>|  |  | 1) Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 743683 | Closed | 2025-07-22 15:49 | 2025-07-24 14:45 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Housing History Does Not Meet Guideline Requirements Lender guidelines require a mortgage history for the subject property of 1x30 in the most recent 12 months and 2\*30 in the most recent 24 months, no late payments in the most recent 90 days and evidence the account is current at close. Despite this requirement, the subject property reported a late on XX,XX, XX and XX. Lender provided exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/22/2025 |  | Waived-Housing History Does Not Meet Guideline Requirements Lender guidelines require a mortgage history for the subject property of 1x30 in the most recent 12 months and 2\*30 in the most recent 24 months, no late payments in the most recent 90 days and evidence the account is current at close. Despite this requirement, the subject property reported a late on XX,XX, XX and XX. Lender provided exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/22/2025 |  |  | 1) Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 743683 | Closed | 2025-07-22 16:09 | 2025-07-22 16:09 | 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-07/22/2025 |  | 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-07/22/2025<br>|  |  | 1) Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 627102 | Closed | 2025-07-09 11:49 | 2025-07-14 17:13 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month payment history when the VOM is prepared by a private lender. Despite this requirement, no payment history was provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/09/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month payment history when the VOM is prepared by a private lender. Despite this requirement, no payment history was provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/09/2025<br>|  |  | 1) Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 627102 | Closed | 2025-07-09 13:02 | 2025-07-09 13:02 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 463 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying Fico is 463. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/09/2025 |  | Waived-Audited FICO of 463 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying Fico is 463. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/09/2025<br>|  |  | 1) Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 500477 | Closed | 2025-07-08 13:23 | 2025-07-08 13:23 | 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. - Due Diligence Vendor-07/08/2025 |  | 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. - Due Diligence Vendor-07/08/2025 |  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 667287 | Closed | 2025-07-22 19:14 | 2025-07-22 19:14 | Waived | 2 - Non-Material | Credit | Assets | Asset 2 Does Not Meet Guideline Requirements | Waived-Asset Record 2 Does Not Meet G/L Requirements The Ownership of Asset 2 was not verified. Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/22/2025 |  | Waived-Asset Record 2 Does Not Meet G/L Requirements The Ownership of Asset 2 was not verified. Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/22/2025<br>|  |  | High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 667287 | Closed | 2025-07-22 19:11 | 2025-07-22 19:11 | 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-07/22/2025 |  | 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-07/22/2025<br>|  |  | Seasoned Investor<br> Strong Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 441222 | Closed | 2025-07-24 13:30 | 2025-08-12 16:19 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/12/2025 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-08/02/2025 <br> Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a full 12-month payment history for the borrower's primary residence, reporting no more than 1x30 with no late payments in the most recent 90 days. Despite this requirement the credit report reflects last active XX and only the XX and XX payments were verified. Missing evidence of 02 and 03 payments to complete the required history. - Due Diligence Vendor-07/24/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/12/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXXXXXX (1).pdf |  | Seasoned investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 441222 | Closed | 2025-07-22 19:46 | 2025-07-22 19:47 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-Credit report is 61 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 and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/22/2025 |  | Waived-Credit report is 61 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 and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/22/2025<br>|  |  | Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 319604 | Closed | 2025-07-27 15:21 | 2025-07-27 15:35 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Property type is ineligible due to Property is rural. Lender's guidelines indicate that properties located in a town or city with a population of less than 25,000 but greater than or equal to 2,500 and are within 25 miles radius of a city with a population of 100,000 or more are eligible collateral. Despite this requirement, the appraisal indicates the property is rural and the Analyst Review indicates the population is XXXX but is XX miles of a city with a population of 100,000 or more (XXXXX). Lender provided an approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-07/27/2025 |  | Waived-Property type is ineligible due to Property is rural. Lender's guidelines indicate that properties located in a town or city with a population of less than 25,000 but greater than or equal to 2,500 and are within 25 miles radius of a city with a population of 100,000 or more are eligible collateral. Despite this requirement, the appraisal indicates the property is rural and the Analyst Review indicates the population is XXXX but is XX miles of a city with a population of 100,000 or more (XXXXX). Lender provided an approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-07/27/2025 |  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 762055 | Closed | 2025-07-17 13:16 | 2025-07-25 20:52 | 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. Verification of Mortgage (VOM) Document is missing for Primary Residence. Primary property has an open mortgage and the mortgage payment is paid by the borrower's spouse. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/25/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Verification of Mortgage (VOM) Document is missing for Primary Residence. Primary property has an open mortgage and the mortgage payment is paid by the borrower's spouse. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/25/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 762055 | Closed | 2025-07-17 13:25 | 2025-07-25 20:50 | Waived | 2 - Non-Material | Credit | Eligibility | Delinquent Credit History Does Not Meet Guideline Requirements | Waived-Delinquent Credit History Does Not Meet Guideline Requirements Credit report reflects Charge-off account balance of $XXXX which is greater than the guideline maximum of $25,000 without being paid off. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/25/2025 |  | Waived-Delinquent Credit History Does Not Meet Guideline Requirements Credit report reflects Charge-off account balance of $XXXX which is greater than the guideline maximum of $25,000 without being paid off. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/25/2025 |  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 762055 | Closed | 2025-07-25 12:08 | 2025-07-25 20:45 | 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. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/25/2025 |  | Waived-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-07/25/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 105974 | Closed | 2025-07-23 17:54 | 2025-07-23 17:54 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Converge Ratio of 0.933 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-07/23/2025 |  | Waived-Commercial Debt Service Converge Ratio of 0.933 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-07/23/2025<br>|  |  | High Fico <br> Strong Reserves | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 105974 | Closed | 2025-07-23 17:48 | 2025-07-23 17:48 | 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-07/23/2025 |  | 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-07/23/2025<br>|  |  | High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 105974 | Closed | 2025-07-23 16:20 | 2025-07-23 16:20 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12 month pay history for any mortgage held by a private lender. Despite this requirement, no pay history was provided for the subject property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/23/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12 month pay history for any mortgage held by a private lender. Despite this requirement, no pay history was provided for the subject property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/23/2025<br>|  |  | Strong Reserves<br> High Fico | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 213956 | Closed | 2025-07-22 13:25 | 2025-07-22 13:26 | 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. Verification of Mortgage (VOM) Document for primary property provided by Private lender and there is no 12 months cancelled checks in the 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-07/22/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Verification of Mortgage (VOM) Document for primary property provided by Private lender and there is no 12 months cancelled checks in the 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-07/22/2025<br>|  |  | 1. Seasoned Investor<br> 2. Strong Reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 213956 | Closed | 2025-07-22 13:17 | 2025-07-22 13:17 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided Provided deductible in Hazard Insurance is 5% which is $XX,XXX.XX. As per Guideline, policy must have a deductible equal to the lesser of $10,000; wind/hail deductible up to the lesser of 5% or $XX,XXX.XX is acceptable. Provided deductible is greater than the Guideline max deductible amount. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/22/2025 |  | Waived-Hazard Insurance Policy Partially Provided Provided deductible in Hazard Insurance is 5% which is $35,000. As per Guideline, policy must have a deductible equal to the lesser of $10,000; wind/hail deductible up to the lesser of 5% or $25,000 is acceptable. Provided deductible is greater than the Guideline max deductible amount. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/22/2025<br>|  |  | Seasoned Investor | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 920531 | Closed | 2025-07-17 06:18 | 2025-08-12 18:49 | 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-08/12/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-08/02/2025 <br>Open-Commercial Debt Service Coverage Ratio of 0.78 is below guideline minimum of 1.25. The lender approved an exception based on a calculated DSCR of 0.84 but failed to include the annual Hazard Insurance premium in the calculation. Compensating factors have been documented and validated. Please provide updated lender exception to allow for the audited DSCR. - Due Diligence Vendor-07/17/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/12/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 920531 | Closed | 2025-07-17 06:21 | 2025-07-17 06:21 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. 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-07/17/2025 |  | 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. - Due Diligence Vendor-07/17/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 920531 | Closed | 2025-07-17 06:20 | 2025-07-17 06:20 | Waived | 2 - Non-Material | Credit | Eligibility | Credit Report Expired | Waived-Credit report is 76 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-07/17/2025 |  | Waived-Credit report is 76 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-07/17/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 655350 | Closed | 2025-07-09 16:41 | 2025-07-09 17:45 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. 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-07/09/2025 |  | 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-07/09/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 655350 | Closed | 2025-07-09 16:32 | 2025-07-09 16:32 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-Credit report is 71 days old as of Note Date, which is greater than the maximum 60 days per lender guidelines. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/09/2025 |  | Waived-Credit report is 71 days old as of Note Date, which is greater than the maximum 60 days per lender guidelines. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/09/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 655350 | Closed | 2025-07-09 16:24 | 2025-07-09 16:28 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX.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-07/09/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/09/2025 |  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 932345 | Closed | 2025-07-24 10:41 | 2025-08-12 15:46 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/12/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-08/02/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month mortgage payment history for the borrower's primary residence. Despite this requirement, no payment history was provided. A letter of explanation was provided regarding payment of the current mortgage. - Due Diligence Vendor-07/24/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/12/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXXX.pdf |  | Seasoned business<br> Strong reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 932345 | Closed | 2025-07-22 18:36 | 2025-07-22 18:36 | 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, The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/22/2025 |  | Waived-Audited FICO of 628 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-07/22/2025<br>|  |  | Seasoned Business | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 317728 | Closed | 2025-07-29 14:50 | 2025-07-29 15:00 | Waived | 2 - Non-Material | Credit | Assets | Asset 1 Does Not Meet Guideline Requirements | Waived-Asset Record 1 Does Not Meet G/L Requirements The wire receipt for cash to close is considered as unverified funds. Lender provided approve exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/29/2025 |  | Waived-Asset Record 1 Does Not Meet G/L Requirements The wire receipt for cash to close is considered as unverified funds. Lender provided approve exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/29/2025<br>|  |  | High FICO score | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 317728 | Closed | 2025-07-24 14:26 | 2025-07-24 14:26 | 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-07/24/2025 |  | 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-07/24/2025<br>|  |  | High Fico<br> Unverifiable Funds | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 317728 | Closed | 2025-07-24 14:03 | 2025-07-24 14:16 | Waived | 2 - Non-Material | Credit | Assets | Insufficient asset documentation in file - assets do not cover closing costs | Waived-Insufficient asset documentation in file - assets do not cover closing costs. Verified assets of $XXXX less cash to close of $XXXX and less unverified EMD of $0 results in $XXXX shortage of funds to close. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025 |  | Waived-Insufficient asset documentation in file - assets do not cover closing costs. Verified assets of $XXXX less cash to close of $XXXX and less unverified EMD of $0 results in $XXXX shortage of funds to close. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025 |  |  | High Fico | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 199139 | Closed | 2025-07-24 07:52 | 2025-07-24 07:52 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided The Evidence of Law and Ordinance is missing in the provided Hazard Insurance. As per Guideline, Policy must contain Law and Ordinance endorsement. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/24/2025 |  | Waived-Hazard Insurance Policy Partially Provided The Evidence of Law and Ordinance is missing in the provided Hazard Insurance. As per Guideline, Policy must contain Law and Ordinance endorsement. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/24/2025<br>|  |  | Low LTV | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 105491 | Closed | 2025-08-27 17:06 | 2025-08-27 17:07 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with sufficient value provided, the finding will be graded a B or non-material. - Due Diligence Vendor-08/27/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-08/27/2025 |  | Acknowledged-CDA with sufficient value provided, the finding will be graded a B or non-material. - Due Diligence Vendor-08/27/2025<br>|  |  |  | XX | Investment | Purchase | NA | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 105491 | Closed | 2025-07-24 11:04 | 2025-08-19 16:53 | 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-08/19/2025 <br> Ready for Review-Document Uploaded. - Buyer-08/15/2025 <br> Counter-Exception provided however one of the compensating factors was not valid. Strong reserves was given as a comp factor, however there are no reserves as the verified assets are short for closing funds - Due Diligence Vendor-08/14/2025 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-08/13/2025 <br> Open-Insufficient asset documentation in file - assets do not cover closing costs. Verified assets of $XXXX is lesser than the cash to close of $XXXX results in $XXXX shortage of funds to close. - Due Diligence Vendor-07/24/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material - Due Diligence Vendor-08/19/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXX.pdf<br> VCC Loan Approval Form-XXXXXXXXXX - XXXXXX.pdf |  | High FICO<br> Seasoned investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 105491 | Closed | 2025-07-24 11:37 | 2025-07-28 21:22 | Waived | 2 - Non-Material | Credit | Eligibility | Seller Contribution Exceeds Program Maximum | Waived-As per guideline, interested parties such as the Seller, Builder, Realtor, etc., are allowed for purchase transactions and may be used for closing costs and/or prepaid items only not to exceed 3% of the purchase price or VCC value. Despite this requirement, file contains 3% seller concessions in addition to seller 2nd of 90% CLTV. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025 |  | Waived-As per guideline, interested parties such as the Seller, Builder, Realtor, etc., are allowed for purchase transactions and may be used for closing costs and/or prepaid items only not to exceed 3% of the purchase price or VCC value. Despite this requirement, file contains 3% seller concessions in addition to seller 2nd of 90% CLTV. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025<br>|  |  | Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 105491 | Closed | 2025-07-24 11:41 | 2025-07-28 21:20 | Waived | 2 - Non-Material | Credit | Missing Doc | Loan has escrow holdback. No proof it was released provided in file | Waived-As per guidelines, holdbacks generally equal to 1.5X the amount of the repair estimate. Despite this requirement, Holdback is 1 X the contractor bid $XXXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025 | The schedule of improvements for the holdback is for the following: Remove/replace roof and install new shingles. Replace deck as needed. Install drip edge, flashing, roof jacks and vents. Rehab interior and renovate kitchen. Installation of new drywall and fresh paint. Property condition considered in value/LTV. - Seller-08/28/2025 | Waived-As per guidelines, holdbacks generally equal to 1.5X the amount of the repair estimate. Despite this requirement, Holdback is 1 X the contractor bid $XXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025 |  |  | 1. Seasoned Investor<br> 2. Strong Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 105491 | Closed | 2025-07-24 11:45 | 2025-07-28 21:17 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard policy does not reflect builders risk insurance | Waived-Hazard policy does not reflect builders risk insurance Provided HOI is a blanket policy, however lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025 |  | Waived-Hazard policy does not reflect builders risk insurance Provided HOI is a blanket policy, however lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025<br>|  |  | High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 833677 | Closed | 2025-07-15 13:27 | 2025-07-15 13:38 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-07/15/2025 |  | Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-07/15/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Investor Post-Close | No |
| XXXX | XXXX |  | 833677 | Closed | 2025-07-10 11:06 | 2025-07-15 13:37 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX.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-07/10/2025 |  | 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-07/10/2025 |  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 173289 | Closed | 2025-07-09 14:04 | 2025-07-09 14:04 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX.XX is less than the Guideline Minimum Loan Amount of $75000 The lender's guidelines state that the minimum loan amount is $75,000; however, the documentation in the file indicates a loan amount of $XXXXX.XX. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/09/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 The lender's guidelines state that the minimum loan amount is $75,000; however, the documentation in the file indicates a loan amount of $XXXXX. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/09/2025 |  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 875974 | Closed | 2025-07-16 17:28 | 2025-07-25 15:42 | 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-07/25/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-07/22/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Missing a current pay history for the new 2nd lien on the borrower's primary residence as reflected on the Property Report - Due Diligence Vendor-07/16/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-07/25/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXXXX (1).pdf |  | Seasoned investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 875974 | Closed | 2025-07-11 15:47 | 2025-07-11 15:47 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-Credit report is 61 days old as of Note Date, which is greater than the maximum 60 days per lender guidelines. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/11/2025 |  | Waived-Credit report is 61 days old as of Note Date, which is greater than the maximum 60 days per lender guidelines. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/11/2025<br>|  |  | Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 469414 | Closed | 2025-07-24 17:54 | 2025-07-28 15:30 | Waived | 2 - Non-Material | Credit | Assets | Asset 5 Does Not Meet Guideline Requirements | Waived-Asset 5 Does Not Meet Guideline Requirements Asset 5 does not reflect the account holder information therefore considered to be unverified funds. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/24/2025 |  | Waived-Asset 5 Does Not Meet Guideline Requirements Asset 5 does not reflect the account holder information therefore considered to be unverified funds. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/24/2025<br>|  |  | High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 888871 | Closed | 2025-07-29 15:32 | 2025-08-12 14:16 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/12/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-08/02/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require the most recent 12 months' pay history for the borrower's primary residence. Despite this requirement the date last active on the credit is 03/01, missing evidence of the 04 and 05 payments for a complete history. - Due Diligence Vendor-07/29/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/12/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXX.pdf |  | High FICO | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 880391 | Closed | 2025-07-14 21:51 | 2025-07-23 10:48 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The primary residence loan is currently in forbearance; no current payment history is available. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/14/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The primary residence loan is currently in forbearance; no current payment history is available. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/14/2025<br>|  |  | Low LTV<br> Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 377005 | Closed | 2025-07-16 16:40 | 2025-07-28 13:34 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided Lender guidelines require evidence of L&O coverage. Despite this requirement, no L&O coverage was noted. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/16/2025 |  | Waived-Hazard Insurance Policy Partially Provided Lender guidelines require evidence of L&O coverage. Despite this requirement, no L&O coverage was noted. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/16/2025<br>|  |  | High FICO<br> Strong Reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 377005 | Closed | 2025-07-16 16:34 | 2025-07-24 17:53 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% Lender guideline requires a 5% LTV reduction for a First Time Investor. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025 |  | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% Lender guideline requires a 5% LTV reduction for a First Time Investor. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025<br>|  |  | Strong Reserves<br> High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 205279 | Closed | 2025-07-08 12:43 | 2025-07-15 12:05 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-Credit report is 60 days old as of Note Date, which is greater than lender guidelines. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/08/2025 |  | Waived-Credit report is 60 days old as of Note Date, which is greater than lender guidelines. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/08/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 394267 | Closed | 2025-07-17 07:49 | 2025-08-12 19:52 | 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-08/12/2025 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-08/02/2025 <br>Open-Lender calculated DSCR to be 0.76 which although less than 1.25 allowed granted a lender exception citing Strong reserves. Audit calculated the DSCR to be 0.574, taking into account the verified taxes and insurance. The lender exception is not valid. - Due Diligence Vendor-07/17/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/12/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXXX.pdf |  | Strong Reserves<br> High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 394267 | Closed | 2025-07-23 14:25 | 2025-07-23 14:25 | Waived | 2 - Non-Material | Credit | Assets | Asset 3 Does Not Meet Guideline Requirements | Waived-Asset Record 3 Does Not Meet G/L Requirements Considered to be unverified funds. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-07/23/2025 |  | Waived-Asset Record 3 Does Not Meet G/L Requirements Considered to be unverified funds. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-07/23/2025<br>|  |  | High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 394267 | Closed | 2025-07-23 13:50 | 2025-07-23 13:50 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% Lender provided an approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/23/2025 |  | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% Lender provided an approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/23/2025<br>|  |  | Strong reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 892905 | Closed | 2025-07-22 06:00 | 2025-07-26 14:09 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. 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-07/22/2025 |  | 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-07/22/2025<br>|  |  | High FICO<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 892905 | Closed | 2025-07-26 14:06 | 2025-07-26 14:06 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Housing History Does Not Meet Guideline Requirements Guideline states maximum mortgage delinquency is 1x30 in last 12 months. Borrower mortgage history per VOM is 2x30 in last 12 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/26/2025 |  | Waived-Housing History Does Not Meet Guideline Requirements Guideline states maximum mortgage delinquency is 1x30 in last 12 months. Borrower mortgage history per VOM is 2x30 in last 12 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/26/2025<br>|  |  | High FICO<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 401679 | Closed | 2025-07-14 10:27 | 2025-07-21 19:12 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 0.983 is below guideline minimum of 1.00. A lender exception dated prior to consummation was provided and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/14/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 0.983 is below guideline minimum of 1.00. A lender exception dated prior to consummation was provided and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/14/2025<br>|  |  | Low LTV | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 918051 | Closed | 2025-07-28 12:47 | 2025-07-28 12:59 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. lender guidelines require a 12-month rental history for the borrower's primary residence. Despite this requirement no history is available as the borrower lives rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. lender guidelines require a 12-month rental history for the borrower's primary residence. Despite this requirement no history is available as the borrower lives rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025<br>|  |  | Seasoned Investor<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 918051 | Closed | 2025-07-28 12:58 | 2025-07-28 12:58 | Waived | 2 - Non-Material | Credit | Closing | Collections, liens or judgments not paid at closing | Waived-Collection accounts are not required to be paid off if the total balance of accounts is $25,000 or less. Despite this requirement, the total open collection balance is $XXXX per the credit report. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025 |  | Waived-Collection accounts are not required to be paid off if the total balance of accounts is $25,000 or less. Despite this requirement, the total open collection balance is $XXXX per the credit report. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025 |  |  | Low LTV<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 918051 | Closed | 2025-07-22 07:58 | 2025-07-22 07:58 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 618 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-07/22/2025 |  | Waived-Audited FICO of 618 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-07/22/2025<br>|  |  | Seasoned Investor<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 918051 | Closed | 2025-07-22 07:58 | 2025-07-22 07:58 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX.XX is less than the Guideline Minimum Loan Amount of $75000 Audited Loan Amount of $XXXXX.XX is less than the Guideline Minimum Loan Amount of $75,000. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/22/2025 |  | Waived-Audited Loan Amount ofXXXX is less than the Guideline Minimum Loan Amount of $75000 Audited Loan Amount of $XXXX is less than the Guideline Minimum Loan Amount of $75,000. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/22/2025 |  |  | Seasoned Investor<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 694532 | Closed | 2025-07-15 18:12 | 2025-07-23 15:15 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX.XX is less than the Guideline Minimum Loan Amount of $75000 Audited loan amount of $XXXXX.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-07/15/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Audited loan amount of $XXXXX is less than the guideline minimum loan amount of $75,000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/15/2025 |  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 514490 | Closed | 2025-07-09 20:36 | 2025-08-27 16:17 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided Hazard Co-Insurance Policy does not meet the GL, Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/09/2025 |  | Waived-Hazard Insurance Policy Partially Provided Hazard Co-Insurance Policy does not meet the GL, Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/09/2025<br>|  |  | Low LTV<br> High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 514490 | Closed | 2025-07-14 15:22 | 2025-07-23 23:29 | 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-07/23/2025 <br>Ready for Review-Exception noted on uploaded approval - Buyer-07/22/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Missing VOM for the Borrower's primary residence as required by the lender guidelines. - Due Diligence Vendor-07/14/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-07/23/2025<br>|  |  | Low LTV<br> High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 514490 | Closed | 2025-07-14 15:19 | 2025-07-23 23:29 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing rent comparable schedule form 1007 | Waived-Exception granted, the finding will be graded a B of non-material. - Due Diligence Vendor-07/23/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-07/22/2025 <br>Open- - Due Diligence Vendor-07/14/2025 |  | Waived-Exception granted, the finding will be graded a B of non-material. - Due Diligence Vendor-07/23/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXXX.pdf |  | Low LTV<br> High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 501317 | Closed | 2025-07-16 22:53 | 2025-08-27 16:20 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Exception provided, the finding will be graded a B or non-material. - Due Diligence Vendor-08/27/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Existing mortgage on subject property is Reverse Mortgage. Verification of Mortgage (VOM) Document is Missing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025 |  | Waived-Exception provided, the finding will be graded a B or non-material. - Due Diligence Vendor-08/27/2025<br>|  |  | Strong reserves | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 501317 | Closed | 2025-07-16 21:01 | 2025-07-24 17:14 | 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-07/24/2025 |  | 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-07/24/2025<br>|  |  | Strong reserves | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 501317 | Closed | 2025-07-16 22:59 | 2025-07-24 17:13 | 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. As per appraisal report, subject property is vacant. New Lease Agreement and rent and deposit checks provided in the file. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025 |  | Waived-Subject property is vacant and loan purpose is refinance. As per appraisal report, subject property is vacant. New Lease Agreement and rent and deposit checks provided in the file. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025<br>|  |  | Strong Reserves | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 501317 | Closed | 2025-07-24 16:44 | 2025-07-24 16:44 | Waived | 2 - Non-Material | Credit | Eligibility | Delinquent Credit History Does Not Meet Guideline Requirements | Waived-Delinquent Credit History Does Not Meet Guideline Requirements Foreclosure action disclosed on the title within the prior 24 month is ineligible. Lis Pendens (Foreclosure) action recorded on title 01/29/2025. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025 |  | Waived-Delinquent Credit History Does Not Meet Guideline Requirements Foreclosure action disclosed on the title within the prior 24 month is ineligible. Lis Pendens (Foreclosure) action recorded on title 01/29/2025. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025<br>|  |  | Strong reserves. | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 100728 | Closed | 2025-07-16 13:02 | 2025-07-23 14:43 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 610 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 610. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/16/2025 |  | Waived-Audited FICO of 610 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 610. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/16/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 618365 | Closed | 2025-07-15 17:48 | 2025-07-15 17:48 | Waived | 2 - Non-Material | Credit | Missing Doc | Required Documentation is Missing | Waived-The file is missing a Mazard Insurance invoice as evidence the borrower has set up a payment plan in lieu of the annual premium paid in advance 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-07/15/2025 |  | Waived-The file is missing a Mazard Insurance invoice as evidence the borrower has set up a payment plan in lieu of the annual premium paid in advance 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-07/15/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 532671 | Closed | 2025-08-27 17:00 | 2025-08-27 17:01 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with sufficient value provided, the finding will be graded a B for S&P only. - Due Diligence Vendor-08/27/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-08/27/2025 |  | Acknowledged-CDA with sufficient value provided, the finding will be graded a B for S&P only. - Due Diligence Vendor-08/27/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 532671 | Closed | 2025-07-23 17:54 | 2025-07-28 18:50 | Waived | 2 - Non-Material | Credit | Missing Doc | Incomplete Verification of Mortgage | Waived-Subject property mortgage held by private party. Missing copies of 12 months cancelled check to confirm payment of mortgage. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025 |  | Waived-Subject property mortgage held by private party. Missing copies of 12 months cancelled check to confirm payment of mortgage. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 532671 | Closed | 2025-07-23 17:16 | 2025-07-28 18:47 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The borrower lives rent free at primary residence; 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-07/28/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The borrower lives rent free at primary residence; 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-07/28/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 696330 | Closed | 2025-07-10 12:38 | 2025-07-11 16:14 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Missing required 12-month payment history when a landlord is a private party. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/10/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Missing required 12-month payment history when a landlord is a private party. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/10/2025<br>|  |  | Low LTV<br> Strong Reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 696330 | Closed | 2025-07-10 12:42 | 2025-07-11 16:13 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Credit report has 1 tradeline less than min of 2 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-07/10/2025 |  | Waived-Credit report has 1 tradeline less than min of 2 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-07/10/2025<br>|  |  | Low LTV<br> Strong Reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 696330 | Closed | 2025-07-11 15:33 | 2025-07-11 16:12 | Waived | 2 - Non-Material | Credit | Assets | Asset 1 Does Not Meet Guideline Requirements | Waived-Asset Record 1 Does Not Meet G/L Requirements Cash to close is considered to be unverified. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/11/2025 |  | Waived-Asset Record 1 Does Not Meet G/L Requirements Cash to close is considered to be unverified. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/11/2025<br>|  |  | Low LTV | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 696330 | Closed | 2025-07-11 15:58 | 2025-07-11 16:11 | Waived | 2 - Non-Material | Credit | Eligibility | Transaction Ineligible | Waived-the subject transaction does not meet all GL requirements for a foreign investor borrower. The Borrower does not own the minimum of 1 US property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/11/2025 |  | Waived-the subject transaction does not meet all GL requirements for a foreign investor borrower. The Borrower does not own the minimum of 1 US property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/11/2025<br>|  |  | Strong Reserves<br> Low LTV | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 696330 | Closed | 2025-07-10 13:12 | 2025-07-11 16:10 | 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 and 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-07/10/2025 |  | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Evidence of Law and 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-07/10/2025<br>|  |  | Low LTV | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 696330 | Closed | 2025-07-10 13:19 | 2025-07-10 13:19 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 620 is less than Guideline FICO of 650. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/10/2025 |  | Waived-Audited FICO of 620 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-07/10/2025<br>|  |  | Low LTV<br> Strong Reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 790741 | Closed | 2025-07-23 11:57 | 2025-08-12 17:30 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/12/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-08/02/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require the most recent 12 month pay history for the borrower's primary residence reporting no more than 1x30 in the most recent 12 months and 0x30 in the most recent 90 days. Despite this requirement, the file is missing evidence of the most recent two months payments prior to close - Due Diligence Vendor-07/23/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/12/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXXXXX (1).pdf |  | High FICO<br> Seasoned investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 790741 | Closed | 2025-07-17 09:57 | 2025-07-23 12:00 | 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-07/17/2025 |  | 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-07/17/2025<br>|  |  | Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 790741 | Closed | 2025-07-17 09:58 | 2025-07-17 09:58 | Waived | 2 - Non-Material | Credit | Eligibility | Credit Report 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. - Due Diligence Vendor-07/17/2025 |  | 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. - Due Diligence Vendor-07/17/2025<br>|  |  | High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 481841 | Closed | 2025-07-20 06:33 | 2025-07-23 20:24 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 1.14 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-07/20/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 1.14 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-07/20/2025<br>|  |  | Strong Reserves<br> Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 481841 | Closed | 2025-07-20 06:34 | 2025-07-20 06:34 | 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-07/20/2025 |  | 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-07/20/2025<br>|  |  | Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 481841 | Closed | 2025-07-20 06:32 | 2025-07-20 06:32 | 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. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/20/2025 |  | Waived-Audited FICO of 600 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-07/20/2025<br>|  |  | Seasoned Investor<br> Strong Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 160305 | Closed | 2025-07-23 14:08 | 2025-07-28 16:07 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-Credit report is 60 days old as of Note Date, which is greater than the maximum per lender guidelines. A lender exception is present in the loan file, dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-07/23/2025 |  | Waived-Credit report is 60 days old as of Note Date, which is greater than the maximum per lender guidelines. A lender exception is present in the loan file, dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-07/23/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 530821 | Closed | 2025-07-25 11:51 | 2025-07-25 11:51 | 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. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/25/2025 |  | Waived-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-07/25/2025<br>|  |  | Low LTV<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 530821 | Closed | 2025-07-16 19:22 | 2025-07-25 11:28 | 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-07/16/2025 |  | 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-07/16/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 128337 | Closed | 2025-07-28 15:28 | 2025-08-21 20:50 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing Satisfactory Completion Cert | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/21/2025 <br> Ready for Review-Document Uploaded. exception written for deferred maintenance - Buyer-08/20/2025 <br> Counter-MCP states minor and/or cosmetic deferred maintenance shall be limited to 5% of the review value up to a max of $20,000. The cost to cure the issues noted is $10,000 on a $XXXXX.XX house, so it's way over the 5% max. Additionally, the appraiser noted the retaining wall as a safety issue. These issues were not noted on the Loan Approval, where it states the property is in overall fair-average condition. - Due Diligence Vendor-08/20/2025 <br> Ready for Review-Document Uploaded. page 19 of the PDF of the appraisal shows the as-is value as XXXXX.XX which is considering the 10,000 cost to cure. VCC is using the as-is value of XXXX on the tape and LTV calc. See blanket loan detail of the data tape attached. Appraisal attached as well. - Buyer-08/20/2025 <br> Open-Satisfactory Completion Cert not provided Missing completion cert for property 2. The appraisal is done "subject to" repairs including repairs posing a safety issue. - Due Diligence Vendor-07/28/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/21/2025<br>| VCC 2025-4 Preliminary Data Tape and Loan List 7.31.2025 V2.xlsx<br> Appraisal - 34 Th.pdf<br> VCC Loan Approval Form-XXXXXXXXXX - XXXXX XXX.pdf |  | Seasoned investor<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 128337 | Closed | 2025-07-22 12:00 | 2025-07-28 15:20 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 641 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 641. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/22/2025 |  | Waived-Audited FICO of 641 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 641. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/22/2025<br>|  |  | Seasoned Investor. Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 143976 | Closed | 2025-07-22 13:01 | 2025-07-28 10:43 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-Credit report present in file is expired. Credit Report in file is 68 days old as of Note Date. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025 |  | Waived-Credit report present in file is expired. Credit Report in file is 68 days old as of Note Date. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025<br>|  |  | Property Condition | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 143976 | Closed | 2025-07-22 12:22 | 2025-07-28 10:32 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. VOM provided in the file for subject property; however, no proof of payments provided for the mortgage account. Missing copies of cancelled checks to confirm payments. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. VOM provided in the file for subject property; however, no proof of payments provided for the mortgage account. Missing copies of cancelled checks to confirm payments. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025<br>|  |  | Property Condition. | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 143976 | Closed | 2025-07-22 13:12 | 2025-07-22 13:12 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-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-07/22/2025 |  | Waived-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-07/22/2025<br>|  |  | Property Condition. | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 889218 | Closed | 2025-07-14 17:45 | 2025-07-23 17:41 | Waived | 2 - Non-Material | Property | Appraisal | Subject property appraisal is not on an as-is basis (Primary Value) | Waived-Primary Value Subject Property Appraisal is not on an As-Is Basis Per lender's guidelines, VCC will require our appraisers to provide an 'as-is' value in every case. Despite this requirement, the appraisal reflects a value subject to the following repairs or alterations. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/14/2025 |  | Waived-Primary Value Subject Property Appraisal is not on an As-Is Basis Per lender's guidelines, VCC will require our appraisers to provide an 'as-is' value in every case. Despite this requirement, the appraisal reflects a value subject to the following repairs or alterations. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/14/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 889218 | Closed | 2025-07-14 18:07 | 2025-07-23 17:40 | 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. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/14/2025 |  | Waived-Credit report is 62 days old as of Note Date, which is greater than the maximum 60 days per lender guidelines. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/14/2025<br>|  |  | 1. Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 240780 | Closed | 2025-07-22 22:06 | 2025-08-13 16:06 | 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-08/13/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-08/02/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12 month pay history for any mortgage held by a private lender. Despite this requirement, no pay history was provided wither for the Primary residence. - Due Diligence Vendor-07/22/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/13/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXXXX.pdf |  | Seasoneded investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 240780 | Closed | 2025-07-26 20:01 | 2025-07-26 20:03 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided Hazard Insurance is on a payment plan. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/26/2025 |  | Waived-Hazard Insurance Policy Partially Provided Hazard Insurance is on a payment plan. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/26/2025<br>|  |  | Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 240780 | Closed | 2025-07-22 22:45 | 2025-07-22 22:45 | 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 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 631. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/22/2025 |  | Waived-Audited FICO of 631 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 631. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/22/2025<br>|  |  | Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 240780 | Closed | 2025-07-22 22:45 | 2025-07-22 22:45 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX.XX is less than the Guideline Minimum Loan Amount of $100000 Lender requires a min loan amount of $100,000 per program guidelines, despite this requirement the qualifying loan amount is $80,000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/22/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $100000 Lender requires a min loan amount of $100,000 per program guidelines, despite this requirement the qualifying loan amount is $XXXXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/22/2025 |  |  | Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 185685 | Closed | 2025-07-15 12:02 | 2025-08-04 21:43 | 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-08/04/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-08/02/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Missing 12 month pay history for the subject property. - Due Diligence Vendor-07/15/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/04/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXXXX (1).pdf |  | Strong DSCR<br> Seasoned investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 185685 | Closed | 2025-07-15 12:35 | 2025-07-23 21:52 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 644 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 644. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/15/2025 |  | Waived-Audited FICO of 644 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 644. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/15/2025<br>|  |  | 1) Strong DSCR | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 694677 | Closed | 2025-07-09 16:49 | 2025-07-15 14:53 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 646 is less than Guideline FICO of 650 Despite lender guidelines requiring a minimum FICO score of 650, the audited score reflects a 646. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/09/2025 |  | Waived-Audited FICO of 646 is less than Guideline FICO of 650 Despite lender guidelines requiring a minimum FICO score of 650, the audited score reflects a 646. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/09/2025<br>|  |  | 1. Seasoned Investor<br> 2. Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 907310 | Closed | 2025-07-22 12:19 | 2025-07-28 12:30 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-Credit Report present in the loan file is expired. Credit report is 66 days old as of Note Date. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025 |  | Waived-Credit Report present in the loan file is expired. Credit report is 66 days old as of Note Date. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 475823 | Closed | 2025-07-21 11:38 | 2025-07-25 16:20 | 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-07/25/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-07/22/2025 <br>Open-Hazard Insurance Policy Partially Provided The hazard policy documentation is missing the Law & Ordinance coverage endorsement as required by the lender GL for a Traditional 2 property - Due Diligence Vendor-07/21/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-07/25/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXXX.pdf |  | Seasoned investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 870833 | Closed | 2025-07-14 13:40 | 2025-07-16 18:41 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Lender guidelines require a minimum of two active major consumer credit tradelines. Despite this requirement, only one of the two trades was a major credit tradeline. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/14/2025 |  | Waived-Lender guidelines require a minimum of two active major consumer credit tradelines. Despite this requirement, only one of the two trades was a major credit tradeline. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/14/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 756095 | Closed | 2025-07-16 07:39 | 2025-07-21 13:03 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 1.027 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-07/16/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 1.027 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-07/16/2025<br>|  |  | Seasoned Investor<br> High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 756095 | Closed | 2025-07-21 13:01 | 2025-07-21 13:01 | Waived | 2 - Non-Material | Property | Property | Property Condition Rating Does Not Meet Program Requirements | Waived-Lender guidelines allow for a maximum amount of $20,000 to cure a condition defect. Despite this requirement, the cost to cure was estimated at $40,000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025 | Purchase transaction. Vacant units inspected were undergoing some repairs/renovations. The occupied unit inspected was clean and well maintained. The property is dated but in average condition overall. The XX,XXX cost-to-cure is to bring the vacant units to rentable condition and complete any minor remodeling items in other vacant units prior to lease-up. VCC has not confirmed that the repairs have been completed, but expects the borrower to complete the necessary repairs. Property condition (including cost-to-cure) considered in the value/LTV. - Seller-08/28/2025 | Waived-Lender guidelines allow for a maximum amount of $20,000 to cure a condition defect. Despite this requirement, the cost to cure was estimated at $40,000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025<br>|  |  | Strong Reserves<br> High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 756095 | Closed | 2025-07-16 07:40 | 2025-07-16 07:40 | 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-07/16/2025 |  | 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-07/16/2025<br>|  |  | Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 278784 | Closed | 2025-07-15 16:55 | 2025-07-23 21:35 | 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-07/23/2025 <br> Ready for Review-Exception noted on uploaded approval - Buyer-07/22/2025 <br> Open-Audited Loan Amount of $XXXXX.XX is less than the Guideline Minimum Loan Amount of $75000. - Due Diligence Vendor-07/15/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-07/23/2025<br>|  |  | Seasoned business | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 870419 | Closed | 2025-07-16 20:06 | 2025-07-16 20:06 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided Insurance is on payment plan, premium not collected at closing and the evidence of insurance is missing the evidence of Law and 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-07/16/2025 |  | Waived-Hazard Insurance Policy Partially Provided Insurance is on payment plan, premium not collected at closing and the evidence of insurance is missing the evidence of Law and 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-07/16/2025<br>|  |  | High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 870419 | Closed | 2025-07-16 19:58 | 2025-07-16 19:58 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 75% exceeds Guideline LTV of 70%. Borrower first time investor as per GL LTV has been reduced to 5%. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/16/2025 |  | Waived-Audited LTV of 75% exceeds Guideline LTV of 70%. Borrower first time investor as per GL LTV has been reduced to 5%. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/16/2025<br>|  |  | Strong Reserves<br> High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 317851 | Closed | 2025-07-16 19:08 | 2025-07-24 17:02 | Waived | 2 - Non-Material | Credit | Eligibility | Transaction Ineligible | Waived-Properties located in a town or city with a population of < 25,000 will not be classified as rural and are not eligible collateral per guideline. Despite this requirement city population is less than 25K per documents in file. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/16/2025 |  | Waived-Properties located in a town or city with a population of < 25,000 will not be classified as rural and are not eligible collateral per guideline. Despite this requirement city population is less than 25K per documents in file. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/16/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 317851 | Closed | 2025-07-16 19:06 | 2025-07-24 17:01 | 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 10 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/16/2025 |  | 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 10 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/16/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 317851 | Closed | 2025-07-16 16:23 | 2025-07-24 17:01 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Lender's guidelines require a minimum loan amount $75000, despite this requirement audited loan amount is $XXXXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/16/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Lender's guidelines require a minimum loan amount $75000, despite this requirement audited loan amount is $XXXXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/16/2025 |  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 331825 | Closed | 2025-07-16 11:49 | 2025-07-16 11:55 | Waived | 2 - Non-Material | Credit | Assets | Asset 1 Does Not Meet Guideline Requirements | Waived-Asset Record 1 Does Not Meet G/L Requirements Lender guidelines require the most recent asset statement to verify cash to close. Despite this requirement a copy of the wire receipt for cash to close was provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/16/2025 |  | Waived-Asset Record 1 Does Not Meet G/L Requirements Lender guidelines require the most recent asset statement to verify cash to close. Despite this requirement a copy of the wire receipt for cash to close was provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/16/2025<br>|  |  | Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 331825 | Closed | 2025-07-09 19:06 | 2025-07-16 11:12 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 As per guideline Minimum Loan Amount is $75,000, however subject loan amount is $XXXXX.XX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/09/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 As per guideline Minimum Loan Amount is $75,000, however subject loan amount is $XXXXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/09/2025 |  |  | Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 467798 | Closed | 2025-07-18 06:26 | 2025-07-24 15:26 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 640 is less than Guideline FICO of 650 Audited FICO of 640 is less than guideline minimum 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-07/18/2025 |  | Waived-Audited FICO of 640 is less than Guideline FICO of 650 Audited FICO of 640 is less than guideline minimum 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-07/18/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 467798 | Closed | 2025-07-18 06:27 | 2025-07-24 15:26 | 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 due to 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-07/18/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete due to 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-07/18/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 711069 | Closed | 2025-07-28 14:00 | 2025-08-27 16:27 | 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. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025 |  | Waived-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-07/28/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 711069 | Closed | 2025-07-21 20:05 | 2025-07-28 13:56 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025 |  | 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-07/28/2025 |  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 711069 | Closed | 2025-07-21 20:10 | 2025-07-28 13:54 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-Credit report is expired. Credit report is 62 days old as of Note Date. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025 |  | Waived-Credit report is expired. Credit report is 62 days old as of Note Date. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 780623 | Closed | 2025-07-10 11:34 | 2025-07-24 21:40 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Exception granted, the finding will be graded a B of non-material. - Due Diligence Vendor-07/24/2025 <br>Ready for Review-Document Uploaded. Corrected uploaded - Buyer-07/22/2025 <br>Open-Commercial Debt Service Coverage Ratio of 0.72 is below guideline minimum of 1.00, The exception provided by the lender is not valid as it reflects a DSCR ratio of 0.76 to justify. Provided a corrected lender exception. - Due Diligence Vendor-07/10/2025 |  | Waived-Exception granted, the finding will be graded a B of non-material. - Due Diligence Vendor-07/24/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXXX.pdf |  | Strong Reserves<br> Seasoned Business | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 780623 | Closed | 2025-07-10 11:09 | 2025-07-10 13:00 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-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-07/10/2025 |  | Waived-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-07/10/2025<br>|  |  | Strong Reserves.<br> Seasoned Business. | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 520839 | Closed | 2025-07-16 14:48 | 2025-07-24 10:34 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/16/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/16/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 520839 | Closed | 2025-07-16 14:42 | 2025-07-16 14:59 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 637 is less than Guideline FICO of 650 Lender guidelines require a minimum fico of 650, despite this requirement the borrower qualifying fico of 637 which is less than guideline requirements. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/16/2025 |  | Waived-Audited FICO of 637 is less than Guideline FICO of 650 Lender guidelines require a minimum fico of 650, despite this requirement the borrower qualifying fico of 637 which is less than guideline requirements. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/16/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 856662 | Closed | 2025-07-23 14:47 | 2025-07-23 14:47 | Waived | 2 - Non-Material | Property | Appraisal | Appraisal is Expired | Waived-Appraisal age was greater than 6 months at closing, as required per guideline. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated<br> - Due Diligence Vendor-07/23/2025 |  | Waived-Appraisal age was greater than 6 months at closing, as required per guideline. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated<br> - Due Diligence Vendor-07/23/2025<br>|  |  | Low LTV<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 856662 | Closed | 2025-07-23 14:04 | 2025-07-23 14:04 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/23/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/23/2025<br>|  |  | Low LTV<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 770389 | Closed | 2025-07-18 18:07 | 2025-07-28 13:12 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-The Credit Report present in the loan file is expired. The credit report is 64 days old as of the Note Date. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025 |  | Waived-The Credit Report present in the loan file is expired. The credit report is 64 days old as of the Note Date. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 743858 | Closed | 2025-07-15 18:31 | 2025-07-23 20:57 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a verification of mortgage and 12 month's cancelled checks. Despite this requirement, the loan file contains a verification of mortgage with a processor's cert. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/15/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a verification of mortgage and 12 month's cancelled checks. Despite this requirement, the loan file contains a verification of mortgage with a processor's cert. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/15/2025<br>|  |  | 1) Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 177300 | Closed | 2025-07-21 21:11 | 2025-07-28 14:19 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-The subject property loan was acquired within the last 9 months. Lender's guidelines require valuation to be based on the lesser of the original purchase price or current appraised value. Despite this requirement, no evidence of the original purchase price was provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025 |  | Waived-The subject property loan was acquired within the last 9 months. Lender's guidelines require valuation to be based on the lesser of the original purchase price or current appraised value. Despite this requirement, no evidence of the original purchase price was provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 177300 | Closed | 2025-07-21 20:55 | 2025-07-28 14:10 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Housing History Does Not Meet Guideline Requirements Lender's guidelines require a VOR from a management company or 12 months cancelled checks. Despite this requirement, the VOR is from a private party and no cancelled checks were provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025 |  | Waived-Housing History Does Not Meet Guideline Requirements Lender's guidelines require a VOR from a management company or 12 months cancelled checks. Despite this requirement, the VOR is from a private party and no cancelled checks were provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 177300 | Closed | 2025-07-21 21:02 | 2025-07-21 21:12 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Property type is ineligible due to Population <25,000 rural.. Properties located in a town or city with a population of < 25,000 will not be classified as rural and are not eligible collateral per guideline. Despite this requirement city population is less than 25K per documents in file. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025 |  | Waived-Property type is ineligible due to Population <25,000 rural.. Properties located in a town or city with a population of < 25,000 will not be classified as rural and are not eligible collateral per guideline. Despite this requirement city population is less than 25K per documents in file. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 177300 | Closed | 2025-07-21 19:06 | 2025-07-21 21:11 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 515 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 515. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025 |  | Waived-Audited FICO of 515 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 515. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 308159 | Closed | 2025-07-22 20:33 | 2025-07-25 13:47 | 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-07/25/2025 <br> Ready for Review-Exception noted on uploaded approval - Buyer-07/22/2025 <br> Open-Housing History Does Not Meet Guideline Requirements Lender guidelines require a mortgage payment history for the subject property reporting no more than 1x30 in the most recent 12 months and no late payments in the most recent 90 days. Despite this requirement, a handwritten pay history from the private lender reflects the XXXX payment as paid in 06. - Due Diligence Vendor-07/22/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-07/25/2025<br>|  |  | Low LTV | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 308159 | Closed | 2025-07-18 07:24 | 2025-07-25 13:44 | 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-07/25/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-07/22/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require the most recent 12 months mortgage history to be verified for a private lender. Despite this requirement, only 5 months were verified with bank statements and a LOX form the borrower that 2 months were paid in cash. The file did contain a handwritten pay history deemed to not meet the GL requirements. - Due Diligence Vendor-07/18/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-07/25/2025<br>| VCC Loan Approval Form-XXXXXXXXXXX - XXXXXXXX.pdf |  | Low LTV | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 308159 | Closed | 2025-07-18 07:46 | 2025-07-22 19:56 | Waived | 2 - Non-Material | Credit | Debt | Number of Collections exceed guidelines | Waived-Collection account amount of $XXXX is greater than max amount of $25,000 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-07/18/2025 |  | Waived-Collection account amount of $31,725 is greater than max amount of $25,000 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-07/18/2025<br>|  |  | Low LTV | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 308159 | Closed | 2025-07-18 07:43 | 2025-07-18 07:43 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 526 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-07/18/2025 |  | Waived-Audited FICO of 526 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-07/18/2025<br>|  |  | Low LTV | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 302066 | Closed | 2025-07-16 13:11 | 2025-07-16 13:11 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The VOR is missing a 12 month pay history as required by the lender GL. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-07/16/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The VOR is missing a 12 month pay history as required by the lender GL. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-07/16/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 908806 | Closed | 2025-07-18 10:31 | 2025-08-27 16:33 | 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-08/27/2025 <br>Waived-Audited LTV of 74.67% exceeds Guideline LTV of 70%. 5% LTV reduction while borrower is 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.<br> - Due Diligence Vendor-07/18/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/27/2025 <br>Waived-Audited LTV of 74.67% exceeds Guideline LTV of 70%. 5% LTV reduction while borrower is 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.<br> - Due Diligence Vendor-07/18/2025<br>|  |  | High FICO<br> Seasoned Business | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 908806 | Closed | 2025-07-22 18:15 | 2025-08-27 16:33 | Waived | 2 - Non-Material | Credit | Assets | Asset 3 Does Not Meet Guideline Requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/27/2025 <br>Open-Asset Record 3 Does Not Meet G/L Requirements Funds are considered unverified. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/22/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/27/2025<br>|  |  | High FICO score | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 908806 | Closed | 2025-07-22 18:15 | 2025-08-27 16:33 | Waived | 2 - Non-Material | Credit | Assets | Asset 2 Does Not Meet Guideline Requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/27/2025 <br>Open-Asset Record 2 Does Not Meet G/L Requirements Funds are considered unverified. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/22/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/27/2025<br>|  |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 908806 | Closed | 2025-07-22 18:15 | 2025-08-27 16:29 | Waived | 2 - Non-Material | Credit | Assets | Asset 1 Does Not Meet Guideline Requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/27/2025 <br>Open-Asset Record 1 Does Not Meet G/L Requirements Funds are considered unverified. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/22/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/27/2025<br>|  |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 112208 | Closed | 2025-07-09 18:15 | 2025-07-11 19:27 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. VOR not available as 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-07/09/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. VOR not available as 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-07/09/2025<br>|  |  | 1) Seasoned<br> Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 589870 | Closed | 2025-07-22 21:27 | 2025-07-25 17:32 | Waived | 2 - Non-Material | Credit | Eligibility | Transaction Ineligible | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-07/25/2025 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-07/22/2025 <br>Open-The subject property was listed for sale within the prior 6 months. Lender's guidelines require proof listing expired or cancelled, eligible for rate/term refinances and value must be based on lesser of lowest list price or appraised value. Despite these requirements, the subject transaction is cash-out. Lender provided an approved exception dated prior to consummation; however, the exception does not contain any compensating factors. - Due Diligence Vendor-07/22/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-07/25/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXX.pdf |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 563443 | Closed | 2025-07-23 18:20 | 2025-07-24 12:06 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-The borrower has been vested on title for less than 12 months using appraised value for LTV calculation. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025 |  | Waived-The borrower has been vested on title for less than 12 months using appraised value for LTV calculation. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025<br>|  |  | Borrower Letter of Explanation.<br> No HOA Budget and P&L. | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 132252 | Closed | 2025-07-18 11:26 | 2025-07-18 11:48 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. 1. Borrower lives in rent free for primary residence and 2. Subject property has private landlord VOM. However, missing 12 months payment history or cancelled checks as per G/L. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/18/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. 1. Borrower lives in rent free for primary residence and 2. Subject property has private landlord VOM. However, missing 12 months payment history or cancelled checks as per G/L. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/18/2025<br>|  |  | High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 132252 | Closed | 2025-07-18 11:45 | 2025-07-18 11:45 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 1.19 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-07/18/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 1.19 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-07/18/2025<br>|  |  | High FICO<br> Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 545901 | Closed | 2025-07-22 16:22 | 2025-07-22 16:22 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% LTV of 75% exceeds guideline maximum of 70% for loan amounts greater than $1,000,000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/22/2025 |  | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% LTV of 75% exceeds guideline maximum of 70% for loan amounts greater than $1,000,000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/22/2025<br>|  |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 852234 | Closed | 2025-07-09 15:59 | 2025-07-09 15:59 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. The Borrower lives rent free with spouse. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/09/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. The Borrower lives rent free with spouse. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/09/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 781236 | Closed | 2025-07-10 17:38 | 2025-07-10 17:38 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided The hazard insurance is missing evidence of Law and 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-07/10/2025 |  | Waived-Hazard Insurance Policy Partially Provided The hazard insurance is missing evidence of Law and 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-07/10/2025<br>|  |  | Seasoned Investor | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 488959 | Closed | 2025-07-10 11:07 | 2025-08-27 16:35 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Exception granted, the finding will be graded a B or non-material.<br> - Due Diligence Vendor-08/27/2025 <br>Open-Audited LTV of 70% exceeds Guideline LTV of 65% Lender guidelines require a 5% LTV reduction for a First Time Investor borrower. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/10/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material.<br> - Due Diligence Vendor-08/27/2025<br>|  |  | Stong reserves<br> High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 488959 | Closed | 2025-07-10 11:16 | 2025-07-24 17:34 | 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-07/24/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-07/22/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Missing a complete mortgage verification for the borrower's primary residence. The credit report tradeline is not matched to the property report provided, no verification of second lien provided. - Due Diligence Vendor-07/10/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-07/24/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXXXXXX XXXXXXXXX.pdf |  | High FICO<br> Strong reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 488959 | Closed | 2025-07-10 11:28 | 2025-07-24 17:34 | Waived | 2 - Non-Material | Credit | Missing Doc | HO6 Master Insurance Policy is Partial | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-07/24/2025 <br>Ready for Review-Exception noted on uploaded approval - Buyer-07/22/2025 <br>Open-HO-6 Master Insurance Policy Partially Provided The Condo Master policy provided does not reflect the required Law and Ordinance coverage - Due Diligence Vendor-07/10/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-07/24/2025<br>|  |  | High FICO<br> Strong reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 495559 | Closed | 2025-07-21 13:39 | 2025-08-27 16:37 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Property type is ineligible due to Rural population less than 2500.. Ineligible property due to Rural property with population less than 2,500. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/26/2025 |  | Waived-Property type is ineligible due to Rural population less than 2500.. Ineligible property due to Rural property with population less than $2,500. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/26/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 495559 | Closed | 2025-07-21 13:02 | 2025-07-26 13:24 | 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 . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/26/2025 |  | Waived-Audited FICO of 619 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-07/26/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 495559 | Closed | 2025-07-26 13:09 | 2025-07-26 13:17 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Housing History Does Not Meet Guideline Requirements Lender guideline requires 1x30 max mortgage delinquency in last 12 months and max 2x30, 0x60 max mortgage delinquency in last 24 months. Borrower mortgage delinquency exceeds guideline maximum. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/26/2025 |  | Waived-Housing History Does Not Meet Guideline Requirements Lender guideline requires 1x30 max mortgage delinquency in last 12 months and max 2x30, 0x60 max mortgage delinquency in last 24 months. Borrower mortgage delinquency exceeds guideline maximum. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/26/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 916411 | Closed | 2025-08-27 17:02 | 2025-08-27 17:02 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with sufficient value provided, the finding will be graded a B for S&P only. - Due Diligence Vendor-08/27/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-08/27/2025 |  | Acknowledged-CDA with sufficient value provided, the finding will be graded a B for S&P only. - Due Diligence Vendor-08/27/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 916411 | Closed | 2025-07-28 17:11 | 2025-07-28 17:11 | 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. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025 |  | Waived-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-07/28/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 916411 | Closed | 2025-07-23 15:27 | 2025-07-28 17:10 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-Credit Report present in the loan file is expired. Credit report is 63 days old as of Note Date. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025 |  | Waived-Credit Report present in the loan file is expired. Credit report is 63 days old as of Note Date. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 797858 | Closed | 2025-07-14 18:58 | 2025-08-19 17:17 | Waived | 2 - Non-Material | Credit | Missing Doc | Borrower 1 Credit Report is Missing | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/19/2025 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-08/15/2025 <br>Counter-LTV is still listed as a compensating factor, cannot accept the exception. - Due Diligence Vendor-08/14/2025 <br>Ready for Review-Document Uploaded. Additional comp factor provided. - Buyer-08/13/2025 <br>Counter-Doc type plays into the maximum allowable LTV. You cannot use a 50% LTV as a compensating factor for a doc type that has a maximum LTV of 50%. - Due Diligence Vendor-08/12/2025 <br>Ready for Review-Fast 50 is not a loan type. It is an allowable limited documentation type due to the low LTV Utilizing the Low LTV as a comp factor is an acceptable mitigating factor. - Buyer-08/02/2025 <br>Counter-Exception was made but the comp factor is not valid. Fast50 has a maximum LTV of 50% which is what the loan was approved at. - Due Diligence Vendor-07/24/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-07/22/2025 <br>Open-Borrower 1 Credit Report is Missing. - Due Diligence Vendor-07/14/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/19/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXX.pdf<br> VCC Loan Approval Form-XXXXXXXXXX - XXXXXX.pdf<br> VCC Loan Approval Form-XXXXXXXXXX - XXXXXX (1).pdf |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 526864 | Closed | 2025-07-15 14:14 | 2025-07-15 14:14 | 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. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/15/2025 |  | Waived-Audited FICO of 626 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-07/15/2025<br>|  |  | 1. Strong Reserves<br> 2. Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 106276 | Closed | 2025-07-09 13:54 | 2025-07-16 14:48 | Waived | 2 - Non-Material | Credit | Missing Doc | HO-6 Insurance Policy is Missing | Waived-HO-6 Insurance Policy is Missing For condo property HO6 is required, however HO6 is missing in the file, The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/09/2025 |  | Waived-HO-6 Insurance Policy is Missing For condo property HO6 is required, however HO6 is missing in the file, The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/09/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 945836 | Closed | 2025-08-27 17:04 | 2025-08-27 17:05 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with sufficient value provided, the finding will be graded a B for S&P only. - Due Diligence Vendor-08/27/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-08/27/2025 |  | Acknowledged-CDA with sufficient value provided, the finding will be graded a B for S&P only. - Due Diligence Vendor-08/27/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | XXXX |  | 945836 | Closed | 2025-07-15 13:33 | 2025-07-22 20:48 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 638 is less than Guideline FICO of 650 Audited FICO of 638 which is lesser than the 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-07/15/2025 |  | Waived-Audited FICO of 638 is less than Guideline FICO of 650 Audited FICO of 638 which is lesser than the 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-07/15/2025<br>|  |  | 1.Seasoned Investor<br> 2.Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 846153 | Closed | 2025-07-21 17:29 | 2025-08-13 14:45 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/13/2025 <br>Ready for Review-Document Uploaded. - Buyer-08/02/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender's guidelines require 12 months housing history; however, the loan file only contains only 2 months of history for the primary residence. - Due Diligence Vendor-07/21/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/13/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXXX.pdf |  | High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 183846 | Closed | 2025-07-20 07:40 | 2025-07-24 20:21 | 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-07/24/2025 <br>Ready for Review-Exception noted on uploaded approval - Buyer-07/22/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Missing VOM for primary residence. - Due Diligence Vendor-07/20/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-07/24/2025<br>|  |  | Strong reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 183846 | Closed | 2025-07-22 20:14 | 2025-07-24 20:18 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing proof of residency status for Non-US Citizen (Borrower 1) | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-07/24/2025 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-07/22/2025 <br>Open-Missing proof of residency status for Non-US Citizen (Borrower 1) Missing final verification of residency status. Documentation in file indicates pending. Lender provided approved exception dated prior to consummation but no compensating factors were provided. - Due Diligence Vendor-07/22/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-07/24/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXXX.pdf |  | Strong reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 183846 | Closed | 2025-07-20 08:09 | 2025-07-22 19:45 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Credit Report reflects tradeline 1 is less than min of 3 tradeline. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/20/2025 |  | Waived-Credit Report reflects tradeline 1 is less than min of 3 tradeline. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/20/2025<br>|  |  | Strong Reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 183846 | Closed | 2025-07-20 08:07 | 2025-07-20 08:07 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 627 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-07/20/2025 |  | Waived-Audited FICO of 627 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-07/20/2025<br>|  |  | Strong Reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 285942 | Closed | 2025-07-14 15:11 | 2025-07-16 16:27 | Waived | 2 - Non-Material | Credit | Assets | Insufficient asset documentation in file - assets do not cover closing costs | Waived-Verified assets of $XXXX which is lesser than the cash to close of $XXXX results in $XXXX shortage of funds to close. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/14/2025 |  | Waived-Verified assets of $XX,XXX.XXX which is lesser than the cash to close of $XXXX results in $XXXX shortage of funds to close. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/14/2025 |  |  | Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 466208 | Closed | 2025-07-15 19:43 | 2025-07-15 19:43 | Waived | 2 - Non-Material | Credit | Eligibility | Delinquent Credit History Does Not Meet Guideline Requirements | Waived-Delinquent Credit History Does Not Meet Guideline Requirements Mortgage lates are present in Credit Report. 30-day lates reported in past 12 months & 90-day MTG late on XXX & 60-day late XXXX & XXXX and 5 x 30-day lates in past 24 months. As per Guideline, 2 x 30-day late payments are allowed within 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-07/15/2025 |  | Waived-Delinquent Credit History Does Not Meet Guideline Requirements Mortgage lates are present in Credit Report. 30-day lates reported in past 12 months & 90-day MTG late on 7/2023 & 60-day late 1/2024 & 6/2023 and 5 x 30-day lates in past 24 months. As per Guideline, 2 x 30-day late payments are allowed within 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-07/15/2025<br>|  |  | 1.Seasoned Investor<br> 2.Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 930046 | Closed | 2025-07-15 14:23 | 2025-07-22 12:10 | 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-07/15/2025 |  | 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-07/15/2025<br>|  |  | Low LTV<br> High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 930046 | Closed | 2025-07-22 11:57 | 2025-07-22 12:10 | Waived | 2 - Non-Material | Credit | Assets | Asset 3 Does Not Meet Guideline Requirements | Waived-Asset Record 3 Does Not Meet G/L Requirements Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/22/2025 |  | Waived-Asset Record 3 Does Not Meet G/L Requirements Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/22/2025<br>|  |  | High FICO<br> Low LTV | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 930046 | Closed | 2025-07-22 11:57 | 2025-07-22 11:57 | Waived | 2 - Non-Material | Credit | Assets | Asset 1 Does Not Meet Guideline Requirements | Waived-Asset Record 1 Does Not Meet G/L Requirements Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/22/2025 |  | Waived-Asset Record 1 Does Not Meet G/L Requirements Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/22/2025<br>|  |  | High FICO<br> Low LTV | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 930046 | Closed | 2025-07-22 11:57 | 2025-07-22 11:57 | Waived | 2 - Non-Material | Credit | Assets | Asset 2 Does Not Meet Guideline Requirements | Waived-Asset Record 2 Does Not Meet G/L Requirements Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/22/2025 |  | Waived-Asset Record 2 Does Not Meet G/L Requirements Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/22/2025<br>|  |  | High FICO<br> Low LTV | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 930046 | Closed | 2025-07-22 11:31 | 2025-07-22 11:31 | Waived | 2 - Non-Material | Credit | Missing Doc | HO6 Master Insurance Policy is Missing | Waived-Missing HO-6 Master Insurance Policy Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/22/2025 |  | Waived-Missing HO-6 Master Insurance Policy Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/22/2025<br>|  |  | Sufficient coverage on Borrower policy | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 120494 | Closed | 2025-07-16 13:51 | 2025-07-24 20:40 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Verification of Mortgage (VOM) for Primary residence is incomplete. Missing verification for XX and XXX of XXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Verification of Mortgage (VOM) for Primary residence is incomplete. Missing verification for XX and XX of XXXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025 |  |  | High FICO<br> Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 120494 | Closed | 2025-07-16 13:19 | 2025-07-24 20:37 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% with loan amount of $X,XXX,XXX.XX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025 |  | Waived-Audited LTV of 75% exceeds Guideline LTV of 70% with loan amount of $XXXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/24/2025 |  |  | Property Condition<br> High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 773262 | Closed | 2025-07-09 18:57 | 2025-07-09 19:27 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided The hazard policy provided does not reflect a deductible of no less than $10,000 per the lender GL. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/09/2025 |  | Waived-Hazard Insurance Policy Partially Provided The hazard policy provided does not reflect a deductible of no less than $10,000 per the lender GL. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/09/2025<br>|  |  | Low LTV<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 419908 | Closed | 2025-07-29 11:34 | 2025-08-12 22:29 | 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-08/12/2025 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-08/02/2025 <br> Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. lender guidelines require a 12-month payment history reporting no more than 1x30 in the most recent 12 months with no late payments in the most recent 90 days. despite this requirement, the credit report reflects last active for the 1st lien of XXXX and the 2nd lien of XXXX. Provide updated payment history to include up to the XXXX payment. - Due Diligence Vendor-07/29/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/12/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXXX.pdf |  | Seasoned investor<br> High FICO | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 419908 | Closed | 2025-07-29 12:09 | 2025-07-29 12:09 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Audited Commercial Debt Service Coverage Ratio of 0.946 is below guideline minimum of 1.00. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/29/2025 |  | Waived-Audited Commercial Debt Service Coverage Ratio of 0.946 is below guideline minimum of 1.00. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/29/2025<br>|  |  | Seasoned Business<br> Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 429388 | Closed | 2025-07-09 14:58 | 2025-07-09 14:58 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX.XX is less than the Guideline Minimum Loan Amount of $750000 Lender requires a min loan amount of $75,000 per program guidelines, despite this requirement the qualifying loan amount is $XX,XXX.XX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/09/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $750000 Lender requires a min loan amount of $75,000 per program guidelines, despite this requirement the qualifying loan amount is $XXXXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/09/2025 |  |  | 1) Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 102385 | Closed | 2025-07-21 11:12 | 2025-07-26 16:00 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided Lender guidelines require evidence of wind and hail coverage. Despite this requirement, no wind and hail coverage was noted. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025 |  | Waived-Hazard Insurance Policy Partially Provided Lender guidelines require evidence of wind and hail coverage. Despite this requirement, no wind and hail coverage was noted. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025<br>|  |  | 1) Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 334121 | Closed | 2025-07-21 12:37 | 2025-07-25 19:46 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX.XX is less than the Guideline Minimum Loan Amount of $75000 Audited Loan Amount of $XXXXX.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-07/21/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75,000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025 |  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 154975 | Closed | 2025-07-21 15:13 | 2025-07-25 22:23 | 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. - Due Diligence Vendor-07/21/2025 |  | 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. - Due Diligence Vendor-07/21/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 557314 | Closed | 2025-07-21 16:52 | 2025-07-26 15:01 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided As per lender guidelines, refinances without escrow accounts require evidence that the first-year premium has been paid. However, despite this requirement, lender provided an exception to not collect premium at closing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025 |  | Waived-Hazard Insurance Policy Partially Provided As per lender guidelines, refinances without escrow accounts require evidence that the first-year premium has been paid. However, despite this requirement, lender provided an exception to not collect premium at closing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 557314 | Closed | 2025-07-21 14:32 | 2025-07-26 15:01 | 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 housing payment history to be verified for the prior 12 months for the borrower's primary residence; however, only 3 months of history provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/26/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require housing payment history to be verified for the prior 12 months for the borrower's primary residence; however, only 3 months of history provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/26/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 475154 | Closed | 2025-07-23 22:13 | 2025-08-13 15:43 | Waived | 2 - Non-Material | Credit | Eligibility | Transaction Ineligible | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/13/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-08/02/2025 <br>Open-Lender Guidelines allow n Interest Only Term of up to 5 years, per the Note the Interest Only Term is 10 years. - Due Diligence Vendor-07/23/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/13/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXXX.pdf |  | Low LTV | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 751270 | Closed | 2025-07-21 17:19 | 2025-07-25 17:08 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Audited Loan Amount of $XXXXX.XX is less than the Guideline Minimum Loan Amount of $75,000. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/21/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75,000. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/21/2025 |  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 722426 | Closed | 2025-07-28 17:41 | 2025-07-28 17:41 | 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. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025 |  | Waived-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-07/28/2025<br>|  |  | Seasoned Investor<br> High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 794798 | Closed | 2025-07-21 18:39 | 2025-07-26 10:46 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The borrower lives rent free therefore no VOR was available. Lender provided approved exception dated prior to consummation and all compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025 |  | 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-07/21/2025<br>|  |  | 1. Property Condition<br> 2. Strong Marketing Trends | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 794798 | Closed | 2025-07-21 19:14 | 2025-07-26 10:44 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-As per lender guidelines, Housing history must be verified for the past 12 months on the subject property. Despite this requirement, verification or mortgage missing. Note and email provided by the private lender indicated the loan is a matured loan with no monthly payments—full amount due at maturity. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/26/2025 |  | Waived-As per lender guidelines, Housing history must be verified for the past 12 months on the subject property. Despite this requirement, verification or mortgage missing. Note and email provided by the private lender indicated the loan is a matured loan with no monthly payments—full amount due at maturity. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/26/2025<br>|  |  | 1. Property condition<br> 2. Strong Marketing Trends | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 794798 | Closed | 2025-07-21 19:31 | 2025-07-21 19:31 | Waived | 2 - Non-Material | Property | Property | Property has been listed for sale in the past 6 months | Waived-As per lender guidelines, the property should not have been listed for sale in the past six months. Despite this requirement, the seller recently listed the property but has since cancelled the listing, and it is no longer on the market. <br> Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025 |  | Waived-As per lender guidelines, the property should not have been listed for sale in the past six months. Despite this requirement, the seller recently listed the property but has since cancelled the listing, and it is no longer on the market. <br> Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025<br>|  |  | 1. Property Condition<br> 2. Strong Marketing Trends | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 363550 | Closed | 2025-07-21 19:46 | 2025-07-28 11:28 | 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. Letter from borrower reflects that the subject is vacant and the borrower decided to keep the property and rent it out to a new tenant. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/21/2025 |  | Waived-Subject property is vacant and loan purpose is refinance. Letter from borrower reflects that the subject is vacant and the borrower decided to keep the property and rent it out to a new tenant. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/21/2025<br>|  |  | High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 101005 | Closed | 2025-07-21 21:07 | 2025-07-26 11:05 | Waived | 2 - Non-Material | Property | Property | Property has been listed for sale in the past 6 months | Waived-As per lender guidelines, the property should not have been listed for sale in the past six months. Despite this requirement, the subject property was listed for Rent/sale on XXXX for $XXXX/month and is still currently an active listing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025 |  | Waived-As per lender guidelines, the property should not have been listed for sale in the past six months. Despite this requirement, the subject property was listed for Rent/sale on 04/05/2025 for $1,150/month and is still currently an active listing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/21/2025<br>|  |  | Strong DSCR | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 101005 | Closed | 2025-07-26 10:53 | 2025-07-26 11:03 | 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. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/26/2025 |  | Waived-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-07/26/2025<br>|  |  | Strong DSCR | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 665167 | Closed | 2025-07-28 16:24 | 2025-07-28 16:24 | 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. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025 |  | Waived-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-07/28/2025<br>|  |  | High FICO<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 665167 | Closed | 2025-07-23 11:36 | 2025-07-28 16:22 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Loan file is missing 12-month cancelled checks for mortgage held by a private party. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Loan file is missing 12-month cancelled checks for mortgage held by a private party. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025<br>|  |  | 1) Low LTV <br> 2) High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 665167 | Closed | 2025-07-23 12:10 | 2025-07-28 16:19 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is greater than Guideline Maximum Loan Amount | Waived-Audited Loan Amount of $XXXXXXX is greater than the Guideline Maximum Loan Amount of $2000000 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025 |  | Waived-Audited Loan Amount of $XXXXXXX is greater than the Guideline Maximum Loan Amount of $2000000 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025 |  |  | High FICO<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 312006 | Closed | 2025-07-26 18:08 | 2025-07-26 18:11 | Waived | 2 - Non-Material | Credit | Closing | Borrower 1 Photo ID is expired | Waived-Borrower photo ID expiration date is XXXX and note is dated XX/XX/XXXX. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/26/2025 |  | Waived-Borrower photo ID expiration date is XXXX and note is dated XX/XX/XXXX. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/26/2025 |  |  | Strong Reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 312006 | Closed | 2025-07-26 18:08 | 2025-07-26 18:10 | Waived | 2 - Non-Material | Credit | Closing | Borrower 1 Non-US Document Identification is expired | Waived-Borrower Non-US identity document expiration date is XXXX and note is dated XX/XX/XXXX. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/26/2025 |  | Waived-Borrower Non-US identity document expiration date is XXXX and note is dated XX/XX/XXXX. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/26/2025 |  |  | Strong Reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 312006 | Closed | 2025-07-20 10:53 | 2025-07-20 10:53 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 70% exceeds Guideline LTV of 65%. 5% LTV reduction for First Time Investor. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/20/2025 |  | Waived-Audited LTV of 70% exceeds Guideline LTV of 65%. 5% LTV reduction for First Time Investor. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/20/2025<br>|  |  | Strong Reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 165479 | Closed | 2025-07-18 13:33 | 2025-07-25 17:45 | 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-07/25/2025 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-07/23/2025 <br>Open-Commercial Debt Service Coverage Ratio of 0.652 is below guideline minimum of 1 and the loan approval reflects a DSCR of 0.89. Although the lender provided an exception, the calculation did not include taxes and insurance which caused the significant discrepancy. - Due Diligence Vendor-07/18/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-07/25/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXXX.pdf |  | High FICO<br> Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 667429 | Closed | 2025-07-28 16:21 | 2025-08-13 13:36 | 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-08/13/2025 <br>Ready for Review-Document Uploaded. Exeption noted on uploaded approval - Buyer-08/02/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12-month payment history, no more than 1x30 in the most recent 12 months and 0x30 in the past 90 days. Despite this requirement, the primary 1st mortgage reports last active 10/24 and the 2nd lien reports last 04/25. - Due Diligence Vendor-07/28/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/13/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXXX.pdf |  | Low LTV<br> High FICO<br> Seasoned investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 667429 | Closed | 2025-07-28 15:49 | 2025-07-28 17:37 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 0.82 is below guideline minimum of 1.00. A lender exception dated prior to consummation was provided and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 0.82 is below guideline minimum of 1.00. A lender exception dated prior to consummation was provided and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/28/2025<br>|  |  | Low LTV<br> High FICO | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 412782 | Closed | 2025-07-17 17:17 | 2025-07-22 14:38 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Verification of Rent (VOR) for primary property is missing; however Rent-Free letter has been provided by borrower. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/17/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Verification of Rent (VOR) for primary property is missing; however Rent-Free letter has been provided by borrower. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-07/17/2025<br>|  |  | High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 316521 | Closed | 2025-07-22 12:49 | 2025-08-13 17:11 | Waived | 2 - Non-Material | Credit | Assets | Asset 3 Does Not Meet Guideline Requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/13/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-08/02/2025 <br>Open-Asset Record 3 Does Not Meet G/L Requirements The documentation to support the wire transaction for cash to close was not provided in the loan file therefore funds considered unverified - Due Diligence Vendor-07/22/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-08/13/2025<br>| VCC Loan Approval Form-XXXXXXXXXX - XXXXXXX.pdf |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 316521 | Closed | 2025-07-22 12:06 | 2025-07-22 12:06 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/22/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, the borrower lives rent free at the primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-07/22/2025<br>|  |  | 1) Seasoned Investor | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 470109 | Closed | 2025-07-10 12:46 | 2025-07-11 11:50 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12 month pay history for any mortgage held by a private lender. Despite this requirement, no pay history was provided for the subject property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/10/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12 month pay history for any mortgage held by a private lender. Despite this requirement, no pay history was provided for the subject property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/10/2025<br>|  |  | 1) Property Condition | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 470109 | Closed | 2025-07-10 13:10 | 2025-07-11 11:48 | Waived | 2 - Non-Material | Credit | Borrower | Borrower 1 Credit Report is Incomplete | Waived-Borrower 1 Credit Report is Partially Present. Credit report was pulled with incorrect DOB, per the documentation provided in the loan file. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/10/2025 |  | Waived-Borrower 1 Credit Report is Partially Present. Credit report was pulled with incorrect DOB, per the documentation provided in the loan file. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/10/2025<br>|  |  | 1) Property Condition | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | XXXX |  | 470109 | Closed | 2025-07-10 13:12 | 2025-07-11 11:48 | 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. - Due Diligence Vendor-07/10/2025 |  | 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. - Due Diligence Vendor-07/10/2025<br>|  |  | 1) Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |

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## Exhibit 99.17

**[VCC Mortgage Securities, LLC ABS-15G](vcc20254-abs15g_082925.htm)**

**Exhibit 99.17**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loan ID** | **Seller Loan ID** | **Alt Loan ID** | **Original Loan Amount** | **Final Compliance Loan Grades DBRS** | **Final Compliance Loan Grades Fitch** | **Final Compliance Loan Grades Kroll** | **Final Compliance Loan Grades Moody's** | **Final Compliance Loan Grades S&P** |
| XXXX |  | 596056 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 571413 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 190565 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 323447 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 733365 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 835434 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 114810 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 185728 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 916825 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 245878 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 118708 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 555117 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 737002 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 217725 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 889723 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 610674 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 756364 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 838826 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 730942 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 253282 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 706722 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 200756 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 286197 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 390971 | $X,XXX.XX A |  |  |  |  | - A B |
| XXXX |  | 136733 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 199758 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 828338 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 696381 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 646256 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 893760 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 796847 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 645439 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 994081 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 717998 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 695035 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 354776 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 495812 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 380402 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 250834 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 988703 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 386320 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 640332 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 551018 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 455926 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 148750 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 733365 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 971836 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 691736 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 329230 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 909166 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 796026 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 962361 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 347632 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 212013 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 924899 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 406285 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 470994 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 384581 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 894549 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 174710 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 494516 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 339715 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 132739 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 358428 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 884848 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 839031 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 245925 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 371343 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 934218 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 282782 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 319355 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 617939 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 608294 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 951469 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 613076 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 112936 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 227244 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 936543 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 485701 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 916622 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 284229 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 360564 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 717341 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 775157 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 701480 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 745136 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 590247 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 729046 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 260104 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 636314 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 904422 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 394446 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 510287 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 443052 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 743683 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 270689 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 627102 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 681609 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 759348 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 500477 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 776855 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 667287 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 441222 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 620676 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 319604 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 762055 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 218254 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 950320 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 105974 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 101568 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 213956 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 920531 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 655350 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 932345 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 317728 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 199139 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 105491 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 833677 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 173289 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 875974 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 823601 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 470214 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 596783 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 469414 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 888871 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 880391 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 377005 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 564596 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 205279 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 394267 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 183068 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 892905 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 401679 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 918051 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 694532 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 514490 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 501317 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 100728 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 618365 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 532671 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 933367 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 696330 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 914850 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 268869 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 965616 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 999539 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 790741 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 481841 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 358149 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 160305 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 530821 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 952734 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 128337 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 561002 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 280749 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 143976 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 889218 | $X,XXX.XX B |  |  |  |  | - B |
| XXXX |  | 240780 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 185685 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 694677 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 807122 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 907310 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 475823 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 870833 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 756095 | $X,XXX.XX B |  |  |  |  | - B |
| XXXX |  | 521462 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 278784 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 809983 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 870419 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 317851 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 509898 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 331825 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 467798 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 711069 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 780623 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 520839 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 856662 | $X,XXX.XX B |  |  |  |  | - B |
| XXXX |  | 322800 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 770389 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 743858 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 177300 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 308159 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 393491 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 302066 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 650011 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 440913 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 908806 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 112208 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 501003 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 589870 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 563443 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 132252 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 545901 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 852234 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 781236 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 488959 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 495559 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 916411 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 797858 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 526864 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 106276 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 945836 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 227058 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 865630 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 846153 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 440201 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 183846 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 285942 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 945701 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 466208 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 293979 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 985694 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 930046 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 120494 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 773262 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 383327 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 978802 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 177812 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 603362 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 782715 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 145788 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 419908 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 981164 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 429388 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 852002 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 102385 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 334121 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 480435 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 416622 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 128394 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 154975 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 122247 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 557314 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 475154 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 751270 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 722426 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 794798 | $X,XXX.XX B |  |  |  |  | - B |
| XXXX |  | 363550 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 101005 | $X,XXX.XX B |  |  |  |  | - B |
| XXXX |  | 622414 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 665167 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 884450 | $X,XXX.XX A |  |  |  |  | - A |
| XXXX |  | 312006 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 165479 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 667429 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 412782 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 316521 | $X,XXX.XX B |  |  |  |  | - A B |
| XXXX |  | 470109 | $X,XXX.XX B |  |  |  |  | - A B |

---

## Exhibit 99.18

**[VCC Mortgage Securities, LLC ABS-15G](vcc20254-abs15g_082925.htm)**

**Exhibit 99.18**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loan ID** | **Seller Loan ID** | **Alt Loan ID** | **Field Name** | **Source** | **Verified Value** | **Bid Tape Value** | **Comment** |
| XXXX |  | 730942 | Amortization Term | notePage | 360 | 240 | Methodology Difference |
| XXXX |  | 892905 | Amortization Term | notePage | 360 | 300 | Methodology Difference |
| XXXX |  | 563443 | Amortization Term | notePage | 360 | 240 | Methodology Difference |
| XXXX |  | 128394 | Amortization Term | notePage | 360 | 300 | Methodology Difference |
| XXXX |  | 475154 | Amortization Term | notePage | 360 | 240 | Methodology Difference |
| XXXX |  | 470109 | Vested Business Entity Name | notePage | Per Audit | Per Tape | Audit value pulled from Note. Loan dropped from deal unable to clear. |

---

## Exhibit 99.19

**[VCC Mortgage Securities, LLC ABS-15G](vcc20254-abs15g_082925.htm)**

**Exhibit 99.19**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| **Loan ID** | **Seller Loan ID** | **Alt Loan ID** | **Note Date** | **Original Loan Amount** | **Sales Price** | **Total Adjusted Prior Purchase Price** | **Primary Appraisal Type** | **Primary Appraised Value** | **Value for LTV** | **LTV** | **CLTV** | **Primary Appraisal Date** | **Loan Reviewed Product Type** | **Loan Reviewed Property Value** | **Loan Reviewed Variance Amount** | **Loan Reviewed Variance Percent** | **Loan Post-Close Reviewed Product Type** | **Loan Post-Close Reviewed Property Value** | **Loan Post-Close Reviewed Variance Amount** | **Loan Post-Close Reviewed Variance Percent** | **Second Appraisal Value** | **Second Appraisal Variance Amount** | **Second Appraisal Variance Percent** | **Second Appraisal Date** | **Second Appraisal Type** | **AVM Appraised Value** | **AVM Variance Amount** | **AVM Variance Percent** | **AVM Confidence Score** | **FSD Score** | **AVM Company Name** | **AVM Product Name** | **AVM Appraisal Date** | **Desk Review Appraised Value** | **Desk Review Variance Amount** | **Desk Review Variance Percent** | **Desk Review Company** | **Desk Review Risk Score** | **Desk Review Appraisal Date** | **Desk Top Appraised Value** | **Desk Top Variance Amount** | **Desk Top Variance Percent** | **Desk Top Company** | **Desk Top Appraisal Date** | **BPO Appraised Value** | **BPO Variance Amount** | **BPO Variance Percent** | **BPO Company** | **BPO Appraisal Date** | **Field Review Appraised Value** | **Field Review Variance Amount** | **Field Review Variance Percent** | **Field Review Company** | **Field Review Appraisal Date** | **2055 Appraised Value** | **2055 Variance Amount** | **2055 Variance Percent** | **2055 Company** | **2055 Appraisal Date** | **AVE/CMA Appraised Value** | **AVE/CMA Variance Amount** | **Completion Report (1004D) Date** | **Other Appraised Value** | **Other Variance Amount** | **Other Variance Percent** | **Other Appraisal Date** | **AVE/CMA Variance Percent** | **AVE/CMA Company** | **AVE/CMA Appraisal Date** | **Updated Appraised Value** | **Updated Variance Amount** | **Updated Variance Percent** | **Updated Company** | **Loan Collateral Advisor Risk Score Date** | **Updated Appraisal Date** | **Updated Appraisal Type** | **Loan Collateral Advisor Risk Score** | **Collateral Underwriter Risk Score Date** | **Is Eligible for Rep and Warrant Relief per Loan Collateral Advisor?** | **Collateral Underwriter Risk Score** |
| XXXX |  | 390971 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 35.51 | 35.51 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.1204 | Desk Review | $X,XXX.XX | $X,XXX.XX | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.1204 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 646256 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 56.25 | 56.25 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.1690 | Desk Review | $X,XXX.XX | $X,XXX.XX | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.1690 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 645439 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 65.0 | 65.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0763 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0763 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 994081 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0011 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0011 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 717998 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0641 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0641 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 695035 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0246 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0246 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 354776 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0111 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0111 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 495812 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 65.0 | 65.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.2521 | Desk Review | $X,XXX.XX | $X,XXX.XX | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.2521 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 386320 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0017 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 640332 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .1183 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1183 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 691736 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0745 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0745 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 894549 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 55.0 | 55.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .1948 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1948 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 494516 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | 56.88 | 56.88 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.2482 | Desk Review | $X,XXX.XX | $X,XXX.XX | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.2482 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 358428 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 62.35 | 62.35 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0411 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0411 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 934218 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | 65.0 | 65.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .1340 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1340 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 608294 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1073 Individual Condo Report | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .1094 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1094 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 360564 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0386 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0386 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 717341 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0611 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0611 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 775157 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0157 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0157 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 590247 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 53.81 | 53.81 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.2314 | Desk Review | $X,XXX.XX | $X,XXX.XX | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.2314 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 729046 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0262 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Excellent | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0262 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 260104 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0956 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0955 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0956 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 394446 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 65.0 | 65.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .1338 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1338 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 443052 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 53.6 | 53.6 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0899 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0899 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 627102 | XX/XX/XXXX | $X,XXX.XX | 0 | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 53.0 | 53.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .1140 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1140 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 500477 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .1944 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1944 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 776855 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0553 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0553 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 319604 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 44.89 | 44.89 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0479 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0479 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 762055 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 70.0 | 70.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0470 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0470 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 218254 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0848 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0848 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 101568 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0578 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0578 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 655350 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0157 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0157 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 833677 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 57.95 | 57.95 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.2643 | Desk Review | $X,XXX.XX | $X,XXX.XX | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.2643 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 173289 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0618 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0618 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 823601 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 65.0 | 65.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0671 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0671 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 470214 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 65.0 | 65.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0624 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0624 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 205279 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .1889 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1889 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 183068 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0559 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0559 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 892905 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0026 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 918051 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 60.0 | 60.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0464 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0464 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 694532 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0317 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0317 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 514490 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | 58.73 | 58.73 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0045 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0045 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 501317 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0986 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0986 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 100728 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 58.24 | 58.24 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .1549 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1549 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 618365 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .1307 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1307 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 532671 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 58.93 | 58.93 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.2467 | Desk Review | $X,XXX.XX | $X,XXX.XX | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.2467 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 933367 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0013 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 914850 | XX/XX/XXXX | $X,XXX.XX | 0 | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0383 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0947 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0383 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 268869 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0440 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0440 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 965616 | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0479 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0479 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 999539 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Desk Review | $X,XXX.XX | $X,XXX.XX | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 530821 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 36.36 | 36.36 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .2515 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .2515 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 952734 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0664 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0664 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 561002 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0573 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0573 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 280749 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 38.86 | 38.86 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0328 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0328 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 143976 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 70.42 | 70.42 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0799 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0799 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 889218 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | 47.62 | 47.62 | XX/XX/XXXX | Desk Review | $X,XXX.XX | $X,XXX.XX | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 185685 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0732 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0732 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 694677 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0432 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0432 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 807122 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 47.37 | 47.37 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .2182 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .2182 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 907310 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | 70.0 | 70.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0034 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0034 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 870833 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0208 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0208 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 521462 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1073 Individual Condo Report | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0094 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0094 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 278784 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1073 Individual Condo Report | $X,XXX.XX | $X,XXX.XX | 54.61 | 54.61 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0079 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0079 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 809983 | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 70.0 | 70.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0877 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0877 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 317851 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 60.0 | 60.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0848 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0848 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 509898 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | 70.0 | 70.0 | XX/XX/XXXX | Desk Review | $X,XXX.XX | $X,XXX.XX | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 331825 | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0764 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0764 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 711069 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .1147 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1147 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 520839 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 70.0 | 70.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0156 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0156 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 322800 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0312 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0312 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 770389 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 36.36 | 36.36 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0551 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0551 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 743858 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0239 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0239 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 177300 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 60.0 | 60.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0211 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0211 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 393491 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0526 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0526 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 302066 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0769 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0769 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 650011 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | 41.67 | 41.67 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .2160 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .2160 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 440913 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1073 Individual Condo Report | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0422 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0422 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 112208 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0553 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0553 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 501003 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .1443 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1443 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 589870 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0858 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0858 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 563443 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1073 Individual Condo Report | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0002 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0002 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 545901 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Desk Review | $X,XXX.XX | $X,XXX.XX | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Reasonable | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 852234 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Reasonable | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0026 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 495559 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 55.93 | 55.93 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0309 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0309 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 916411 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 31.75 | 31.75 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.3338 | Desk Review | $X,XXX.XX | $X,XXX.XX | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Reasonable | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.3338 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 797858 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0263 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0060 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0263 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 526864 | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0113 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0113 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 106276 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1073 Individual Condo Report | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0238 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0238 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 945836 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | 55.1 | 55.1 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.1421 | Desk Review | $X,XXX.XX | $X,XXX.XX | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.1421 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 227058 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0713 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0713 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 865630 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 67.5 | 67.5 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0800 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0800 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 846153 | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 90.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0081 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0081 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 440201 | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | 72.57 | 87.57 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0784 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0784 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 285942 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0061 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0061 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 945701 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 57.5 | 57.5 | XX/XX/XXXX | Desk Review | $X,XXX.XX | $X,XXX.XX | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 466208 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0236 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0236 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 293979 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 60.0 | 60.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0688 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0526 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0688 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 985694 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 74.06 | 74.06 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0615 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0615 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 120494 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0623 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0625 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0623 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 773262 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | 39.78 | 39.78 | XX/XX/XXXX | Desk Review | $X,XXX.XX | $X,XXX.XX | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 383327 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0313 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0313 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 978802 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1073 Individual Condo Report | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) Internal | $X,XXX.XX | $X,XXX.XX | -.0358 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0358 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 177812 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .1172 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1172 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 782715 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1073 Individual Condo Report | $X,XXX.XX | $X,XXX.XX | 49.02 | 49.02 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0026 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 145788 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0160 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Reasonable | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0160 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 981164 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0670 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0670 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 429388 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Desk Review | $X,XXX.XX | $X,XXX.XX | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Reasonable | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 852002 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0502 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0502 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 102385 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0985 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0985 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 334121 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0898 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0898 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 480435 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0206 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0206 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 416622 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0551 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0551 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 128394 | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0343 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0343 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 154975 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 37.31 | 37.31 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0634 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0634 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 557314 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0893 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0893 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 751270 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 38.5 | 38.5 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .3108 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .3108 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 722426 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0642 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0642 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 794798 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 70.0 | 70.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0041 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0041 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 363550 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0338 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0338 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 101005 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | $X,XXX.XX | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) Internal | $X,XXX.XX | $X,XXX.XX | -.0177 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0177 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 622414 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 49.38 | 49.38 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0892 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0892 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 665167 | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | 63.89 | 63.89 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0641 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0641 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

## Exhibit 99.20

**[VCC Mortgage Securities, LLC ABS-15G](vcc20254-abs15g_082925.htm)**

**Exhibit 99.20**

Rating Agency Multi-Property Valuation Report v10.22

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loan ID** | **Seller Loan ID** | **Alt 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 |  | 759348 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .1035 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1035 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 759348 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0168 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0168 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 105491 | 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 | .1449 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1449 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 105491 | 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 | .2666 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .2666 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 105491 | 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 | .0000 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 105491 | 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 | -.1029 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.1029 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 105491 | 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 | .0959 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0959 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 105491 | 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 | .1468 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1468 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 105491 | 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 | .3268 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .3268 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 596783 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .2623 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .2623 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 596783 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0719 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 160305 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0612 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0612 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 160305 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0535 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0535 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 160305 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0104 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0104 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 128337 | 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 | .6158 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .6158 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX |  |
| XXXX |  | 128337 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .1269 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1269 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 128337 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .1550 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1550 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX |  |
| XXXX |  | 467798 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0414 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0414 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 467798 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0524 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0524 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX |  | 467798 | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0314 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0314 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

## Exhibit 99.21

**[VCC Mortgage Securities, LLC ABS-15G](vcc20254-abs15g_082925.htm)**

**Exhibit 99.21**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loan ID** | **Seller Loan ID** | **Alt Loan ID** | **Original Loan Amount** | **Final Compliance Loan Grades DBRS** | **Final Compliance Loan Grades Fitch** | **Final Compliance Loan Grades Kroll** | **Final Compliance Loan Grades Moody's** | **Final Compliance Loan Grades S&P** | **Final Property Loan Grades DBRS** | **Final Property Loan Grades Fitch** | **Final Property Loan Grades Kroll** | **Final Property Loan Grades Moody's** | **Final Property Loan Grades S&P** |
| XXXX |  | 547798 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 918621 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 510479 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 287966 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 376963 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 554227 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 949993 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 714337 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 985171 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 653717 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 685231 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 765522 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 438320 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 227983 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 423413 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 923968 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 273705 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 870039 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 724550 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 814251 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 181126 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 785159 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 744502 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 826031 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 437878 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 340305 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 434864 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 596222 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 468458 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 150930 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 844078 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 555943 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 286485 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 803589 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 778106 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 906874 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 666637 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 910665 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 405362 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 111128 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 580739 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 912223 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 698207 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 575273 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 812973 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 704549 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 564522 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 230251 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 965892 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 962407 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 142604 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 598759 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 609100 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 377218 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 993748 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 810150 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 796084 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXX |  | 609847 | A |  |  |  |  |  |  |  |  |  | - A |

---

## Exhibit 99.22

**[VCC Mortgage Securities, LLC ABS-15G](vcc20254-abs15g_082925.htm)**

**Exhibit 99.22**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Alt Loan Id** | **Appraisal Type** | **Property Type** | **Appraisal Completed** | **Appraisal Property Condition** | **Is there property damage?** | **If Yes, explain** | **Are there any apparent environmental, health, or safety issues noted by the appraiser or visible in the photos?** | **If Yes, explain** |
| 596056 | Commercial Appraisal | Retail | As is | Good | No |  | No |  |
| 571413 | Commercial Appraisal | 5+ Unit Multi-Family | As is | Average | No |  | No |  |
| 190565 | Commercial Appraisal | 5+ Unit Multi-Family | As is | Average | No |  | No |  |
| 323447 | Commercial Appraisal | 5+ Unit Multi-Family | As is | Average | No |  | No |  |
| 733365 | Commercial Appraisal | 5+ Unit Multi-Family | As is | Average | No |  | No |  |
| 835434 | Commercial Appraisal | 5+ Unit Multi-Family | As is | Average | No |  | No |  |
| 114810 | Commercial Appraisal | 5+ Unit Multi-Family | As is | Average | No |  | No |  |
| 185728 | Commercial Appraisal | 5+ Unit Multi-Family | As is | Average | No |  | No |  |
| 916825 | Commercial Appraisal | 5+ Unit Multi-Family | As is | Average | Yes | Deferred maintenance related to roof and parking lo totaling $XX,XXX.XX. See pg. 18 of appraisal | No |  |
| 245878 | Commercial Appraisal | 5+ Unit Multi-Family | As is | Average | Yes | The subject is under renovation. Deferred maintenance includes leaking roof, broken flooring, hole in the wall, and chipping paint. Per appraisal, these items will be addressed in the renovation | Yes | Photos show a number of units in non-habitable condition, its likely that these units are not available for rent/under construction. |
| 118708 | Commercial Appraisal | Industrial | As is | Average | No |  | No |  |
| 555117 | Commercial Appraisal | Retail | As is | Good | No |  | No |  |
| 737002 | Commercial Appraisal | Industrial | As is | Average | No |  | No |  |
| 217725 | Commercial Appraisal | Industrial | As is | Average | No |  | No |  |
| 889723 | Commercial Appraisal | 2-4 Unit Multi-Family | As is | Average | No |  | No |  |
| 610674 | Commercial Appraisal | Retail | As is | Average | No |  | No |  |
| 756364 | Commercial Appraisal | Retail | As is | Average | No |  | No |  |
| 838826 | Commercial Appraisal | Industrial | As is | Average | No |  | No |  |
| 730942 | Commercial Appraisal | Mixed Use | As is | Average | Yes | Deferred Maintenance: The appraisal states that the subject has some deferred maintenance items; the cost to cure the existing deferred maintenance totals $XX,XXX.XX based on an estimate by the appraisers. Immediate roof covering repairs and partial drywall (gypsum board) replacement on the second floor. There are also other minor repairs needed such as resurfacing the floors and fresh paint that is needed. The cost to cure existing deferred maintenance totals $XX,XXX.XX | No |  |
| 253282 | Commercial Appraisal | Industrial | As is | Average | No |  | No |  |
| 706722 | Commercial Appraisal | Hotels | As is | Average | No |  | No |  |
| 200756 | Commercial Appraisal | Office | As is | Average | No |  | No |  |
| 286197 | Commercial Appraisal | Office | As is | Average | No |  | No |  |
| 547798 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 136733 | Commercial Appraisal | Automotive | As is | Average | No |  | Yes | Possible mold employee garage restroom , pg. 9 |
| 199758 | Commercial Appraisal | Warehouse | As is | Average | No |  | No |  |
| 828338 | Commercial Appraisal | Commercial | Subject to Completion | Good | No |  | No |  |
| 918621 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C3 – Average | No |  | No |  |
| 390971 | 1004 URAR | Single Family Attached | As is | C3 – Average | No |  | No |  |
| 696381 | Commercial Appraisal | Mixed Use | As is | Average | Yes | \*The kitchen cabinets need repair (estimated cost $X,XXX.XX); \*The hardwood floors require refinishing (estimated cost $X,XXX.XX); \*A former roof leak damaged the ceiling in one of the bedrooms in the two bedroom unit (estimated cost $X,XXX.XX) \*The apartments require general cleaning and some rooms need painting (estimated cost <br> $X,XXX.XX The total cost required in cosmetic repairs is estimated at $XX,XXX.XX. | No |  |
| 646256 | 1004 URAR | Single Family Detached | As is | Average | No |  | No |  |
| 893760 | Commercial Appraisal | Mixed Use | As is | Average | No |  | No |  |
| 510479 | Commercial Appraisal | Mixed Use | As is | Average | No |  | No |  |
| 796847 | Commercial Appraisal | Retail | As is | Average | No |  | No |  |
| 645439 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 994081 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 717998 | 1004 URAR | Single Family Detached | As is | C3 – Average | Yes | The appraiser noted that there are unfinished patches on the ceiling of the living room, stairwell walls and hall bath wall. There is a large hole on the ceiling above the staircase. This is the area below the hall bath. It did not appear to be wet or an active leak at the time of the appraisal. The smoke detector on the second floor landing was missing. | No |  |
| 695035 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 354776 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 495812 | 1004 URAR | Single Family Attached | As is | C3 – Average | No |  | No |  |
| 380402 | Commercial Appraisal | Mixed Use | As is | Average | No |  | No |  |
| 250834 | Commercial Appraisal | Automotive | As is | Average | No |  | No |  |
| 988703 | Commercial Appraisal | Retail | As is | Average | No |  | No |  |
| 386320 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 287966 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 376963 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C3 – Average | Yes | The fascia area along the front of X XXXXX XXX is rotting. Subject rear door is rotten out. Main living area floor has paint dropping. Bedroom door is partial paint marks. Drywall seem in Den is cracked. Floor heater in kitchen is missing guts and front plate. Cement tower in basement is crumbling. Rotting exterior wood around house. | No |  |
| 554227 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 640332 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 551018 | Commercial Appraisal | Mixed Use | As is | Good | No |  | No |  |
| 949993 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 714337 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 455926 | Commercial Appraisal | Office | As is | Average | No |  | No |  |
| 985171 | 1004 URAR | Single Family Detached | Subject to Completion | C3 – Average | Yes | Missing shingles were noted on house and detached garage/workshop due to recent winds | No |  |
| 148750 | Commercial Appraisal | Mixed Use | As is | Average | No |  | No |  |
| 733365 | Commercial Appraisal | 5+ Unit Multi-Family | As is | Below Average | Yes | Roof on southern building is at end of life. Unit 5 under renovation | No |  |
| 653717 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | Yes | All three properties are in below average condition. <br> 1) XXX XXXXXXX XX: siding damage<br> 2) XX XXXXXXXX XX: missing and damaged cabinet doors in kitchen<br> 3) XXXX XXXXXXXXXX XXX: ceiling damage | Yes | 2) XX XXXXXXXX XX: dampness in basement<br> 3) XXXX XXXXXXXXXX XXX: possible mold in attic and dampness in basement |
| 971836 | Commercial Appraisal | Commercial | As is | Average | No |  | No |  |
| 691736 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 685231 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 329230 | Commercial Appraisal | Mixed Use | As is | Average | No |  | No |  |
| 909166 | Commercial Appraisal | Commercial | As is | Below Average | Yes | Property is in shell condition, not built out for commercial use. Photos indicate current use parking/vehicle storage. Appraisal indicates condition is below average with some damage. There is foundation damage/crumbling on the south wall, and evidence of water infiltration on the west wall. | No |  |
| 796026 | Commercial Appraisal | Office | As is | Average | No |  | No |  |
| 962361 | Commercial Appraisal | Mixed Use | Subject to Completion | Average | No |  | Yes | The Appraisal cites a safety issue, door from the 2nd floor apartment leading to the roof has no guard rail, CTC given of $X,XXX.XX. Photos of an installed guard rail are provided in the file, but an Appraisal update or completion certificate was not found in the file. |
| 347632 | Commercial Appraisal | Mixed Use | As is | Average | Yes | Property vacant for three years. Improvements found to be in general average condition: however, circuity breakers in the electric panels in the commercial units appear to be loose; restroom ceiling lights and flooring in unit XXXX were not finished, the apartment requires debris removal and cleaning, and a plumbing leak was observed in the basement. Estimated cost to cure approximately $XX,XXX.XX. Subject apartment photos reflect damage to restroom including broken toilet. | Yes | Plumbing leak reported in the basement. |
| 212013 | Commercial Appraisal | Commercial | As is | Average | No |  | No |  |
| 924899 | Commercial Appraisal | Warehouse | As is | Below Average | Yes | Appraiser noted that the property indicated significant items of deferred maintenance. The property is in overall below average condition. The property has not received periodic updating, routine maintenance, and would be considered to be in below average condition. | No |  |
| 406285 | Commercial Appraisal | Commercial | As is | Average | No |  | No |  |
| 470994 | Commercial Appraisal | Retail | As is | Average | No |  | No |  |
| 384581 | Commercial Appraisal | Commercial | As is | Average | No |  | No |  |
| 894549 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 174710 | Commercial Appraisal | Retail | As is | Average | No |  | No |  |
| 765522 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C3 – Average | No |  | No |  |
| 494516 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C3 – Average | No |  | No |  |
| 438320 | 1004 URAR | Single Family Detached | Subject to Completion | C3 – Average | No |  | Yes | Subject to the replacement of the electric panel cover as this is a safety hazard. |
| 339715 | Commercial Appraisal | Retail | As is | Average | No |  | Yes | Basement photo #1 is blurry with possible wall damage and water on the floor. Basement photo #2 has hanging electrical junction boxes. Appraisal update does not reflect any fixes to above. |
| 227983 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C4 – Below Average | Yes | Damaged ceiling, large patch of drywall is missing. No cost to sure noted by appraiser. | No |  |
| 132739 | Commercial Appraisal | Mixed Use | As is | Average | No |  | No |  |
| 358428 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 884848 | Commercial Appraisal | Mixed Use | As is | Average | No |  | No |  |
| 839031 | Commercial Appraisal | Automotive | As is | Average | No |  | No |  |
| 245925 | Commercial Appraisal | Industrial | As is | Good | No |  | No |  |
| 371343 | Commercial Appraisal | 5+ Unit Multi-Family | As is | Average | No |  | No |  |
| 423413 | 1004 URAR | Single Family Detached | As is | C2 – Like New | No |  | No |  |
| 934218 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C4 – Below Average | No |  | No |  |
| 923968 | 1004 URAR | Single Family Detached | As is | C2 – Like New | No |  | No |  |
| 282782 | Commercial Appraisal | Automotive | As is | Average | No |  | No |  |
| 319355 | Commercial Appraisal | Mixed Use | As is | Average | No |  | No |  |
| 617939 | Commercial Appraisal | Commercial Condo | As is | Good | No |  | No |  |
| 608294 | 1073 Individual Condo Report | Condominium | As is | C4 – Below Average | No |  | No |  |
| 273705 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 870039 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 951469 | Commercial Appraisal | Mixed Use | As is | Average | No |  | No |  |
| 724550 | 1004 URAR | Single Family Attached | As is | C3 – Average | No |  | No |  |
| 814251 | 1004 URAR | Single Family Attached | As is | C2 – Like New | No |  | No |  |
| 613076 | Commercial Appraisal | Mixed Use | As is | Average | No |  | No |  |
| 112936 | Commercial Appraisal | Automotive | As is | Average | No |  | Yes | No cover on electrical box |
| 181126 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 227244 | Commercial Appraisal | Retail | As is | Average | No |  | No |  |
| 936543 | Commercial Appraisal | Commercial Condo | As is | Average | No |  | No |  |
| 485701 | Commercial Appraisal | Mixed Use | As is | Average | No |  | No |  |
| 916622 | Commercial Appraisal | Mixed Use | As is | Average | No |  | No |  |
| 785159 | 1004 URAR | Single Family Detached | As is | C2 – Like New | No |  | No |  |
| 284229 | Commercial Appraisal | 5+ Unit Multi-Family | As is | Average | No |  | No |  |
| 360564 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 717341 | 1004 URAR | Single Family Detached | Subject to Completion | C4 – Below Average | Yes | Damaged roof; It is noted there are new roof materials sitting on property and tenant stated roof was set to be replaced. | No |  |
| 775157 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 744502 | 1004 URAR | Single Family Attached | As is | C4 – Below Average | No |  | No |  |
| 701480 | Commercial Appraisal | Retail | As is | Average | No |  | No |  |
| 826031 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C4 – Below Average | No |  | No |  |
| 745136 | Commercial Appraisal | Office | As is | Average | No |  | No |  |
| 437878 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 340305 | 1004 URAR | Single Family Detached | As is | C1 – New Construction | No |  | No |  |
| 590247 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 729046 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C3 – Average | No |  | No |  |
| 434864 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 260104 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 636314 | Commercial Appraisal | Commercial | As is | Average | No |  | No |  |
| 904422 | Commercial Appraisal | Retail | As is | Good | No |  | No |  |
| 394446 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | Yes | Deferred maintenance included damaged siding and damaged door trim and deck. Interior damages included damaged walls, ceilings and floors. Some kitchen cabinet drawers were also damaged. | No |  |
| 596222 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 510287 | Commercial Appraisal | 5+ Unit Multi-Family | As is | Good | No |  | No |  |
| 468458 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 150930 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 443052 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 743683 | Commercial Appraisal | Commercial | As is | Average | No |  | No |  |
| 270689 | Commercial Appraisal | Commercial | As is | Average | No |  | No |  |
| 627102 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 844078 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 681609 | Commercial Appraisal | Mixed Use | As is | Average | No |  | No |  |
| 759348 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 500477 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 776855 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 667287 | Commercial Appraisal | Retail | As is | Average | No |  | No |  |
| 441222 | Commercial Appraisal | Retail | As is | Average | No |  | No |  |
| 620676 | Commercial Appraisal | Office | As is | Average | No |  | No |  |
| 319604 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 762055 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 218254 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 950320 | Commercial Appraisal | Mixed Use | As is | Good | No |  | No |  |
| 105974 | Commercial Appraisal | Industrial | As is | Average | No |  | No |  |
| 101568 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 213956 | Commercial Appraisal | Commercial | As is | Average | No |  | No |  |
| 920531 | Commercial Appraisal | Retail | As is | Average | No |  | No |  |
| 655350 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 932345 | Commercial Appraisal | Commercial | As is | Average | No |  | No |  |
| 317728 | Commercial Appraisal | Mixed Use | As is | Average | No |  | No |  |
| 555943 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 199139 | Commercial Appraisal | Commercial | As is | Average | No |  | No |  |
| 105491 | 1004 URAR | Single Family Attached | As is | C4 – Below Average | Yes | Seven properties attached to loan are in below average condition. <br> 1) XXXX XXXX XX Damaged Soffit & Fascia<br> 2) XXXX XXX XX Damaged Soffit/Fascia, Ceiling caved in - Storage, Damage from water intrusion, damaged door | Yes | 7) XXXX XXX XX Evidence of prior kitchen fire-Smoke damage |
| 833677 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 173289 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C4 – Below Average | No |  | Yes | Boarded up windows in rec room and basement |
| 875974 | Commercial Appraisal | Retail | As is | Average | No |  | No |  |
| 823601 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 470214 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 596783 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 469414 | Commercial Appraisal | Commercial Condo | As is | Average | No |  | No |  |
| 888871 | Commercial Appraisal | Commercial | As is | Average | No |  | No |  |
| 286485 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 880391 | Commercial Appraisal | Mixed Use | As is | Average | No |  | No |  |
| 803589 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 377005 | Commercial Appraisal | Commercial | As is | Average | No |  | No |  |
| 778106 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 564596 | Commercial Appraisal | Commercial | As is | Average | No |  | No |  |
| 205279 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C3 – Average | No |  | Yes | Missing railing and possible mold on exterior |
| 394267 | Commercial Appraisal | Retail | As is | Average | No |  | No |  |
| 183068 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 892905 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C3 – Average | No |  | No |  |
| 401679 | Commercial Appraisal | Retail | As is | Average | No |  | No |  |
| 918051 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | Yes | Missing cover to electrical panel |
| 906874 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C4 – Below Average | No |  | No |  |
| 694532 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 514490 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C3 – Average | No |  | No |  |
| 501317 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 100728 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 618365 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 532671 | 1004 URAR | Single Family Attached | As is | C2 – Like New | No |  | No |  |
| 933367 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C4 – Below Average | No |  | No |  |
| 696330 | Commercial Appraisal | Industrial | As is | Average | No |  | No |  |
| 914850 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 268869 | 1004 URAR | Single Family Detached | As is | C2 – Like New | No |  | No |  |
| 965616 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 999539 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C3 – Average | No |  | No |  |
| 790741 | Commercial Appraisal | Retail | As is | Average | No |  | No |  |
| 481841 | Commercial Appraisal | Mixed Use | As is | Average | No |  | No |  |
| 358149 | Commercial Appraisal | Mixed Use | As is | Average | No |  | No |  |
| 160305 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 530821 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 952734 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 128337 | 1004 URAR | Single Family Detached | Subject to Completion | C4 – Below Average | Yes | 1) Damage to exterior siding<br> 2) Deteriorated soffits, unfinished siding, missing ceiling panels in unit #1. Damaged flooring, damaged ceiling due to roof leak in unit #2.<br> 3) Damaged end Gutter leaking, plaster damage, broken door | Yes | 1) Moss covered portions of roof. Barn Roof damage.<br> 3) Moss covered portions of roof. |
| 561002 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C2 – Like New | No |  | No |  |
| 666637 | 1004 URAR | Single Family Detached | As is | C2 – Like New | No |  | No |  |
| 280749 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 143976 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 889218 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | Subject to Completion | C3 – Average | Yes | There is damage/hole in ceiling of unit 1 from a pervious water leak. Cost to cure $X,XXX.XX. Appraiser recommend removal of stove and capping of gas line in basement. | No |  |
| 240780 | Commercial Appraisal | Retail | As is | Average | No |  | No |  |
| 910665 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C3 – Average | No |  | No |  |
| 405362 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 185685 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C3 – Average | No |  | No |  |
| 111128 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 694677 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C2 – Like New | No |  | No |  |
| 580739 | 1073 Individual Condo Report | Condominium | As is | C4 – Below Average | No |  | No |  |
| 912223 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C3 – Average | No |  | No |  |
| 807122 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 907310 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C3 – Average | No |  | No |  |
| 475823 | Commercial Appraisal | Retail | As is | Average | No |  | No |  |
| 870833 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 698207 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 575273 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 812973 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 704549 | 1004 URAR | Single Family Detached | As is | C3 – Average | Yes | Possible mold in the basement pictures | No |  |
| 756095 | Commercial Appraisal | 5+ Unit Multi-Family | As is | Average | No |  | No |  |
| 564522 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 521462 | 1073 Individual Condo Report | Condominium | As is | C3 – Average | No |  | No |  |
| 278784 | 1073 Individual Condo Report | Condominium | As is | C4 – Below Average | No |  | No |  |
| 809983 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | Yes | Missing electrical outlet covers |
| 230251 | 1073 Individual Condo Report | Condominium | As is | C3 – Average | No |  | No |  |
| 965892 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 870419 | Commercial Appraisal | Mixed Use | As is | Average | No |  | No |  |
| 317851 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 509898 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C3 – Average | Yes | Unit 1 is undergoing renovations. Cost to cure approximately $XXX. | No |  |
| 962407 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C3 – Average | No |  | No |  |
| 331825 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C4 – Below Average | No |  | No |  |
| 142604 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 467798 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 598759 | 1004 URAR | Single Family Attached | As is | C3 – Average | No |  | No |  |
| 711069 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 780623 | Commercial Appraisal | Mixed Use | As is | Average | No |  | No |  |
| 520839 | 1004 URAR | Single Family Detached | As is | C1 – New Construction | No |  | No |  |
| 609100 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 856662 | Commercial Appraisal | Retail | As is | Average | No |  | No |  |
| 322800 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 770389 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 377218 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 743858 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 177300 | 1004 URAR | Single Family Detached | As is | C2 – Like New | No |  | No |  |
| 308159 | Commercial Appraisal | Mixed Use | As is | Good | No |  | No |  |
| 393491 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 993748 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 810150 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 302066 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 796084 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 609847 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 650011 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C4 – Below Average | No |  | No |  |
| 440913 | 1073 Individual Condo Report | Condominium | As is | C3 – Average | No |  | No |  |
| 908806 | Commercial Appraisal | Mixed Use | As is | Average | No |  | Yes | No panel cover on circuit breaker panel. |
| 112208 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 501003 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 589870 | 1004 URAR | Daycare Facility | As is | C3 – Average | No |  | No |  |
| 563443 | 1073 Individual Condo Report | Condominium | As is | C3 – Average | No |  | No |  |
| 132252 | Commercial Appraisal | Retail | As is | Average | No |  | No |  |
| 545901 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 852234 | 1004 URAR | Single Family Attached | As is | C3 – Average | No |  | Yes | No panel cover on circuit breaker panel. |
| 781236 | Commercial Appraisal | Mixed Use | As is | Average | No |  | No |  |
| 488959 | Commercial Appraisal | Commercial Condo | As is | Good | No |  | No |  |
| 495559 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | Yes | There is a tarp covering a portion of the roof. Roof estimate in file is $X,XXX.XX. Exterior paint is peeling. HVAC is becoming detached from house. Wood trim is rotting. Carpet is worn and torn. | No |  |
| 916411 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 797858 | 1004 URAR | Single Family Attached | As is | C2 – Like New | No |  | No |  |
| 526864 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | Average | No |  | No |  |
| 106276 | 1073 Individual Condo Report | Condominium | As is | C3 – Average | No |  | No |  |
| 945836 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | Good | No |  | No |  |
| 227058 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 865630 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 846153 | 1004 URAR | PUD | As is | C3 – Average | No |  | No |  |
| 440201 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C3 – Average | No |  | No |  |
| 183846 | Commercial Appraisal | Commercial | As is | Average | No |  | No |  |
| 285942 | 1004 URAR | Single Family Attached | As is | C3 – Average | No |  | No |  |
| 945701 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 466208 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 293979 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 985694 | 1004 URAR | PUD | As is | C3 – Average | No |  | No |  |
| 930046 | Commercial Appraisal | 5+ Unit Multi-Family | As is | Good | No |  | No |  |
| 120494 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 773262 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | Good | No |  | No |  |
| 383327 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 978802 | 1073 Individual Condo Report | Condominium | As is | C3 – Average | No |  | No |  |
| 177812 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C4 – Below Average | No |  | No |  |
| 603362 | Commercial Appraisal | Automotive | As is | Average | No |  | No |  |
| 782715 | 1073 Individual Condo Report | Condominium | As is | C3 – Average | No |  | No |  |
| 145788 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 419908 | Commercial Appraisal | Mixed Use | As is | Average | Yes | Deferred maintenance on 2nd floor showing large hole in ceiling noted by appraiser with no listed cost to cure. | No |  |
| 981164 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 429388 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 852002 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 102385 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C3 – Average | Yes | The appraiser observed a mold like substance in the basement, evidence of water damage on the second-floor ceiling, and missing drywall and flooring in the basement unit. See attached images. Estimated cost to cure the aforementioned repairs is $XX,XXX.XX. | Yes | Unit 3 Basement Bathroom photos show possibly ceiling drywall in the bathtub<br> Evidence of Mold in basement and missing drywall photos |
| 334121 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 480435 | 1004 URAR | Single Family Attached | As is | C3 – Average | No |  | No |  |
| 416622 | 1004 URAR | Single Family Attached | As is | C4 – Below Average | No |  | No |  |
| 128394 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 154975 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 122247 | Commercial Appraisal | Office | As is | Average | No |  | No |  |
| 557314 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 475154 | Commercial Appraisal | Commercial | As is | Average | No |  | No |  |
| 751270 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 722426 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 794798 | 1004 URAR | Single Family Detached | As is | C2 – Like New | No |  | No |  |
| 363550 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 101005 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As is | C3 – Average | No |  | Yes | Exposed Electrical Box/ Panel in basement<br> Appraiser notes Dampness in Basement Photo |
| 622414 | 1004 URAR | Single Family Detached | As is | C3 – Average | No |  | No |  |
| 665167 | 1004 URAR | Single Family Detached | As is | C4 – Below Average | No |  | No |  |
| 884450 | Commercial Appraisal | Mixed Use | As is | Average | No |  | Yes | Exposed Electrical Box/ Panel 2nd Floor |
| 312006 | Commercial Appraisal | Commercial | As is | Average | No |  | No |  |
| 165479 | Commercial Appraisal | Commercial | As is | Average | No |  | No |  |
| 667429 | Commercial Appraisal | Office | As is | Average | No |  | No |  |
| 412782 | Commercial Appraisal | Commercial | As is | Average | No |  | No |  |
| 316521 | Commercial Appraisal | Commercial | As is | Average | No |  | No |  |

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