# EDGAR Filing Document

**Accession Number:** 0001542220
**File Stem:** 0001999371-25-008869
**Filing Date:** 2025-7
**Character Count:** 1021526
**Document Hash:** 36f3181e936d3059e7108e724686f279
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-008869.hdr.sgml**: 20250709

**ACCESSION NUMBER**: 0001999371-25-008869

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

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250709

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

**FILED AS OF DATE**: 20250709

**DATE AS OF CHANGE**: 20250709

**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:** 251113340

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Date of Report (Date of earliest event reported) __________________

Commission File Number of securitizer: __________________

Central Index Key Number of securitizer:__________________

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

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

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

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

<u>☒</u> 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-P1</u><br> (Exact name of issuing entity as specified in its charter)

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

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

Jeff Taylor, (818) 532-3707

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

**PART I: REPRESENTATION AND WARRANTY INFORMATION**

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

Not Applicable

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

Not Applicable

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

Not Applicable

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

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

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

EXHIBIT INDEX

---

| | |
|:---|:---|
| &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 NOO Exception and Grades Report |
| &nbsp;&nbsp;[99.04](ex99-04.htm) | &nbsp;&nbsp;AMC Valuation Summary Report |
| &nbsp;&nbsp;[99.05](ex99-05.htm) | &nbsp;&nbsp;AMC Multi-Property Valuation Report |
| &nbsp;&nbsp;[99.06](ex99-06.htm) | &nbsp;&nbsp;AMC GL Exception and Grades Report |
| &nbsp;&nbsp;[99.07](ex99-07.htm) | &nbsp;&nbsp;AMC GL Exception Grades Report |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;[99.08](ex99-08.htm) | &nbsp;&nbsp;Opus Capital Markets Consultants, LLC ("**Opus**") Narrative |
| &nbsp;&nbsp;[99.09](ex99-09.htm) | &nbsp;&nbsp;Opus Data Compare Report |
| &nbsp;&nbsp;[99.10](ex99-10.htm) | &nbsp;&nbsp;Opus GL Findings Report |
| &nbsp;&nbsp;[99.11](ex99-11.htm) | &nbsp;&nbsp;Opus GL Rating Agency Grades Report |
| &nbsp;&nbsp;[99.12](ex99-12.htm) | &nbsp;&nbsp;Opus Valuation Report |
| &nbsp;&nbsp;[99.13](ex99-13.htm) | &nbsp;&nbsp;Opus Multi-Property Valuation Report |
| &nbsp;&nbsp;[99.14](ex99-14.htm) | &nbsp;&nbsp;Opus NOO Standard Findings Report |
| &nbsp;&nbsp;[99.15](ex99-15.htm) | &nbsp;&nbsp;Opus NOO Rating Agency Grades 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** |
| (Depositor) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date: July 9, 2025 | /s/ Jeff Taylor |
|  | Name: Jeff Taylor |
|  | Title: Executive Vice President (senior officer in charge of securitization) |

---

## Exhibit 99.01

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vccm_abs-15g.htm)

**Exhibit 99.01**

------

**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 May 2025 and June 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 three hundred sixty (360) unique mortgage loans (the "Review").

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

---

| | | | |
|:---|:---|:---|:---|
| **Property Type** | **Review Population** | | |
| **Property Type** | **Review Population** | **Pool**<br>**Population** | **%**<br>**Population** |
| Small Bal CRE\* | 113 | 124 | 91.11% |
| Investor 1-4 Fam\*\* | 198 | 236 | 83.90% |
|  | **311** | **360** | **86.39%** |

---

The five (5) SBA loans below are a subset of the previous table.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Property Type** | **Loan Type** | **Review Population** | | |
| <br>**Review** | **Property Type** | **Loan Type** | **Review Population** | **Pool**<br>**Population** | **%**<br>**Population** |
| Guideline Review | Small Bal CRE | SBA | 5 | 5 | 100.00% |
| (Including Data Integrity) | Investor 1-4 Fam | SBA | 0 | 0 | N/A |
| **Total Guideline Review** |  |  | **5** | **5** | **100.00%** |

---

\*All investor 1-4 Fam in the Guideline Review were also review for Non-Owner Occupancy ("NOO")

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Review** | **Property Type** | **Review Population** | **Pool**<br>**Population** | **%**<br>**Population** |
| Non-Owner Occupancy ("NOO") | Investor 1-4 Fam (not included in Guideline Review) | 38 | 236 | 16.10% |
| Total Non-Owner Occupancy ("NOO") |  | 38 | 236 | 16.10% |

---

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

DBRS, Inc. ("DBRS") 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 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 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Field** | **Loans With Discrepancy** | **Total Times Compared** | **% Variance** | **# Of Loans** |
| # of Units | 0 | 349 | 0.00% | 349 |
| Amortization Term | 9 | 349 | 2.58% | 349 |
| Amortization Type | 0 | 349 | 0.00% | 349 |
| Appraised Value | 0 | 349 | 0.00% | 349 |
| Borrower Full Name | 0 | 349 | 0.00% | 349 |
| City | 0 | 349 | 0.00% | 349 |
| Contract Sales Price | 0 | 349 | 0.00% | 349 |
| DCR UW VCC | 0 | 349 | 0.00% | 349 |
| First Interest Rate Change Date | 0 | 349 | 0.00% | 349 |
| First Payment Change Date | 0 | 349 | 0.00% | 349 |
| Index Type | 0 | 349 | 0.00% | 349 |
| Interest Only | 0 | 349 | 0.00% | 349 |
| Interest Rate Change Frequency | 0 | 349 | 0.00% | 349 |
| Interest Rate Initial Cap | 0 | 349 | 0.00% | 349 |
| Interest Rate Initial Maximum | 0 | 349 | 0.00% | 349 |
| Interest Rate Initial Minimum | 0 | 349 | 0.00% | 349 |
| Interest Rate Life Cap | 0 | 349 | 0.00% | 349 |
| Interest Rate Life Max | 0 | 349 | 0.00% | 349 |
| Interest Rate Life Min | 0 | 349 | 0.00% | 349 |
| Interest Rate Periodic Cap | 0 | 349 | 0.00% | 349 |
| Investment Property Type | 0 | 349 | 0.00% | 349 |
| Lien Position | 0 | 349 | 0.00% | 349 |
| LTV Valuation Value | 0 | 349 | 0.00% | 349 |
| Margin | 0 | 349 | 0.00% | 349 |
| Maturity Date | 0 | 349 | 0.00% | 349 |
| Mod | 0 | 349 | 0.00% | 349 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| Next Interest Rate Change Date | 0 | 349 | 0.00% | 349 |
| Note Date | 0 | 349 | 0.00% | 349 |
| Occupancy | 0 | 349 | 0.00% | 349 |
| Original Interest Rate | 0 | 349 | 0.00% | 349 |
| Original Loan Amount | 0 | 349 | 0.00% | 349 |
| Original LTV | 0 | 349 | 0.00% | 349 |
| Original P&I | 0 | 349 | 0.00% | 349 |
| Original Term | 0 | 349 | 0.00% | 349 |
| Prepayment Penalty Period (months) | 0 | 349 | 0.00% | 349 |
| Prepayment Terms | 0 | 349 | 0.00% | 349 |
| Purpose | 0 | 349 | 0.00% | 349 |
| Refi Purpose | 0 | 349 | 0.00% | 349 |
| Representative FICO | 0 | 349 | 0.00% | 349 |
| State | 0 | 349 | 0.00% | 349 |
| Street | 0 | 349 | 0.00% | 349 |
| Zip | 0 | 349 | 0.00% | 349 |
| **Total** | **9** | **14658** | **0.06%** | **14658** |

---

**(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):

---

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

3 \| Page

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For this review, the procedures included:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

At the direction of the Client, AMC conducted a valuation review utilizing various values and methodologies as further detailed in Item 5 below. In total, for the entire original population, Client ordered secondary valuation products on one hundred ninety-nine(199) 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.

**(9) Disclaimer.**

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

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

**Item 5. Summary of findings and conclusions of review**

The NRSRO criteria referenced for this report and utilized for grading descriptions is based upon the NRSROs listed in Item 3 above.

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:**

Three hundred ten (310) mortgage loans reviewed by AMC have a Credit grade of "B" or higher and 24.44% of the mortgage loans by number have a Credit grade of "A.". One (1) mortgage loans reviewed by AMC have a Credit grade of "C". The "B" grades correspond to two hundred thirty-four (234) mortgages loans where the lender issued a guideline exception/waiver. There is a total of four hundred fifty-eight (458) waived credit exceptions affecting those two hundred thirty-four (234) mortgages loans. Some mortgage loans received multiple waivers.

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| | | |
|:---|:---|:---|
| **Guideline Review Credit Loan Grades** | **Guideline Review Credit Loan Grades** | **Guideline Review Credit Loan Grades** |
| **Final Loan Grade** | **# of Loans** | **% of Loans** |
| A | 76 | 24.44% |
| B | 234 | 75.24% |
| C | 1 | 0.32% |
| D | 0 | 0.00% |
| **Total** | **311** | **100.00%** |

---

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**Non-Owner Occupancy Review Credit Results**

All thirty-eight (38) mortgage loans reviewed by AMC have a Credit grade of "A".

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| | | |
|:---|:---|:---|
| **Non-Owner Occupancy Credit Loan Grades** | **Non-Owner Occupancy Credit Loan Grades** | **Non-Owner Occupancy Credit Loan Grades** |
| **Final Loan Grade** | **# of Loans** | **% of Loans** |
| A | 38 | 100.00% |
| B | 0 | 0.00% |
| C | 0 | 0.00% |
| D | 0 | 0.00% |
| **Total** | **38** | **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 one hundred ninety-nine (199) 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 eight (308) of the mortgage loans received a Property grade "A", and three (3) of the mortgage loans received and Property grade "C". Three (3) mortgage loans with the Property grade "C" corresponds to the two (2) mortgage loans with the "Subject is not in average or better condition" and one (1) "Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo" exception.

---

| | | |
|:---|:---|:---|
| **Guideline Review Valuation Loan Grades** | **Guideline Review Valuation Loan Grades** | **Guideline Review Valuation Loan Grades** |
| **Final Loan Grade** | **# of Loans** | **% of Loans** |
| A | 308 | 99.04% |
| B | 0 | 0.00% |
| C | 3 | 0.96% |
| D | 0 | 0.00% |
| **Total** | **311** | **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 seven (307) mortgage loans reviewed by AMC in the Full Guideline Review scope have an Overall grade of "B" or higher and 24.12 % of the mortgage loans by number have an Overall grade of "A." Four (4) mortgage loan has an Overall grade of "C".

7 \| Page

------

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

---

| | | |
|:---|:---|:---|
| **Guideline Review Overall Loan Grades** | **Guideline Review Overall Loan Grades** | **Guideline Review Overall Loan Grades** |
| **Final Loan Grade** | **# of Loans** | **% of Loans** |
| A | 75 | 24.12% |
| B | 232 | 74.60% |
| C | 4 | 1.29% |
| D | 0 | 0.00% |
| **Total** | **311** | **100.00%** |

---

In the Guideline Review Population there are five (5) SBA mortgage loans. SitusAMC conducted a review of the five SBA loans in accordance with the established guidelines. Our review process aligned with the same criteria used for the guidelines review.

Specifically, we adhered to the following procedures:

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

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

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

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

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

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

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

After giving consideration to the grading implications of the Credit and Property/Valuation sections above, all thirty-eight (38) mortgage loans reviewed by AMC have an Overall grade of "A".

---

| | | |
|:---|:---|:---|
| **Non-Owner Occupancy Overall Loan Grades** | **Non-Owner Occupancy Overall Loan Grades** | **Non-Owner Occupancy Overall Loan Grades** |
| **Final Loan Grade** | **# of Loans** | **% of Loans** |
| A | 38 | 100.00% |
| B | 0 | 0.00% |
| C | 0 | 0.00% |
| D | 0 | 0.00% |
| **Total** | **38** | **100.00%** |

---

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

All items are relevant for the three hundred eleven (311) loans in the guideline review that are part of the securitization population.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Amortization Type** | **Loan Count** | **% of Loans** | **Original Balance** | **% of Balance** |
| Fixed | 311 | 100.00% | $132413476.00 | 100.00% |
| **Total** | **311** | **100.00%** | **$132413476.00** | **100.00%** |
| **Lien Position** | **Loan Count** | **% of Loans** | **Original Balance** | **% of Balance** |
| 1 | 311 | 100.00% | $132413476.00 | 100.00% |
| **Total** | **311** | **100.00%** | **$132413476.00** | **100.00%** |

---

8 \| Page

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Loan Purpose** | **Loan Count** | **% of Loans** | **Original Balance** | **% of Balance** |
| Cash Out: Other/Multi-purpose/Unknown Purpose | 203 | 65.27% | $73303550.00 | 55.36% |
| Other-than-first-time Home Purchase | 84 | 27.01% | $50316504.00 | 38.00% |
| Rate/Term Refinance - Borrower Initiated | 24 | 7.72% | $8793422.00 | 6.64% |
| **Total** | **311** | **100.00%** | **$132413476.00** | **100.00%** |
| **Original Term** | **Loan Count** | **% of Loans** | **Original Balance** | **% of Balance** |
| 241-360 Months | 311 | 100.00% | $132413476.00 | 100.00% |
| **Total** | **311** | **100.00%** | **$132413476.00** | **100.00%** |

---

9 \| Page

## Exhibit 99.02

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vccm_abs-15g.htm)

**Exhibit 99.02**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ![](amclogo.jpg) | ![](amclogo.jpg) | ![](amclogo.jpg) |  |  |  |  |  |  |  |
| **Data Compare (Non-Ignored)** | **Data Compare (Non-Ignored)** | **Data Compare (Non-Ignored)** | **Data Compare (Non-Ignored)** | **Data Compare (Non-Ignored)** |  |  |  |  |  |
| **AMC Loan ID** | **Customer Loan ID** | **EDGAR Loan ID** | **Servicer Loan ID** | **Investor Loan Number** | **Field Label** | **Bid Tape Field Value** | **Field Value** | **Compare Status** | **Comment** |
| XXXX | XXXX | 2025-P1-208 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | 2025-P1-233 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | 2025-P1-394 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference |
| XXXX | XXXX | 2025-P1-131 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | 2025-P1-245 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | 2025-P1-270 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | 2025-P1-374 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference |
| XXXX | XXXX | 2025-P1-387 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | 2025-P1-282 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |

---

## Exhibit 99.03

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vccm_abs-15g.htm)

**Exhibit 99.03**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ![](amclogo.jpg) | ![](amclogo.jpg) | ![](amclogo.jpg) | ![](amclogo.jpg) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Loan Level Exception - Final Grades (Loan Grades)** | **Loan Level Exception - Final Grades (Loan Grades)** | **Loan Level Exception - Final Grades (Loan Grades)** | **Loan Level Exception - Final Grades (Loan Grades)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **FINAL CREDIT LOAN GRADES** | **FINAL CREDIT LOAN GRADES** | **FINAL CREDIT LOAN GRADES** | **FINAL CREDIT LOAN GRADES** | **FINAL CREDIT LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL PROPERTY LOAN GRADES** | **FINAL PROPERTY LOAN GRADES** | **FINAL PROPERTY LOAN GRADES** | **FINAL PROPERTY LOAN GRADES** | **FINAL PROPERTY LOAN GRADES** | **FINAL OVERALL LOAN GRADES** | **FINAL OVERALL LOAN GRADES** | **FINAL OVERALL LOAN GRADES** | **FINAL OVERALL LOAN GRADES** | **FINAL OVERALL LOAN GRADES** |
| **AMC Loan ID** | **Customer Loan ID** | **EDGAR Loan ID** | **Borrower Name** | **Deal Number** | **Original Loan Amount** | **State** | **Note Date** | **Purpose** | **QM Status** | **Overall Grade** | **Credit Grade** | **Credit Exceptions** | **Credit Exception Information** | **Credit Exception Comments** | **Property Grade** | **Property Exceptions** | **Property Exception Information** | **Property Exception Comments** | **Compliance Grade** | **Compliance Exceptions** | **Compliance Exception Information** | **Compliance Exception Comments** | **Compliance Comp Factors** | **Compensating Factors** | **Subject to High Cost - Unable to Test** | **Disposition 2** | **DBRS** | **Fitch** | **Kroll** | **Moody's** | **S&P** | **DBRS** | **Fitch** | **Kroll** | **Moody's** | **S&P** | **DBRS** | **Fitch** | **Kroll** | **Moody's** | **S&P** | **DBRS** | **Fitch** | **Kroll** | **Moody's** | **S&P** |
| XXXX | XXXX | 2025-P1-419 |  | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-414 | XXXXXXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-425 |  | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-415 | XXXXXXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-427 | XXXXXXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-434 | XXXXXXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-431 |  | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-428 |  | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-424 | XXXXXXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-423 | XXXXXXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-418 |  | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-416 |  | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-426 | XXXXXXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-430 | XXXXXXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-437 |  | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-446 | XXXXXXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-422 |  | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-421 |  | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-417 | XXXXXXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-420 |  | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-429 |  | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-432 |  | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-433 | XXXXXXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-435 |  | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-436 | XXXXXXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-438 |  | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-439 |  | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-440 |  | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-441 | XXXXXXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-442 |  | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-443 | XXXXXXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-444 |  | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-445 |  | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-447 |  | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-448 | XXXXXXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-449 | XXXXXXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-450 |  | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-451 | XXXXXXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXX | XX | XX/XX/XXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |

---

## Exhibit 99.04

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vccm_abs-15g.htm)

**Exhibit 99.04**

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| **Valuation Report** | **Valuation Report** | **Valuation Report** | **Valuation Report** | **Valuation Report** | **Valuation Report** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **SitusAMC Loan ID** | **Customer Loan ID** | **EDGAR Loan ID** | **Investor Loan Number** | **Note Date** | **Original Loan Amount** | **Sales Price** | **Value for LTV** | **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-P1-109 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-138 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-150 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-166 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-168 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 23.077% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-230 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 12.903% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-297 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-117 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-120 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-121 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-123 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-136 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-139 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 23.333% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 13.333% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-140 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 25.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-141 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 25.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 25.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-148 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-155 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-158 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-161 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-165 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-176 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 3.636% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 3.636% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-182 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 40.867% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 40.867% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-183 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
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| XXXX | XXXX | 2025-P1-192 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 17.143% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 17.143% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-194 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 20.635% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 11.111% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-195 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-210 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-211 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-213 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 8.571% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 8.571% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-220 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 35.294% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 35.294% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-223 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 3.093% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 3.093% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-226 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 20.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 20.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-238 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-242 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 15.789% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-244 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-246 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | -2.769% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-253 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-262 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-268 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-272 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-273 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-276 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 14.815% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-278 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-289 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-293 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-294 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-298 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-302 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-310 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-314 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-317 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-318 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-321 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-322 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-325 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-335 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-337 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 14.286% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 14.286% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-340 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 0.021% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.021% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-343 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 8.571% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 8.571% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-347 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
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| XXXX | XXXX | 2025-P1-378 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-363 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | -7.986% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-362 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-356 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-355 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 1.235% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 1.235% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-348 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-346 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-341 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-339 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-338 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-336 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-329 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-328 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 9.195% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 9.195% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-323 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 16.461% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 16.461% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-313 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-308 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-307 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-304 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-295 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-290 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-285 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-271 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-266 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-261 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-255 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-254 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 8.804% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 8.804% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
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| XXXX | XXXX | 2025-P1-225 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
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| XXXX | XXXX | 2025-P1-206 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
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| XXXX | XXXX | 2025-P1-181 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-179 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-173 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-159 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-142 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-119 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-118 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-115 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-111 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 1.286% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 1.286% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-108 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-102 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-100 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-170 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-185 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-196 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-215 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-224 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-236 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 4.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 4.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-251 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-275 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-284 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-292 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-301 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-309 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 64.286% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 64.286% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-326 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-327 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | -9.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-331 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 5.556% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 5.556% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-332 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-353 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-364 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 38.710% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 38.710% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-366 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-367 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 9.884% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 9.767% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-368 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-369 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-371 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-375 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-274 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-303 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-334 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-365 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-187 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 10.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 10.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-214 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-221 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 0.223% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.223% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-300 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-316 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-345 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-357 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-376 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 25.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 25.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-249 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 17.088% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 17.088% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-131 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 1.370% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 1.370% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-145 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-146 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-175 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-180 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 32.500% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 28.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-188 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-193 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-201 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-205 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 11.628% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-216 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-245 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-259 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-263 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-270 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-291 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-296 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-299 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-305 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-315 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | -6.746% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-319 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-320 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-324 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-333 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-344 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-351 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 11.765% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 11.765% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-352 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 10.124% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 10.124% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-354 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 14.151% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 14.151% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-360 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-370 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-372 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-373 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-374 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 5.263% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 5.263% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-377 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-379 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-380 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-381 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 15.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 15.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-383 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-385 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-386 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 10.952% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 10.952% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-387 |  | XX/XX/XXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-388 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | -6.818% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2025-P1-395 |  | XX/XX/XXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XXXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXX | XXXXXXXXXX | XXXXXXXXXX |  | XXXXXXXXXX | XXXXXXXXXX | 0.000% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |

---

## Exhibit 99.05

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vccm_abs-15g.htm)

**Exhibit 99.05**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| ![](amclogo.jpg) | ![](amclogo.jpg) | ![](amclogo.jpg) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Multi Property Valuation Report** | **Multi Property Valuation Report** | **Multi Property Valuation Report** | **Multi Property Valuation Report** | **Multi Property Valuation Report** | **Multi Property Valuation Report** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **SitusAMC Loan ID** | **Customer Loan ID** | **EDGAR Loan ID** | **Investor Loan Number** | **Note Date** | **Original Loan Amount** | **Sales Price** | **Value for LTV** | **LTV Value Variance Amount** | **LTV Value Variance Percent** | **Property ID** | **Property Address** | **City** | **State** | **Zip Code** | **Primary Valuation Value** | **Primary Valuation Report Date** | **Primary Valuation Effective Date** | **Primary Valuation Type** | **Primary Valuation Company** | **Primary Valuation FSD Score** | **Secondary Valuation Value** | **Secondary Valuation Variance Amount** | **Secondary Valuation Variance Percent** | **Secondary Valuation Report Date** | **Secondary Valuation Effective Date** | **Secondary Valuation Type** | **Secondary Valuation Company** | **Secondary Valuation FSD Score** | **AVM Value** | **AVM Variance Amount** | **AVM Variance Percent** | **AVM Company** | **AVM FSD Score** | **AVM Report Date** | **Desk Review Value** | **Desk Review Variance Amount** | **Desk Review Variance Percent** | **Desk Review Company** | **Desk Review Risk Score** | **Desk Review Report Date** | **Desk Review Effective Date** | **Desktop Appraisal Value** | **Desktop Appraisal Variance Amount** | **Desktop Appraisal Variance Percent** | **Desktop Appraisal Company** | **Desktop Appraisal Report Date** | **Desktop Appraisal Effective Date** | **BPO Value** | **BPO Variance Amount** | **BPO Variance Percent** | **BPO Company** | **BPO Report Date** | **Field Review Value** | **Field Review Variance Amount** | **Field Review Variance Percent** | **Field Review Company** | **Field Review Report Date** | **Field Review Effective Date** | **2055 Value** | **2055 Variance Amount** | **2055 Variance Percent** | **2055 Company** | **2055 Report Date** | **2055 Effective Date** | **AVE/CMA Value** | **AVE/CMA Variance Amount** | **AVE/CMA Variance Percent** | **AVE/CMA Company** | **AVE/CMA Report Date** | **Hybrid Valuation Value** | **Hybrid Valuation Variance Amount** | **Hybrid Valuation Variance Percent** | **Hybrid Valuation Company** | **Hybrid Valuation Report Date** | **Updated Valuation Value** | **Updated Valuation Variance Amount** | **Updated Valuation Variance Percent** | **Updated Valuation Company** | **Updated Valuation Report Date** | **Updated Valuation Effective Date** | **Is Eligible for Rep and Warrant Relief per Loan Collateral Advisor?** | **Collateral Underwriter Risk Score** |
| XXXX | XXXX | 2025-P1-463 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 30.769% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 30.77% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-464 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 23.529% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 23.53% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-465 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 0.000% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-466 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 9.434% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 9.43% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-467 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 0.000% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-468 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 0.000% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-469 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 0.000% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-470 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 16.800% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 16.80% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-471 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 12.414% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 12.41% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-472 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 0.000% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-473 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 0.000% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-474 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 0.000% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-475 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 0.000% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-476 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 0.000% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-477 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 0.000% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-478 |  | XX/XX/XXXX | XXXXXXXXXXX | XXXXXXXX | XXXXXXXXXXXX | XXXXXX | 133.514% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 133.51% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-479 |  | XX/XX/XXXX | XXXXXXXXXXX | XXXXXXXX | XXXXXXXXXXXX | XXXXXX | 122.222% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 122.22% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-480 |  | XX/XX/XXXX | XXXXXXXXXXX | XXXXXXXX | XXXXXXXXXXXX | XXXXXX | 92.000% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 92.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-481 |  | XX/XX/XXXX | XXXXXXXXXXX | XXXXXXXX | XXXXXXXXXXXX | XXXXXX | 113.333% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 113.33% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-482 |  | XX/XX/XXXX | XXXXXXXXXXX | XXXXXXXX | XXXXXXXXXXXX | XXXXXX | 7.586% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 7.59% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-483 |  | XX/XX/XXXX | XXXXXXXXXXX | XXXXXXXX | XXXXXXXXXXXX | XXXXXX | 0.690% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 0.69% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-484 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 8.966% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 8.97% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-485 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 8.966% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 8.97% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-486 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 8.966% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 8.97% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-487 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 8.966% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 8.97% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-488 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 0.000% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-489 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 0.000% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-490 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 0.000% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-491 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 0.000% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-492 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 0.000% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-493 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 0.000% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 0.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-494 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 1.429% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 1.43% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-495 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 32.727% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 32.73% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2025-P1-496 |  | XX/XX/XXXX | XXXXXXXXXXX |  | XXXXXXXXXXXX | XXXXXX | 24.000% | XXXXXXXXXXX | XXXXXXXXXXX | XXXXXXXXXX | XX | XXXXX | XXXXXXXXX | XX/XX/XXXX | XX/XX/XXXX | Appraisal | XXXXXXXXXXXX |  | XXXXXXXXXX | XXXXXX | 24.00% | XX/XX/XXXX | XX/XX/XXXX | Desk Review | XXXXXXXXXXXXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |

---

## Exhibit 99.06

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vccm_abs-15g.htm)

**Exhibit 99.06**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ![](amclogo.jpg) | ![](amclogo.jpg) | ![](amclogo.jpg) | ![](amclogo.jpg) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **FINAL CREDIT LOAN GRADES** | **FINAL CREDIT LOAN GRADES** | **FINAL CREDIT LOAN GRADES** | **FINAL CREDIT LOAN GRADES** | **FINAL CREDIT LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL PROPERTY LOAN GRADES** | **FINAL PROPERTY LOAN GRADES** | **FINAL PROPERTY LOAN GRADES** | **FINAL PROPERTY LOAN GRADES** | **FINAL PROPERTY LOAN GRADES** | **FINAL OVERALL LOAN GRADES** | **FINAL OVERALL LOAN GRADES** | **FINAL OVERALL LOAN GRADES** | **FINAL OVERALL LOAN GRADES** | **FINAL OVERALL LOAN GRADES** |
| **AMC Loan ID** | **Customer Loan ID** | **EDGAR Loan ID** | **Borrower Name** | **Deal Number** | **Original Loan Amount** | **State** | **Note Date** | **Purpose** | **QM Status** | **Overall Grade** | **Credit Grade** | **Credit Exceptions** | **Credit Exception Information** | **Credit Exception Comments** | **Property Grade** | **Property Exceptions** | **Property Exception Information** | **Property Exception Comments** | **Compliance Grade** | **Compliance Exceptions** | **Compliance Exception Information** | **Compliance Exception Comments** | **Compliance Comp Factors** | **Compensating Factors** | **Subject to High Cost - Unable to Test** | **Disposition 2** | **DBRS** | **Fitch** | **Kroll** | **Moody's** | **S&P** | **DBRS** | **Fitch** | **Kroll** | **Moody's** | **S&P** | **DBRS** | **Fitch** | **Kroll** | **Moody's** | **S&P** | **DBRS** | **Fitch** | **Kroll** | **Moody's** | **S&P** |
| XXXX | XXXX | 2025-P1-109 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing wind and hail coverage. Comp factor; LTV. | REVIEWER - WAIVED COMMENT (2025-05-12): Approved exception at origination for missing wind and hail coverage. Comp factor; LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-138 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] General - LTV does not meet guidelines | EOI reflects loss of use and not loss of rents coverage without indication of landlord/rental policy type.<br> Approved exception at origination for LTV >75% on SFR purchase. Comp factors; seasoned investor and reserves | BUYER - GENERAL COMMENT (2025-05-14): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-05-14): Exception cleared. Updated approval provided in trailing documents approving exception for missing loss of rent coverage. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-05-12): Approved exception at origination for LTV >75% on SFR purchase . Comp factors; seasoned investor, and reserves | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-150 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] General - Insufficient Hazard Insurance<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 | Approved exception at origination for 1 x 120+ day late payments within 24 months. Comp factors; FICO and strong market trends in unable to be validated as a non-quantifiable subjective trait.<br> Approved exception at origination for loss of use instead of loss of rents coverage. Comp factor; FICO.<br> Approved exception at origination for unverified funds to close. Comp factor: FICO.<br> Incomplete VOR-primary. | REVIEWER - WAIVED COMMENT (2025-05-14): Approved exception at origination for 1 x 120+ day late payments within 24 months. Comp factors; FICO and strong market trends in unable to be validated as a non-quantifiable subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-05-12): Approved exception at origination for loss of use instead of loss of rents coverage. Comp factor; FICO.<br> REVIEWER - WAIVED COMMENT (2025-05-12): Approved exception at origination for unverified funds to close. Comp factor: FICO.<br> BUYER - GENERAL COMMENT (2025-05-22): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-05-22): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR-primary. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-166 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Hazard Insurance | Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-12): 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-168 |  | XXXXXX | $XXX | 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 | Missing required US bank statement for foreign national.<br> Approved exception at origination for incomplete VOM- primary; <12 months pay history provided. Comp factors; seasoned investor and FICO. | BUYER - GENERAL COMMENT (2025-05-14): Exception noted om uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-05-14): Exception waived. Updated approval provided in trailing documents approving exception for missing US bank account. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-05-12): Approved exception at origination for incomplete VOM- primary; <12 months pay history provided. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-230 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines | Approved exception at origination for first time investor of 1 unit SFR with LTV >70%. Comp factor; reserves.<br> Approved exception at origination for Chapter 7 Bankruptcy discharged within recent two years. Comp factor, reserves. | REVIEWER - WAIVED COMMENT (2025-05-12): Approved exception at origination for first time investor purchase of 1 unit SFR with LTV >70%. Comp factor; reserves.<br> BUYER - GENERAL COMMENT (2025-05-14): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-05-14): Approved exception at origination for Chapter 7 Bankruptcy discharged within recent two years. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-297 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing Wind and Hail coverage. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-12): Approved exception at origination for missing wind and hail coverage. Comp factor; seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-101 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> Approved exception at origination for unpaid XXXX state tax lien < $10k on credit report. Comp factor: seasoned investor<br> Missing law and ordinance coverage A. | REVIEWER - WAIVED COMMENT (2025-05-12): Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-12): Approved exception at origination for unpaid XXXX state tax lien < $10k on credit report. Comp factor: seasoned investor<br> BUYER - GENERAL COMMENT (2025-05-14): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-05-14): Exception waived. Updated approval provided in trailing documents approving exception for missing Law or Ordinance coverage. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-103 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - FICO below 650<br> [2] 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 DSCR < 1.25x for investor traditional II refinance with loan > $500,000. Comp factors: LTV and seasoned business.<br> Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor.<br> Approved exception at origination for missing law and ordinance coverage. Comp factor: seasoned investor.<br> Approved exception at origination for incomplete VOM-subject; missing 2 most recent monthly payments. Comp factors: LTV and seasoned business.<br> Approved exception at origination for waiver of insurance impounds with premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-12): Approved exception at origination for DSCR < 1.25x for investor traditional II refinance with loan > $500,000. Comp factors: LTV and seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-05-12): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-12): Approved exception at origination for missing law and ordinance coverage. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-12): Approved exception at origination for incomplete VOM-subject; missing 2 most recent monthly payments. Comp factors: LTV and seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-05-12): Approved exception at origination for waiver of insurance impounds with 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-114 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for DSCR > 1.0x on a owner user traditional 2 purchase with loan > $750,000. Comp factors: reserves and FICO<br> Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II purchase. Comp factors: reserves, and FICO. | REVIEWER - WAIVED COMMENT (2025-05-12): Approved exception at origination for DSCR > 1.0x on a owner user traditional 2 purchase with loan > $750,000. Comp factors: reserves, and FICO<br> REVIEWER - WAIVED COMMENT (2025-05-12): Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II purchase. Comp factors: reserves, and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-133 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - The property is ineligible. | Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-12): Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: LTV, and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-147 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-237 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - Missing Hazard Insurance | Approved exception at origination for DSCR < 1.0x on owner user traditional 2 refinance with loan > $750,000. Comp factors: reserves and seasoned investor.<br> Approved exception at origination for missing law & ordinance coverage. Comp factor: seasoned investor.<br> Approved exception at origination for incomplete VOM-subject; missing 3 most recent monthly payments. Comp factors: reserves and seasoned investor.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: reserves and seasoned investor.<br> Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-12): Approved exception at origination for DSCR < 1.0x on owner user traditional 2 refinance with loan > $750,000. Comp factors: reserves and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-12): Approved exception at origination for missing law & ordinance coverage. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-12): Approved exception at origination for incomplete VOM-subject; missing 3 most recent monthly payments. Comp factors: reserves and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-12): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: reserves and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-12): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-398 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-403 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-393 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-401 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-107 |  | XXXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for blanket hazard and liability coverage without required endorsement for full coverage amount applicable to each covered location. Comp factor; seasoned investor.<br> Approved exception at origination for credit report aged > 60 days. Comp factor; seasoned investor.<br> Approved exception at origination for 100% vacancy per appraisal for all 3 subject properties being refinanced (subsequently executed leases provided in file). Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-21): Approved exception at origination for blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. Comp factor; seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-21): Approved exception at origination for credit report aged > 60 days. Comp factor; seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-21): Approved exception at origination for 100% vacancy/ missing lease for all 3 subject properties being refinances. Comp factor; seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-117 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for both HOA master policy, and unit owner's policy missing subject unit number. Comp factor; FICO. | REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for both HOA master policy, and unit owner's policy missing subject unit number. Comp factor; FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-120 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for missing loss of rents coverage. Comp factor: LTV.<br> Approved exception at origination for credit report aged >60 days. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-05-17): Approved exception at origination for missing loss of rents coverage. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-05-17): Approved exception at origination for credit report aged >60 days. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-121 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for loss of use instead of loss of rents coverage. Comp factor: FICO.<br> Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factors: seasoned investor and LTV. | REVIEWER - WAIVED COMMENT (2025-05-17): Approved exception at origination for loss of use instead of loss of rents coverage. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2025-05-17): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factors: seasoned investor, and LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-123 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines<br> [2] General - Missing Hazard Insurance | Approved exception at origination for unpaid tax lien on credit report. 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 (2025-05-19): Approved exception at origination for unpaid tax lien on credit report. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-136 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXXX is less than guideline minimum loan amount of $75,000. | EOI contains additional living expense and not loss of rents coverage without indication of landlord/rental coverage.<br> Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | BUYER - GENERAL COMMENT (2025-05-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-03): Exception waived. Updated approval provided in trailing documents approving exception for missing loss of rent coverage. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-05-17): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-139 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-140 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-141 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for credit (report reflects < 2 active major tradelines). Comp factor: seasoned investor.<br> Approved exception at origination for credit (report reflects unpaid collections/charge off including disputed accounts aggregate >$25,000). Comp factor: seasoned investor.<br> Approved exception at origination for loan amount < $75,000. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-17): Approved exception at origination for credit (report reflects < 2 active major tradelines). Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-17): Approved exception at origination for credit (report reflects unpaid collections/charge off aggregating >$25,000). Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-17): Approved exception at origination for loan amount < $75,000. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-148 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Approved exception art origination for missing special/broad form policy type. Comp factor: seasoned investor.<br> Missing lease agreement for 1-4 refinance (Subject is listed as a ST rental). | REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception art origination for missing special/broad form policy type. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2025-05-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-05): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-151 |  | XXXXXX | $XXX |  | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Missing Hazard Insurance | Approved exception at origination for FICO < 650. Comp factors; seasoned investor and reserves.<br> Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for FICO < 650. Comp factors; seasoned investor, and reserves.<br> REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor; seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-152 |  | XXXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-155 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-156 |  | XXXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for < 2 active major tradelines on credit report. Comp factors; seasoned investor, and FICO. | REVIEWER - WAIVED COMMENT (2025-05-21): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors; seasoned investor, and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-158 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for insufficient carrier rating. Comp factor: seasoned investor.<br> Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for insufficient carrier rating. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-161 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Missing Document: Lease Agreement not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> Approved exception at origination for missing lease agreement for subject SFR refinance. Comp factor: LTV.<br> Approved exceptions at origination for missing VOM-subject and VOM-primary. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for missing lease agreement for subject SFR refinance. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-05-19): Approved exceptions at origination for missing VOM-subject, and VOM-primary. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-165 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: seasoned investor. | BUYER - GENERAL COMMENT (2025-05-27): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-06-05): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-174 |  | XXXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXXXXXXXXXXXX | Approved exception at origination for missing lease for 1 of 2 units in 1 of 3 subject properties.. Comp factors: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-05-20): Approved exception at origination for missing lease for 1 of 2 units in 1 of 3 subject properties.. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-176 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property<br> [2] General - Insufficient Hazard Insurance | Rural property.<br> Approved exception at origination for liability coverage < $300,000 on a 1-4 property. Comp factor: LTV. | BUYER - GENERAL COMMENT (2025-05-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-05-29): Exception waived due to receipt of an updated Approval with an updated policy exception at origination to allow for rural property. Factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for liability coverage < $300,000 on a 1-4 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-182 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] General - 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 FICO < 650. Comp factors: reserves and seasoned investor.<br> Approved exception at origination for partial payment on subject mortgage for most recent quarterly payment. Comp factor: reserves.<br> Approved exceptions at origination for 1) loss of use instead of loss of rents on unit owners policy and 2) master policy missing subject unit numbers. Comp factor: seasoned investor.<br> Approved exception at origination for missing HOA cert, budget, and P&L. Comp factors: reserves and seasoned investor.<br> Approved exception at origination for missing lease. Comp factors: reserves and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-24): Approved exception at origination for FICO < 650. Comp factors: reserves and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-24): Approved exception at origination for partial payment on subject mortgage for most recent quarterly payment. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-05-24): Approved exceptions at origination for 1) loss of use instead of loss of rents on unit owners policy and 2) master policy missing subject unit numbers. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-24): Approved exception at origination for missing HOA cert, budget, and P&L. Comp factors: reserves and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-24): Approved exception at origination for missing lease. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-183 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-191 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines | Approved exception at origination for FICO < 650. Comp factors; seasoned investor and LTV.<br> Approved exception at origination for credit (unpaid collection/charge off > $25,000 and < 2 active major tradelines reported on credit report). Comp factors; seasoned investor and LTV. | REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for FICO < 650. Comp factors; seasoned investor, and LTV.<br> Comment:<br> REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for credit (unpaid collection/charge off > $25,000 and < 2 active major tradelines reported on credit report). Comp factors; seasoned investor, and LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-192 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-194 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] General - Ineligible property<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - Property has been listed for sale in the past 12 months. | Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factor : seasoned investor.<br> Approved exception at origination for rural property. 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 cashout on property held < 6 months and using valuation exceeding original purchase price. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-20): Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factor : seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-20): Approved exception at origination for rural property. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-20): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-20): Approved exception at origination for cashout on property held < 6 months and using valuation exceeding original purchase price. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-195 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy per appraisal/ missing lease on refinance (subject is listed as a ST rental). Comp factors: seasoned investor and LTV. | REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for 100% vacancy per appraisal/ missing lease on refinance (subject is listed as a ST rental). Comp factors: seasoned investor, and LTV | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-210 |  | XXXXXX | $XXX | 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. | Approved exceptions at origination for blanket liability policy without required endorsement; missing loss of rents coverage, and policy term < 12 months. Comp factor FICO.<br> Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factors; FICO and property condition which is unable to be validated as a non-quantitative subjective trait.<br> Approved exception at origination for cashout on property held < 6 months using a 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 (2025-05-19): Approved exceptions at origination for blanket liability policy without required endorsement; missing loss of rents coverage, and policy term < 12 months. Comp factor FICO.<br> REVIEWER - WAIVED COMMENT (2025-05-20): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factors; FICO and property condition which is unable to be validated as a non-quantitative subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-05-20): Approved exception at origination for cash out on property held < 6 months using a 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-211 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for cash out on property listed within last 6 months. Comp factors; LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2025-05-20): Approved exception at origination for cash out on property listed within last 6 months. Comp factors; LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-213 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided | Approved exception at origination for basic form policy coverage type. Comp factor: seasoned investor.<br> Approved exception at origination for unverified funds to close. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-05-24): Approved exception at origination for basic form policy coverage type. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-24): Approved exception at origination for unverified funds to close. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-220 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided | Approved exception at origination for credit report pulled using incorrect DOB. Comp factors: FICO, and reserves.<br> Approved exception at origination for unverified funds to close. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for credit report pulled using incorrect DOB. Comp factors: FICO, and reserves.<br> REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for unverified funds to close. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-223 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factors: seasoned investor, and reserves.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned investor, and reserves. | REVIEWER - WAIVED COMMENT (2025-05-20): Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factors: seasoned investor, and reserves.<br> REVIEWER - WAIVED COMMENT (2025-05-20): Approved exception at origination for missing VOR-primary; guarantor lives rent free. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-226 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-238 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for liability coverage < $300,000. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-06-03): Approved exception at origination for liability coverage < $300,000. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-241 |  | XXXXXX | $XXX |  | XX/XX/XXXX | Purchase |  | 2 | 2 | [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 | Approved exception at origination for unverified funds to close. Comp factor; reserves.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; seasoned investor, and reserves. | REVIEWER - WAIVED COMMENT (2025-05-23): Approved exception at origination for unverified funds to close. Comp factor; reserves.<br> REVIEWER - WAIVED COMMENT (2025-05-23): Approved exception at origination for missing VOR-primary; guarantor lives rent free. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-242 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | < 2 active major tradelines on credit report.<br> Approved exceptions at origination for 1) missing VOR-primary; borrower lives rent free, and 2) incomplete VOM-subject; missing 12 month payment receipts for VOM pay history issued by private lender. Comp factors: FICO and LTV. | BUYER - GENERAL COMMENT (2025-05-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-05): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factors., LTV and FICO.<br> REVIEWER - WAIVED COMMENT (2025-05-19): Approved exceptions for 1) missing VOR-primary; borrower lives rent free, and 2) incomplete VOM-subject; missing 12 month payment receipts for VOM pay history issued by private lender. Comp factors: FICO and LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-244 | XXXX XXXX | XXXXXX | $XXX | 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 cert. Comp factors: seasoned investor, and LTV. | REVIEWER - WAIVED COMMENT (2025-05-21): Approved exception at origination for missing HOA cert. Comp factors: seasoned investor, and LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-246 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-253 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for missing lease; subject being refinanced is 100% vacant for renovation. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for missing lease; subject being refinanced is 100% vacant for renovation. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-262 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-268 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factors; LTV and property condition which unable to be validated as a non-quantifiable subjective factor. | REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for FICO < 650. Comp factors; LTV and property condition which unable to be validated as a non-quantifiable subjective factor. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-272 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-273 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Flood insurance | Flood deductible is > 2%. | BUYER - GENERAL COMMENT (2025-05-27): Exception noted on uploaded approval<br> REVIEWER - OPEN - UNABLE TO CLEAR COMMENT (2025-05-29): Updated Approval does not include exception for Flood Insurance.<br> BUYER - GENERAL COMMENT (2025-06-09): Oops. Corrected uploaded<br> REVIEWER - WAIVED COMMENT (2025-06-10): Exception waived Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-276 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy/ missing leases for 1-4 refinance. Comp factors; FICO and LTV. | REVIEWER - WAIVED COMMENT (2025-05-20): Approved exception at origination for 100% vacancy/ missing leases for 1-4 refinance. Comp factors; FICO and LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-278 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Asset Calculation / Analysis - Guideline Requirement: Available for Reserves discrepancy.: Calculated Available for Reserves of is less than Guideline Available for Reserves of .<br> [2] General - Ineligible property<br> [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided | First time investor with reserves < 3 months P&O. (verified funds per approval assets section are less than funds required to close per final settlement statement).<br> Approved exception at origination for ADU < 500 sqft. Comp factors: FICO, and reserves is not supported as verified funds per approval assets section are less than funds required to close per final settlement statement..<br> Verified funds per approval assets section are less than funds required to close per final settlement statement.. | BUYER - GENERAL COMMENT (2025-05-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-05): Exception waived. Updated approval provided in trailing documents approving exception for FTI with no reserves. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-05-22): Approved exception at origination for ADU < 500 sq ft. Comp factors: FICO, and reserves is not supported as verified funds per approval assets section are less than funds required to close per final settlement statement..<br> BUYER - GENERAL COMMENT (2025-05-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-05): Exception waived. Updated approval provided in trailing documents approving exception for unverified funds. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-289 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-20): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-293 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Hazard Insurance | Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-20): 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-294 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exceptions at origination for 1) basic form policy coverage type, and 2) insufficient carrier rating. Comp factor: not provided. | BUYER - GENERAL COMMENT (2025-05-27): Corrected Uplaoded<br> REVIEWER - WAIVED COMMENT (2025-05-29): Approved exceptions at origination for 1) basic form policy coverage type, and 2) insufficient carrier rating. Comp factor: Seasoned Investor.<br> REVIEWER - RE-GRADED COMMENT (2025-05-29): Approved exceptions at origination for 1) basic form policy coverage type, and 2) insufficient carrier rating. Comp factor: Seasoned Investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-298 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-302 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - The property is ineligible. | Approved exception at origination for rural property. Comp factor: LTV | REVIEWER - WAIVED COMMENT (2025-05-24): 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-310 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-314 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for FICO < 650. Comp factor; LTV.<br> Approved exception at origination for 1x30 days late on primary within 90 days . Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-21): Approved exception at origination for FICO < 650. Comp factor; LTV.<br> REVIEWER - WAIVED COMMENT (2025-05-21): Approved exception at origination for 1x30 days late on primary within 90 days . 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-317 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-318 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for FICO < 650. Comp factors, seasoned business and property condition (property condition is not a valid comp factor).<br> Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease in file). Comp factors; seasoned business and property condition which is unable to be validated as a non-quantitative subjective trait. | BUYER - GENERAL COMMENT (2025-05-27): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-06-05): Approved exception at origination for FICO < 650. Comp factors, seasoned business and property condition (property condition is not a valid comp factor).<br> REVIEWER - WAIVED COMMENT (2025-05-22): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease in file). Comp factors; seasoned business and property condition which is unable to be validated as a non-quantitative subjective trait. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-321 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-322 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-325 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factors; LTV and property condition which is unable to be validated as a non-quantitative subjective trait.<br> Approved exceptions at origination for 1) incomplete VOM-subject; missing 12 months payment receipts for privately held mortgage, and 2) incomplete VOM-primary; missing 12 months payment receipts for privately held mortgage. Comp factors; LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2025-05-21): Approved exception at origination for FICO < 650. Comp factors; LTV and property condition which is unable to be validated as a non-quantitative subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-05-21): Approved exceptions at origination for 1) incomplete VOM-subject; missing 12 months payment receipts for privately held mortgage, and 2) incomplete VOM-primary; missing 12 months payment receipts for privately held mortgage. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-335 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-337 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-340 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 3 | 3 | [3] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for first time investor purchase of 1 unit SFR with an LTV > 70%. Comp factor: AA mortgage history. | BUYER - GENERAL COMMENT (2025-06-09): Corrected Uploaded<br> REVIEWER - GENERAL COMMENT (2025-06-10): Exception remains. Approval provided had not changes.<br> BUYER - GENERAL COMMENT (2025-06-17): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-06-18): Approved exception at origination for first time investor purchase of 1 unit SFR with an LTV > 70%. Comp factor: AA mortgage history. | 1 |  |  |  | 1 |  |  |  |  | Borrower has a clean housing payment history |  |  | C | C | C | C | C |  |  |  |  |  | A | A | A | A | A | C | C | C | C | C |
| XXXX | XXXX | 2025-P1-343 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] General - LTV does not meet guidelines | EOI contains 80% coinsurance on 1-4 property type without required evidence of UW discretionary approval.<br> Approved exception at origination for LTV > 70% on 2 family refinance with loan amount > $1,000,000. Comp factors: FICO and seasoned business | BUYER - GENERAL COMMENT (2025-05-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-05): Exception waived. Updated approval provided in trailing documents approving exception for coinsurance. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-05-20): Approved exception at origination for LTV > 70% on 2 family refinance with loan amount > $1,000,000. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-347 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for missing lease/ 100% vacancy on 1-4 refinance. Comp factor; LTV. | REVIEWER - WAIVED COMMENT (2025-05-21): Approved exception at origination for missing lease/ 100% vacancy on 1-4 refinance. Comp factor; LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-358 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-105 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Market Vacancy over 5% | Approved exception at origination for 55.3% vacancy/missing lease. Comp factors: Seasoned investor and LTV. | BUYER - GENERAL COMMENT (2025-06-17): The exception is for the vacancy, not the missing lease. So it is a valid exception.<br> REVIEWER - WAIVED COMMENT (2025-06-18): Approved exception at origination for 55.3% vacancy/missing lease. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-106 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Missing VOR/VOM-primary; spouse is purchasing primary on a land contract. | BUYER - GENERAL COMMENT (2025-05-27): Excption noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-05): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR-primary. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-113 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-116 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-122 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - Missing Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for DSCR below 1.25x for investor traditional 2 purchase with loan exceeding $500k. Comp factors: FICO and reserves.<br> Approved exception for first time investor on investor traditional 2 with LTV > 60%. Comp factors: FICO and reserves.<br> Missing VOR-primary 12 month pay history- contingent contractual rental amount is $0 when managing motel and $2k when not.<br> Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factors: FICO and reserves.<br> Missing leases for subject traditional 2 property with loan > $500k (only tenant estoppels in file). | REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for DSCR below 1.25x for investor traditional 2 purchase with loan exceeding $500k. Comp factors: FICO and reserves.<br> REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception for first time investor on investor traditional 2 with LTV > 60%. Comp factors: FICO and reserves.<br> BUYER - GENERAL COMMENT (2025-05-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-05): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR-primary. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factors: FICO and reserves.<br> BUYER - GENERAL COMMENT (2025-05-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-05): Exception waived. Updated approval provided in trailing documents approving exception for missing Lease. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-129 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception for first time investor purchase of owner user traditional 1 mixed use property with LTV > 70%. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception for first time investor purchase of owner user traditional 1 mixed use property 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-153 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided<br> [2] General - Missing Hazard Insurance | Approved exception at origination for unverified funds to close. Comp factor: LTV.<br> Approved exception at origination for missing HOA master policy (sufficient coverage on borrower's HO6 policy). Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-05-16): Approved exception at origination for unverified funds to close. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-05-16): Approved exception at origination for missing HOA master policy (sufficient coverage on borrower's HO6 policy). Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-160 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for policy with co-insurance. Comp factor, FICO. | BUYER - GENERAL COMMENT (2025-06-09): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-06-10): Approved exception at origination for policy with co-insurance. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-162 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided<br> [2] General - Missing Hazard Insurance | Approved exceptions at origination for deductible >$10k and blanket liability policy without required endorsement. Comp factor: FICO.<br> Approved exception at origination for unverified funds to close. Comp factor: FICO.<br> Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factor: FICO | REVIEWER - WAIVED COMMENT (2025-05-16): Approved exceptions at origination for deductible >$10k and blanket liability policy without required endorsement. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2025-05-16): Approved exception at origination for unverified funds to close. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2025-05-16): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: FICO | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-163 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Missing Document: Lease Agreement not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for DSCR <1.25x for investor traditional 2 refinance with loan > $500k. Comp factors: LTV and reserves.<br> Approved exception at origination for missing lease for 1 of 2 units on traditional property with loan > $500k. Comp factors: LTV, and reserves.<br> Approved exception at origination for incomplete VOM-subject; missing most recent monthly payment. Comp factors: LTV and reserves.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV and Seasoned Investor. | REVIEWER - WAIVED COMMENT (2025-05-16): Approved exception at origination for DSCR <1.0x guideline minimum for owner-user traditional 2 purchase with loan > $750k. Comp factors: LTV, and reserves.<br> REVIEWER - RE-GRADED COMMENT (2025-05-16): Approved exception at origination for missing lease on traditional property with loan > $500k. Comp factors: LTV, and reserves.<br> REVIEWER - WAIVED COMMENT (2025-05-16): Approved exception at origination for missing lease for 1 of 2 units on traditional property with loan > $500k. Comp factors: LTV, and reserves.<br> REVIEWER - WAIVED COMMENT (2025-05-16): Approved exception at origination for incomplete VOM-subject; missing most recent monthly payment. Comp factors: LTV, and reserves.<br> REVIEWER - WAIVED COMMENT (2025-05-16): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV, Seasoned Investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-184 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-198 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<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 lease Agreement | Approved exception at origination for DSCR < 1.20x for investor traditional 1 purchase with loan > $500k. Comp factors: FICO and seasoned investor.<br> Insufficient verified funds to close- final HUD reflects $16.75k due in addition to 1031 exchange funds for which verification is provided in file. Need bank statement corresponding to wire transfer receipt provided in file.<br> Approved exception at origination for 33.3% vacancy/ missing leases. Comp factors: FICO and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for DSCR < 1.20x for investor traditional 1 purchase with loan > $500k. Comp factors: FICO, and seasoned investor.<br> BUYER - GENERAL COMMENT (2025-05-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-05): Exception waived. Updated approval provided in trailing documents approving exception for unverified funds. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for 33.3% vacancy/ missing leases. 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.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-204 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Ineligible property | Rural property. | BUYER - GENERAL COMMENT (2025-05-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-05): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-208 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for credit report pulled using incorrect DOB. Comp factors: FICO and reserves. | REVIEWER - WAIVED COMMENT (2025-05-17): Approved exception at origination for credit report puled using incorrect DOB. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-219 |  | XXXXXX | $XXX | 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 blanket liability policy without required endorsement for full coverage amount applicable to each covered location. Comp factor, seasoned investor.<br> Approved exception at origination for missing law & ordinance coverage. Comp factor: Seasoned investor. | BUYER - GENERAL COMMENT (2025-05-27): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-05-29): Approved exception at origination for missing blanket policy without required endorsement. Comp. Factor: Seasoned Investor.<br> REVIEWER - WAIVED COMMENT (2025-06-05): Approved exception at origination for blanket liability policy without required endorsement for full coverage amount applicable to each covered location. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-16): Approved exception at origination for missing law & ordinance coverage. Comp factor: Seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-222 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for DSCR <1.25x for investor traditional 2 refinance with loan > $750k. Comp factors: reserves, and seasoned investor.<br> Approved exception at origination for missing law & ordinance coverage. Comp factor: seasoned investor.<br> Approved exception at origination for incomplete VOM-subject; missing 12 month payment receipts. Comp factors: reserves and seasoned investor.<br> Approved exception at origination for 100% vacancy per appraisal on refinance (subsequently executed lease provided in file). Comp factors: reserves and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for DSCR <1.25x for investor traditional 2 refinance with loan > $750k. Comp factors: reserves, and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for missing law & ordinance coverage. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for incomplete VOM-subject; missing 12 month pay history. Comp factors: reserves, and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for 100% vacancy on refinance/ missing lease. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-228 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing law & ordinance Coverage A. Comp factor: LTV. | BUYER - GENERAL COMMENT (2025-05-27): Exception is valid, Insurance states it does not cover undamaged portion of building (coverage A)<br> REVIEWER - WAIVED COMMENT (2025-06-05): Approved exception at origination for missing law & ordinance Coverage A. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-260 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily purchase with loan > $750k. Comp factors: reserves and seasoned investor | REVIEWER - WAIVED COMMENT (2025-05-19): Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily purchase with loan > $750k. Comp factors: reserves, and seasoned investor | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-405 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-406 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-407 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-408 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-392 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-389 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for LTV > 50% on subject 504 1st lien position. Comp factors: reserves | BUYER - GENERAL COMMENT (2025-05-27): Correct, approved exception.<br> REVIEWER - WAIVED COMMENT (2025-05-27): Approved exception at origination for LTV > 50% on subject 504 1st lien position. Comp factors: reserves | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-378 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] General - Insufficient Hazard Insurance<br> [2] 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% on 2-4 family purchase. Comp factor: FICO.<br> Approved exception at origination for loss of use in lieu of loss of rents coverage. Comp factor: FICO.<br> Incomplete VOR-primary; < 12 months pay history receipts provided or private landlord VOM summary provided. | BUYER - GENERAL COMMENT (2025-06-09): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-06-10): Approved exception at origination for First time investor with LTV >70% on 2-4 family purchase. Comp factor: FICO.<br> BUYER - GENERAL COMMENT (2025-06-09): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-06-10): Approved exception at origination for loss of use in lieu of loss of rents coverage. Comp factor: FICO.<br> BUYER - GENERAL COMMENT (2025-06-09): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-10): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOR-primary. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-363 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; borrower lies rent free. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-05-27): Approved exception at origination for missing VOR-primary; borrower lies 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-362 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-356 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-355 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided | Approved exceptions at origination for 1) unit-owners policy containing loss of use in lieu of loss of rents coverage, and 2) HOA master policy missing subject unit number. Comp factor: reserves.<br> Approved exception at origination for unverified funds to close. Comp factor: reserves. | REVIEWER - GENERAL COMMENT (2025-05-30): Approved exceptions at origination for 1) unit-owners policy containing loss of use in lieu of loss of rents coverage, and 2) HOA master policy missing subject unit number. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-05-30): Approved exception at origination for missing rent loss (EOI reflects loss of use) and condo master policy missing unit number. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-348 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $75k. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-05-27): Approved exception at origination for loan < $75k. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-346 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-341 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factor; seasoned investor. | BUYER - GENERAL COMMENT (2025-06-09): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-06-10): Approved exception at origination for FICO < 650. Comp factor; seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-339 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception for unpaid collections >$25,000. Comp factor; seasoned investor.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-29): Approved exception for Collection >$25,000. Comp factor seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-29): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-338 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-336 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy/ missing lease. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-29): Approved exception at origination for vacant property. Comp Factor: Seasoned Investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-329 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor.<br> Approved exception at origination for 1x 60 days late within 24 months. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-28): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-28): Approved exception at origination for 1x 60 days late within 24 months. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-328 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-323 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for missing lease (subject is listed as a ST rental). Comp factors: LTV, and property condition which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2025-06-05): Approved exception at origination for missing lease (subject is listed as a ST rental). 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-313 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Application / Processing - Missing Document: HOA Questionnaire not provided<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for HOA master policy missing subject unit number. Comp factor LTV.<br> Approved exception at origination for HOA in litigation. Comp factor: LTV.<br> Approved exception at origination for loan amount < $75,000. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2025-05-28): Approved exception at origination for HOA master policy missing subject unit number. Comp factor LTV.<br> REVIEWER - WAIVED COMMENT (2025-05-28): Approved exception at origination for HOA in litigation. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-06-05): Approved exception at origination for loan amount < $75,000. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-308 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-307 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for missing lease on SFR refinance (tenant is month to month). Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-05-29): Approved exception at origination for missing lease on SFR refinance (tenant is month to month). Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-304 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing lease Agreement<br> [2] General - Property has been listed for sale in the past 12 months. | Approved exception at origination for FICO < 650. Comp factor; seasoned investor.<br> Approved exception at origination for 100% vacancy/ missing leases on 2-4 family refinance. Comp factor: seasoned investor.<br> Approved exception at origination for cash out on property held < 12 months and using a valuation exceeding original purchase price. Comp factor: seasoned investor. | BUYER - GENERAL COMMENT (2025-06-09): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-06-10): Approved exception at origination for FICO < 650. Comp factor; seasoned investor.<br> BUYER - GENERAL COMMENT (2025-06-09): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-06-10): Approved exception at origination for 100% vacancy/ missing leases on 2-4 family refinance. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2025-06-09): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-06-10): Approved exception at origination for cash out on property held < 12 months and using a valuation exceeding original purchase price. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-295 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for 1 bureau reporting results on credit report . Comp factor LTV. | REVIEWER - GENERAL COMMENT (2025-05-29): Approved exception at origination for 1 bureau reporting results on credit report . Comp factor LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-290 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Deductible for wind/hail and Hurricane deductibles are > $25,000 each. | BUYER - GENERAL COMMENT (2025-06-17): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-18): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-285 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Approved exceptions at origination for 1) liability coverage < $300,000 and 2) loss of use in lieu of loss of rents coverage. Comp factor: seasoned investor.<br> Approved exception at origination for 100% vacancy per appraisal (pro-forma lease provided in file). Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-05-30): Approved exception at origination for Liability coverage < $300,000 and missing Loss of use coverage. Comp Factor: Seasoned Investor.<br> REVIEWER - GENERAL COMMENT (2025-05-30): Approved exception at origination for 100% vacancy per appraisal (pro-forma lease provided in file). 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-280 |  | XXXXXX | $XXX |  | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided<br> [2] General - Missing Hazard Insurance | Approved exception at origination for unverified funds to close. Comp factor: seasoned investor.<br> Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor. | REVIEWER - GENERAL COMMENT (2025-05-29): Approved exception at origination for unverified funds to close. Comp factor: seasoned investor.<br> REVIEWER - GENERAL COMMENT (2025-05-29): Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-271 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for first time investor on 2-4 family property with LTV >70%. Comp factors: reserves and strong marketing trends which is unable to be validated as a non-quantitative subjective trait.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: reserves and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2025-06-05): Approved exception at origination for first time investor on 2-4 family property with LTV >70%. Comp factors: reserves and strong marketing trends which is unable to be validated as a non-quantitative subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-06-05): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: reserves and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-266 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement<br> [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for missing lease/ 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factors: seasoned investor and LTV.<br> Approved exception at origination for Property is currently listed for sale per appraisal; 1) missing listing cancellation, and 2) approval valuation exceeds lowest listing price (LTV based on lowest listing price would exceed 50%). Comp factors, seasoned investor and LTV. | REVIEWER - WAIVED COMMENT (2025-05-29): Approved exception at origination for missing lease/ 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factors: seasoned investor and LTV.<br> BUYER - GENERAL COMMENT (2025-06-09): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-10): Approved exception at origination for Property is currently listed for sale per appraisal; 1) missing listing cancellation, and 2) approval valuation exceeds lowest listing price (LTV based on lowest listing price would exceed 50%). 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-261 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for cash out on property held < 6 months. Comp factors: seasoned business and seasoned investor. | REVIEWER - GENERAL COMMENT (2025-05-29): Approved exception at origination for cash out on property held < 6 months. Comp factors: seasoned business and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-255 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for missing lease on SFR refinance (tenant occupied per appraisal). Comp factors: seasoned investor, and FICO. | REVIEWER - GENERAL COMMENT (2025-05-29): Approved exception at origination for missing lease on SFR refinance (tenant occupied per appraisal). 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-254 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Application / Processing - Missing Document: HOA Questionnaire not provided<br> [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided<br> [2] General - Missing Hazard Insurance | Approved exception at origination for missing HOA documents. Comp factor: LTV.<br> Approved exception at origination for unverified funds to close. Comp factor: LTV.<br> Approved exception at origination for blanket liability policy without required endorsement for full coverage amount applicable to each covered location. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-30): Approved exception at origination for missing HOA documents. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-05-30): Approved exception at origination for unverifiable funds. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-05-31): Approved exception at origination for blanket liability policy without required endorsement for full coverage amount applicable to each covered location. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-252 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for loss of use in lieu of loss of rents coverage. Comp factor; LTV.<br> Approved exception at origination for missing lease/ 33% vacancy. Comp factor; LTV. | REVIEWER - WAIVED COMMENT (2025-05-29): Approved exception at origination for loss of use in lieu of loss of rents coverage. Comp factor; LTV.<br> REVIEWER - WAIVED COMMENT (2025-05-29): Approved exception at origination for missing lease/ 33% vacancy. Comp factor; LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-247 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-239 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp Factor: LTV.<br> < 2 active major tradelines on credit report.<br> Approved exception at origination for incomplete VOR-primary; < 12 months pay history provided. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-05-29): Approved exception at origination for FICO < 650. Comp Factor: LTV.<br> BUYER - GENERAL COMMENT (2025-06-09): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-10): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-05-29): 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-234 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factors; seasoned investor and marketing trends which is unable to be validated as a non-quantitative subjective trait.<br> .<br> Approved exception at origination for basic form policy coverage type. Comp factor; seasoned investor.<br> Approved exception at origination for missing VOR-primary for guarantor. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-05): Approved exception at origination for FICO < 650. Comp factors; seasoned investor and marketing trends which is unable to be validated as a non-quantitative subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-05-30): Approved exception at origination for HOI basic form policy. Comp factor seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-30): Approved exception at origination for missing VOR. Comp factor seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-227 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-225 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for HOA master policy missing subject unit number. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-05-30): Approved exception at origination for condo master policy missing unit number. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-207 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for missing lease on 1-4 refinance. Comp factors: seasoned business and FICO. | REVIEWER - WAIVED COMMENT (2025-05-30): Approved exception at origination for missing lease. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-206 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 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] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXXXX 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 rural property. Comp factor; seasoned investor.<br> Approved exception at origination for incomplete VOM-subject; missing pay history receipts/evidence. Comp factor; seasoned investor.<br> Approved exception at origination for Lease missing monthly rent dollar amount. Comp factor, seasoned investor.<br> Approved exception at origination for loan amount <$75,000. Comp factor; LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-30): Approved exception at origination for loan amount <$75,000. Comp factor LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-30): Approved exception at origination for rural property. Comp factors, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-30): Approved exception at origination for missing VOM; missing payment evidence. Comp factor seasoned investor.<br> BUYER - GENERAL COMMENT (2025-06-09): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-10): Approved exception at origination for Lease missing monthly rent dollar amount. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-31): Approved exception at origination for loan amount <$75,000. Comp factor 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-203 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for missing Lease on 1 of 3 units (unit 3) . Comp factor; LTV. | BUYER - GENERAL COMMENT (2025-06-09): Uploaded leases for units 1, 2 & 4. Missing lease for unit 3<br> REVIEWER - WAIVED COMMENT (2025-06-10): Approved exception at origination for missing Lease on 1 of 3 units (unit 3) . Comp factor; LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-181 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 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 | Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: seasoned investor.<br> Approved exception at origination for 1x30 days late on subject within 90 days. Comp factors: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-06-02): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-02): Approved exception at origination for 1x30 days late on subject within 90 days. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-179 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Application / Processing - Missing Document: Guaranty Agreement not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for missing representative credit score/report- (closing as a trust with no personal guarantor). Comp factor: LTV.<br> Approved exception at origination for loan closing as trust borrower with no personal; guarantor. Comp factor: LTV<br> Missing lease agreement. | REVIEWER - WAIVED COMMENT (2025-05-30): Approved exception at origination for missing credit report- closing in a trust with no personal guarantor. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-05-31): Approved exception at origination for loan closing as trust borrower with no personal; guarantor. Comp factor: LTV<br> BUYER - GENERAL COMMENT (2025-06-09): Exception noted om uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-10): 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-173 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> Approved exception at origination for missing VOR-primary pay history receipts for private landlord VOR summary (borrower pays in cash). Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-30): Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2025-06-09): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-06-10): Approved exception at origination for missing VOR-primary pay history receipts for private landlord VOR summary (borrower pays in cash). Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-159 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Application / Processing - Missing Document: Proof of Residency Status not provided<br> [2] Credit Documentation - Missing lease Agreement | Missing greencard/visa (employment auth card provided in file does not support application indicated permanent resident status- if non-permanent resident, US bank stmts required).<br> Approved exception at origination for missing lease on 1-4 refinance. Comp factor: LTV. | BUYER - GENERAL COMMENT (2025-06-09): Exception noted on uploaded approval for US Bank Statement<br> REVIEWER - WAIVED COMMENT (2025-06-10): Exception waived. Updated approval provided in trailing documents approving exception for missing US Bank account. Comp factor, LTV/<br> REVIEWER - WAIVED COMMENT (2025-05-30): Approved exception at origination for missing lease agreement. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-142 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for loss of use coverage in lieu of loss of rents coverage. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-05-30): Approved exception at origination for loss of use coverage in lieu of rent loss. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-119 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-118 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] General - 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 | <2 active major tradelines on credit report.<br> Approved exception at origination for co-insurance on 1-4 property. Comp factor: FICO.<br> Approved exception at origination for incomplete VOR-primary; missing most recent monthly payment. Comp factor: seasoned investor.<br> Approved exception at origination for 100% vacancy/ missing leases on 2-4 family refinance. Comp factors: seasoned business, and reserves which is not supported as most recent account statement in file reflects a balance of < $2k or ~1 month's P&I. | BUYER - GENERAL COMMENT (2025-06-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-10): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factor, seasoned investor.<br> REVIEWER - GENERAL COMMENT (2025-05-30): Approved exception at origination for co-insurance on 1-4 property. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2025-05-30): Approved exception at origination for missing April VOR payment. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-03): Approved exception at origination for 100% vacancy/ missing leases on 2-4 family refinance. Comp factors: seasoned business, and reserves which is not supported as most recent account statement in file reflects a balance of < $2k or ~1 month's P&I. | 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-115 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided | Approved exception at origination for unverified funds to close. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-06-02): 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-111 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-108 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for unpaid collections/charge offs > $25k. Comp factor: seasoned investor.<br> Approved exception at origination for missing lease on 1-4 refinance. Comp factors: seasoned investor, and seasoned business. | REVIEWER - WAIVED COMMENT (2025-06-02): Approved exception at origination for unpaid collections/charge offs > $25k. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-02): Approved exception at origination for missing lease on 1-4 refinance. Comp factors: seasoned investor, and seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-102 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease in file). Comp factors: seasoned investor and LTV. | REVIEWER - GENERAL COMMENT (2025-05-30): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease in file). 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-100 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-288 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-283 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - Debt service ratio issue<br> [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided | Approved exception at origination for seller credit > 3%. Comp factor: seasoned investor.<br> Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily purchase with loan > $750k. Comp factor: LTV.<br> Approved exception at origination for unverified funds to close. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-27): Approved exception at origination for seller credit > 3%. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-27): Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily purchase with loan > $750k. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-05-27): Approved exception at origination for unverified funds to close. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-264 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing law & ordinance coverage. Comp factor: FICO.<br> Approved exception at origination for incomplete VOM-subject; missing monthly payment receipts/ cancelled checks for privately held mortgage. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-05-27): Approved exception at origination for missing law & ordinance coverage. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2025-05-27): Approved exception at origination for incomplete VOM-subject; missing monthly payment receipts/ cancelled checks for privately held mortgage. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-240 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided | Approved exception at origination for unverified funds to close. Comp factor: FICO | REVIEWER - WAIVED COMMENT (2025-05-27): 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-232 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] General - The property is ineligible. | Approved exceptions at origination for 1) missing law & ordinance coverage, and 2) missing wind/hail coverage. Comp factor: FICO.<br> Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: seasoned investor, and FICO. | REVIEWER - WAIVED COMMENT (2025-05-27): Approved exceptions at origination for 1) missing law & ordinance coverage, and 2) missing wind/hail coverage. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2025-05-27): Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: seasoned investor, and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-218 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance<br> [2] General - The property is ineligible. | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor.<br> 1) missing $2mm general aggregate liability coverage, 2) EOI reflects loss of use as opposed to loss of rents coverage without indication of landlord/rental policy type, 3) EOI reflects Family Liability coverage and not commercial General Liability as specified per guidelines for traditional property types.<br> Approved exception at origination for override of statewide exclusion for traditional property type located in MI. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-28): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor.<br> BUYER - GENERAL COMMENT (2025-06-10): 1. Exception noted for liability aggregate. 2. Loss of Use is acceptable as policy contains an endorsement for Fair Rental Income. 3. Family liability and personal liability coverage is the same coverage.<br> REVIEWER - WAIVED COMMENT (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for aggregate liability coverage. Item #2 and #3 are cleared. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-05-28): Approved exception at origination for override of statewide exclusion for traditional property type located in MI. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-217 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided | Approved exceptions at origination for 1) missing law & ordinance coverage, 2) missing business income/ interruption coverage for owner user property and 3) missing wind/hail coverage. Comp factor: FICO.<br> Approved exception at origination for unverified funds to close. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-05-28): Approved exceptions at origination for 1) missing law & ordinance coverage, 2) missing business income/ interruption coverage for owner user property and 3) missing wind/hail coverage. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2025-05-28): 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-199 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-197 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for credit report aged > 60 Days. Comp factor: LTV.<br> Approved exception at origination for DSCR < 1.25x for investor traditional 2 refinance with loan > $500k. Comp factors: seasoned investor, and LTV.<br> Wind deductible of 5% is > $25k.<br> Approved exception at origination for missing law & ordinance coverage. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-28): Approved exception at origination for credit report aged > 60 Days. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-05-28): Approved exception at origination for DSCR < 1.25x for investor traditional 2 refinance with loan > $500k. Comp factors: seasoned investor, and LTV.<br> BUYER - GENERAL COMMENT (2025-06-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-28): 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-189 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily refinance with loan > $500k. Comp factors: reserves and FICO.<br> Approved exception at origination for cashout on property listed within 6 months. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-05-30): Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily refinance with loan > $500k. Comp factors: reserves and FICO.<br> REVIEWER - WAIVED COMMENT (2025-05-30): Approved exception at origination for cashout on property listed within 6 months. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-167 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for DSCR < 1.0x for owner user traditional 1 mixed use purchase with loan > $750k. Comp factors: seasoned investor, and reserves.<br> Approved exception at origination for wind deductible > $25k. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-05-28): Approved exception at origination for DSCR < 1.0x for owner user traditional 1 mixed use purchase with loan > $750k. Comp factors: seasoned investor, and reserves.<br> REVIEWER - WAIVED COMMENT (2025-05-28): Approved exception at origination for wind deductible > $25k. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-164 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-157 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Asset Calculation / Analysis - Guideline Requirement: Available for Reserves discrepancy.: Calculated Available for Reserves of is less than Guideline Available for Reserves of .<br> [2] General - Insufficient Hazard Insurance | Approved exception for first time investor purchase of 2-4 family property with LTV > 70%. Comp factors: FICO and reserves is not supported as verified funds per assets section are < funds required to close.<br> First time investor with reserves < 3 months P&I; underwritten verified funds per approval assets section are < funds required to close.<br> Approved exception at origination for missing law & ordinance coverage. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception for first time investor purchase of 2-4 family property with LTV > 70%. Comp factors: FICO and reserves is not supported as verified funds per assets section are < funds required to close.<br> BUYER - GENERAL COMMENT (2025-06-10): Exceptions written on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for missing reserves. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-05-28): Approved exception at origination for missing law & ordinance coverage. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-135 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception for blanket liability policy without required endorsement. Comp factor; seasoned Investor.<br> Approved exception at origination for missing VOM-primary. Comp factors: DSCR, and seasoned investor.<br> > 32% vacancy on multifamily refinance. | REVIEWER - WAIVED COMMENT (2025-05-28): Approved exception for blanket liability policy without required endorsement. Comp factor; seasoned Investor.<br> REVIEWER - WAIVED COMMENT (2025-05-28): Approved exception at origination for missing VOM-primary. Comp factors: DSCR, and seasoned investor.<br> BUYER - GENERAL COMMENT (2025-06-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-10): Exception waived. Updated approval provided in trailing documents approving exception for vacancy. Comp factors, DSCR and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-134 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance<br> [2] Loan File - Missing Document: Hazard Insurance Policy not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for DSCR <1.20x for investor traditional 1 purchase with loan > $750k. Comp factors: reserves, and seasoned investor.<br> Missing wind coverage (File contains an email response from agent stating 'yes those coverages are included' however the source email for the response specifying which coverages is not included).<br> Missing EOI for liability coverage (EOI provided referencing liability coverage is a quotation and not evidence of bound coverage).<br> Approved exception at origination for 100% vacancy/ missing leases. Comp factors: reserves, and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-29): Approved exception at origination for DSCR <1.20x for investor traditional 1 purchase with loan > $750k. Comp factors: reserves, seasoned investor.<br> BUYER - GENERAL COMMENT (2025-06-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for missing wind coverage. Comp factor, FICO.<br> BUYER - GENERAL COMMENT (2025-06-10): Excpetion noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for missing evidence of liability coverage. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-05-29): Approved exception at origination for 100% vacancy/ missing leases. Comp factors: reserves, and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-132 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<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] Application / Processing - Missing Document: Verification of Down Payment Funds not provided | Approved exception at origination for DSCR below 1.0x for owner user traditional 2 purchase with loan >$750k. Comp factors: LTV, and FICO.<br> First time investor with < 3 months reserves.<br> Insufficient underwritten funds to close- verified funds per approval assets section are < funds required to close per final settlement statement. | REVIEWER - WAIVED COMMENT (2025-05-28): Approved exception at origination for DSCR below 1.0x for owner user traditional 2 purchase with loan >$750k. Comp factors: LTV, and FICO.<br> BUYER - GENERAL COMMENT (2025-06-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for missing reserves. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2025-06-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for unverified funds. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-128 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for1) missing business income/interruption coverage and 2) deductible amount. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for1) missing business income/interruption coverage and 2) deductible amount. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-127 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO <650. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-05-29): 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-126 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] General - LTV does not meet guidelines | Approved exception at origination for 1) wind deductible > $25k, and 2) blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. Comp factor: FICO.<br> Approved exception at origination for LTV >70% on cashout refinance of owner user traditional 2. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-29): Approved exception at origination for 1) wind deductible > $25k, and 2) blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2025-05-29): Approved exception at origination for LTV >70% on cashout refinance of owner user traditional 2. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-125 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] General - LTV does not meet guidelines | Approved exception at origination for 1) wind deductible > $25k, and 2) blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. Comp factors: FICO, and seasoned investor.<br> Approved exception at origination for LTV >70% on cashout refinance of owner user traditional 2. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-29): Approved exception at origination for 1) wind deductible > $25k, and 2) blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. Comp factors: FICO, and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-29): Approved exception at origination for LTV >70% on cashout refinance of owner user traditional 2. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-124 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for DSCR < 1.0x for owner-user traditional 2 refinance with loan > $750k. Comp factors: reserves, and seasoned investor.<br> Approved exception at origination for 1) wind deductible > $25k, and 2) blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. Comp factors: FICO, and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-29): Approved exception at origination for 1)wind deductible > $25k, and 2) blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. Comp factors: FICO, and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-05-29): Approved exception at origination for 1)wind deductible > $25k, and 2) blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. 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>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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-112 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - FICO below 650<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for credit report aged > 60 Days. Comp factor: LTV.<br> Approved exception at origination for FICO < 650. Comp factor: LTV.<br> <2 active major tradelines on credit report.<br> Missing VOM-primary. | REVIEWER - WAIVED COMMENT (2025-05-30): Approved exception at origination for credit report aged > 60 Days. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-05-30): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-06-10): Exception written<br> REVIEWER - WAIVED COMMENT (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factor. LTV.<br> BUYER - GENERAL COMMENT (2025-06-10): Exception written<br> REVIEWER - WAIVED COMMENT (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-110 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception: | Approved exception at origination for credit report aged > 60 Days. Comp factors: FICO, and reserves is unable to be validated as verified post closing reserves are <3 months P&I | REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for credit report aged > 60 Days. Comp factors: FICO, and reserves is unable to be validated as verified post closing reserves are <3 months P&I | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-104 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for HOA master policy missing subject unit number/address. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-05-30): Approved exception at origination for HOA master policy missing subject unit number/address. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-399 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Application / Processing - Missing Document: Business P&L not provided | Approved exception at origination for waiver of requirement for evidence of FY XXXX tax return extension filing. (change Memo 1) Comp factors; LTV, and DSCR. | REVIEWER - WAIVED COMMENT (2025-05-27): Approved exception at origination for waiver of requirement for evidence of FY XXXX tax return extension filing. (change Memo 1) 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-391 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Tax transcripts do not reasonably support the income. | XXXX Personal transcripts reflect not filed- approval for this discrepancy/ delay in filing is not documented in approval. | BUYER - GENERAL COMMENT (2025-06-05): This is noted in Change Memo #1 of the CAM. see attached.<br> BUYER - GENERAL COMMENT (2025-06-05): change memo #1 attached.<br> REVIEWER - WAIVED COMMENT (2025-06-05): Exception waived. Change memo provided in trailing documents approving two years tax return verification instead of three years. Comp factors. DSC and FICO. | 1 |  |  |  | 1 |  |  |  |  | The qualifying DSCR on the loan is greater than the guideline minimum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-170 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy/ missing lease on 1-4 refinance. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-06-02): 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-185 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for missing lease on 1-4 refinance. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-02): Approved exception at origination for missing lease. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-196 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] AUS Discrepancy / Guidelines Discrepancy - Loan amounts less than $75,000 are not permitted according to the 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 limited major trade lines <2. Comp factor seasoned investor.<br> Approved exception at origination for loan amount < $75,000. Comp factor , seasoned investor.<br> Missing primary residence VOM. | BUYER - GENERAL COMMENT (2025-06-10): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for FICO < 650. Comp factor, seasoned investor.<br> BUYER - GENERAL COMMENT (2025-06-10): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for limited major trade lines <2. Comp factor seasoned investor.<br> BUYER - GENERAL COMMENT (2025-06-10): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for loan amount < $75,000. Comp factor , seasoned investor.<br> BUYER - GENERAL COMMENT (2025-06-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for missing VOM. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-215 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for credit report pulled using incorrect DOB. Comp factors: LTV and seasoned investor.<br> Approved exception at origination for incomplete subject lease; missing signature/execution page. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-02): Approved exception at origination for credit report pulled using incorrect DOB. Comp factors: LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-02): Approved exception at origination for incomplete subject lease; missing signature/execution page. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-224 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy per appraisal (pro-forma lease provided in file). Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-03): Approved exception at origination for 100% vacancy per appraisal (pro-forma lease provided in 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-233 |  | XXXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - FICO below 650<br> [2] General - Missing Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for interest only period > 5 yrs on flex term note. Comp factor: seasoned investor.<br> Approved exception at origination for FICO < 650. Comp factors: seasoned investor and LTV.<br> Approved exception at origination for 1) HOA master policy missing subject unit number(s), and 2) Owners liability policy missing subject unit number(s) and also blanket liability policy without required endorsement for full coverage amount applicable to each covered location. Comp factor: seasoned investor.<br> Missing monthly rental amounts on leases for XXX and XXX. | REVIEWER - WAIVED COMMENT (2025-06-03): Approved exception at origination for interest only period > 5 yrs on flex term note. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-03): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and LTV.<br> REVIEWER - WAIVED COMMENT (2025-06-03): Approved exception at origination for 1) HOA master policy missing subject unit number(s), and 2) Owners liability policy missing subject unit number(s) and also blanket liability policy without required endorsement for full coverage amount applicable to each covered location. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2025-06-17): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-18): Exception waived. Updated approval provided in trailing documents approving exception for incomplete lease. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-236 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - Missing Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> Approved exception at origination for missing VOR-primary; guarantor that lives rent free. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait.<br> Approved exception at origination for basic form policy/coverage type. Comp factor: LTV.<br> Approved exception at origination for 100% vacancy per appraisal on 1-4 refinance (a recently executed lease was provided in file). Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | REVIEWER - WAIVED COMMENT (2025-06-03): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for missing VOR-primary; guarantor that lives rent free. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-06-03): Approved exception at origination for basic form policy/coverage type. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for 100% vacancy per appraisal on 1-4 refinance (a recently executed lease was provided in file). Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-251 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - The property has been listed for sale in the last 12 months.<br> [2] General - The property is ineligible. | 5% wind deductible is > $25k.<br> Approved exceptions at origination for 1) missing VOR-primary; borrower lives rent free 2) incomplete VOM-subject; missing 12 month pay history receipts. 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 cashout on property listed within 6 months and using a valuation > lowest list price. 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 rural property. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. | BUYER - GENERAL COMMENT (2025-06-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor. seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-04): Approved exceptions at origination for 1) missing VOR-primary; borrower lives rent free 2) incomplete VOM-subject; missing 12 month pay history receipts. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for cash out on property listed within 6 months and using a valuation > lowest list price. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for rural property. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-265 |  | XXXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Hazard Insurance | Approved exception at origination for missing Condo blanket and master policy (sufficient coverage provide on borrower's HO6 policy). Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for missing Condo blanket and master policy (sufficient coverage provide on borrower's HO6 policy). Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-275 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-284 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-292 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - The property is ineligible. | Approved exception at origination for rural property. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-04): 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-301 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-309 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: FICO.<br> Approved exception at origination for loan amount < $75k. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for loan amount < $75k. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-326 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-327 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-331 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-332 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines | Credit report reflects charge-off account with balance > $25,000. | BUYER - GENERAL COMMENT (2025-06-11): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for charge off. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-353 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-364 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-366 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Reverification of rent is inconsistent with original VOR | Approved exception for missing VOR - primary. Borrower lives rent free. Comp factor: seasoned investor and property condition (property condition is not a supported comp factor). | REVIEWER - WAIVED COMMENT (2025-06-03): Approved exception for missing VOR - primary. Borrower lives rent free. Comp factor: seasoned investor and property condition. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-367 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for vacant at time of appraisal for the main house. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for vacant at time of appraisal for the main house. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-368 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy per appraisal (current/ active lease provided in file). Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for 100% vacancy per appraisal (current/ active lease provided in 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-369 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy per appraisal (active lease provided in file). Comp factors: LTV and seasoned Investor. | REVIEWER - WAIVED COMMENT (2025-06-05): Approved exception at origination for 100% vacancy per appraisal (active lease provided in 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-371 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for loss of use in lieu of loss of rents coverage. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for loss of use in lieu of loss of rents coverage. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-375 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines<br> [2] Credit Documentation - Missing lease Agreement<br> [2] General - The property has been listed for sale in the last 12 months. | Chapter 13 Bankruptcy on credit report discharged within recent two years.<br> Approved exception at origination for 100% vacancy/missing lease. Comp factor: LTV.<br> Approved exception at origination for Cash out on property listed within recent 6 months using the higher appraised value versus the lower listed price. Comp factor, LTV. | BUYER - GENERAL COMMENT (2025-06-11): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for Bankruptcy within recent two years. Comp factors. LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-06): Approved exception at origination for 100% vacancy/missing lease. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-06-11): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for Cash out on property listed within recent 6 months using the higher appraised value versus the lower listed price. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-202 |  | XXXXXX | $XXX |  | 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 VOM for 1 of 2 subjects; missing pay history (balloon note/lump-sum land contract). Comp factors: seasoned investor and FICO.<br> Approved exception at origination for missing 1 of 2 leases for both properties. Comp factors, FICO and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-05): Approved exception at origination for incomplete VOM for 1 of 2 subjects; missing pay history (balloon note/lump-sum land contract). Comp factors: seasoned investor and FICO.<br> BUYER - GENERAL COMMENT (2025-06-11): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for missing 1 of 2 leases for both properties. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-274 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for <2 active major tradelines on credit report. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for <2 active major tradelines on credit report. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-303 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Loan File - Missing Document: Hazard Insurance Policy 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 waived insurance escrow/payment plan. Comp factor: LTV.<br> Approved exception at origination for vacant property on refinance. Comp factor: LTV.<br> Approved exception at origination for cash out on recently listed property. Evidence listing was canceled provided. Comp factor, LTV. | BUYER - GENERAL COMMENT (2025-06-11): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for waived insurance escrow/payment plan. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-06-03): Approved exception at origination for vacant property on refinance. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-06-11): Uploaded copy of cancelled listing. Exception written for cash out<br> REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for cash out on recently listed property. Evidence listing was canceled provided. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-334 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Credit report reflects Chapter 13 bankruptcy within 2 year time period.<br> Missing 1 month VOM for primary residence. | BUYER - GENERAL COMMENT (2025-06-17): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-18): Exception waived. Updated approval provided in trailing documents approving exception for recent bankruptcy. Comp factors, LTV and FICO.<br> BUYER - GENERAL COMMENT (2025-06-17): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-18): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOM. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-365 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and LTV.<br> Approved exception at origination for cashout refinance on property listed within 6 months (listing cancellation provided). Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-05): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and LTV.<br> REVIEWER - WAIVED COMMENT (2025-06-05): Approved exception at origination for cashout refinance on property listed within 6 months (listing cancellation provided). 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-187 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] Credit Documentation - Missing lease Agreement<br> [2] General - The property is ineligible. | Approved exception at origination for >2x 30 days late within 24 months reflected on credit report. Comp factor: LTV.<br> Approved exception at origination for missing leases on 2-4 family refinance. Comp factor: LTV.<br> Approved exception at origination for rural property. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-06-03): Approved exception at origination for >2x 30 days late within 24 months reflected on credit report. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-06-03): Approved exception at origination for missing leases on 2-4 family refinance. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for rural property. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-214 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-221 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-300 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - FICO below 650<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for seller credit at closing greater than 3%. Comp factors: Reserves and seasoned business.<br> Approved exception at origination for FICO below 650. Comp factor: Reserves<br> Approved exception at origination for < 2 active major tradelines reported. Comp factors, reserves and seasoned business. | REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for seller credit at closing greater than 3%. Comp factors: Reserves and seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for FICO below 650. Comp factor: Reserves<br> BUYER - GENERAL COMMENT (2025-06-17): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-18): Approved exception at origination for < 2 active major tradelines reported. Comp factors, reserves and seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-316 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | 3% all perils deductible is > $10k. | BUYER - GENERAL COMMENT (2025-06-11): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-345 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - LTV does not meet guidelines | LTV > 70% on loan amount > $1,000,000. | BUYER - GENERAL COMMENT (2025-06-11): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for LTV. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-357 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - FICO below 650<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 | Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> Approved exception at origination for unverifiable funds. Comp factor: seasoned investor.<br> Approved exception at origination for missing VOR - primary. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-03): Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-03): Approved exception at origination for unverifiable funds. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-03): Approved exception at origination for missing VOR - primary. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-376 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - The property is ineligible. | Approved exception at origination for rural property. Comp factors: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-06-04): 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-249 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - Missing Hazard Insurance | Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> Approved exception at origination for 1x30 days late within 90 days on primary. Comp factor: LTV.<br> Approved exception at origination for missing/incomplete VOR-primary for prior residence. Comp factor: seasoned investor.<br> Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for 1x30 days late within 90 days on primary. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for missing VOR-primary for prior residence. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-169 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing law & ordinance coverage. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-03): Approved exception at origination for missing law & ordinance 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-279 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOM-subject missing 12 months pay history receipt. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for incomplete VOM-subject missing 12 months pay history receipt. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-267 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for DSCR < 1.0x for owner used traditional 2 refinance with loan > $750k. Comp factor: LTV.<br> Approved exception at origination for wind deductible > $25k. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for DSCR < 1.0x for owner used traditional 2 refinance with loan > $750k. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for wind deductible > $25k. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-269 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for DSCR < 1.0x for owner user traditional 2 refinance with loan > $750k . Comp factors: LTV and seasoned business.<br> Approved exception at origination for basic form policy/coverage type. Comp factor: FICO | REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for DSCR < 1.0x for owner user traditional 2 refinance with loan > $750k . Comp factors: LTV and seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for basic form policy/coverage type. Comp factor: 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-256 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing law and ordinance coverage. Comp factors: seasoned investor and LTV. | REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for missing law and ordinance. Comp factors: seasoned investor and LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-384 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $500k. Comp factor: seasoned investor.<br> Approved exception at origination for 1) Wind deductible > $25k, and 2) missing law & ordinance coverage. Comp factor,. seasoned investor.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $500k. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2025-06-11): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-12): Approved exception at origination for 1) Wind deductible > $25k, and 2) missing law & ordinance coverage. Comp factor,. seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-349 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for LTV > 70% on Trad II. Comp factors, FICO and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-09): Approved exception at origination for LTV > 70% on Trad II. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-287 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - The property is ineligible. | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: reserves and FICO.<br> Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: reserves and FICO. | REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: reserves and FICO.<br> REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: reserves and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-306 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] General - Insufficient Hazard Insurance<br> [2] General - The property is ineligible. | Approved exception at origination for derogatory pay history on subject mortgage; unpaid late charges assessed within 90 days on payoff statements. Comp factor: DSCR.<br> Approved exception at origination for missing law and ordinance coverage. Comp factor: DSCR.<br> Approved exception at origination for override of statewide exclusion for traditional property type located in MI. Comp factor: DSCR. | REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for derogatory pay history on subject mortgage; unpaid late charges assessed within 90 days on payoff statements. Comp factor: DSCR.<br> REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for missing law and ordinance coverage. Comp factor: DSCR.<br> REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for override of statewide exclusion for traditional property type located in MI. Comp factor: DSCR. | 1 |  |  |  | 1 |  |  |  |  | The qualifying DSCR on the loan is greater than the guideline minimum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-171 | XXXX XXXX | XXXXXX | $XXX | 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 Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor: seasoned business.<br> Approved exceptions at origination for 1) missing law & ordinance coverage, and 2) insufficient business income/loss of rents coverage. Comp factor: seasoned investor.<br> Approved exception at origination for incomplete VOM-subject; missing pay history receipts.. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-03): Approved exception at origination for FICO < 650. Comp factor: seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-06-03): Approved exceptions at origination for 1) missing law & ordinance coverage, and 2) insufficient business income/loss of rents coverage. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-03): Approved exception at origination for incomplete VOM-subject; missing pay history receipts.. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-350 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-235 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-190 |  | XXXXXX | $XXX | 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 < 1.25x on investor traditional II purchase with loan > $500,000. Comp factors: reserves and seasoned investor.<br> Missing lease for investor traditional 2 with loan > $500k. | REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for DSCR < 1.25x on investor traditional II purchase with loan > $500,000. Comp factors: reserves and seasoned investor.<br> BUYER - GENERAL COMMENT (2025-06-11): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-12): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-250 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 3 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing law and ordinance coverage. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for missing law and ordinance 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 | Appraisal (pg 35) reflects subject is in fair/below average condition. \*\*\*\*\*\*\*\*\*\*<br>Client added comment.<br> Purchase transaction. Interior finishes are dated, but no significant deferred maintenance noted and no deductions made for deferr3ed maintenance per appraiser. XXX expects borrower to make any necessary repairs and current property condition is considered in the appraised value/LTV. | BUYER - GENERAL COMMENT (2025-06-11): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-12): Exception waived. Updated approval provided in trailing documents approving exception for property condition. Comp factor. FICO. | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | C | C | C | C | C | C | C | C | C | C |
| XXXX | XXXX | 2025-P1-257 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.0x for owner user traditional II purchase with loan >$750k. Comp factors: LTV and reserves. | REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for DSCR < 1.0x for owner user traditional II purchase with loan >$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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-311 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided | Approved exception at origination for DSCR < 1.25x for investor traditional 2 purchase with loan > $500k. Comp factors: reserves.<br> Approved exception at origination for <2 active major tradelines. Comp factors: FICO and reserves.<br> Approved exception at origination for unverified funds to close. Comp factor: FICO | BUYER - GENERAL COMMENT (2025-06-11): Uploaded statement along with corp docs showing ownership<br> REVIEWER - WAIVED COMMENT (2025-06-12): Approved exception at origination for DSCR < 1.25x for investor traditional 2 purchase with loan > $500k. Comp factors: reserves.<br> REVIEWER - WAIVED COMMENT (2025-06-12): Approved exception at origination for <2 active major tradelines. Comp factors: FICO and reserves.<br> REVIEWER - WAIVED COMMENT (2025-06-04): Approved exception at origination for unverified funds to close. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-397 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for foreign national borrower with <3 bureaus reporting on credit report. Comp factors: DSCR and reserves.<br> Approved exception at origination for <3 bureaus reporting on credit report (1 of 3 bureaus is frozen). Comp factors: DSCR and reserves. | REVIEWER - WAIVED COMMENT (2025-06-03): Approved exception at origination for foreign national borrower with <3 bureaus reporting on credit report. Comp factors: DSCR and reserves.<br> REVIEWER - WAIVED COMMENT (2025-06-03): Approved exception at origination for <3 bureaus reporting on credit report (1 of 3 bureaus is frozen). Comp factors: DSCR and reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The qualifying DSCR on the loan is greater than the guideline minimum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-394 |  | XXXXXX | $XXX | 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 | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-390 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.15x. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-06-02): Approved exception at origination for DSCR < 1.15x. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-409 |  | XXXXXX | $XXX | 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 | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-411 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-131 |  | XXXXXX | $XXX | 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 terms on 2nd < 36 months. Comp factor, seasoned business.<br> < 12 months VOR-primary provided. | BUYER - GENERAL COMMENT (2025-06-18): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-06-18): Approved exception at origination for terms on 2nd < 36 months. Comp factor, seasoned business.<br> BUYER - GENERAL COMMENT (2025-06-18): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-18): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR. Comp factor, seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-145 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - LTV does not meet guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | LTV > 70% on loan amount > $1,000,000.<br> Approved exception at origination for missing VOR - primary. Borrower lives rent free. Comp factor: FICO. | BUYER - GENERAL COMMENT (2025-06-18): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-18): Exception waived. Updated approval provided in trailing documents approving exception for LTV. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-06-12): 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-146 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception for missing VOR - primary. Borrower lives rent free. Comp factors: FICO and property condition (property condition cannot be used as it is subjective). | REVIEWER - WAIVED COMMENT (2025-06-13): Approved exception for missing VOR - primary. Borrower lives rent free. Comp factors: FICO and property condition (property condition cannot be used as it is subjective). | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-175 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 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: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-18): Approved exception at origination for unverified funds to close. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-180 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Market Vacancy over 5% | Approved exception at origination for FICO below 650. Comp factor: Seasoned Investor.<br> Approved exception at origination for vacancy/missing lease. Comp factor: Seasoned Investor. | REVIEWER - WAIVED COMMENT (2025-06-13): Approved exception at origination for FICO below 650. Comp factor: Seasoned Investor.<br> REVIEWER - WAIVED COMMENT (2025-06-13): Approved exception at origination for vacancy/missing lease. Comp factor: Seasoned Investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-188 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Missing loss of rent coverage. | BUYER - GENERAL COMMENT (2025-06-18): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-19): Exception waived. Updated approval provided in trailing documents approving exception for missing rent loss coverage. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-193 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property<br> [2] Application / Processing - Missing Document: Rent Roll not provided | Approved exception at origination for rural property. Comp factors, LTV and property (property condition not used as it is subjective).<br> Approved exception at origination for vacancy. Comp factors: LTV and property condition (property condition cannot be used as it is subjective). | REVIEWER - WAIVED COMMENT (2025-06-13): Approved exception at origination for rural property. Comp factors, LTV and property (property condition not used as it is subjective).<br> REVIEWER - WAIVED COMMENT (2025-06-13): Approved exception at origination for vacancy. Comp factors: LTV and property condition (property condition cannot be used as it is subjective). | 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-201 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-205 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Application / Processing - Missing Document: Rent Roll not provided | Approved exception at origination for vacancy. Comp factors: Seasoned Investor and property condition (property condition cannot be used as it is subjective). | REVIEWER - WAIVED COMMENT (2025-06-13): Approved exception at origination for vacancy. Comp factors: Seasoned Investor and property condition (property condition cannot be used as it is subjective). | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-216 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Flood insurance | Approved exception at origination for Flood Insurance deductible of > 5%. Comp factor: Seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-13): Approved exception at origination for Flood Insurance deductible of > 5%. Comp factor: Seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-245 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Guideline Issue - Interest Only period does not meet the guideline requirements.: Interest Only Period: 12. | Approved exception at origination for FICO < 650. Comp factor: Seasoned Investor.<br> < 5 years interest only. | REVIEWER - WAIVED COMMENT (2025-06-13): Approved exception at origination for FICO < 650. Comp factor: Seasoned Investor.<br> BUYER - GENERAL COMMENT (2025-06-18): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-19): Exception waived. Updated approval provided in trailing documents approving exception for interest only term. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-259 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for < 2 active major trade lines. Comp factors: Seasoned Investor and FICO.<br> Approved exception for missing VOR - primary. Borrower lived rent free. Comp factors: Seasoned Investor and FICO | REVIEWER - WAIVED COMMENT (2025-06-13): Approved exception at origination for < 2 active major trade lines. Comp factors: Seasoned Investor and FICO.<br> REVIEWER - WAIVED COMMENT (2025-06-13): Approved exception for missing VOR - primary. Borrower lived rent free. Comp factors: Seasoned Investor and FICO | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-263 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-270 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Guideline issue: Property type is not allowed per credit guidelines.<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> Cash out on property listed in recent 6 months (rate and term permitted-not cash out).<br> Missing MLS cancelation, property is currently listed for sale. | REVIEWER - WAIVED COMMENT (2025-06-13): Approved exception at origination for FICO < 650. Comp factor: Seasoned Investor.<br> BUYER - GENERAL COMMENT (2025-06-18): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-19): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2025-06-18): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-19): Exception waived. Updated approval provided in trailing documents approving exception for listing and cash out. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-291 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-296 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - The property is ineligible. | Value seasoning is < 12 months and the higher appraised value versus the lower of the sales price was used.<br> Cash out on property listed for sale within the last 6 months. | BUYER - GENERAL COMMENT (2025-06-18): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-19): Exception waived. Updated approval provided in trailing documents approving exception for value seasoning. Comp factor, FICO.<br> BUYER - GENERAL COMMENT (2025-06-18): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-19): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-299 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing property address on HOA master policy, sufficient coverage on HO6. Comp factor: LTV. | REVIEWER - RE-GRADED COMMENT (2025-06-16): Approved exception at origination for missing property address on HOA master policy, sufficient coverage on HO6. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-305 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - FICO below 650<br> [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for FICO < 650. Comp factors: reserves and property condition which is unable to be validated as a non-quantitative subject trait.<br> Approved exception at origination for first time investor purchase of 1 unit SFR. Comp factors: reserves and seasoned business.<br> Dwelling coverage deductible > $10,000. | REVIEWER - WAIVED COMMENT (2025-06-16): Approved exception at origination for FICO < 650. Comp factors: reserves and property condition which is unable to be validated as a non-quantitative subject trait<br> REVIEWER - WAIVED COMMENT (2025-06-16): Approved exception at origination for first time investor purchase of 1 unit SFR. Comp factors: reserves and seasoned business.<br> BUYER - GENERAL COMMENT (2025-06-18): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-19): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-315 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy/missing lease on 1-4 refinance.. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-19): Approved exception at origination for 100% vacancy/missing lease on 1-4 refinance.. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-319 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for loss of use in lieu of loss of rents coverage. Comp factor: FICO.<br> Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: seasoned investor.<br> Approved exception at origination for missing lease. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-17): Approved exception at origination for loss of use in lieu of loss of rents coverage. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2025-06-17): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-17): Approved exception at origination for missing lease. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-320 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for credit report aged > 60 days. Comp factors; FICO and seasoned investor.<br> Approved exception at origination for unverified funds to close. Comp factor: FICO.<br> Approved exception at origination for loan <$75,000. Comp factors; FICO and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-18): Approved exception at origination for credit report aged > 60 days. Comp factors; FICO and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-18): Approved exception at origination for unverified funds to close. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2025-06-18): Approved exception at origination for loan <$75,000. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-324 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination missing lease. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-06-16): Approved exception at origination missing lease. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-333 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-06-17): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-344 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 50% vacancy/missing lease agreement for 1 of 2 units. Comp factors, reserves and FICO. | REVIEWER - WAIVED COMMENT (2025-06-23): Approved exception at origination for 50% vacancy/missing lease agreement for 1 of 2 units. Comp factors, reserves and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-351 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for exterior with dry rot, peeling wood siding, facia boards and eaves with $10k cost to cure . Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subject trait.\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\* Client added comment. XX.XX% LTV loan. Damages are on the exterior and consist of exterior with dry rot, peeling wood siding, facia boards and eaves with $10K cost to cure. Property is otherwise habitable and functioning so XXX did not view as material in terms of underwriting and expects borrower to complete any necessary repairs. Property Condition considered in value/LTV. | REVIEWER - WAIVED COMMENT (2025-07-03): Approved exception at origination for exterior with dry rot, peeling wood siding, facia boards and eaves with $10k cost to cure . Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subject trait | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | A | A | A | A | A |  |  |  |  |  | C | C | C | C | C | C | C | C | C | C |
| XXXX | XXXX | 2025-P1-352 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-354 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-360 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 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 cash out on property held < 12 months. Comp factors: LTV and FICO.<br> Approved exception at origination for 1) missing 12 months payment history receipts-primary; VOR form and processor certification provided and 2) missing 12 months payment history receipts-subject; VOM form and processor certification provided. Comp factors: LTV and FICO. | REVIEWER - WAIVED COMMENT (2025-06-18): Approved exception at origination for cash out on property held < 12 months. Comp factors: LTV and FICO.<br> REVIEWER - WAIVED COMMENT (2025-06-18): Approved exception at origination for 1) missing 12 months payment history receipts-primary; VOR form and processor certification provided and 2) missing 12 months payment history receipts-subject; VOM form and processor certification provided. Comp factors: LTV 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> C5 | Approved exception at origination for C5 property condition. Appraisal reflects health and safety issues, pool equipment appears non operational with standing water around the pump/filter equipment and pool water is green. Also, water heater is not strapped. Comp factors: LTV and FICO.\*\*\*\*\*\*\*\*\*Client added comment. XX.XX% LTV and XXX expects borrower to make all necessary repairs. Property needs repairs but is habitable/functionable. Current property condition is considered in appraised value/LTV. | REVIEWER - WAIVED COMMENT (2025-06-18): Approved exception at origination for C5 property condition. Appraisal reflects health and safety issues, pool equipment appears non operational with standing water around the pump/filter equipment and pool water is green. Also, water heater is not strapped. Comp factors: LTV and FICO. | 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 | B | B | B | B |  |  |  |  |  | C | C | C | C | C | C | C | C | C | C |
| XXXX | XXXX | 2025-P1-370 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-06-18): 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-372 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for basic form policy coverage type. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-18): Approved exception at origination for basic form policy coverage type. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-373 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for incomplete VOM-subject. VOM form provided; however, missing 7 of 5 months payment history receipts. Comp factor: seasoned investor.<br> Approved exception at origination for 100% vacancy-subject (active lease provided in file). Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-18): Approved exception at origination for incomplete VOM-subject. VOM form provided; however, missing 7 of 5 months payment history receipts. Comp factor seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-18): Approved exception at origination for 100% vacancy-subject (active lease provided in file). Comp factor seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-374 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Guideline Issue - Loan product type is ineligible per guidelines.: Product: 10 Year Interest Only, Fixed Rate; Amortization Term: 360<br> [2] General - Missing Hazard Insurance | Approved exception at origination for interest period >5 years on flexterm loan program. Comp factor: LTV.<br> Approved exceptions at origination for 1) wind deductible > $25,000, and 2) loss of use coverage in lieu of loss of rents. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-06-18): Approved exception at origination for interest period >5 years on flexterm loan program. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-06-18): Approved exceptions at origination for 1) wind deductible > $25,000, and 2) loss of use coverage in lieu of loss of rents. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-377 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-379 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 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 rate and term refinance on property held < 12 months using the appraised value versus original purchase price. Comp factor: seasoned investor.<br> Approved exception at origination for missing VOM-subject. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-18): Approved exception at origination for rate and term refinance on property held < 12 months. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-18): Approved exception at origination for missing VOM-subject. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-380 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-381 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Application / Processing - Missing Document: HOA Questionnaire not provided<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XXXXXX 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 HOA budget and P&L. Comp factor; seasoned investor.<br> Approved exception at origination for loan amount <$75,000. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-18): Approved exception at origination for FICO < 650. Comp factor; seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-18): Approved exception at origination for missing HOA budget and P&L. Comp factor; seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-18): Approved exception at origination for loan amount <$75,000. Comp factor; seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-382 |  | XXXXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-383 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-385 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-386 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for hurricane insurance deductible > $25,000. Comp factor, reserves. | REVIEWER - WAIVED COMMENT (2025-06-13): Approved exception at origination for hazard insurance deductible > $25,000. Comp factor, reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-387 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Guideline issue: Property type is not allowed per credit guidelines.<br> [2] General - LTV does not meet guidelines | Approved exception at origination for First time investor purchase of a 1 unit SFR. Comp factor, reserves.<br> Approved exception for First Time Investor with LTV > 70%. Comp factor: Reserves. | BUYER - GENERAL COMMENT (2025-06-18): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-19): Approved exception at origination for First time investor purchase of a 1 unit SFR. Comp factor, reserves.<br> REVIEWER - WAIVED COMMENT (2025-06-13): Approved exception 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-388 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-137 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for credit report aged > 60 days - extension untilXX/XX/XXXXComp factor: seasoned investor.<br> Approved exception at origination for missing VOR for primary - guarantor lives rent free. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for credit report aged > 60 days - extension untilXX/XX/XXXXComp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for missing VOR for primary - guarantor lives rent free. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-143 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing law or ordinance coverage. Comp factor: FICO.<br> Approved exception at origination for missing VOR - primary (guarantor lives rent free). Comp factors: seasoned investor and reserves. | REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for missing law or ordinance coverage. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for missing VOR - primary (guarantor lives rent free). Comp factors: seasoned investor and reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-144 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: 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 <2 active major tradelines on credit report. Comp factors: seasoned investor and FICO.<br> Approved exception at origination for credit report aged > 60 days. Comp factors: seasoned investor and FICO.<br> Approved exception at origination for incomplete VOM-primary; missing proof of release of mortgage for guarantor's primary. Comp factors: FICO and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-16): Approved exception at origination for <2 active major tradelines on credit report. Comp factors: seasoned investor and FICO.<br> REVIEWER - WAIVED COMMENT (2025-06-16): Approved exception at origination for credit report aged > 60 days. Comp factors: seasoned investor and FICO.<br> REVIEWER - WAIVED COMMENT (2025-06-16): Approved exception at origination for incomplete VOM-primary; missing proof of release of mortgage for guarantor's primary. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-149 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] 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 $XXXXX is less than guideline minimum loan amount of $75,000.<br> [2] General - The property is ineligible. | Approved exception at origination for missing law or ordinance coverage. Comp factor: seasoned investor.<br> Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned investor and DSCR.<br> Approved exception at origination for loan amount < $100,000 on commercial property. Comp factors: seasoned investor and DSCR.<br> Approved exception at origination for override of statewide exclusion for owner/user occupied traditional II located in MI. Comp factor, seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for missing law or ordinance coverage. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned investor and DSCR.<br> REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for loan amount < $100,000 on commercial property. Comp factors: seasoned investor and DSCR.<br> BUYER - GENERAL COMMENT (2025-06-18): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-06-19): Approved exception at origination for override of statewide exclusion for owner/user occupied traditional II located in MI. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-154 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for 1) missing law or ordinance and 2) no policy form type provided. Comp factor: seasoned investor.<br> Approved exception at origination credit report aged > 60 days - credit report extended toXX/XX/XXXXComp factor: reserves.<br> Approved exception at origination for missing VOR - primary; guarantor 2 lives rent free. Comp factors: reserves and FICO. | REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for 1) missing law or ordinance and 2) no policy form type provided. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination credit report aged > 60 days - credit report extended toXX/XX/XXXXComp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for missing VOR - primary; guarantor 2 lives rent free. Comp factors: reserves and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-172 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - FICO below 650<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 | Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> Approved exception at origination for unverifiable funds to close. Comp factor: seasoned investor.<br> Approved exception at origination for missing VOR - primary; guarantor lives rent free. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for unverifiable funds to close. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for missing VOR - primary; guarantor lives rent free. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-178 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - LTV does not meet guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for LTV > 70% for commercial traditional II loan. Comp factor: seasoned investor.<br> Approved exception at origination for missing VOM/12 months cancelled checks for subject - processor certification provided. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for LTV > 70% for commercial traditional II loan. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for missing VOM/12 months cancelled checks for subject - processor certification provided. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-186 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] General - LTV does not meet guidelines<br> [2] Application / Processing - Missing Document: HOA Questionnaire not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for 1) missing condo master policy - sufficient coverage on HO6 policy and 2) missing law or ordinance coverage. Comp factor: seasoned investor.<br> Approved exception at origination for LTV > 70% for commercial traditional 2 loan. Comp factors: seasoned investor and reserves.<br> Approved exception at origination for 1) missing condo association P&L and budget and 2) unit owners don't control condo association. Comp factors: seasoned investor and reserves.<br> Approved exception at origination for incomplete VOM; mortgage originated < 12 months. Comp factors: seasoned investor and reserves. | REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for 1) missing condo master policy - sufficient coverage on HO6 policy and 2) missing law or ordinance coverage. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for LTV > 70% for commercial traditional 2 loan. Comp factors: seasoned investor and reserves.<br> REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for 1) missing condo association P&L and budget and 2) unit owners don't control condo association. Comp factors: seasoned investor and reserves.<br> REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for incomplete VOM; mortgage originated < 12 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-200 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination < 2 active major tradelines on the credit report. Comp factors: reserves and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination < 2 active major tradelines on the credit report. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-209 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - The property is ineligible. | Approved exception at origination override of statewide exclusion for traditional property type located in IL Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-12): Approved exception at origination override of statewide exclusion for traditional property type located in IL Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-212 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - Debt service ratio issue<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for seller concession > 3%of the purchase price. Comp. factors: seasoned business and property condition which is unable to be validated as a non-quantitative subject trait.<br> Approved exception at origination for DSCR < 1.0x for owner/user traditional II purchase with loan amount > $750,000. Comp. factors: seasoned business and property condition which is unable to be validated as a non-quantitative subject trait.<br> Approved exception at origination for missing VOR - primary; guarantor pays cash/missing 12 months pay history receipts. Comp. factor: seasoned investor and reserves. | REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for seller concession > 3%of the purchase price /VVC value. Comp. factors: seasoned business and property condition which is unable to be validated as a non-quantitative subject trait.<br> REVIEWER - RE-GRADED COMMENT (2025-06-11): Approved exception at origination for DSCR < 1.0x for owner/user traditional II 2 unit purchase with loan amount > $750,000. Comp. factors: seasoned business and property condition which is unable to be validated as a non-quantitative subject trait.<br> XX/XX/XXXX by XXXXxxxxxxxxxxxx (SitusAMC) w/ Compensating Factor<br> REVIEWER - WAIVED COMMENT (2025-06-11): Approved exception at origination for missing VOR - primary; guarantor pays cash/missing 12 months pay history receipts. Comp. factor: seasoned investor and reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-229 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.0x for owner/user traditional 2 refinance with loan amount > $500,000. Comp factors: seasoned investor and reserves. | REVIEWER - WAIVED COMMENT (2025-06-12): Approved exception at origination for DSCR < 1.0x for owner/user traditional 2 refinance with loan amount > $500,000. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-231 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - Debt service ratio issue<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Missing 2 years operating statements for traditional 1 multifamily with loan > $500K.<br> Approved exception at origination for DSCR < 1.20x for multifamily traditiona1 loan > $500K. Comp factor: seasoned investor.<br> Approved exception at origination for incomplete VOM-primary missing 7 of 12 months mortgage payments Comp factor: seasoned investor. | BUYER - GENERAL COMMENT (2025-06-19): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-19): Exception waived. Updated approval provided in trailing documents approving exception for missing operating statements. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-13): Approved exception at origination for DSCR < 1.20x for multifamily traditiona1 loan > $500K. Comp factor: seasoned investor<br> REVIEWER - WAIVED COMMENT (2025-06-13): Approved exception at origination for incomplete VOM-primary missing 7 of 12 months mortgage payments Comp factor: seasoned investor.<br> REVIEWER - RE-GRADED COMMENT (2025-06-13): Approved exception at origination for incomplete VOM-primary missing 7 of 12 months mortgage payments Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-243 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 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 property listed, missing cancelled listing. Comp factors: FICO and seasoned investor.<br> Approved exception at origination for missing VOR-primary; guarantors live rent free. Comp factors: seasoned investor and FICO. | BUYER - GENERAL COMMENT (2025-06-19): According to appraisal property was listed at COE. Uploaded approval with exceptions noted for listed and current value.<br> REVIEWER - WAIVED COMMENT (2025-06-19): Approved exception at origination for property listed, missing cancelled listing. Comp factors: FICO and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-13): Approved exception at origination for missing VOR-primary; guarantors live 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-248 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing evidence of law or ordinance coverage. Comp factor, reserves. | BUYER - GENERAL COMMENT (2025-06-19): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-19): Approved exception at origination for missing evidence of law or ordinance coverage. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-258 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for DSCR < 1.20x for multifamily traditional 1 > $500,000. Comp factors: seasoned investor and LTV.<br> Approved exception at origination for < 2 active major tradelines on the credit report. Comp factors: seasoned investor and LTV.<br> Approved exception at origination for incomplete VOM - primary; missing 5 of 12 months payment history. Comp factors: seasoned investor and LTV. | REVIEWER - WAIVED COMMENT (2025-06-12): Approved exception at origination for DSCR < 1.20x for multifamily traditional 1 > $500,000. Comp factors: seasoned investor and LTV<br> REVIEWER - WAIVED COMMENT (2025-06-12): Approved exception at origination for < 2 active major tradelines on the credit report. Comp factors: seasoned investor and LTV.<br> REVIEWER - WAIVED COMMENT (2025-06-12): Approved exception at origination for incomplete VOM - primary; missing 5 of 12 months payment history. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-277 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOM-subject; missing 3 of 12 monthly payments. Comp factor: seasoned investor.<br> Approved exception at origination for incomplete VOR for-primary; lives rent free. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-13): Approved exception at origination for incomplete VOM-subject; missing 3 of 12 monthly payments. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-13): Approved exception at origination for incomplete VOR for-primary; lives rent free. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-281 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for first time investor with LTV > 65% on a commercial loan Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2025-06-13): Approved exception at origination for first time investor with LTV > 65% on a commercial loan 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-282 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-312 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Application / Processing - Missing Document: Business License not provided | Approved exception at origination for DSCR < 1.0x for owner/user traditional 2 refinance with loan > $500,000. Comp factors: LTV and seasoned investor.<br> Approved exception at origination for business licensed < 2 years for owner/user refinance. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-12): Approved exception at origination for DSCR < 1.0x for owner/user traditional 2 mixed use refinance with loan > $500,000. Comp factors: LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-12): Approved exception at origination for business licensed < 2 years for owner/user refinance. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-330 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for Credit report reflecting a foreclosure reported within 24- months of the credit report date and is considered ineligible. Comp factors, LTV and seasoned investor.<br> Approved exceptions at origination for 1) no active VOM-primary was sold and 2). missing VOR-primary; 12 months deposit receipts not provided. Comp factors: seasoned investor and LTV. | BUYER - GENERAL COMMENT (2025-06-19): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-19): Approved exception at origination for Credit report reflecting a foreclosure reported within 24- months of the credit report date and is considered ineligible. Comp factors, LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-12): Approved exceptions at origination for 1) no active VOM-primary was sold and 2). missing VOR-primary; 12 months deposit receipts not provided. Comp factors: seasoned investor and LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-342 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided | Missing evidence of law or ordinance coverage.<br> Missing 1) Bank statement/wire verifying EMD and cash required to close and 2) HUD for 2nd 1031 exchange on wire confirmation. | BUYER - GENERAL COMMENT (2025-06-19): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-19): Exception waived. Updated approval provided in trailing documents approving exception for missing Law or Ordinance coverage. Comp factors, LTV and FICO.<br> BUYER - GENERAL COMMENT (2025-06-19): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-06-19): Exception waived. Updated approval provided in trailing documents approving exception for unverified funds. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-359 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - Debt service ratio issue<br> [2] General - Missing Hazard Insurance | Approved exception at origination for subordinate financing term < 3 years.. Comp factor: seasoned investor.<br> Approved exception at origination for DCR < 1.00x for owner/user traditional 2 loan. Comp factor: seasoned investor.<br> Approved exception at origination for premium not collected at closing - payment plan. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-06-16): Approved exception at origination for subordinate financing term < 3 years.. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-16): Approved exception at origination for DCR < 1.00x for owner/user traditional 2 loan. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-06-16): Approved exception at origination for premium not collected at closing - payment plan. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-361 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-06-16): Approved exception at origination for FICO < 650. 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-395 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>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 | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-396 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-400 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-402 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-404 | XXXX XXXX | XXXXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for LTV > 55% on cash out refinance based on projections. Comp factors; additional collateral (abundance of caution 2nd DOT on primary) and seasoned investor. | BUYER - GENERAL COMMENT (2025-06-19): Correct, approved exception.<br> REVIEWER - WAIVED COMMENT (2025-06-19): Approved exception at origination for LTV > 55% on cash out refinance based on projections. Comp factors; additional collateral (abundance of caution 2nd DOT on primary) and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  | B | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-410 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  | A | A | A | A | A |  |  |  |  |  | A | A | A | A | A | A | A | A | A | A |
| XXXX | XXXX | 2025-P1-412 |  | XXXXXX | $XXX | 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 subject DSCR <1.15x for investor loan. Comp factors: global DSCR and guarantor net worth.<br> Approved exception at origination for LTV > 70% for investor loan. Comp factors: global DSCR and guarantor net worth. | BUYER - GENERAL COMMENT (2025-06-19): Correct, approved exception.<br> REVIEWER - WAIVED COMMENT (2025-06-19): Approved exception at origination for subject DSCR <1.15x for investor loan. Comp factors: global DSCR and guarantor net worth.<br> BUYER - GENERAL COMMENT (2025-06-19): Correct, approved exception.<br> REVIEWER - WAIVED COMMENT (2025-06-20): Approved exception at origination for LTV > 70% for investor loan. Comp factors: global DSCR and guarantor net worth. | 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |
| XXXX | XXXX | 2025-P1-413 |  | XXXXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for guarantor with no FICO (1 of 2 guarantors has a FICO). Comp factors: LTV, seasoned business, and DSCR. | BUYER - GENERAL COMMENT (2025-06-26): Correct, approved exception.<br> REVIEWER - WAIVED COMMENT (2025-06-27): Approved exception at origination for guarantor with no FICO (1 of 2 guarantors has a FICO). Comp factors: LTV, seasoned business, 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 | B | B | B | B |  |  |  |  |  | A | A | A | A | A | B | B | B | B | B |

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## Exhibit 99.07

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vccm_abs-15g.htm)

**Exhibit 99.07**

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| ![](amclogo.jpg) | ![](amclogo.jpg) | ![](amclogo.jpg) | ![](amclogo.jpg) | ![](amclogo.jpg) | ![](amclogo.jpg) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Exception Grades** | **Exception Grades** | **Exception Grades** | **Exception Grades** | **Exception Grades** | **Exception Grades** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **AMC Loan ID** | **Customer Loan ID** | **EDGAR Loan ID** | **Investor Loan Number** | **Loan Exception ID** | **Exception ID** | **Exception Date** | **Exception Type** | **Exception Category** | **Exception Subcategory** | **15E Category** | **Exception** | **Exception Detail** | **Exception Information** | **Compensating Factors** | **Compensating Factor Information** | **Applying Party** | **Follow-up Comments** | **Cleared Date** | **Cured Date** | **Waived Date** | **Exception Level Grade** | **Exception Level Rating** | **Note Date** | **Property State** | **Purpose** | **Exception Remediation** | **Overall<br> Final Loan Grade** | **Credit<br> Final Loan Grade** | **Compliance<br> Final Loan Grade** | **Property<br> Final Loan Grade** | **Originator QM ATR Status** | **TPR QM ATR Status** | **Is Curable** |
| XXXX | XXXX | 2025-P1-109 |  | 33441449 | 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; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-12): Approved exception at origination for missing wind and hail coverage. Comp factor; LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-138 |  | 33444823 | 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 SFR purchase. Comp factors; seasoned investor and reserves | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF_ seasoned investor<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-12): Approved exception at origination for LTV >75% on SFR purchase . Comp factors; seasoned investor, and reserves |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-138 |  | 33444932 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | EOI reflects loss of use and not loss of rents coverage without indication of landlord/rental policy type. | 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 (2025-05-14): Exception cleared. Updated approval provided in trailing documents approving exception for missing loss of rent coverage. Comp factor, FICO.<br>Buyer Comment (2025-05-14): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-150 |  | 33442212 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for loss of use instead of loss of rents coverage. Comp factor; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF_ FICO | SitusAMC,Originator | Reviewer Comment (2025-05-12): Approved exception at origination for loss of use instead of loss of rents coverage. Comp factor; FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-150 |  | 33445133 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 1 x 120+ day late payments within 24 months. Comp factors; FICO and strong market trends in unable to be validated as a non-quantifiable subjective trait. | The representative FICO score exceeds the guideline minimum by XX points. | CF_ FICO | SitusAMC,Originator | Reviewer Comment (2025-05-14): Approved exception at origination for 1 x 120+ day late payments within 24 months. Comp factors; FICO and strong market trends in unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-150 |  | 33445134 | 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 (2025-05-12): Approved exception at origination for unverified funds to close. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-150 |  | 33445153 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Incomplete VOR-primary. | The representative FICO score exceeds the guideline minimum by XX points. | CF_ FICO | SitusAMC,Originator | Reviewer Comment (2025-05-22): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR-primary. Comp factor, FICO.<br>Buyer Comment (2025-05-22): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-166 |  | 33445163 | 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 (2025-05-12): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor; seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-168 |  | 33442799 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM- primary; <12 months pay history provided. Comp factors; seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- seasoned investor<br>CF- FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-12): Approved exception at origination for incomplete VOM- primary; <12 months pay history provided. Comp factors; seasoned investor and FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-168 |  | 33445161 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Missing required US bank statement for foreign national. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-05-14): Exception waived. Updated approval provided in trailing documents approving exception for missing US bank account. Comp factor, FICO.<br>Buyer Comment (2025-05-14): Exception noted om uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-230 |  | 33444561 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for Chapter 7 Bankruptcy discharged within recent two years. Comp factor, reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-05-14): Approved exception at origination for Chapter 7 Bankruptcy discharged within recent two years. Comp factor, reserves.<br>Buyer Comment (2025-05-14): Corrected Uploaded |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-230 |  | 33445164 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor of 1 unit SFR 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. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-05-12): Approved exception at origination for first time investor purchase of 1 unit SFR with LTV >70%. Comp factor; reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-297 |  | 33443258 | 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 | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-12): Approved exception at origination for missing wind and hail coverage. Comp factor; seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-101 |  | 33440557 | 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 (2025-05-12): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-101 |  | 33440606 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for unpaid XXXX state tax lien < $10k on credit report. Comp factor: seasoned investor | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-12): Approved exception at origination for unpaid XXXX state tax lien < $10k on credit report. Comp factor: seasoned investor |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-101 |  | 33440927 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing law and ordinance coverage A. | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-14): Exception waived. Updated approval provided in trailing documents approving exception for missing Law or Ordinance coverage. Comp factor, seasoned investor.<br>Buyer Comment (2025-05-14): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-103 |  | 33441659 | 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 | CF_ LTV<br>CF- seasoned business, seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-12): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-103 |  | 33441695 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x for investor traditional II refinance with loan > $500,000. Comp factors: LTV and seasoned business. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | CF_ LTV<br>CF- seasoned business, seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-12): Approved exception at origination for DSCR < 1.25x for investor traditional II refinance with loan > $500,000. Comp factors: LTV and seasoned business. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-103 |  | 33441708 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM-subject; missing 2 most recent monthly payments. Comp factors: LTV and seasoned business. | 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 business, seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-12): Approved exception at origination for incomplete VOM-subject; missing 2 most recent monthly payments. Comp factors: LTV and seasoned business. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-103 |  | 33441720 | 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 | CF- seasoned business, seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-12): Approved exception at origination for missing law and ordinance coverage. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-103 |  | 33441731 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for waiver of insurance impounds with premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned business, seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-12): Approved exception at origination for waiver of insurance impounds with premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-114 |  | 33441304 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR > 1.0x on a owner user traditional 2 purchase with loan > $750,000. Comp factors: reserves and FICO | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF_ FICO<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-12): Approved exception at origination for DSCR > 1.0x on a owner user traditional 2 purchase with loan > $750,000. Comp factors: reserves, and FICO |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-114 |  | 33441387 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II purchase. 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 (2025-05-12): Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II purchase. Comp factors: reserves, and FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-133 |  | 33440491 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion for traditional property type located in IL. 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 (2025-05-12): Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: LTV, and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-237 |  | 33442640 | 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 (2025-05-12): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-237 |  | 33442658 | 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 (2025-05-12): Approved exception at origination for missing law & ordinance coverage. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-237 |  | 33442698 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: reserves and 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 (2025-05-12): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: reserves and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-237 |  | 33442736 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x on owner user traditional 2 refinance with loan > $750,000. 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 (2025-05-12): Approved exception at origination for DSCR < 1.0x on owner user traditional 2 refinance with loan > $750,000. Comp factors: reserves and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-237 |  | 33442752 | 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 3 most recent monthly payments. 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 (2025-05-12): Approved exception at origination for incomplete VOM-subject; missing 3 most recent monthly payments. Comp factors: reserves and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-260 |  | 33481213 | 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 purchase with loan > $750k. 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 (2025-05-19): Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily purchase with loan > $750k. Comp factors: reserves, and seasoned investor |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-248 |  | 33633396 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing evidence of law or ordinance coverage. 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 (2025-06-19): Approved exception at origination for missing evidence of law or ordinance coverage. Comp factor, reserves.<br>Buyer Comment (2025-06-19): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-368 |  | 33546495 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal (current/ active 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 | LTV is < guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception at origination for 100% vacancy per appraisal (current/ active lease provided in file). Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-369 |  | 33546518 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal (active 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 | LTV is < guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-06-05): Approved exception at origination for 100% vacancy per appraisal (active lease provided in file). Comp factors: LTV and seasoned Investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-220 |  | 33474874 | 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 factors: FICO, and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- FICO<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-19): Approved exception at origination for credit report pulled using incorrect DOB. Comp factors: FICO, and reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-220 |  | 33474882 | 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 (2025-05-19): Approved exception at origination for unverified funds to close. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-128 |  | 33536482 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for1) missing business income/interruption coverage and 2) deductible amount. 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 (2025-06-04): Approved exception at origination for1) missing business income/interruption coverage and 2) deductible amount. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-170 |  | 33546416 | 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. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-06-02): Approved exception at origination for 100% vacancy/ missing lease on 1-4 refinance (subject is listed as a ST rental). Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-365 |  | 33546513 | 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. | 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 (2025-06-05): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-365 |  | 33546514 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Approved exception at origination for cashout refinance on property listed within 6 months (listing cancellation provided). Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-05): Approved exception at origination for cashout refinance on property listed within 6 months (listing cancellation provided). Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-229 |  | 33621730 | 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 refinance with loan amount > $500,000. Comp factors: seasoned investor and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Seasoned investor.<br>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 (2025-06-12): Approved exception at origination for DSCR < 1.0x for owner/user traditional 2 refinance with loan amount > $500,000. Comp factors: seasoned investor and reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-121 |  | 33473478 | 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: 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 (2025-05-17): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factors: seasoned investor, and LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-121 |  | 33473486 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for loss of use instead of loss of rents coverage. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF_ FICO | SitusAMC,Originator | Reviewer Comment (2025-05-17): Approved exception at origination for loss of use instead of loss of rents coverage. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-242 |  | 33485534 | 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 lives rent free, and 2) incomplete VOM-subject; missing 12 month payment receipts for VOM pay history issued by private lender. Comp factors: FICO and LTV. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- FICO<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-19): Approved exceptions for 1) missing VOR-primary; borrower lives rent free, and 2) incomplete VOM-subject; missing 12 month payment receipts for VOM pay history issued by private lender. Comp factors: FICO and LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-242 |  | 33485535 | 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 representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- FICO<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-06-05): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factors., LTV and FICO.<br>Buyer Comment (2025-05-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-244 |  | 33498197 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided |  | Approved exception at origination for missing HOA cert. Comp 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 (2025-05-21): Approved exception at origination for missing HOA cert. Comp factors: seasoned investor, and LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-343 |  | 33491200 | 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 2 family refinance with loan amount > $1,000,000. Comp factors: FICO and seasoned business | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | CF- FICO<br>CF- seasoned business | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-20): Approved exception at origination for LTV > 70% on 2 family refinance with loan amount > $1,000,000. Comp factors: FICO and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-343 |  | 33493629 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | EOI contains 80% coinsurance on 1-4 property type without required evidence of UW discretionary approval. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-06-05): Exception waived. Updated approval provided in trailing documents approving exception for coinsurance. Comp factor, FICO.<br>Buyer Comment (2025-05-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-122 |  | 33475009 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR below 1.25x for investor traditional 2 purchase with loan exceeding $500k. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF_ FICO<br>CF- Reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-19): Approved exception at origination for DSCR below 1.25x for investor traditional 2 purchase with loan exceeding $500k. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-122 |  | 33477396 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF_ FICO<br>CF- Reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-19): Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-122 |  | 33477397 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing VOR-primary 12 month pay history- contingent contractual rental amount is $0 when managing motel and $2k when not. | The representative FICO score exceeds the guideline minimum by XX points. | CF_ FICO | SitusAMC,Originator | Reviewer Comment (2025-06-05): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR-primary. Comp factor, FICO.<br>Buyer Comment (2025-05-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-122 |  | 33477398 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception for first time investor on investor traditional 2 with LTV > 60%. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF_ FICO<br>CF- Reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-19): Approved exception for first time investor on investor traditional 2 with LTV > 60%. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-122 |  | 33477405 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing leases for subject traditional 2 property with loan > $500k (only tenant estoppels in file). | The representative FICO score exceeds the guideline minimum by XX points. | CF_ FICO | SitusAMC,Originator | Reviewer Comment (2025-06-05): Exception waived. Updated approval provided in trailing documents approving exception for missing Lease. Comp factor, FICO.<br>Buyer Comment (2025-05-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-208 |  | 33477407 | 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 factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF_ FICO<br>CF_ reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-17): Approved exception at origination for credit report puled using incorrect DOB. Comp factors: FICO, and reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-323 |  | 33529494 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for missing lease (subject is listed as a ST rental). Comp factors: LTV, and property condition which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-06-05): Approved exception at origination for missing lease (subject is listed as a ST rental). Comp factors: LTV, and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-179 |  | 33541127 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing lease agreement. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV < Guidelines. | SitusAMC,Originator | Reviewer Comment (2025-06-10): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV.<br>Buyer Comment (2025-06-09): Exception noted om uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-179 |  | 33541225 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for missing representative credit score/report- (closing as a trust with no personal guarantor). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV < Guidelines. | SitusAMC,Originator | Reviewer Comment (2025-05-30): Approved exception at origination for missing credit report- closing in a trust with no personal guarantor. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-179 |  | 33546458 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Guaranty Agreement not provided |  | Approved exception at origination for loan closing as trust borrower with no personal; guarantor. Comp factor: LTV | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV < Guidelines. | SitusAMC,Originator | Reviewer Comment (2025-05-31): Approved exception at origination for loan closing as trust borrower with no personal; guarantor. Comp factor: LTV |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-132 |  | 33526378 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR below 1.0x for owner user traditional 2 purchase with loan >$750k. Comp factors: LTV, and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- FICO<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-28): Approved exception at origination for DSCR below 1.0x for owner user traditional 2 purchase with loan >$750k. Comp factors: LTV, and FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-132 |  | 33526393 | 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 < 3 months reserves. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for missing reserves. Comp factor, LTV.<br>Buyer Comment (2025-06-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-132 |  | 33531743 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Verification of Down Payment Funds not provided |  | Insufficient underwritten funds to close- verified funds per approval assets section are < funds required to close per final settlement statement. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for unverified funds. Comp factor, LTV.<br>Buyer Comment (2025-06-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-399 |  | 33524171 | 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 evidence of FY XXXX tax return extension filing. (change Memo 1) 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 (2025-05-27): Approved exception at origination for waiver of requirement for evidence of FY XXXX tax return extension filing. (change Memo 1) Comp factors; LTV, and DSCR. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-269 |  | 33572779 | 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 refinance with loan > $750k . Comp factors: LTV and seasoned business. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- seasoned investor, seasoned business<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception at origination for DSCR < 1.0x for owner user traditional 2 refinance with loan > $750k . Comp factors: LTV and seasoned business. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-269 |  | 33572806 | 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: FICO | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception at origination for basic form policy/coverage type. Comp factor: FICO |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-145 |  | 33617487 | 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 (2025-06-12): Approved exception at origination for missing VOR - primary. Borrower lives rent free. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-145 |  | 33641896 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | LTV > 70% on loan amount > $1,000,000. | 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 (2025-06-18): Exception waived. Updated approval provided in trailing documents approving exception for LTV. Comp factor, FICO.<br>Buyer Comment (2025-06-18): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-146 |  | 33618046 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception for missing VOR - primary. Borrower lives rent free. Comp factors: FICO and property condition (property condition cannot be used as it is subjective). | 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 (2025-06-13): Approved exception for missing VOR - primary. Borrower lives rent free. Comp factors: FICO and property condition (property condition cannot be used as it is subjective). |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-319 |  | 33671498 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2025-06-17): Approved exception at origination for missing lease. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-319 |  | 33671499 | 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: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2025-06-17): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-319 |  | 33671500 | 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. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | Originator Pre-Close,SitusAMC | Reviewer Comment (2025-06-17): Approved exception at origination for loss of use in lieu of loss of rents coverage. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-351 |  | 33650098 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for exterior with dry rot, peeling wood siding, facia boards and eaves with $10k cost to cure . Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subject trait.\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\* Client added comment. XX.XX% LTV loan. Damages are on the exterior and consist of exterior with dry rot, peeling wood siding, facia boards and eaves with $10K cost to cure. Property is otherwise habitable and functioning so XXX did not view as material in terms of underwriting and expects borrower to complete any necessary repairs. Property Condition considered in value/LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | Originator Pre-Close,SitusAMC | Reviewer Comment (2025-07-03): Approved exception at origination for exterior with dry rot, peeling wood siding, facia boards and eaves with $10k cost to cure . Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subject trait |  |  | XX/XX/XXXX | 3 | C | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | C | A |  | C |  |  | No |
| XXXX | XXXX | 2025-P1-360 |  | 33673643 | 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 | Approved exception at origination for C5 property condition. Appraisal reflects health and safety issues, pool equipment appears non operational with standing water around the pump/filter equipment and pool water is green. Also, water heater is not strapped. Comp factors: LTV and FICO.\*\*\*\*\*\*\*\*\*Client added comment. XX.XX% LTV and XXX expects borrower to make all necessary repairs. Property needs repairs but is habitable/functionable. Current property condition is considered in appraised value/LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-18): Approved exception at origination for C5 property condition. Appraisal reflects health and safety issues, pool equipment appears non operational with standing water around the pump/filter equipment and pool water is green. Also, water heater is not strapped. Comp factors: LTV and FICO. |  |  | XX/XX/XXXX | 3 | C | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | C | B |  | C |  |  | No |
| XXXX | XXXX | 2025-P1-360 |  | 33673665 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for 1) missing 12 months payment history receipts-primary; VOR form and processor certification provided and 2) missing 12 months payment history receipts-subject; VOM form and processor certification provided. Comp factors: LTV and FICO. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-18): Approved exception at origination for 1) missing 12 months payment history receipts-primary; VOR form and processor certification provided and 2) missing 12 months payment history receipts-subject; VOM form and processor certification provided. Comp factors: LTV and FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | C | B |  | C |  |  | No |
| XXXX | XXXX | 2025-P1-360 |  | 33683647 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for cash out on property held < 12 months. Comp factors: LTV and FICO. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-18): Approved exception at origination for cash out on property held < 12 months. Comp factors: LTV and FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | C | B |  | C |  |  | No |
| XXXX | XXXX | 2025-P1-387 |  | 33627741 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception 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 (2025-06-13): Approved exception for First Time Investor with LTV > 70%. Comp factor: Reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-387 |  | 33655771 | 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 of a 1 unit SFR. Comp factor, reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | 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 (2025-06-19): Approved exception at origination for First time investor purchase of a 1 unit SFR. Comp factor, reserves.<br>Buyer Comment (2025-06-18): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-281 |  | 33629523 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor with LTV > 65% on a commercial loan Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Originator Pre-Close,SitusAMC | Reviewer Comment (2025-06-13): Approved exception at origination for first time investor with LTV > 65% on a commercial loan Comp factor: reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-312 |  | 33623284 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Business License not provided |  | Approved exception at origination for business licensed < 2 years for owner/user refinance. Comp factors: LTV and seasoned investor. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned investor.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2025-06-12): Approved exception at origination for business licensed < 2 years for owner/user refinance. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-312 |  | 33623285 | 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 refinance with loan > $500,000. Comp factors: LTV and seasoned investor. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned investor.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2025-06-12): Approved exception at origination for DSCR < 1.0x for owner/user traditional 2 mixed use refinance with loan > $500,000. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-359 |  | 33633446 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DCR < 1.00x for owner/user traditional 2 loan. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2025-06-16): Approved exception at origination for DCR < 1.00x for owner/user traditional 2 loan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-359 |  | 33633447 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for subordinate financing term < 3 years.. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2025-06-16): Approved exception at origination for subordinate financing term < 3 years.. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-359 |  | 33633449 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not collected at closing - payment plan. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | Originator Pre-Close,SitusAMC | Reviewer Comment (2025-06-16): Approved exception at origination for premium not collected at closing - payment plan. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-404 |  | 33671518 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 55% on cash out refinance based on projections. Comp factors; additional collateral (abundance of caution 2nd DOT on primary) and seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-19): Approved exception at origination for LTV > 55% on cash out refinance based on projections. Comp factors; additional collateral (abundance of caution 2nd DOT on primary) and seasoned investor.<br>Buyer Comment (2025-06-19): Correct, approved exception. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-412 |  | 33659115 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for subject DSCR <1.15x for investor loan. Comp factors: global DSCR and guarantor net worth. | The qualifying DSCR on the loan is greater than the guideline minimum. | Satisfactory Global DSCR with strong personal cash flow. | SitusAMC,Originator | Reviewer Comment (2025-06-19): Approved exception at origination for subject DSCR <1.15x for investor loan. Comp factors: global DSCR and guarantor net worth.<br>Buyer Comment (2025-06-19): Correct, approved exception. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-412 |  | 33659116 | 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 investor loan. Comp factors: global DSCR and guarantor net worth. | The qualifying DSCR on the loan is greater than the guideline minimum. | Satisfactory Global DSCR with strong personal cash flow. | SitusAMC,Originator | Reviewer Comment (2025-06-20): Approved exception at origination for LTV > 70% for investor loan. Comp factors: global DSCR and guarantor net worth.<br>Buyer Comment (2025-06-19): Correct, approved exception. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-413 |  | 33757118 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for guarantor with no FICO (1 of 2 guarantors has a FICO). Comp factors: LTV, seasoned business, 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 (2025-06-27): Approved exception at origination for guarantor with no FICO (1 of 2 guarantors has a FICO). Comp factors: LTV, seasoned business, and DSCR.<br>Buyer Comment (2025-06-26): Correct, approved exception. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-267 |  | 33572838 | 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 used traditional 2 refinance with loan > $750k. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception at origination for DSCR < 1.0x for owner used traditional 2 refinance with loan > $750k. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-267 |  | 33572846 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for wind deductible > $25k. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception at origination for wind deductible > $25k. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-178 |  | 33611610 | 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/12 months cancelled checks for subject - processor certification provided. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-11): Approved exception at origination for missing VOM/12 months cancelled checks for subject - processor certification provided. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-178 |  | 33611611 | 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 commercial traditional II loan. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-11): Approved exception at origination for LTV > 70% for commercial traditional II loan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-198 |  | 33478837 | 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 . | Insufficient verified funds to close- final HUD reflects $16.75k due in addition to 1031 exchange funds for which verification is provided in file. Need bank statement corresponding to wire transfer receipt provided in file. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-06-05): Exception waived. Updated approval provided in trailing documents approving exception for unverified funds. Comp factor, FICO.<br>Buyer Comment (2025-05-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-198 |  | 33478858 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x for investor traditional 1 purchase with loan > $500k. Comp factors: FICO and seasoned investor. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | CF- FICO<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-19): Approved exception at origination for DSCR < 1.20x for investor traditional 1 purchase with loan > $500k. Comp factors: FICO, and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-198 |  | 33479948 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 33.3% vacancy/ missing leases. Comp factors: FICO and seasoned investor. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | CF- FICO<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-19): Approved exception at origination for 33.3% vacancy/ missing leases. Comp factors: FICO, and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-161 |  | 33480004 | 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 missing VOM-subject and VOM-primary. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-19): Approved exceptions at origination for missing VOM-subject, and VOM-primary. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-161 |  | 33480018 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-19): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-161 |  | 33480031 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for missing lease agreement for subject SFR refinance. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-19): Approved exception at origination for missing lease agreement for subject SFR refinance. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-190 |  | 33562523 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x on investor traditional II purchase with loan > $500,000. Comp factors: reserves and seasoned investor. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | CF- reserves<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception at origination for DSCR < 1.25x on investor traditional II purchase with loan > $500,000. Comp factors: reserves and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-190 |  | 33563998 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing lease for investor traditional 2 with loan > $500k. | 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 (2025-06-12): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, reserves.<br>Buyer Comment (2025-06-11): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-238 |  | 33504168 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for liability coverage < $300,000. Comp factor: 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 (2025-06-03): Approved exception at origination for liability coverage < $300,000. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-273 |  | 33489598 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Flood insurance |  | Flood deductible is > 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 (2025-06-10): Exception waived Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV.<br>Buyer Comment (2025-06-09): Oops. Corrected uploaded<br>Reviewer Comment (2025-05-29): Updated Approval does not include exception for Flood Insurance.<br>Buyer Comment (2025-05-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-163 |  | 33473962 | 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. | CF_ seasoned investor<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-16): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: LTV, Seasoned Investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-163 |  | 33473967 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR <1.25x for investor traditional 2 refinance with loan > $500k. Comp 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 (2025-05-16): Approved exception at origination for DSCR <1.0x guideline minimum for owner-user traditional 2 purchase with loan > $750k. Comp factors: LTV, and reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-163 |  | 33473975 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for missing lease for 1 of 2 units on traditional property with loan > $500k. 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 (2025-05-16): Approved exception at origination for missing lease for 1 of 2 units on traditional property with loan > $500k. Comp factors: LTV, and reserves.<br>Reviewer Comment (2025-05-16): Approved exception at origination for missing lease on traditional property with loan > $500k. Comp factors: LTV, and reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-163 |  | 33475521 | 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 most recent monthly payment. 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 (2025-05-16): Approved exception at origination for incomplete VOM-subject; missing most recent monthly payment. Comp factors: LTV, and reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-222 |  | 33479896 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR <1.25x for investor traditional 2 refinance with loan > $750k. Comp factors: reserves, and seasoned investor. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | CF- reserves<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-19): Approved exception at origination for DSCR <1.25x for investor traditional 2 refinance with loan > $750k. Comp factors: reserves, and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-222 |  | 33479958 | 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 (2025-05-19): Approved exception at origination for missing law & ordinance coverage. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-222 |  | 33480555 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal on refinance (subsequently executed lease provided in file). Comp factors: reserves and seasoned investor. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | CF- reserves<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-19): Approved exception at origination for 100% vacancy on refinance/ missing lease. Comp factors: reserves, and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-222 |  | 33480590 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM-subject; missing 12 month payment receipts. Comp factors: reserves and seasoned investor. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | CF- reserves<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-19): Approved exception at origination for incomplete VOM-subject; missing 12 month pay history. Comp factors: reserves, and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-355 |  | 33534975 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exceptions at origination for 1) unit-owners policy containing loss of use in lieu of loss of rents coverage, and 2) HOA master policy missing subject unit number. 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 (2025-05-30): Approved exceptions at origination for 1) unit-owners policy containing loss of use in lieu of loss of rents coverage, and 2) HOA master policy missing subject unit number. Comp factor: reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-355 |  | 33534980 | 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 (2025-05-30): Approved exception at origination for missing rent loss (EOI reflects loss of use) and condo master policy missing unit number. Comp Factor: Reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-295 |  | 33538752 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for 1 bureau reporting results on credit report . Comp factor LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV < Guidelines. | SitusAMC,Originator | Reviewer Comment (2025-05-29): Approved exception at origination for 1 bureau reporting results on credit report . Comp factor LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-254 |  | 33540613 | 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. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-05-30): Approved exception at origination for missing HOA documents. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-254 |  | 33540627 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for blanket liability policy without required endorsement for full coverage amount applicable to each covered location. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor. | SitusAMC,Originator | Reviewer Comment (2025-05-31): Approved exception at origination for blanket liability policy without required endorsement for full coverage amount applicable to each covered location. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-254 |  | 33540629 | 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: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-05-30): Approved exception at origination for unverifiable funds. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-225 |  | 33535948 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for HOA master policy missing subject unit number. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-05-30): Approved exception at origination for condo master policy missing unit number. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-115 |  | 33546338 | 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. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-06-02): Approved exception at origination for unverified funds to close. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-126 |  | 33534962 | 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 cashout refinance of owner user traditional 2. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-29): Approved exception at origination for LTV >70% on cashout refinance of owner user traditional 2. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-126 |  | 33534986 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for 1) wind deductible > $25k, and 2) blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-05-29): Approved exception at origination for 1) wind deductible > $25k, and 2) blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-125 |  | 33535816 | 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 cashout refinance of owner user traditional 2. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-29): Approved exception at origination for LTV >70% on cashout refinance of owner user traditional 2. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-125 |  | 33535821 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for 1) wind deductible > $25k, and 2) blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. Comp factors: FICO, and seasoned investor. | 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 (2025-05-29): Approved exception at origination for 1) wind deductible > $25k, and 2) blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. Comp factors: FICO, and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-124 |  | 33534556 | 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 refinance with loan > $750k. Comp factors: reserves, and seasoned investor. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- reserves<br>CF- FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-29): Approved exception at origination for 1)wind deductible > $25k, and 2) blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. Comp factors: FICO, and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-124 |  | 33534565 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for 1) wind deductible > $25k, and 2) blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. Comp factors: FICO, and seasoned investor. | 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 (2025-05-29): Approved exception at origination for 1)wind deductible > $25k, and 2) blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. Comp factors: FICO, and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-224 |  | 33546449 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy per appraisal (pro-forma lease provided in file). 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 (2025-06-03): Approved exception at origination for 100% vacancy per appraisal (pro-forma lease provided in file). Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-251 |  | 33546471 | 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 lives rent free 2) incomplete VOM-subject; missing 12 month pay history receipts. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-04): Approved exceptions at origination for 1) missing VOR-primary; borrower lives rent free 2) incomplete VOM-subject; missing 12 month pay history receipts. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-251 |  | 33546472 | 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 property condition which is unable to be validated as a non-quantitative subjective trait. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-04): Approved exception at origination for rural property. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-251 |  | 33546473 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Approved exception at origination for cashout on property listed within 6 months and using a valuation > lowest list price. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-04): Approved exception at origination for cash out on property listed within 6 months and using a valuation > lowest list price. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-251 |  | 33569613 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | 5% wind deductible is > $25k. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor. seasoned investor.<br>Buyer Comment (2025-06-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-292 |  | 33546485 | 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. | 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 (2025-06-04): Approved exception at origination for rural property. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-367 |  | 33572399 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for vacant at time of appraisal for the main house. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Approved exception at origination for subject that looks vacant on appraisal for the main house. Comp factor: seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception at origination for vacant at time of appraisal for the main house. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-384 |  | 33576690 | 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 (2025-06-04): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-384 |  | 33576697 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $500k. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $500k. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-384 |  | 33577385 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for 1) Wind deductible > $25k, and 2) missing law & ordinance coverage. Comp factor,. seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-12): Approved exception at origination for 1) Wind deductible > $25k, and 2) missing law & ordinance coverage. Comp factor,. seasoned investor.<br>Buyer Comment (2025-06-11): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-188 |  | 33655299 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing loss of rent coverage. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-19): Exception waived. Updated approval provided in trailing documents approving exception for missing rent loss coverage. Comp factor, LTV.<br>Buyer Comment (2025-06-18): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-324 |  | 33650353 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination 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. | Originator Pre-Close,SitusAMC | Reviewer Comment (2025-06-16): Approved exception at origination missing lease. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-333 |  | 33657084 | 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: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | Originator Pre-Close,SitusAMC | Reviewer Comment (2025-06-17): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-370 |  | 33675868 | 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 (2025-06-18): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-373 |  | 33674915 | 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. VOM form provided; however, missing 7 of 5 months payment history receipts. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-18): Approved exception at origination for incomplete VOM-subject. VOM form provided; however, missing 7 of 5 months payment history receipts. Comp factor seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-373 |  | 33684356 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy-subject (active lease provided in file). Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-18): Approved exception at origination for 100% vacancy-subject (active lease provided in file). Comp factor seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-186 |  | 33615386 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided |  | Approved exception at origination for 1) missing condo association P&L and budget and 2) unit owners don't control condo association. 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 (2025-06-11): Approved exception at origination for 1) missing condo association P&L and budget and 2) unit owners don't control condo association. Comp factors: seasoned investor and reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-186 |  | 33615400 | 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 commercial traditional 2 loan. 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 (2025-06-11): Approved exception at origination for LTV > 70% for commercial traditional 2 loan. Comp factors: seasoned investor and reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-186 |  | 33615407 | 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; mortgage originated < 12 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 (2025-06-11): Approved exception at origination for incomplete VOM; mortgage originated < 12 months. Comp factors: seasoned investor and reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-186 |  | 33615419 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for 1) missing condo master policy - sufficient coverage on HO6 policy and 2) missing law or ordinance coverage. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-11): Approved exception at origination for 1) missing condo master policy - sufficient coverage on HO6 policy and 2) missing law or ordinance coverage. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-342 |  | 33623291 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing evidence of law or ordinance coverage. | 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 (2025-06-19): Exception waived. Updated approval provided in trailing documents approving exception for missing Law or Ordinance coverage. Comp factors, LTV and FICO.<br>Buyer Comment (2025-06-19): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-342 |  | 33639517 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Verification of Down Payment Funds not provided |  | Missing 1) Bank statement/wire verifying EMD and cash required to close and 2) HUD for 2nd 1031 exchange on wire confirmation. | 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 (2025-06-19): Exception waived. Updated approval provided in trailing documents approving exception for unverified funds. Comp factors, LTV and FICO.<br>Buyer Comment (2025-06-19): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-182 |  | 33512644 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for partial payment on subject mortgage for most recent quarterly payment. 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 (2025-05-24): Approved exception at origination for partial payment on subject mortgage for most recent quarterly payment. Comp factor: reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-182 |  | 33512704 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exceptions at origination for 1) loss of use instead of loss of rents on unit owners policy and 2) master policy missing subject unit numbers. 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. | CF_ seasoned investor<br>CF_ reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-24): Approved exceptions at origination for 1) loss of use instead of loss of rents on unit owners policy and 2) master policy missing subject unit numbers. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-182 |  | 33515948 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease. 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 (2025-05-24): Approved exception at origination for missing lease. Comp factors: reserves and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-182 |  | 33515949 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided |  | Approved exception at origination for missing HOA cert, budget, and P&L. 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 (2025-05-24): Approved exception at origination for missing HOA cert, budget, and P&L. Comp factors: reserves and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-182 |  | 33515950 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: reserves and seasoned 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 (2025-05-24): Approved exception at origination for FICO < 650. Comp factors: reserves and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-153 |  | 33471702 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for missing HOA master policy (sufficient coverage on borrower's HO6 policy). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-16): Approved exception at origination for missing HOA master policy (sufficient coverage on borrower's HO6 policy). Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-153 |  | 33471727 | 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: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-16): Approved exception at origination for unverified funds to close. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-162 |  | 33474732 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exceptions at origination for deductible >$10k and blanket liability policy without required endorsement. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-05-16): Approved exceptions at origination for deductible >$10k and blanket liability policy without required endorsement. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-162 |  | 33474740 | 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 (2025-05-16): Approved exception at origination for unverified funds to close. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-162 |  | 33476587 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factor: FICO | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-05-16): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: FICO |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-304 |  | 33527335 | 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 (2025-06-10): Approved exception at origination for FICO < 650. Comp factor; seasoned investor.<br>Buyer Comment (2025-06-09): Corrected Uploaded |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-304 |  | 33527392 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/ missing leases on 2-4 family refinance. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-10): Approved exception at origination for 100% vacancy/ missing leases on 2-4 family refinance. Comp factor: seasoned investor.<br>Buyer Comment (2025-06-09): Corrected Uploaded |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-304 |  | 33532112 | 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 < 12 months and using a valuation exceeding original purchase price. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-10): Approved exception at origination for cash out on property held < 12 months and using a valuation exceeding original purchase price. Comp factor: seasoned investor.<br>Buyer Comment (2025-06-09): Corrected Uploaded |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-290 |  | 33619463 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Deductible for wind/hail and Hurricane deductibles are > $25,000 each. | 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 (2025-06-18): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV.<br>Buyer Comment (2025-06-17): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-239 |  | 33530053 | 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 (2025-05-29): Approved exception at origination for FICO < 650. Comp Factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-239 |  | 33530066 | 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; < 12 months pay history provided. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-05-29): Approved exception at origination for FICO < 650. Comp Factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-239 |  | 33542198 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | < 2 active major tradelines on credit report. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-06-10): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factor, LTV.<br>Buyer Comment (2025-06-09): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-203 |  | 33541483 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing Lease on 1 of 3 units (unit 3) . Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-06-10): Approved exception at origination for missing Lease on 1 of 3 units (unit 3) . Comp factor; LTV.<br>Buyer Comment (2025-06-09): Uploaded leases for units 1, 2 & 4. Missing lease for unit 3 |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-205 |  | 33627053 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Rent Roll not provided |  | Approved exception at origination for vacancy. Comp factors: Seasoned Investor and property condition (property condition cannot be used as it is subjective). | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-13): Approved exception at origination for vacancy. Comp factors: Seasoned Investor and property condition (property condition cannot be used as it is subjective). |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-277 |  | 33631099 | 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 for-primary; lives rent free. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2025-06-13): Approved exception at origination for incomplete VOR for-primary; lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-277 |  | 33654546 | 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 3 of 12 monthly payments. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2025-06-13): Approved exception at origination for incomplete VOM-subject; missing 3 of 12 monthly payments. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-340 |  | 33488411 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor purchase of 1 unit SFR with an LTV > 70%. Comp factor: AA mortgage history. | Borrower has a clean housing payment history | Housing payment history is clean. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-18): Approved exception at origination for first time investor purchase of 1 unit SFR with an LTV > 70%. Comp factor: AA mortgage history.<br>Buyer Comment (2025-06-17): Corrected Uploaded<br>Reviewer Comment (2025-06-10): Exception remains. Approval provided had not changes.<br>Buyer Comment (2025-06-09): Corrected Uploaded |  |  | XX/XX/XXXX | 3 | C | XX/XX/XXXX | XX | Purchase |  | C | C |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-348 |  | 33521248 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $75k. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-27): Approved exception at origination for loan < $75k. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-313 |  | 33526278 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-06-05): Approved exception at origination for loan amount < $75,000. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-313 |  | 33526290 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided |  | Approved exception at origination for HOA in litigation. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-28): Approved exception at origination for HOA in litigation. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-313 |  | 33526299 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for HOA master policy missing subject unit number. Comp factor LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-28): Approved exception at origination for HOA master policy missing subject unit number. Comp factor LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-307 |  | 33527120 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease on SFR refinance (tenant is month to month). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-29): Approved exception at origination for missing lease on SFR refinance (tenant is month to month). Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-271 |  | 33529295 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: reserves and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | 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 (2025-06-05): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: reserves and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-271 |  | 33541785 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor on 2-4 family property with LTV >70%. Comp factors: reserves and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. | 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 (2025-06-05): Approved exception at origination for first time investor on 2-4 family property with LTV >70%. Comp factors: reserves and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-118 |  | 33543482 | 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. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-05-30): Approved exception at origination for co-insurance on 1-4 property. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-118 |  | 33546311 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/ missing leases on 2-4 family refinance. Comp factors: seasoned business, and reserves which is not supported as most recent account statement in file reflects a balance of < $2k or ~1 month's P&I. | Borrower's Experience/Track Record | Seasoned Investor. | SitusAMC,Originator | Reviewer Comment (2025-06-03): Approved exception at origination for 100% vacancy/ missing leases on 2-4 family refinance. Comp factors: seasoned business, and reserves which is not supported as most recent account statement in file reflects a balance of < $2k or ~1 month's P&I. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-118 |  | 33546312 | 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 most recent monthly payment. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor. | SitusAMC,Originator | Reviewer Comment (2025-05-30): Approved exception at origination for missing April VOR payment. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-118 |  | 33554585 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | <2 active major tradelines on credit report. | Borrower's Experience/Track Record | Seasoned Investor. | SitusAMC,Originator | Reviewer Comment (2025-06-10): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factor, seasoned investor.<br>Buyer Comment (2025-06-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-232 |  | 33520382 | 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) missing wind/hail coverage. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-05-27): Approved exceptions at origination for 1) missing law & ordinance coverage, and 2) missing wind/hail coverage. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-232 |  | 33520390 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: seasoned investor, and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | CF- FICO<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-27): Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: seasoned investor, and FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-345 |  | 33573990 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | LTV > 70% on loan amount > $1,000,000. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for LTV. Comp factor, FICO.<br>Buyer Comment (2025-06-11): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-287 |  | 33574119 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: reserves and FICO. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | Reserves > guideline requirements.<br>FICO > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-287 |  | 33574120 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: reserves and FICO. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | Reserves > guideline requirements.<br>FICO > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-296 |  | 33661893 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Cash out on property listed for sale within the last 6 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 (2025-06-19): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, FICO.<br>Buyer Comment (2025-06-18): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-296 |  | 33661908 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Value seasoning is < 12 months and the higher appraised value versus the lower of the sales price was used. | 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 (2025-06-19): Exception waived. Updated approval provided in trailing documents approving exception for value seasoning. Comp factor, FICO.<br>Buyer Comment (2025-06-18): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-381 |  | 33678471 | 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 (2025-06-18): Approved exception at origination for FICO < 650. Comp factor; seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-381 |  | 33693784 | 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 budget and P&L. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-06-18): Approved exception at origination for missing HOA budget and P&L. Comp factor; seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-381 |  | 33693793 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount <$75,000. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-06-18): Approved exception at origination for loan amount <$75,000. Comp factor; seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-209 |  | 33623274 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination override of statewide exclusion for traditional property type located in IL Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2025-06-12): Approved exception at origination override of statewide exclusion for traditional property type located in IL Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-219 |  | 33474411 | 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 (2025-05-16): Approved exception at origination for missing law & ordinance coverage. Comp factor: Seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-219 |  | 33476180 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for blanket liability policy without required endorsement for full coverage amount applicable to each covered location. Comp factor, seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-06-05): Approved exception at origination for blanket liability policy without required endorsement for full coverage amount applicable to each covered location. Comp factor, seasoned investor.<br>Reviewer Comment (2025-05-29): Approved exception at origination for missing blanket policy without required endorsement. Comp. Factor: Seasoned Investor.<br>Buyer Comment (2025-05-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-376 |  | 33546504 | 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 (2025-06-04): Approved exception at origination for rural property. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-210 |  | 33480382 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exceptions at origination for blanket liability policy without required endorsement; missing loss of rents coverage, and policy term < 12 months. Comp factor FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-05-19): Approved exceptions at origination for blanket liability policy without required endorsement; missing loss of rents coverage, and policy term < 12 months. Comp factor FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-210 |  | 33485530 | 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 held < 6 months using a 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. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-05-20): Approved exception at origination for cash out on property held < 6 months using a 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 | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-210 |  | 33485531 | 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 in file). 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. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-05-20): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factors; FICO and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-336 |  | 33538758 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/ missing lease. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor. | SitusAMC,Originator | Reviewer Comment (2025-05-29): Approved exception at origination for vacant property. Comp Factor: Seasoned Investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-266 |  | 33528746 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease/ 100% vacancy per appraisal (subsequently executed lease provided in file). 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 (2025-05-29): Approved exception at origination for missing lease/ 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factors: seasoned investor and LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-266 |  | 33528918 | 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 Property is currently listed for sale per appraisal; 1) missing listing cancellation, and 2) approval valuation exceeds lowest listing price (LTV based on lowest listing price would exceed 50%). 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 (2025-06-10): Approved exception at origination for Property is currently listed for sale per appraisal; 1) missing listing cancellation, and 2) approval valuation exceeds lowest listing price (LTV based on lowest listing price would exceed 50%). Comp factors, seasoned investor and LTV.<br>Buyer Comment (2025-06-09): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-375 |  | 33593688 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-06): Approved exception at origination for 100% vacancy/missing lease. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-375 |  | 33598120 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Approved exception at origination for Cash out on property listed within recent 6 months using the higher appraised value versus the lower listed price. 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 (2025-06-11): Approved exception at origination for Cash out on property listed within recent 6 months using the higher appraised value versus the lower listed price. Comp factor, LTV.<br>Buyer Comment (2025-06-11): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-375 |  | 33600169 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Chapter 13 Bankruptcy on credit report discharged within recent two years. | 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 (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for Bankruptcy within recent two years. Comp factors. LTV and seasoned investor.<br>Buyer Comment (2025-06-11): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-148 |  | 33479637 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception art origination for missing special/broad form policy type. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-19): Approved exception art origination for missing special/broad form policy type. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-148 |  | 33479774 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing lease agreement for 1-4 refinance (Subject is listed as a ST rental). | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-06-05): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, seasoned investor.<br>Buyer Comment (2025-05-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-129 |  | 33480490 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception for first time investor purchase of owner user traditional 1 mixed use property with LTV > 70%. Comp 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 (2025-05-19): Approved exception for first time investor purchase of owner user traditional 1 mixed use property with LTV > 70%. Comp factor: reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-391 |  | 33524150 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Credit | Tax transcripts do not reasonably support the income. |  | XXXX Personal transcripts reflect not filed- approval for this discrepancy/ delay in filing is not documented in approval. | The representative FICO score exceeds the guideline minimum by XX points.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | The representative FICO score exceeds the guideline minimum by XX points.<br>The DSCR is greater than the minimum required DSCR. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-05): Exception waived. Change memo provided in trailing documents approving two years tax return verification instead of three years. Comp factors. DSC and FICO.<br>Buyer Comment (2025-06-05): change memo #1 attached.<br>Buyer Comment (2025-06-05): This is noted in Change Memo #1 of the CAM. see attached. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-169 |  | 33560573 | 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 (2025-06-03): Approved exception at origination for missing law & ordinance coverage. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-212 |  | 33615759 | 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 II purchase with loan amount > $750,000. Comp. factors: seasoned business and property condition which is unable to be validated as a non-quantitative subject trait. | Borrower's Experience/Track Record | Seasoning Business | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-11): Approved exception at origination for DSCR < 1.0x for owner/user traditional II 2 unit purchase with loan amount > $750,000. Comp. factors: seasoned business and property condition which is unable to be validated as a non-quantitative subject trait.<br> XX/XX/XXXX by XXXXxxxxxxxxxxxx (SitusAMC) w/ Compensating Factor |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-212 |  | 33615762 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for seller concession > 3%of the purchase price. Comp. factors: seasoned business and property condition which is unable to be validated as a non-quantitative subject trait. | Borrower's Experience/Track Record | Seasoning Business | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-11): Approved exception at origination for seller concession > 3%of the purchase price /VVC value. Comp. factors: seasoned business and property condition which is unable to be validated as a non-quantitative subject trait. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-212 |  | 33615768 | 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 pays cash/missing 12 months pay history receipts. 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>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 (2025-06-11): Approved exception at origination for missing VOR - primary; guarantor pays cash/missing 12 months pay history receipts. Comp. factor: seasoned investor and reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-341 |  | 33526582 | 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 (2025-06-10): Approved exception at origination for FICO < 650. Comp factor; seasoned investor.<br>Buyer Comment (2025-06-09): Corrected Uploaded |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-173 |  | 33540262 | 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<br>Borrower has owned the subject property for at least 5 years. | Seasoned Investor. | SitusAMC,Originator<br>SitusAMC | Reviewer Comment (2025-05-30): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-173 |  | 33540282 | 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 pay history receipts for private landlord VOR summary (borrower pays in cash). Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor. | SitusAMC,Originator | Reviewer Comment (2025-06-10): Approved exception at origination for missing VOR-primary pay history receipts for private landlord VOR summary (borrower pays in cash). Comp factor: seasoned investor.<br>Buyer Comment (2025-06-09): Corrected Uploaded |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-104 |  | 33541145 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for HOA master policy missing subject unit number/address. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-30): Approved exception at origination for HOA master policy missing subject unit number/address. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-299 |  | 33638416 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing property address on HOA master policy, sufficient coverage on HO6. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | Originator Pre-Close,SitusAMC | Reviewer Comment (2025-06-16): Approved exception at origination for missing property address on HOA master policy, sufficient coverage on HO6. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-165 |  | 33475004 | 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 | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-05): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: seasoned investor.<br>Buyer Comment (2025-05-27): Corrected Uploaded |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-191 |  | 33480820 | 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. | 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 (2025-05-19): Approved exception at origination for FICO < 650. Comp factors; seasoned investor, and LTV.<br> Comment: |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-191 |  | 33481073 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for credit (unpaid collection/charge off > $25,000 and < 2 active major tradelines reported on credit report). Comp factors; seasoned investor and LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | CF- LTV<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-19): Approved exception at origination for credit (unpaid collection/charge off > $25,000 and < 2 active major tradelines reported on credit report). Comp factors; seasoned investor, and LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-289 |  | 33488628 | 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 (2025-05-20): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-347 |  | 33496793 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for missing lease/ 100% vacancy 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 (2025-05-21): Approved exception at origination for missing lease/ 100% vacancy on 1-4 refinance. Comp factor; LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-218 |  | 33526707 | 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. | CF- seasoned investor<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-28): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-218 |  | 33526711 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion for traditional property type located in MI. 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 (2025-05-28): Approved exception at origination for override of statewide exclusion for traditional property type located in MI. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-218 |  | 33531841 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | 1) missing $2mm general aggregate liability coverage, 2) EOI reflects loss of use as opposed to loss of rents coverage without indication of landlord/rental policy type, 3) EOI reflects Family Liability coverage and not commercial General Liability as specified per guidelines for traditional property types. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for aggregate liability coverage. Item #2 and #3 are cleared. Comp factor, LTV.<br>Buyer Comment (2025-06-10): 1. Exception noted for liability aggregate. 2. Loss of Use is acceptable as policy contains an endorsement for Fair Rental Income. 3. Family liability and personal liability coverage is the same coverage. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-366 |  | 33548716 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Credit | Reverification of rent is inconsistent with original VOR |  | Approved exception for missing VOR - primary. Borrower lives rent free. Comp factor: seasoned investor and property condition (property condition is not a supported comp factor). | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-03): Approved exception for missing VOR - primary. Borrower lives rent free. Comp factor: seasoned investor and property condition. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-303 |  | 33549683 | 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 recently listed property. Evidence listing was canceled provided. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-06-11): Approved exception at origination for cash out on recently listed property. Evidence listing was canceled provided. Comp factor, LTV.<br>Buyer Comment (2025-06-11): Uploaded copy of cancelled listing. Exception written for cash out |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-303 |  | 33569329 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Loan File | Missing Document | Missing Document: Hazard Insurance Policy not provided |  | Approved exception at origination for waived insurance escrow/payment plan. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-06-11): Approved exception at origination for waived insurance escrow/payment plan. Comp factor: LTV.<br>Buyer Comment (2025-06-11): Corrected Uploaded |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-303 |  | 33569344 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for vacant property on 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 (2025-06-03): Approved exception at origination for vacant property on refinance. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-306 |  | 33574166 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for derogatory pay history on subject mortgage; unpaid late charges assessed within 90 days on payoff statements. Comp factor: DSCR. | The qualifying DSCR on the loan is greater than the guideline minimum. | CF- DSCR | SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception at origination for derogatory pay history on subject mortgage; unpaid late charges assessed within 90 days on payoff statements. Comp factor: DSCR. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-306 |  | 33574170 | 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: DSCR. | The qualifying DSCR on the loan is greater than the guideline minimum. | CF- DSCR | SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception at origination for missing law and ordinance coverage. Comp factor: DSCR. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-306 |  | 33574171 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion for traditional property type located in MI. Comp factor: DSCR. | The qualifying DSCR on the loan is greater than the guideline minimum. | CF- DSCR | SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception at origination for override of statewide exclusion for traditional property type located in MI. Comp factor: DSCR. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-149 |  | 33611637 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion for owner/user occupied traditional II located in MI. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-19): Approved exception at origination for override of statewide exclusion for owner/user occupied traditional II located in MI. Comp factor, seasoned investor.<br>Buyer Comment (2025-06-18): Corrected Uploaded |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-149 |  | 33611639 | 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: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-11): Approved exception at origination for missing law or ordinance coverage. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-149 |  | 33611640 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $100,000 on commercial property. Comp factors: seasoned investor and DSCR. | Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum. | Seasoned investor.<br>DCR is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-06-11): Approved exception at origination for loan amount < $100,000 on commercial property. Comp factors: seasoned investor and DSCR. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-149 |  | 33611641 | 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 DSCR. | Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum. | Seasoned investor.<br>DCR is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-06-11): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned investor and DSCR. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-149 |  | 33611642 | 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 (2025-06-11): Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-310 |  | 33478367 | 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: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-19): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-310 |  | 33478375 | 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 (2025-05-19): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-236 |  | 33546464 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-06-03): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-236 |  | 33546465 | 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 (a recently executed lease was provided in file). Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception at origination for 100% vacancy per appraisal on 1-4 refinance (a recently executed lease was provided in file). Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-236 |  | 33546466 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor that lives rent free. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception at origination for missing VOR-primary; guarantor that lives rent free. Comp factors: LTV and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-236 |  | 33546467 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for basic form policy/coverage type. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-06-03): Approved exception at origination for basic form policy/coverage type. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-389 |  | 33508972 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 50% on subject 504 1st lien position. Comp factors: 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 (2025-05-27): Approved exception at origination for LTV > 50% on subject 504 1st lien position. Comp factors: reserves<br>Buyer Comment (2025-05-27): Correct, approved exception. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-268 |  | 33479463 | 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 unable to be validated as a non-quantifiable subjective factor. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-19): Approved exception at origination for FICO < 650. Comp factors; LTV and property condition which unable to be validated as a non-quantifiable subjective factor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-325 |  | 33491936 | 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. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-21): 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 | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-325 |  | 33491963 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exceptions at origination for 1) incomplete VOM-subject; missing 12 months payment receipts for privately held mortgage, and 2) incomplete VOM-primary; missing 12 months payment receipts for privately held mortgage. Comp factors; LTV and property condition which is unable to be validated as a non-quantitative subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-21): Approved exceptions at origination for 1) incomplete VOM-subject; missing 12 months payment receipts for privately held mortgage, and 2) incomplete VOM-primary; missing 12 months payment receipts for privately held mortgage. Comp factors; LTV and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-339 |  | 33528845 | 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 | Borrower's Experience/Track Record. Borrower is a Seasoned Investor. | SitusAMC,Originator | Reviewer Comment (2025-05-29): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-339 |  | 33528871 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception for unpaid collections >$25,000. Comp factor; seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. Borrower is a Seasoned Investor. | SitusAMC,Originator | Reviewer Comment (2025-05-29): Approved exception for Collection >$25,000. Comp factor seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-329 |  | 33526908 | 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. | CF- seasoned investor<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-28): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-329 |  | 33526914 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 1x 60 days late within 24 months. Comp factors: LTV and seasoned investor. | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC<br>SitusAMC,Originator | Reviewer Comment (2025-05-28): Approved exception at origination for 1x 60 days late within 24 months. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-120 |  | 33473118 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing loss of rents coverage. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2025-05-17): Approved exception at origination for missing loss of rents coverage. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-120 |  | 33473123 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged >60 days. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2025-05-17): Approved exception at origination for credit report aged >60 days. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-194 |  | 33487208 | 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 (2025-05-20): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-194 |  | 33487244 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factor : seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-20): Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factor : seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-194 |  | 33489285 | 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 held < 6 months and using valuation exceeding original purchase price. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-20): Approved exception at origination for cashout on property held < 6 months and using valuation exceeding original purchase price. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-194 |  | 33489359 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for rural property. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-20): Approved exception at origination for rural property. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-223 |  | 33487995 | 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 reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- seasoned investor.<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-20): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned investor, and reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-223 |  | 33488021 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factors: seasoned investor, and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- seasoned investor.<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-20): Approved exception at origination for credit (< 2 active major tradelines on credit report). Comp factors: seasoned investor, and reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-184 |  | 33479368 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned 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 (2025-05-19): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factors: seasoned investor, and FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-204 |  | 33513982 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Rural property. | 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 (2025-06-05): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, reserves.<br>Buyer Comment (2025-05-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-378 |  | 33526948 | 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. 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 (2025-06-10): Approved exception at origination for loss of use in lieu of loss of rents coverage. Comp factor: FICO.<br>Buyer Comment (2025-06-09): Corrected Uploaded |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-378 |  | 33531973 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Incomplete VOR-primary; < 12 months pay history receipts provided or private landlord VOM summary 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 (2025-06-10): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOR-primary. Comp factor, FICO.<br>Buyer Comment (2025-06-09): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-378 |  | 33531983 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for First time investor with LTV >70% on 2-4 family purchase. 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 (2025-06-10): Approved exception at origination for First time investor with LTV >70% on 2-4 family purchase. Comp factor: FICO.<br>Buyer Comment (2025-06-09): Corrected Uploaded |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-252 |  | 33528295 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for missing lease/ 33% vacancy. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-29): Approved exception at origination for missing lease/ 33% vacancy. Comp factor; LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-252 |  | 33528311 | 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. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-29): Approved exception at origination for loss of use in lieu of loss of rents coverage. Comp factor; LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-159 |  | 33541394 | 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: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-05-30): Approved exception at origination for missing lease agreement. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-159 |  | 33546469 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Proof of Residency Status not provided |  | Missing greencard/visa (employment auth card provided in file does not support application indicated permanent resident status- if non-permanent resident, US bank stmts required). | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-06-10): Exception waived. Updated approval provided in trailing documents approving exception for missing US Bank account. Comp factor, LTV/<br>Buyer Comment (2025-06-09): Exception noted on uploaded approval for US Bank Statement |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-142 |  | 33541411 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for loss of use coverage in lieu of loss of rents coverage. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-05-30): Approved exception at origination for loss of use coverage in lieu of rent loss. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-167 |  | 33527132 | 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 1 mixed use purchase with loan > $750k. Comp factors: seasoned investor, and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- seasoned investor<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-28): Approved exception at origination for DSCR < 1.0x for owner user traditional 1 mixed use purchase with loan > $750k. Comp factors: seasoned investor, and reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-167 |  | 33527143 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for wind deductible > $25k. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-05-28): Approved exception at origination for wind deductible > $25k. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-127 |  | 33533579 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO <650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-29): Approved exception at origination for FICO <650. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-112 |  | 33540485 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing VOM-primary. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR. Comp factor, LTV.<br>Buyer Comment (2025-06-10): Exception written |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-112 |  | 33540509 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-30): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-112 |  | 33540521 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for credit report aged > 60 Days. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-30): Approved exception at origination for credit report aged > 60 Days. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-112 |  | 33541539 | 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 (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factor. LTV.<br>Buyer Comment (2025-06-10): Exception written |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-257 |  | 33572282 | 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 II purchase with loan >$750k. 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 (2025-06-04): Approved exception at origination for DSCR < 1.0x for owner user traditional II purchase with loan >$750k. Comp factors: LTV and reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-397 |  | 33555960 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for <3 bureaus reporting on credit report (1 of 3 bureaus is frozen). Comp factors: DSCR and reserves. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- DSCR (Sufficient global repayment ability as of FY XXXX, XX/XX/XXXX and based on appraisal market rents).<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-06-03): Approved exception at origination for <3 bureaus reporting on credit report (1 of 3 bureaus is frozen). Comp factors: DSCR and reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-397 |  | 33568053 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for foreign national borrower with <3 bureaus reporting on credit report. Comp factors: DSCR and reserves. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- DSCR (Sufficient global repayment ability as of FY XXXX, XX/XX/XXXX and based on appraisal market rents).<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-06-03): Approved exception at origination for foreign national borrower with <3 bureaus reporting on credit report. Comp factors: DSCR and reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-390 |  | 33549063 | 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 factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-06-02): Approved exception at origination for DSCR < 1.15x. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-216 |  | 33628765 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Flood insurance |  | Approved exception at origination for Flood Insurance deductible of > 5%. Comp factor: Seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-13): Approved exception at origination for Flood Insurance deductible of > 5%. Comp factor: Seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-386 |  | 33616204 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for hurricane insurance deductible > $25,000. Comp factor, reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-13): Approved exception at origination for hazard insurance deductible > $25,000. Comp factor, reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-143 |  | 33611518 | 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 reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-06-11): Approved exception at origination for missing VOR - primary (guarantor lives rent free). Comp factors: seasoned investor and reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-143 |  | 33611527 | 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. | FICO is > guidelines. | Originator Pre-Close,SitusAMC | Reviewer Comment (2025-06-11): Approved exception at origination for missing law or ordinance coverage. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-144 |  | 33636323 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for <2 active major tradelines on credit report. Comp factors: seasoned investor and FICO. | 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 (2025-06-16): Approved exception at origination for <2 active major tradelines on credit report. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-144 |  | 33636334 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM-primary; missing proof of release of mortgage for guarantor's primary. Comp factors: FICO and seasoned investor. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned investor.<br>FICO > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-06-16): Approved exception at origination for incomplete VOM-primary; missing proof of release of mortgage for guarantor's primary. Comp factors: FICO and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-144 |  | 33664725 | 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 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 (2025-06-16): Approved exception at origination for credit report aged > 60 days. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-330 |  | 33623330 | 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) no active VOM-primary was sold and 2). missing VOR-primary; 12 months deposit receipts not provided. Comp factors: seasoned investor and LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned investor.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2025-06-12): Approved exceptions at origination for 1) no active VOM-primary was sold and 2). missing VOR-primary; 12 months deposit receipts not provided. Comp factors: seasoned investor and LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-330 |  | 33641108 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for Credit report reflecting a foreclosure reported within 24- months of the credit report date and is considered ineligible. 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>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2025-06-19): Approved exception at origination for Credit report reflecting a foreclosure reported within 24- months of the credit report date and is considered ineligible. Comp factors, LTV and seasoned investor.<br>Buyer Comment (2025-06-19): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-300 |  | 33626291 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO below 650. Comp factor: Reserves | 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 (2025-06-11): Approved exception at origination for FICO below 650. Comp factor: Reserves |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-300 |  | 33626304 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for seller credit at closing greater than 3%. Comp factors: Reserves and seasoned business. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-11): Approved exception at origination for seller credit at closing greater than 3%. Comp factors: Reserves and seasoned business. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-300 |  | 33626316 | 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 reported. Comp factors, reserves and seasoned business. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Seasoned business. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-18): Approved exception at origination for < 2 active major tradelines reported. Comp factors, reserves and seasoned business.<br>Buyer Comment (2025-06-17): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-305 |  | 33653782 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: reserves and property condition which is unable to be validated as a non-quantitative subject trait. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Originator Pre-Close,SitusAMC | Reviewer Comment (2025-06-16): Approved exception at origination for FICO < 650. Comp factors: reserves and property condition which is unable to be validated as a non-quantitative subject trait |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-305 |  | 33653795 | 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 factors: reserves and seasoned business. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Seasoned Business | Originator Pre-Close,SitusAMC<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-16): Approved exception at origination for first time investor purchase of 1 unit SFR. Comp factors: reserves and seasoned business. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-305 |  | 33669676 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Dwelling coverage deductible > $10,000. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Originator Pre-Close,SitusAMC | Reviewer Comment (2025-06-19): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, reserves.<br>Buyer Comment (2025-06-18): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-314 |  | 33498727 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-21): Approved exception at origination for FICO < 650. Comp factor; LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-314 |  | 33502187 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 1x30 days late on primary within 90 days . Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-21): Approved exception at origination for 1x30 days late on primary within 90 days . Comp factor; seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-274 |  | 33546499 | 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: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception at origination for <2 active major tradelines on credit report. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-334 |  | 33548894 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing 1 month VOM for primary residence. | 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 (2025-06-18): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOM. Comp factors, LTV and FICO.<br>Buyer Comment (2025-06-17): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-334 |  | 33549054 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Credit report reflects Chapter 13 bankruptcy within 2 year time period. | 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 (2025-06-18): Exception waived. Updated approval provided in trailing documents approving exception for recent bankruptcy. Comp factors, LTV and FICO.<br>Buyer Comment (2025-06-17): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-256 |  | 33571819 | 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 factors: seasoned investor and LTV. | Borrower's Experience/Track Record<br>Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned investor.<br>LTV is > guidelines. | SitusAMC,Originator<br>SitusAMC<br>SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception at origination for missing law and ordinance. Comp factors: seasoned investor and LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-180 |  | 33620171 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO below 650. Comp factor: Seasoned Investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-13): Approved exception at origination for FICO below 650. Comp factor: Seasoned Investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-180 |  | 33620192 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Market Vacancy over 5% |  | Approved exception at origination for vacancy/missing lease. Comp factor: Seasoned Investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-13): Approved exception at origination for vacancy/missing lease. Comp factor: Seasoned Investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-245 |  | 33630074 | 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 (2025-06-13): Approved exception at origination for FICO < 650. Comp factor: Seasoned Investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-245 |  | 33656431 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Interest Only period does not meet the guideline requirements. | Interest Only Period: 12. | < 5 years interest only. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-19): Exception waived. Updated approval provided in trailing documents approving exception for interest only term. Comp factor, seasoned investor.<br>Buyer Comment (2025-06-18): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-379 |  | 33677045 | 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 factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-18): Approved exception at origination for missing VOM-subject. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-379 |  | 33693942 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for rate and term refinance on property held < 12 months using the appraised value versus original purchase price. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-18): Approved exception at origination for rate and term refinance on property held < 12 months. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-154 |  | 33611660 | 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 2 lives rent free. Comp factors: reserves and FICO. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | Reserves > guidelines.<br>FICO > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-06-11): Approved exception at origination for missing VOR - primary; guarantor 2 lives rent free. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-154 |  | 33611661 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination credit report aged > 60 days - credit report extended toXX/XX/XXXXComp 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 (2025-06-11): Approved exception at origination credit report aged > 60 days - credit report extended toXX/XX/XXXXComp factor: reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-154 |  | 33611663 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for 1) missing law or ordinance and 2) no policy form type provided. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-11): Approved exception at origination for 1) missing law or ordinance and 2) no policy form type provided. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-136 |  | 33472943 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-17): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-136 |  | 33473088 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | EOI contains additional living expense and not loss of rents coverage without indication of landlord/rental coverage. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-06-03): Exception waived. Updated approval provided in trailing documents approving exception for missing loss of rent coverage. Comp factor, LTV.<br>Buyer Comment (2025-05-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-213 |  | 33511831 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for basic form policy coverage type. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-24): Approved exception at origination for basic form policy coverage type. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-213 |  | 33515947 | 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 (2025-05-24): Approved exception at origination for unverified funds to close. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-106 |  | 33475386 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing VOR/VOM-primary; spouse is purchasing primary on a land contract. | 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>Borrower with > reserves than guidelines require. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-06-05): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR-primary. Comp factors. FICO and reserves.<br>Buyer Comment (2025-05-27): Excption noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-228 |  | 33473198 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing law & ordinance Coverage A. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | Comp factor: LTV. | SitusAMC,Originator | Reviewer Comment (2025-06-05): Approved exception at origination for missing law & ordinance Coverage A. Comp factor: LTV.<br>Buyer Comment (2025-05-27): Exception is valid, Insurance states it does not cover undamaged portion of building (coverage A) |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-283 |  | 33520857 | 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: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-27): Approved exception at origination for unverified funds to close. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-283 |  | 33520863 | 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 purchase with loan > $750k. Comp factor: LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- seasoned investor<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-27): Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily purchase with loan > $750k. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-283 |  | 33520870 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for seller credit > 3%. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-27): Approved exception at origination for seller credit > 3%. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-135 |  | 33529260 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception for blanket liability policy without required endorsement. Comp factor; seasoned Investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-28): Approved exception for blanket liability policy without required endorsement. Comp factor; seasoned Investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-135 |  | 33529288 | 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 factors: DSCR, and seasoned investor. | Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum. | CF- seasoned investor<br>CF- DSCR | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-28): Approved exception at origination for missing VOM-primary. Comp factors: DSCR, and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-135 |  | 33531950 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | > 32% vacancy on multifamily refinance. | Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum. | CF- seasoned investor<br>CF- DSCR | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-06-10): Exception waived. Updated approval provided in trailing documents approving exception for vacancy. Comp factors, DSCR and seasoned investor.<br>Buyer Comment (2025-06-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-185 |  | 33546404 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease on 1-4 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 (2025-06-02): Approved exception at origination for missing lease. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-311 |  | 33574662 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for <2 active major tradelines. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- FICO<br>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 (2025-06-12): Approved exception at origination for <2 active major tradelines. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-311 |  | 33574680 | 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 > $500k. Comp factors: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-12): Approved exception at origination for DSCR < 1.25x for investor traditional 2 purchase with loan > $500k. Comp factors: reserves.<br>Buyer Comment (2025-06-11): Uploaded statement along with corp docs showing ownership |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-311 |  | 33574693 | 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 (2025-06-04): Approved exception at origination for unverified funds to close. Comp factor: FICO |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-344 |  | 33727645 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 50% vacancy/missing lease agreement for 1 of 2 units. Comp factors, reserves and FICO. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-23): Approved exception at origination for 50% vacancy/missing lease agreement for 1 of 2 units. Comp factors, reserves and FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-231 |  | 33633296 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM-primary missing 7 of 12 months mortgage payments Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-13): Approved exception at origination for incomplete VOM-primary missing 7 of 12 months mortgage payments Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-231 |  | 33633297 | 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 multifamily traditiona1 loan > $500K. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-13): Approved exception at origination for DSCR < 1.20x for multifamily traditiona1 loan > $500K. Comp factor: seasoned investor |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-231 |  | 33654774 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Missing 2 years operating statements for traditional 1 multifamily with loan > $500K. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-19): Exception waived. Updated approval provided in trailing documents approving exception for missing operating statements. Comp factor, seasoned investor.<br>Buyer Comment (2025-06-19): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-243 |  | 33633340 | 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; guarantors live 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>The representative FICO score exceeds the guideline minimum by XX points. | Originator Pre-Close,SitusAMC<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-13): Approved exception at origination for missing VOR-primary; guarantors live rent free. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-243 |  | 33655600 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for property listed, missing cancelled listing. Comp factors: FICO and seasoned investor. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned investor.<br>The representative FICO score exceeds the guideline minimum by XX points. | Originator Pre-Close,SitusAMC<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-19): Approved exception at origination for property listed, missing cancelled listing. Comp factors: FICO and seasoned investor.<br>Buyer Comment (2025-06-19): According to appraisal property was listed at COE. Uploaded approval with exceptions noted for listed and current value. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-258 |  | 33623050 | 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 multifamily traditional 1 > $500,000. Comp factors: seasoned investor and LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned investor.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Originator Pre-Close,SitusAMC<br>SitusAMC,Originator | Reviewer Comment (2025-06-12): Approved exception at origination for DSCR < 1.20x for multifamily traditional 1 > $500,000. Comp factors: seasoned investor and LTV |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-258 |  | 33623053 | 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 the credit report. Comp factors: seasoned investor and LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned investor.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Originator Pre-Close,SitusAMC<br>SitusAMC,Originator | Reviewer Comment (2025-06-12): Approved exception at origination for < 2 active major tradelines on the credit report. Comp factors: seasoned investor and LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-258 |  | 33623056 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM - primary; missing 5 of 12 months payment history. Comp factors: seasoned investor and LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned investor.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Originator Pre-Close,SitusAMC<br>SitusAMC,Originator | Reviewer Comment (2025-06-12): Approved exception at origination for incomplete VOM - primary; missing 5 of 12 months payment history. Comp factors: seasoned investor and LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-141 |  | 33473847 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-17): Approved exception at origination for loan amount < $75,000. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-141 |  | 33473893 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for credit (report reflects unpaid collections/charge off including disputed accounts aggregate >$25,000). Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-17): Approved exception at origination for credit (report reflects unpaid collections/charge off aggregating >$25,000). Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-141 |  | 33473923 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for credit (report reflects < 2 active major tradelines). Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-17): Approved exception at origination for credit (report reflects < 2 active major tradelines). Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-193 |  | 33617172 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Rent Roll not provided |  | Approved exception at origination for vacancy. Comp factors: LTV and property condition (property condition cannot be used as it is subjective). | 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 (2025-06-13): Approved exception at origination for vacancy. Comp factors: LTV and property condition (property condition cannot be used as it is subjective). |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-193 |  | 33654624 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for rural property. Comp factors, LTV and property (property condition not used as it is subjective). | 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 (2025-06-13): Approved exception at origination for rural property. Comp factors, LTV and property (property condition not used as it is subjective). |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-123 |  | 33478812 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for unpaid tax lien on credit report. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-19): Approved exception at origination for unpaid tax lien on credit report. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-123 |  | 33483424 | 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 (2025-05-19): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-211 |  | 33480073 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Approved exception at origination for cash out on property listed within last 6 months. Comp 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. | Comp factor; LTV | SitusAMC,Originator | Reviewer Comment (2025-05-20): Approved exception at origination for cash out on property listed within last 6 months. Comp factors; LTV and strong marketing trends which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-187 |  | 33546452 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for >2x 30 days late within 24 months 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 (2025-06-03): Approved exception at origination for >2x 30 days late within 24 months reflected on credit report. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-187 |  | 33546453 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing leases on 2-4 family 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 (2025-06-03): Approved exception at origination for missing leases on 2-4 family refinance. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-187 |  | 33546454 | 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 (2025-06-04): Approved exception at origination for rural property. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-200 |  | 33616562 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination < 2 active major tradelines on the credit report. Comp factors: reserves and seasoned investor. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-06-11): Approved exception at origination < 2 active major tradelines on the credit report. Comp factors: reserves and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-276 |  | 33483649 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy/ missing leases for 1-4 refinance. Comp factors; FICO and LTV. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- FICO<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-05-20): Approved exception at origination for 100% vacancy/ missing leases for 1-4 refinance. Comp factors; FICO and LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-105 |  | 33625352 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Market Vacancy over 5% |  | Approved exception at origination for 55.3% vacancy/missing lease. Comp factors: Seasoned investor and LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Seasoned Investor | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-18): Approved exception at origination for 55.3% vacancy/missing lease. Comp factors: Seasoned investor and LTV.<br>Buyer Comment (2025-06-17): The exception is for the vacancy, not the missing lease. So it is a valid exception. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-285 |  | 33535625 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exceptions at origination for 1) liability coverage < $300,000 and 2) loss of use in lieu of loss of rents coverage. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor. | SitusAMC,Originator | Reviewer Comment (2025-05-30): Approved exception at origination for Liability coverage < $300,000 and missing Loss of use coverage. Comp Factor: Seasoned Investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-285 |  | 33541234 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal (pro-forma lease provided 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 (2025-05-30): Approved exception at origination for 100% vacancy per appraisal (pro-forma lease provided in file). Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-255 |  | 33530947 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for missing lease on SFR refinance (tenant occupied per appraisal). 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 (2025-05-29): Approved exception at origination for missing lease on SFR refinance (tenant occupied per appraisal). Comp factors: seasoned investor, and FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-240 |  | 33524107 | 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 (2025-05-27): Approved exception at origination for unverified funds to close. Comp factor: FICO |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-157 |  | 33528134 | 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 (2025-05-28): Approved exception at origination for missing law & ordinance coverage. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-157 |  | 33531942 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception for first time investor purchase of 2-4 family property with LTV > 70%. Comp factors: FICO and reserves is not supported as verified funds per assets section are < funds required to close. | The representative FICO score exceeds the guideline minimum by XX points. | CF_ FICO | SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception for first time investor purchase of 2-4 family property with LTV > 70%. Comp factors: FICO and reserves is not supported as verified funds per assets section are < funds required to close. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-157 |  | 33531943 | 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; underwritten verified funds per approval assets section are < funds required to close. | The representative FICO score exceeds the guideline minimum by XX points. | CF_ FICO | SitusAMC,Originator | Reviewer Comment (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for missing reserves. Comp factor, FICO.<br>Buyer Comment (2025-06-10): Exceptions written on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-110 |  | 33541003 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for credit report aged > 60 Days. Comp factors: FICO, and reserves is unable to be validated as verified post closing reserves are <3 months P&I | 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 (2025-06-04): Approved exception at origination for credit report aged > 60 Days. Comp factors: FICO, and reserves is unable to be validated as verified post closing reserves are <3 months P&I |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-196 |  | 33548895 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing primary residence VOM. | 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 (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for missing VOM. Comp factors., LTV and seasoned investor.<br>Buyer Comment (2025-06-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-196 |  | 33548900 | 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 (2025-06-11): Approved exception at origination for FICO < 650. Comp factor, seasoned investor.<br>Buyer Comment (2025-06-10): Corrected Uploaded |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-196 |  | 33548905 | 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 < $75,000. Comp factor , seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-11): Approved exception at origination for loan amount < $75,000. Comp factor , seasoned investor.<br>Buyer Comment (2025-06-10): Corrected Uploaded |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-196 |  | 33548942 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for limited major trade lines <2. Comp factor seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-11): Approved exception at origination for limited major trade lines <2. Comp factor seasoned investor.<br>Buyer Comment (2025-06-10): Corrected Uploaded |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-215 |  | 33546437 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for incomplete subject lease; missing signature/execution page. 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 (2025-06-02): Approved exception at origination for incomplete subject lease; missing signature/execution page. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-215 |  | 33546438 | 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 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 (2025-06-02): Approved exception at origination for credit report pulled using incorrect DOB. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-309 |  | 33546492 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75k. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception at origination for loan amount < $75k. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-309 |  | 33546493 | 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. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-357 |  | 33549662 | 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 (2025-06-03): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-357 |  | 33549714 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR - primary. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-03): Approved exception at origination for missing VOR - primary. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-357 |  | 33549805 | 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 funds. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-03): Approved exception at origination for unverifiable funds. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-315 |  | 33644016 | 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.. 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 (2025-06-19): Approved exception at origination for 100% vacancy/missing lease on 1-4 refinance.. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-372 |  | 33683673 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for basic form policy coverage type. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-18): Approved exception at origination for basic form policy coverage type. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-361 |  | 33633418 | 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 (2025-06-16): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-102 |  | 33546264 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease in file). Comp factors: seasoned investor and LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned Investor.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-30): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease in file). Comp factors: seasoned investor and LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-249 |  | 33546486 | 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 (2025-06-04): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-249 |  | 33546487 | 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/incomplete VOR-primary for prior residence. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception at origination for missing VOR-primary for prior residence. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-249 |  | 33546488 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 1x30 days late within 90 days on primary. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception at origination for 1x30 days late within 90 days on primary. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-249 |  | 33546489 | 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 (2025-06-04): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-302 |  | 33510400 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. Comp factor: LTV | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-24): Approved exception at origination for rural property. Comp factor: LTV |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-363 |  | 33521810 | 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 lies rent free. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-27): Approved exception at origination for missing VOR-primary; borrower lies rent free. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-176 |  | 33474553 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for liability coverage < $300,000 on a 1-4 property. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-19): Approved exception at origination for liability coverage < $300,000 on a 1-4 property. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-176 |  | 33481891 | 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. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-29): Exception waived due to receipt of an updated Approval with an updated policy exception at origination to allow for rural property. Factor: LTV.<br>Buyer Comment (2025-05-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-181 |  | 33546328 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor. | SitusAMC,Originator | Reviewer Comment (2025-06-02): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-181 |  | 33546329 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 1x30 days late on subject within 90 days. 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 (2025-06-02): Approved exception at origination for 1x30 days late on subject within 90 days. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-134 |  | 33534343 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR <1.20x for investor traditional 1 purchase with loan > $750k. Comp factors: reserves, and seasoned investor. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | CF- reserves<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-29): Approved exception at origination for DSCR <1.20x for investor traditional 1 purchase with loan > $750k. Comp factors: reserves, seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-134 |  | 33534767 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/ missing leases. Comp factors: reserves, and seasoned investor. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | CF- reserves<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-29): Approved exception at origination for 100% vacancy/ missing leases. Comp factors: reserves, and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-134 |  | 33534840 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing wind coverage (File contains an email response from agent stating 'yes those coverages are included' however the source email for the response specifying which coverages is not included). | 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 (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for missing wind coverage. Comp factor, FICO.<br>Buyer Comment (2025-06-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-134 |  | 33534872 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Loan File | Missing Document | Missing Document: Hazard Insurance Policy not provided |  | Missing EOI for liability coverage (EOI provided referencing liability coverage is a quotation and not evidence of bound 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 (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for missing evidence of liability coverage. Comp factor, FICO.<br>Buyer Comment (2025-06-10): Excpetion noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-349 |  | 33606855 | 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 Trad II. Comp factors, FICO and seasoned investor. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Borrower's Experience/Track Record.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-09): Approved exception at origination for LTV > 70% on Trad II. Comp factors, FICO and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-131 |  | 33626675 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for terms on 2nd < 36 months. Comp factor, seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-18): Approved exception at origination for terms on 2nd < 36 months. Comp factor, seasoned business.<br>Buyer Comment (2025-06-18): Corrected Uploaded |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-131 |  | 33641850 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | < 12 months VOR-primary provided. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-18): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR. Comp factor, seasoned business.<br>Buyer Comment (2025-06-18): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-270 |  | 33631234 | 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 (2025-06-13): Approved exception at origination for FICO < 650. Comp factor: Seasoned Investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-270 |  | 33635466 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Missing MLS cancelation, property is currently listed for sale. | 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 (2025-06-19): Exception waived. Updated approval provided in trailing documents approving exception for listing and cash out. Comp factor, LTV.<br>Buyer Comment (2025-06-18): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-270 |  | 33656490 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Guideline issue: Property type is not allowed per credit guidelines. |  | Cash out on property listed in recent 6 months (rate and term permitted-not cash out). | 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 (2025-06-19): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, LTV.<br>Buyer Comment (2025-06-18): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-158 |  | 33479338 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for insufficient carrier rating. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-19): Approved exception at origination for insufficient carrier rating. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-158 |  | 33479350 | 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 | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-19): Approved exception at origination for credit report aged > 60 days. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-195 |  | 33481355 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal/ missing lease on refinance (subject is listed as a ST rental). 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 (2025-05-19): Approved exception at origination for 100% vacancy per appraisal/ missing lease on refinance (subject is listed as a ST rental). Comp factors: seasoned investor, and LTV |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-253 |  | 33474965 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for missing lease; subject being refinanced is 100% vacant for renovation. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-19): Approved exception at origination for missing lease; subject being refinanced is 100% vacant for renovation. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-278 |  | 33497775 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for ADU < 500 sqft. Comp factors: FICO, and reserves is not supported as verified funds per approval assets section are less than funds required to close per final settlement statement.. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-05-22): Approved exception at origination for ADU < 500 sq ft. Comp factors: FICO, and reserves is not supported as verified funds per approval assets section are less than funds required to close per final settlement statement.. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-278 |  | 33498063 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Verification of Down Payment Funds not provided |  | Verified funds per approval assets section are less than funds required to close per final settlement statement.. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-06-05): Exception waived. Updated approval provided in trailing documents approving exception for unverified funds. Comp factor, FICO.<br>Buyer Comment (2025-05-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-278 |  | 33502176 | 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&O. (verified funds per approval assets section are less than funds required to close per final settlement statement). | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-06-05): Exception waived. Updated approval provided in trailing documents approving exception for FTI with no reserves. Comp factor, FICO.<br>Buyer Comment (2025-05-27): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-293 |  | 33489585 | 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 (2025-05-20): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor; seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-294 |  | 33496493 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exceptions at origination for 1) basic form policy coverage type, and 2) insufficient carrier rating. Comp factor: not provided. | Borrower's Experience/Track Record | Seasoned Investor. | SitusAMC,Originator | Reviewer Comment (2025-05-29): Approved exceptions at origination for 1) basic form policy coverage type, and 2) insufficient carrier rating. Comp factor: Seasoned Investor.<br>Buyer Comment (2025-05-27): Corrected Uplaoded |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-160 |  | 33538033 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for policy with co-insurance. 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 (2025-06-10): Approved exception at origination for policy with co-insurance. Comp factor, FICO.<br>Buyer Comment (2025-06-09): Corrected Uploaded |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-261 |  | 33538726 | 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 held < 6 months. Comp factors: seasoned business and seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor, business. | SitusAMC,Originator | Reviewer Comment (2025-05-29): Approved exception at origination for cash out on property held < 6 months. Comp factors: seasoned business and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-108 |  | 33546317 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease on 1-4 refinance. Comp factors: seasoned investor, and seasoned business. | Borrower's Experience/Track Record | Seasoned investor, seasoned business. | SitusAMC,Originator | Reviewer Comment (2025-06-02): Approved exception at origination for missing lease on 1-4 refinance. Comp factors: seasoned investor, and seasoned business. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-108 |  | 33546318 | 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, seasoned business. | SitusAMC,Originator | Reviewer Comment (2025-06-02): Approved exception at origination for unpaid collections/charge offs > $25k. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-197 |  | 33528851 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x for investor traditional 2 refinance with loan > $500k. Comp factors: seasoned investor, and LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | CF- LTV<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-28): Approved exception at origination for DSCR < 1.25x for investor traditional 2 refinance with loan > $500k. Comp factors: seasoned investor, and LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-197 |  | 33528853 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for credit report aged > 60 Days. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-05-28): Approved exception at origination for credit report aged > 60 Days. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-197 |  | 33528858 | 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 (2025-05-28): Approved exception at origination for missing law & ordinance coverage. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-197 |  | 33531921 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Wind deductible of 5% is > $25k. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, seasoned investor.<br>Buyer Comment (2025-06-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-371 |  | 33546497 | 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. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception at origination for loss of use in lieu of loss of rents coverage. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-316 |  | 33580273 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | 3% all perils deductible is > $10k. | 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 (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV.<br>Buyer Comment (2025-06-11): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-279 |  | 33573708 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM-subject missing 12 months pay history receipt. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception at origination for incomplete VOM-subject missing 12 months pay history receipt. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-171 |  | 33561024 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned business. | Borrower's Experience/Track Record | CF- seasoned investor, seasoned business. | SitusAMC,Originator | Reviewer Comment (2025-06-03): Approved exception at origination for FICO < 650. Comp factor: seasoned business. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-171 |  | 33561041 | 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.. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor, seasoned business. | SitusAMC,Originator | Reviewer Comment (2025-06-03): Approved exception at origination for incomplete VOM-subject; missing pay history receipts.. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-171 |  | 33561077 | 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) insufficient business income/loss of rents coverage. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor, seasoned business. | SitusAMC,Originator | Reviewer Comment (2025-06-03): Approved exceptions at origination for 1) missing law & ordinance coverage, and 2) insufficient business income/loss of rents coverage. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-175 |  | 33681574 | 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: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-18): Approved exception at origination for unverified funds to close. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-374 |  | 33660798 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Loan product type is ineligible per guidelines. | Product: 10 Year Interest Only, Fixed Rate; Amortization Term: 360 | Approved exception at origination for interest period >5 years on flexterm loan program. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-06-18): Approved exception at origination for interest period >5 years on flexterm loan program. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-374 |  | 33660852 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exceptions at origination for 1) wind deductible > $25,000, and 2) loss of use coverage in lieu of loss of rents. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-06-18): Approved exceptions at origination for 1) wind deductible > $25,000, and 2) loss of use coverage in lieu of loss of rents. Comp factor: LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-172 |  | 33614617 | 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 (2025-06-11): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-172 |  | 33614622 | 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 (2025-06-11): Approved exception at origination for missing VOR - primary; guarantor lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-172 |  | 33614632 | 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 funds to close. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-11): Approved exception at origination for unverifiable funds to close. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-234 |  | 33536761 | 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 marketing trends which is unable to be validated as a non-quantitative subjective trait.<br> . | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-05): Approved exception at origination for FICO < 650. Comp factors; seasoned investor and marketing trends which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-234 |  | 33536774 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for basic form policy coverage type. Comp factor; seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-05-30): Approved exception at origination for HOI basic form policy. Comp factor seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-234 |  | 33536777 | 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 for guarantor. Comp factor; seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-05-30): Approved exception at origination for missing VOR. Comp factor seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-217 |  | 33530331 | 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 (2025-05-28): Approved exception at origination for unverified funds to close. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-217 |  | 33530341 | 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, 2) missing business income/ interruption coverage for owner user property and 3) missing wind/hail coverage. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-05-28): Approved exceptions at origination for 1) missing law & ordinance coverage, 2) missing business income/ interruption coverage for owner user property and 3) missing wind/hail coverage. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-332 |  | 33548260 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Credit report reflects charge-off account with balance > $25,000. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-11): Exception waived. Updated approval provided in trailing documents approving exception for charge off. Comp factor, seasoned investor.<br>Buyer Comment (2025-06-11): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-250 |  | 33571173 | 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. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception at origination for missing law and ordinance coverage. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | C | B |  | C |  |  | No |
| XXXX | XXXX | 2025-P1-250 |  | 33571706 | 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 (pg 35) reflects subject is in fair/below average condition. \*\*\*\*\*\*\*\*\*\*<br>Client added comment.<br> Purchase transaction. Interior finishes are dated, but no significant deferred maintenance noted and no deductions made for deferr3ed maintenance per appraiser. XXX expects borrower to make any necessary repairs and current property condition is considered in the appraised value/LTV. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-06-12): Exception waived. Updated approval provided in trailing documents approving exception for property condition. Comp factor. FICO.<br>Buyer Comment (2025-06-11): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 3 | C | XX/XX/XXXX | XX | Purchase |  | C | B |  | C |  |  | No |
| XXXX | XXXX | 2025-P1-207 |  | 33541755 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for missing lease on 1-4 refinance. Comp factors: seasoned business and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned Business.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-30): Approved exception at origination for missing lease. Comp factors: seasoned business and FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-189 |  | 33535438 | 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: 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 (2025-05-30): Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily refinance with loan > $500k. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-189 |  | 33535460 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Approved exception at origination for cashout on property listed within 6 months. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-05-30): Approved exception at origination for cashout on property listed within 6 months. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-259 |  | 33629222 | 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 trade lines. Comp factors: Seasoned Investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Borrower's Experience/Track Record.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-13): Approved exception at origination for < 2 active major trade lines. Comp factors: Seasoned Investor and FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-259 |  | 33629229 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception for missing VOR - primary. Borrower lived rent free. Comp factors: Seasoned Investor and FICO | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Borrower's Experience/Track Record.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-06-13): Approved exception for missing VOR - primary. Borrower lived rent free. Comp factors: Seasoned Investor and FICO |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-117 |  | 33475491 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for both HOA master policy, and unit owner's policy missing subject unit number. Comp factor; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-05-19): Approved exception at origination for both HOA master policy, and unit owner's policy missing subject unit number. Comp factor; FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-318 |  | 33499297 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors, seasoned business and property condition (property condition is not a valid comp factor). | Borrower's Experience/Track Record | CF- seasoned business. | SitusAMC,Originator | Reviewer Comment (2025-06-05): Approved exception at origination for FICO < 650. Comp factors, seasoned business and property condition (property condition is not a valid comp factor).<br>Buyer Comment (2025-05-27): Corrected Uploaded |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-318 |  | 33502219 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease in file). Comp factors; seasoned business and property condition which is unable to be validated as a non-quantitative subjective trait. | Borrower's Experience/Track Record | CF- seasoned business. | SitusAMC,Originator | Reviewer Comment (2025-05-22): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease in file). Comp factors; seasoned business and property condition which is unable to be validated as a non-quantitative subjective trait. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-264 |  | 33520121 | 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 (2025-05-27): Approved exception at origination for missing law & ordinance coverage. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-264 |  | 33521802 | 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 monthly payment receipts/ cancelled checks for privately held mortgage. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-05-27): Approved exception at origination for incomplete VOM-subject; missing monthly payment receipts/ cancelled checks for privately held mortgage. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Rate/Term |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-320 |  | 33680843 | 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 (2025-06-18): Approved exception at origination for unverified funds to close. Comp factor: FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-320 |  | 33680875 | 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; FICO and seasoned investor. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | CF_ FICO<br>CF- seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-06-18): Approved exception at origination for credit report aged > 60 days. Comp factors; FICO and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-320 |  | 33701728 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan <$75,000. Comp factors; FICO and seasoned investor. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | CF_ FICO<br>CF- seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-06-18): Approved exception at origination for loan <$75,000. Comp factors; FICO and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-137 |  | 33611572 | 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 for primary - guarantor lives rent free. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-11): Approved exception at origination for missing VOR for primary - guarantor lives rent free. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-137 |  | 33611575 | 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 - extension untilXX/XX/XXXXComp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-11): Approved exception at origination for credit report aged > 60 days - extension untilXX/XX/XXXXComp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-206 |  | 33537432 | 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 (2025-05-30): Approved exception at origination for loan amount <$75,000. Comp factor LTV and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-206 |  | 33537457 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for rural property. Comp factor; seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor. | SitusAMC,Originator | Reviewer Comment (2025-05-30): Approved exception at origination for rural property. Comp factors, seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-206 |  | 33537463 | 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/evidence. Comp factor; seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor. | SitusAMC,Originator | Reviewer Comment (2025-05-30): Approved exception at origination for missing VOM; missing payment evidence. Comp factor seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-206 |  | 33544157 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for Lease missing monthly rent dollar amount. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor. | SitusAMC,Originator | Reviewer Comment (2025-06-10): Approved exception at origination for Lease missing monthly rent dollar amount. Comp factor, seasoned investor.<br>Buyer Comment (2025-06-09): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-206 |  | 33546463 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XXXXXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount <$75,000. Comp factor; 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 (2025-05-31): Approved exception at origination for loan amount <$75,000. Comp factor LTV and seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX | XX | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-107 |  | 33498003 | 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 | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-21): Approved exception at origination for credit report aged > 60 days. Comp factor; seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX |  | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-107 |  | 33498008 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for blanket hazard and liability coverage without required endorsement for full coverage amount applicable to each covered location. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-21): Approved exception at origination for blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. Comp factor; seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX |  | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-107 |  | 33502164 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal for all 3 subject properties being refinanced (subsequently executed leases provided in file). Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-05-21): Approved exception at origination for 100% vacancy/ missing lease for all 3 subject properties being refinances. Comp factor; seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX |  | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-151 |  | 33476125 | 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 reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- seasoned investor<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-19): Approved exception at origination for FICO < 650. Comp factors; seasoned investor, and reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX |  | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-151 |  | 33482437 | 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 (2025-05-19): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor; seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX |  | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-156 |  | 33497346 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines on credit report. Comp factors; seasoned investor, and FICO. | 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 (2025-05-21): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors; seasoned investor, and FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX |  | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-174 |  | 33482347 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Address: XXXXXXXXXXXXXXXXXXXXX | Approved exception at origination for missing lease for 1 of 2 units in 1 of 3 subject properties.. Comp factors: seasoned investor and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | CF- FICO<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-20): Approved exception at origination for missing lease for 1 of 2 units in 1 of 3 subject properties.. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX |  | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-241 |  | 33504662 | 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 reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | CF- reserves<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-05-23): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; seasoned investor, and reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX |  | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-241 |  | 33513314 | 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. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-05-23): Approved exception at origination for unverified funds to close. Comp factor; reserves. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX |  | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-280 |  | 33534068 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor. | SitusAMC,Originator | Reviewer Comment (2025-05-29): Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX |  | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-280 |  | 33534084 | 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: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor. | SitusAMC,Originator | Reviewer Comment (2025-05-29): Approved exception at origination for unverified funds to close. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX |  | Purchase |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-233 |  | 33546475 | 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. | Seasoned investor.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-06-03): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and LTV. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX |  | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-233 |  | 33546476 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for 1) HOA master policy missing subject unit number(s), and 2) Owners liability policy missing subject unit number(s) and also blanket liability policy without required endorsement for full coverage amount applicable to each covered location. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-03): Approved exception at origination for 1) HOA master policy missing subject unit number(s), and 2) Owners liability policy missing subject unit number(s) and also blanket liability policy without required endorsement for full coverage amount applicable to each covered location. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX |  | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-233 |  | 33546477 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for interest only period > 5 yrs on flex term note. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-03): Approved exception at origination for interest only period > 5 yrs on flex term note. Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX |  | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-233 |  | 33546479 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing monthly rental amounts on leases for XXX and XXX. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-18): Exception waived. Updated approval provided in trailing documents approving exception for incomplete lease. Comp factor, seasoned investor.<br>Buyer Comment (2025-06-17): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX |  | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-265 |  | 33552807 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for missing Condo blanket and master policy (sufficient coverage provide on borrower's HO6 policy). Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-06-04): Approved exception at origination for missing Condo blanket and master policy (sufficient coverage provide on borrower's HO6 policy). Comp factor: seasoned investor. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX |  | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-202 |  | 33546507 | 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 for 1 of 2 subjects; missing pay history (balloon note/lump-sum land contract). 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 (2025-06-05): Approved exception at origination for incomplete VOM for 1 of 2 subjects; missing pay history (balloon note/lump-sum land contract). Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX |  | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |
| XXXX | XXXX | 2025-P1-202 |  | 33546508 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing 1 of 2 leases for both properties. 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 (2025-06-11): Approved exception at origination for missing 1 of 2 leases for both properties. Comp factors, FICO and seasoned investor.<br>Buyer Comment (2025-06-11): Exception noted on uploaded approval |  |  | XX/XX/XXXX | 2 | B | XX/XX/XXXX |  | Refinance - Cash-out - Other |  | B | B |  | A |  |  | No |

---

## Exhibit 99.08

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vccm_abs-15g.htm)

**Exhibit 99.08**

![](ex9908001.jpg)

VCC 2025-P1<br>Velocity Commercial Capital, LLC

Opus Capital Markets Consultants, LLC

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

**Executive Narrative**

**July 8, 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 (105) 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.

As detailed herein, the pool contains 48 small balance commercial loans and 56 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 May 14, 2025, through July 2, 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:

![](ex9908002.jpg)

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

![](ex9908003.jpg)

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

The valuation review was split based on the underlying property type, either residential or commercial. All commercial mortgage loans were assigned an "A" NRSRO valuation grade. For this review, Opus did not order any secondary valuation products. However, the client requested a secondary valuation for 56 residential mortgage loans.

**EXHIBIT A**

**Scope of Services:**

**Compliance Scope – New Origination Acquisitions**

Client expressly acknowledges and agrees that loans submitted under this review will be for business purpose residential loans with Residential Rental calculations or Small Balance Commercial CRE, pursuant to this Exhibit and designated by Client as a business purpose loan. Each loan submitted by Client will automatically be deemed and reported as "Exempt" and Opus will not perform any ATR/QM Testing or TRID Testing.

All loans submitted under this SOW will be deemed ATR/QM and TRID Exempt, and all applicable review scopes will be carried out with this assumption. If any loan is found to be ATR/QM or TRID applicable, an exception only will be noted.

Client expressly acknowledges and agrees that Opus will not independently verify or designate whether a loan is a 'business purpose' loan, and that Opus will rely on the Client's designation as such.

**Guideline Review**

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

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

<u>Transaction type:</u>

Borrower characteristics 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<br> HOA Information<br> Condo Documents<br> Guaranty Agreements\*<br> Business P&L\* | 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>**

![](ex9908004.jpg)

**Multiple Loans to One Borrower:** TPR firm reviewed common identifiers for all loans in the population and confirmed there were 4 obligors with multiple loans in the pool.

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

![](ex9908005.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 July 3, 2025.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Overall Grade Summary** | | |
| &nbsp;&nbsp;**DBRS NRSRO Grade** | <br>&nbsp;&nbsp;**# of<br> Loans** | <br>&nbsp;&nbsp;**% of <br> Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;25 | &nbsp;&nbsp;24.04% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;79 | &nbsp;&nbsp;75.96% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Credit Grade Summary** |  |  |
| &nbsp;&nbsp;**DBRS NRSRO Grade** | &nbsp;&nbsp;**# of <br> Loans** | &nbsp;&nbsp;**% of <br> Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;26 | &nbsp;&nbsp;25.00% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;78 | &nbsp;&nbsp;75.00% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Property Grade Summary** |  |  |
| &nbsp;&nbsp;**DBRS NRSRO Grade** | &nbsp;&nbsp;**# of <br> Loans** | &nbsp;&nbsp;**% of <br> Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;103 | &nbsp;&nbsp;99.04% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Overall Grade Summary** | | |
| &nbsp;&nbsp;**DBRS NRSRO Grade** | <br>&nbsp;&nbsp;**# of <br> Loans** | <br>&nbsp;&nbsp;**% of <br> Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;1 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Credit Grade Summary** |  |  |
| &nbsp;&nbsp;**DBRS NRSRO Grade** | &nbsp;&nbsp;**# of <br> Loans** | &nbsp;&nbsp;**% of <br> Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;1 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |

---

**<u>Loans Reviewed (105)</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;5700000699 | &nbsp;&nbsp;6723235475 | &nbsp;&nbsp;6723239460 | &nbsp;&nbsp;6723243298 | &nbsp;&nbsp;6723244567 |
| &nbsp;&nbsp;5700000732 | &nbsp;&nbsp;6723235977 | &nbsp;&nbsp;6723239863 | &nbsp;&nbsp;6723243334 | &nbsp;&nbsp;6723244575 |
| &nbsp;&nbsp;5700000859 | &nbsp;&nbsp;6723236285 | &nbsp;&nbsp;6723239878 | &nbsp;&nbsp;6723243405 | &nbsp;&nbsp;6723244924 |
| &nbsp;&nbsp;5700000878 | &nbsp;&nbsp;6723236842 | &nbsp;&nbsp;6723239971 | &nbsp;&nbsp;6723243408 | &nbsp;&nbsp;6723244947 |
| &nbsp;&nbsp;5700000972 | &nbsp;&nbsp;6723236858 | &nbsp;&nbsp;6723240222 | &nbsp;&nbsp;6723243707 | &nbsp;&nbsp;6723245199 |
| &nbsp;&nbsp;5700000973 | &nbsp;&nbsp;6723236992 | &nbsp;&nbsp;6723240285 | &nbsp;&nbsp;6723243710 | &nbsp;&nbsp;6723245913 |
| &nbsp;&nbsp;5700001011 | &nbsp;&nbsp;6723237030 | &nbsp;&nbsp;6723240462 | &nbsp;&nbsp;6723243765 | &nbsp;&nbsp;6723246075 |
| &nbsp;&nbsp;6723219295 | &nbsp;&nbsp;6723237127 | &nbsp;&nbsp;6723240723 | &nbsp;&nbsp;6723243955 | &nbsp;&nbsp;6723246220 |
| &nbsp;&nbsp;6723221871 | &nbsp;&nbsp;6723237593 | &nbsp;&nbsp;6723240741 | &nbsp;&nbsp;6723243983 | &nbsp;&nbsp;6723246242 |
| &nbsp;&nbsp;6723224602 | &nbsp;&nbsp;6723237623 | &nbsp;&nbsp;6723240885 | &nbsp;&nbsp;6723244034 | &nbsp;&nbsp;6723246501 |
| &nbsp;&nbsp;6723228469 | &nbsp;&nbsp;6723237693 | &nbsp;&nbsp;6723240890 | &nbsp;&nbsp;6723244054 | &nbsp;&nbsp;6723246505 |
| &nbsp;&nbsp;6723230057 | &nbsp;&nbsp;6723237697 | &nbsp;&nbsp;6723240927 | &nbsp;&nbsp;6723244122 | &nbsp;&nbsp;6723246692 |
| &nbsp;&nbsp;6723230838 | &nbsp;&nbsp;6723237730 | &nbsp;&nbsp;6723241107 | &nbsp;&nbsp;6723244128 | &nbsp;&nbsp;6723246740 |
| &nbsp;&nbsp;6723231185 | &nbsp;&nbsp;6723238193 | &nbsp;&nbsp;6723241169 | &nbsp;&nbsp;6723244153 | &nbsp;&nbsp;6723246786 |
| &nbsp;&nbsp;6723231365 | &nbsp;&nbsp;6723238355 | &nbsp;&nbsp;6723241316 | &nbsp;&nbsp;6723244162 | &nbsp;&nbsp;6723246871 |
| &nbsp;&nbsp;6723232917 | &nbsp;&nbsp;6723238491 | &nbsp;&nbsp;6723241781 | &nbsp;&nbsp;6723244275 | &nbsp;&nbsp;6723246974 |
| &nbsp;&nbsp;6723233021 | &nbsp;&nbsp;6723238677 | &nbsp;&nbsp;6723241971 | &nbsp;&nbsp;6723244392 | &nbsp;&nbsp;6723247397 |
| &nbsp;&nbsp;6723233022 | &nbsp;&nbsp;6723238683 | &nbsp;&nbsp;6723242269 | &nbsp;&nbsp;6723244492 | &nbsp;&nbsp;6723249595 |
| &nbsp;&nbsp;6723233024 | &nbsp;&nbsp;6723238684 | &nbsp;&nbsp;6723243014 | &nbsp;&nbsp;6723244519 | &nbsp;&nbsp;6723249607 |
| &nbsp;&nbsp;6723233048 | &nbsp;&nbsp;6723239358 | &nbsp;&nbsp;6723243133 | &nbsp;&nbsp;6723244555 | &nbsp;&nbsp;6723249824 |
| &nbsp;&nbsp;6723234768 | &nbsp;&nbsp;6723239372 | &nbsp;&nbsp;6723243218 | &nbsp;&nbsp;6723244558 | &nbsp;&nbsp;6723250166 |

---

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

## Exhibit 99.09

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vccm_abs-15g.htm)

**Exhibit 99.09**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Alt Loan ID** | **Seller Loan ID** | **Investor Loan ID** | **Field Name** | **Source** | **Verified Value** | **Bid Tape Value** | **Comment** |
| 691742 |  |  | Amortization Term | notePage | XXX | XXX | Audit Value Pulled From Note. |
| 956153 |  |  | Amortization Term | notePage | XXX | XXX | Audit Value Pulled From Note. |

---

## Exhibit 99.10

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vccm_abs-15g.htm)

**Exhibit 99.10**

---

| | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Seller** | **Alt Loan ID** | **Seller Loan ID** | **Investor Loan ID** | **Queue** | **Created Date** | **Last Modified Date** | **Finding Status** | **Event Level** | **Finding Category** | **Finding Sub Category** | **Finding Name** | **Reviewer Comments** | **Seller Comments** | **Finding Resolution** | **Finding Document** | **Reviewer Comp Factors** | **Originator Comp Factors** | **State** | **Occupancy** | **Loan Purpose** | **Refinance Purpose** | **Unique Finding ID** | **Acknowledged / Waived By** | **Waiver in File?** |
| XXXX | 718838 |  |  | Closed | 2025-05-12 14:32 | 2025-05-14 13:26 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided Law & Ordinance coverage not included in the provided policy. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/12/2025 |  | Waived-Hazard Insurance Policy Partially Provided Law & Ordinance coverage not included in the provided policy. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/12/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 718838 |  |  | Closed | 2025-05-12 14:56 | 2025-05-14 13:25 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 0.477 is below guideline minimum of 1.25 for a Traditional II Commercial property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/12/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 0.477 is below guideline minimum of 1.25 for a Traditional II Commercial property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/12/2025<br>|  |  | Seasoned investor.<br> High FICO. | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 103707 |  |  | Closed | 2025-05-12 17:53 | 2025-05-14 12:16 | Waived | 2 - Non-Material | Credit | Borrower | Citizenship Does Not Meet Guideline Requirements | Waived-Borrower is foreign national with no proof of legal residency however Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/12/2025 |  | Waived-Borrower is foreign national with no proof of legal residency however Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/12/2025<br>|  |  | Seasoned Investor.<br> Seasoned Business. | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 103707 |  |  | Closed | 2025-05-12 17:17 | 2025-05-14 12:13 | 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 required a verification of mortgage/rent for the borrower's primary residence. Despite this requirement the borrower lives rent free, but no documentation was provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/12/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines required a verification of mortgage/rent for the borrower's primary residence. Despite this requirement the borrower lives rent free, but no documentation was provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/12/2025<br>|  |  | Strong reserves | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 103707 |  |  | Closed | 2025-05-12 17:49 | 2025-05-12 17:49 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 639 is less than Guideline FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/12/2025 |  | Waived-Audited FICO of 639 is less than Guideline FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/12/2025<br>|  |  | Strong Reserves. | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 109511 |  |  | Closed | 2025-05-13 18:06 | 2025-05-19 20:29 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-05/19/2025 <br> Ready for Review-Corrected on uploaded approval - Buyer-05/19/2025 <br> Open-Property type is ineligible due to The appraisal provided in the loan file reflects the subject is currently in use as a residential care facility. The appraiser bracketed the value of the comparable properties with a $XX,XXX cost to return the property to a single-family dwelling. The appraisal provided in the loan file reflects the subject is currently in use as a residential care facility. The appraiser bracketed the value of the comparable properties with a $XX,XXX cost to return the property to a single-family dwelling. Lender provided approved exception date prior to consummation but the compensating factor of Seasoned Business is not applicable to this transaction as the borrower is an individual. The borrower is a seasoned investor - Due Diligence Vendor-05/13/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-05/19/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 109511 |  |  | Closed | 2025-05-12 12:58 | 2025-05-19 20:19 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Exception provided, the finding will be graded a B or non-material. - Due Diligence Vendor-05/19/2025 <br>Ready for Review-Document Uploaded. Exception corrected on uploaded - Buyer-05/19/2025 <br>Open-Audited FICO of 649 is less than Guideline FICO of 650 Lender provided approved exception date prior to consummation but the compensating factor of Seasoned Business is not applicable to this transaction as the borrower is an individual. The borrower is a seasoned investor - Due Diligence Vendor-05/12/2025 |  | Waived-Exception provided, the finding will be graded a B or non-material. - Due Diligence Vendor-05/19/2025<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX (3).pdf |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 280573 |  |  | Closed | 2025-05-13 18:35 | 2025-05-19 20:41 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Corrected exception form provided, the finding will be graded a B or non-material. - Due Diligence Vendor-05/19/2025 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-05/19/2025 <br>Open-Commercial Debt Service Coverage Ratio of 0.429 is below guideline minimum of 1.00 for a Traditional 2 Owner User property. Lender provided approved exception dated prior to consummation based on DSCR calculation of 0.94 but failed to include monthly property taxes and Insurance in the calculation. The exception is deemed not supported. - Due Diligence Vendor-05/13/2025 |  | Waived-Corrected exception form provided, the finding will be graded a B or non-material. - Due Diligence Vendor-05/19/2025<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | High FICO<br> Seasoned Investor | XX | Other | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 966843 |  |  | Closed | 2025-05-16 19:57 | 2025-05-19 13:22 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Lender guidelines require a VOM reporting 1x30 in the most recent 12 months, no late payments in the most recent 90 days and evidence loan is current at close. Despite this requirement, the file is missing a full 12-month mortgage history for the first lien, first lender as well as a full mortgage history for the 2nd lien. The lender provided an approved exception dated prior to consummation, and all compensating factors have been documented and validated. - Due Diligence Vendor-05/16/2025 |  | Waived-Lender guidelines require a VOM reporting 1x30 in the most recent 12 months, no late payments in the most recent 90 days and evidence loan is current at close. Despite this requirement, the file is missing a full 12-month mortgage history for the first lien, first lender as well as a full mortgage history for the 2nd lien. The lender provided an approved exception dated prior to consummation, and all compensating factors have been documented and validated. - Due Diligence Vendor-05/16/2025<br>|  |  | Seasoned Investor<br> Seasoned Business | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 966843 |  |  | Closed | 2025-05-16 20:05 | 2025-05-16 20:06 | Waived | 2 - Non-Material | Credit | Data | HOA Fee Verification | Waived-Explain: The HOA Flag is answered Yes. Why are HOA Dues entered as $0.00. Subject Property is Commercial Condominium and no HOA docs in loan file. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/16/2025 |  | Waived-Explain: The HOA Flag is answered Yes. Why are HOA Dues entered as $0.00. Subject Property is Commercial Condominium and no HOA docs in loan file. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/16/2025<br>|  |  | Seasoned Investor<br> Seasoned Business | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 966843 |  |  | Closed | 2025-05-16 19:50 | 2025-05-16 19:50 | 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 and Business Interruption coverages 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-05/16/2025 |  | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Evidence of Law and Business Interruption coverages 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-05/16/2025<br>|  |  | Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 966843 |  |  | Closed | 2025-05-16 19:19 | 2025-05-16 19:19 | 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. Borrower lives on rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/16/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives on rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/16/2025<br>|  |  | Seasoned Investor<br> Seasoned Business | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 316513 |  |  | Closed | 2025-05-16 21:17 | 2025-06-18 18:46 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Exception provided, the finding will be graded a B or non-material. - Due Diligence Vendor-06/18/2025 <br>Ready for Review-Document Uploaded. Exception corrected on uploaded - Buyer-06/12/2025 <br>Open-Commercial Debt Service Converge Ratio of 0.635 is below guideline minimum of 1.2. The lender provided an exception based on DCR of 0.74. - Due Diligence Vendor-05/16/2025 |  | Waived-Exception provided, the finding will be graded a B or non-material. - Due Diligence Vendor-06/18/2025<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Low LTV<br> Strong Reserves | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 743810 |  |  | Closed | 2025-05-20 16:10 | 2025-06-17 16:59 | 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-06/17/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-06/12/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a verification of mortgage for the borrowers' primary residence to verify no more than 1x30x12 with no late payments in the past 90 days. The mortgage must also be verified to be current at the time of close. Despite this requirement, the credit report mortgage rating for both borrowers reflects a last active date of 02/01 with no additional verification provided. - Due Diligence Vendor-05/20/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/17/2025<br>| XXX Loan Approval Form-XXXXXXXXXX- XXXX (1).pdf |  | High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 743810 |  |  | Closed | 2025-05-16 23:36 | 2025-05-20 16:16 | 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 ordinance or law coverage as required by the 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-05/16/2025 |  | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Evidence of ordinance or law coverage as required by the 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-05/16/2025<br>|  |  | High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 743810 |  |  | Closed | 2025-05-16 23:33 | 2025-05-20 15:36 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 0.87 is below guideline minimum of 1.2. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/16/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 0.87 is below guideline minimum of 1.2. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/16/2025<br>|  |  | Seasoned Investor<br> Strong Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 474354 |  |  | Closed | 2025-05-16 17:38 | 2025-05-19 20:57 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-05/19/2025 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-05/19/2025 <br>Open-Hazard Insurance Policy Partially Provided Per the payment plan, HOI Premium not collected at closing, The lender provided an approved exception dated prior to consummation, and but the compensating factor of Seasoned Investor was not documented and validated. There is no evidence provided in the file to support ownership of other investment properties. - Due Diligence Vendor-05/16/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-05/19/2025<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 474354 |  |  | Closed | 2025-05-19 11:50 | 2025-05-19 20:56 | 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-05/19/2025 <br>Ready for Review-Exception noted on uploaded approval - Buyer-05/19/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require verification of mortgage for the borrower's primary residence reporting maximum 1x30 but no lates in the past 90 days and must be current at close. Despite this requirement, documentation provided reports the loan currently due for the 04/01 payment. - Due Diligence Vendor-05/19/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-05/19/2025<br>|  |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 474354 |  |  | Closed | 2025-05-16 17:34 | 2025-05-16 19:58 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XX,XXX is less than the Guideline Minimum Loan Amount of $100000 Audited Loan Amount of $XX,XXX 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. - Due Diligence Vendor-05/16/2025 |  | Waived-Audited Loan Amount of $XX,XXX is less than the Guideline Minimum Loan Amount of $100000 Audited Loan Amount of $XX,XXX 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. - Due Diligence Vendor-05/16/2025 |  |  | High FICO<br> Strong Reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 202087 |  |  | Closed | 2025-05-16 19:32 | 2025-05-16 19:37 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXX,XXX is less than the Guideline Minimum Loan Amount of $XX,XXX Lender Guidelines and Matrix states Minimum Loan amount is $ XX,XXX. Despite this requirement, documentation in file indicates Loan amount is $XX,XXX. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/16/2025 |  | Waived-Audited Loan Amount of $XX,XXX is less than the Guideline Minimum Loan Amount of $XX,XX Lender Guidelines and Matrix states Minimum Loan amount is $XX,XXX. Despite this requirement, documentation in file indicates Loan amount is $XX,XXX. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/16/2025 |  |  | 1. Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 434896 |  |  | Closed | 2025-07-02 22:17 | 2025-07-02 22:17 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-XX RA Only - Value grade equals B, secondary product within tolerance. XX RA Only - Value grade equals B, secondary product within tolerance. This finding is non-material and will be rated a B for all agencies. - Due Diligence Vendor-07/02/2025 |  | Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. S&P RA Only - Value grade equals B, secondary product within tolerance. This finding is non-material and will be rated a B for all agencies. - Due Diligence Vendor-07/02/2025<br>|  |  |  | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Investor Post-Close | No |
| XXXX | 632178 |  |  | Closed | 2025-05-20 13:11 | 2025-05-20 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 property report provided in the loan file for B1 primary residence indicates open mortgages. No VOM provided per lender GL direction. Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/20/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The property report provided in the loan file for B1 primary residence indicates open mortgages. No VOM provided per lender GL direction. Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/20/2025<br>|  |  | Strong Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 632178 |  |  | Closed | 2025-05-16 17:52 | 2025-05-16 17:52 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 70% exceeds Guideline LTV of 65%. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/16/2025 |  | Waived-Audited LTV of 70% exceeds Guideline LTV of 65%. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/16/2025<br>|  |  | Strong Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 984823 |  |  | Closed | 2025-05-19 18:01 | 2025-06-17 19:20 | Waived | 2 - Non-Material | Credit | Eligibility | Active bankruptcy not allowed | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/17/2025 <br> Ready for Review-Exception noted on uploaded approval - Buyer-06/12/2025 <br> Open-Credit report indicates the borrower has active Chapter XX bankruptcy, no evidence that the Chapter XX filing reflected on the credit report has been either discharged or dismissed. Additional conditions may apply upon receipt of the discharge/dismissal documentation. - Due Diligence Vendor-05/19/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/17/2025<br>|  |  | Strong reserves<br> Seasoned investor. | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 984823 |  |  | Closed | 2025-05-19 17:46 | 2025-06-17 19:19 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/17/2025 <br>Ready for Review-Document Uploaded. Exception noted om uploaded approval - Buyer-06/12/2025 <br>Open-Lender guidelines require at least two active major consumer credit and/or mortgage accounts. Despite this requirement, the borrower has no current open tradelines. - Due Diligence Vendor-05/19/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/17/2025<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Strong reserves<br> Seasoned investor | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 984823 |  |  | Closed | 2025-05-16 16:26 | 2025-05-19 18:30 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. The loan file is missing a VOR for the borrower's primary residence. A rent-free letter was provided but is not accounted for in the GL requirements. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/16/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. The loan file is missing a VOR for the borrower's primary residence. A rent-free letter was provided but is not accounted for in the GL requirements. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/16/2025<br>|  |  | 1) Strong Reserves<br> 2) Seasoned Investor | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 984823 |  |  | Closed | 2025-05-19 17:26 | 2025-05-19 18:30 | Waived | 2 - Non-Material | Credit | Assets | Asset 2 Does Not Meet Guideline Requirements | Waived-Asset Record 2 Does Not Meet G/L Requirements Lender guidelines require assets to be verified with a current statement. Despite this requirement, Asset 2 was verified only with an account summary. In addition. wire transfer receipts for cash to close drawn on that account exceed the current balance. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/19/2025 |  | Waived-Asset Record 2 Does Not Meet G/L Requirements Lender guidelines require assets to be verified with a current statement. Despite this requirement, Asset 2 was verified only with an account summary. In addition. wire transfer receipts for cash to close drawn on that account exceed the current balance. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/19/2025<br>|  |  | Seasoned Investor<br> Strong Reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 984823 |  |  | Closed | 2025-05-16 18:04 | 2025-05-19 18:16 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided The commercial general liability coverage verified is a blanket policy covering 5 separate properties. In addition, the building coverage policy reflects a co-insurance provision which is not allowed. NO evidence of first year premium paid in full provided as borrower is on a payment plan for insurance. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/16/2025 |  | Waived-Hazard Insurance Policy Partially Provided The commercial general liability coverage verified is a blanket policy covering 5 separate properties. In addition, the building coverage policy reflects a co-insurance provision which is not allowed. NO evidence of first year premium paid in full provided as borrower is on a payment plan for insurance. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/16/2025<br>|  |  | 1) Seasoned Investor<br> 2) Strong Reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 984823 |  |  | Closed | 2025-05-19 17:44 | 2025-05-19 17:44 | Waived | 2 - Non-Material | Credit | Eligibility | Transaction Ineligible | Waived-Lender guidelines require a 5-year lookback from the most recent dismissal or discharge date when more than one bankruptcy filing in the past 7 years is reported. The Credit Report reflects XX previous dismissed filings. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/19/2025 |  | Waived-Lender guidelines require a 5-year lookback from the most recent dismissal or discharge date when more than one bankruptcy filing in the past 7 years is reported. The Credit Report reflects two previous dismissed filings. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/19/2025 |  |  | Strong Reserves<br> Seasoned Investor | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 948024 |  |  | Closed | 2025-05-23 11:39 | 2025-06-18 20:04 | 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-06/18/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-06/12/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require recent 12 months verification of mortgage for subject property. Despite this requirement, only 5 months Mortgage Statements has been provided. - Due Diligence Vendor-05/23/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/18/2025<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | High FICO | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 948024 |  |  | Closed | 2025-05-23 12:40 | 2025-05-27 21:14 | Waived | 2 - Non-Material | Credit | Assets | Asset 1 Does Not Meet Guideline Requirements | Waived-Asset Record 1 Does Not Meet G/L Requirements Asset 1 is considered to be unverified funds as no recent asset statement has been provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/23/2025 |  | Waived-Asset Record 1 Does Not Meet G/L Requirements Asset 1 is considered to be unverified funds as no recent asset statement has been provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/23/2025<br>|  |  | 1) High Fico (Guideline 650, Actual 759) | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 512599 |  |  | Closed | 2025-05-19 14:17 | 2025-06-18 20:28 | 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-06/12/2025 <br> Counter-Exception not noted on the approval in file and no additional approval was provided. - Due Diligence Vendor-05/19/2025 <br> Ready for Review-Exception noted on uploaded approval - Buyer-05/19/2025 <br> Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a VOM for the borrower's primary residence reporting no more than 1x30 in the past 12 months, with no late payments in the past 90 days and evidence the loan is current at close. Despite this requirement, the loan file is missing verification of the XX and XX/XXXX payments made on time. - Due Diligence Vendor-05/19/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/18/2025<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Seasoned investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 512599 |  |  | Closed | 2025-05-16 23:03 | 2025-05-19 14:40 | 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 Ordinance or Law and 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-05/16/2025 |  | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Ordinance or Law and 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-05/16/2025<br>|  |  | 1) Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 512599 |  |  | Closed | 2025-05-16 23:01 | 2025-05-19 14:40 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 640 is less than Guideline FICO of 650 Lender guideline requires a min FICO of 650 for flex term program, despite this requirement has a FICO of only 640. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/16/2025 |  | Waived-Audited FICO of 640 is less than Guideline FICO of 650 Lender guideline requires a min FICO of 650 for flex term program, despite this requirement has a FICO of only 640. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/16/2025<br>|  |  | Seasoned Investor<br> Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 305108 |  |  | Closed | 2025-05-21 13:35 | 2025-06-17 19:52 | 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-06/17/2025 <br>Ready for Review-Document Uploaded. Approval with compensating factors uploaded - Buyer-06/12/2025 <br>Open-Hazard Insurance Policy Partially Provided The Hazard insurance provided reflects 80% coinsurance. Per the lender GL, co-insurance is allowed if the policy meets the coverage and deductible parameters and also reflects replacement cost coverage. Despite these requirements, no replacement cost coverage was noted on the policy provided. Lender provided approved exception dated prior to consummation but no specific compensating factors were noted. - Due Diligence Vendor-05/21/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/17/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXX (1).pdf |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 305108 |  |  | Closed | 2025-05-19 15:27 | 2025-05-21 13:08 | Waived | 2 - Non-Material | Credit | Closing | Collections, liens or judgments not paid at closing | Waived-Credit Report reflects Collections >$25K total is $XX,XXX. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/19/2025 |  | Waived-Credit Report reflects Collections >$25K total is $XX,XXX. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/19/2025 |  |  | Strong Marketing Trends<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 114729 |  |  | Closed | 2025-05-20 17:53 | 2025-06-17 18:32 | 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-06/17/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-06/12/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require verification of the borrower's primary residence reflecting no more than 1x30x12 with no late payment sin the past 90 days and verification that the loan is current at time of close. Despite this requirement, the credit report and mortgage statement report as due for 03/01. - Due Diligence Vendor-05/20/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/17/2025<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Seasoned investor<br> Seasoned business | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 114729 |  |  | Closed | 2025-05-16 19:39 | 2025-05-20 18:23 | 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-05/16/2025 |  | 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-05/16/2025<br>|  |  | Seasoned investor<br> Seasoned business | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 114729 |  |  | Closed | 2025-05-16 19:14 | 2025-05-20 18:23 | 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 verification of no less than 1x30x12, no late payments in the past 90 days and verification the loan was current at close. Despite this requirement, no VOM for the subject property was provided. Lender provided approved exception prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/16/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require verification of no less than 1x30x12, no late payments in the past 90 days and verification the loan was current at close. Despite this requirement, no VOM for the subject property was provided. Lender provided approved exception prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/16/2025<br>|  |  | Seasoned investor<br> Seasoned business | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 114729 |  |  | Closed | 2025-05-18 20:20 | 2025-05-20 18:20 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of .90 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-05/18/2025 |  | Waived-Commercial Debt Service Coverage Ratio of .90 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-05/18/2025<br>|  |  | Seasoned investor<br> Seasoned business | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 394418 |  |  | Closed | 2025-05-23 09:19 | 2025-05-23 09:19 | Waived | 2 - Non-Material | Credit | Missing Doc | Title Document Missing | Waived-Title has non-borrower vesting to record 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-05/23/2025 |  | Waived-Title has non-borrower vesting to record 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-05/23/2025<br>|  |  | Seasoned Investor<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 622243 |  |  | Closed | 2025-06-20 19:19 | 2025-06-20 19:21 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-The first review product was not within tolerance, the loan will be graded a B for XX and an A for all other rating agencies. - Due Diligence Vendor-06/20/2025 <br> Open-XX RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-06/20/2025 |  | Acknowledged-The first review product was not within tolerance, the loan will be graded a B for S&P and an A for all other rating agencies. - Due Diligence Vendor-06/20/2025<br>|  |  |  | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Post-Close | No |
| XXXX | 622243 |  |  | Closed | 2025-05-23 10:35 | 2025-05-23 10:35 | Waived | 2 - Non-Material | Credit | Eligibility | Subject property is vacant and loan purpose is refinance | Waived-Subject property is vacant and loan purpose is refinance. Subject property is vacant at the time of inspection, lease effective X/XX. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/23/2025 |  | Waived-Subject property is vacant and loan purpose is refinance. Subject property is vacant at the time of inspection, lease effective XX. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/23/2025 |  |  | Property condition | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 622243 |  |  | Closed | 2025-05-23 10:32 | 2025-05-23 10:32 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-VOM is missing for Subject property. However, lender exception has last paid on X/X/XX. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/23/2025 |  | Waived-VOM is missing for Subject property. However, lender exception has last paid on X/X/XX. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/23/2025 |  |  | Property Condition | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 622243 |  |  | Closed | 2025-05-23 10:09 | 2025-05-23 10:30 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Rent free (for primary residence) executed by Borrower, not the property owner. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/23/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Rent free (for primary residence) executed by Borrower, not the property owner. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/23/2025<br>|  |  | Property Condition | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 622243 |  |  | Closed | 2025-05-23 10:28 | 2025-05-23 10:28 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 611 is less than Guideline FICO of 650. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/23/2025 |  | Waived-Audited FICO of 611 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-05/23/2025<br>|  |  | Property Condition | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 659771 |  |  | Closed | 2025-05-19 18:13 | 2025-05-21 12:47 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Credit reflects 1 tradeline < min of 3 tradeline as required by the G/L. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/19/2025 |  | Waived-Credit reflects 1 tradeline < min of 3 tradeline as required by the G/L. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/19/2025<br>|  |  | High FICO<br> Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 659771 |  |  | Closed | 2025-05-21 12:35 | 2025-05-21 12:35 | 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 VOR form a management company or cancelled checks for the most recent 12 months. Despite these requirements, the borrower lives rent free and a LOX signed by the property owner was not provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/21/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a VOR form a management company or cancelled checks for the most recent 12 months. Despite these requirements, the borrower lives rent free and a LOX signed by the property owner was not provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/21/2025<br>|  |  | High FICO<br> Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 162794 |  |  | Closed | 2025-05-16 13:59 | 2025-05-22 15:17 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-The credit report exceeds the maximum age of 60 days. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/16/2025 |  | Waived-The credit report exceeds the maximum age of 60 days. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/16/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 830243 |  |  | Closed | 2025-05-16 18:53 | 2025-05-19 15:03 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Guideline is not allowed to borrower is rent free on primary, however LOE is provided in the loan file as per exception. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/16/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Guideline is not allowed to borrower is rent free on primary, however LOE is provided in the loan file as per exception. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/16/2025<br>|  |  | High Fico. | XX | Investment | Purchase | NA | XXXXXXX | Investor Post-Close | No |
| XXXX | 956153 |  |  | Closed | 2025-05-21 16:03 | 2025-06-17 21:15 | 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-06/17/2025 <br> Ready for Review-Document Uploaded. Borrowers primary residence is a reverse mortgage (see attached statement and no payments to be made. The loan in question is not tied to borrowers primary or subject property. The loan in question is subject property and the payoff demand already shows that borrower ws due for X-X of XXXX. I have updated the exception to read delinquent at close along with the already cited lates. - Buyer-06/13/2025 <br> Open-Housing History Does Not Meet Guideline Requirements Lender guidelines require a VOM for the borrower's primary residence reflecting no more than 1x30x12, no late payments in the past 12 months and to be current at close. Despite this requirement, the credit report and payment history provided reflect 2x30x12 with 1x30 in the most recent 90 days and no evidence the loan was current at the time of close. Lender provided approved exception for the 2x30x12 but did not address the additional late payments nor current at close. - Due Diligence Vendor-05/21/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/17/2025<br>| VOM - XXX M.pdf<br> XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Strong marketing Trends<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 956153 |  |  | Closed | 2025-05-16 20:01 | 2025-05-21 16:35 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 645 is less than Guideline FICO of 650 The minimum FICO score required as per guidelines is 675; however, the audited FICO score is 645, which falls below the required threshold. Nevertheless, the lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/16/2025 |  | Waived-Audited FICO of 645 is less than Guideline FICO of 650 The minimum FICO score required as per guidelines is 675; however, the audited FICO score is 645, which falls below the required threshold. Nevertheless, the lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/16/2025<br>|  |  | Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 996610 |  |  | Closed | 2025-05-16 13:46 | 2025-05-22 13:25 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-Credit report iis expired. Lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/16/2025 |  | Waived-Credit report iis expired. Lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/16/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 919680 |  |  | Closed | 2025-05-16 13:47 | 2025-05-21 15:24 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. The loan file is missing a VOR for the borrower's primary residence. A rent-free letter was provided but is not accounted for in the GL requirements. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-05/16/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. The loan file is missing a VOR for the borrower's primary residence. A rent-free letter was provided but is not accounted for in the GL requirements. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-05/16/2025<br>|  |  | 1) High Fico | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 919680 |  |  | Closed | 2025-05-16 14:44 | 2025-05-16 14:44 | Waived | 2 - Non-Material | Credit | Eligibility | Credit Report Expired | Waived-Credit report is 68 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-05/16/2025 |  | Waived-Credit report is 68 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-05/16/2025<br>|  |  | 1) High Fico | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 636353 |  |  | Closed | 2025-05-16 19:08 | 2025-05-22 14:10 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 630 is less than Guideline FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-05/16/2025 |  | Waived-Audited FICO of 630 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-05/16/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 636353 |  |  | Closed | 2025-05-22 13:57 | 2025-05-22 14:09 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines required a VOR from a management company or 12 months cancelled rent checks. Despite these requirements, no VOR was provided as the borrower resides rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors were documented and validated. - Due Diligence Vendor-05/22/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines required a VOR from a management company or 12 months cancelled rent checks. Despite these requirements, no VOR was provided as the borrower resides rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors were documented and validated. - Due Diligence Vendor-05/22/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 636353 |  |  | Closed | 2025-05-22 14:08 | 2025-05-22 14:09 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-Credit report is greater than 60 days at time of closing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/22/2025 |  | Waived-Credit report is greater than 60 days at time of closing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/22/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 107070 |  |  | Closed | 2025-05-16 20:29 | 2025-05-19 15:37 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Property type is ineligible due to XX% vacant, rural, > $25k in deferred maintenance. Lender guidelines reflect a maximum of $20,000 allowed for deferred maintenance. Despite this guideline, the appraisal reflects the need for an estimate roof repair in the amount of $XX,XXXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/16/2025 |  | Waived-Property type is ineligible due to XX% vacant, rural, > $25k in deferred maintenance. Lender guidelines reflect a maximum of $20,000 allowed for deferred maintenance. Despite this guideline, the appraisal reflects the need for an estimate roof repair in the amount of $XXXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/16/2025 |  |  | Low LTV | XX | Investment | Purchase | NA | XXXXXXX | Investor Post-Close | No |
| XXXX | 107070 |  |  | Closed | 2025-05-16 20:22 | 2025-05-19 15:31 | 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 coverage as required by the Lender Guidelines. In addition, the policy information provided reflects less than the required 12 months coverage period. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/16/2025 |  | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Evidence of Law coverage as required by the Lender Guidelines. In addition, the policy information provided reflects less than the required 12 months coverage period. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/16/2025<br>|  |  | Ordinance or Law - 9 months policy - blanket policy. | XX | Investment | Purchase | NA | XXXXXXX | Investor Post-Close | No |
| XXXX | 493361 |  |  | Closed | 2025-05-20 16:59 | 2025-06-18 21:05 | 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. Lender GL require a VOM for the borrowers' primary residence reporting no more than 1x30x12, no late payments in the past 90 days and verification the mortgage is current at close. Despite these requirements, the credit report reflects last active of XX/XX/XXXX on the mortgage account and no additional documentation was provided. - Due Diligence Vendor-05/20/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/18/2025<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Low LTV<br> High FICO | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 493361 |  |  | Closed | 2025-05-19 16:05 | 2025-05-20 17:28 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-B1 Credit report is 60 days old as of Note Date. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/19/2025 |  | Waived-B1 Credit report is 60 days old as of Note Date. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/19/2025<br>|  |  | High Fico | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 493361 |  |  | Closed | 2025-05-16 20:53 | 2025-05-16 20:53 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Evidence of Law and Business Interruption coverages 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-05/16/2025 |  | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Evidence of Law and Business Interruption coverages 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-05/16/2025<br>|  |  | Seasoned investor. | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Investor Post-Close | No |
| XXXX | 815406 |  |  | Closed | 2025-06-04 16:01 | 2025-06-18 21:25 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-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. Lender guidelines require a primary residence mortgage history of no more than 1x30x12 with no late payments in the most recent 90 days and evidence that the loan was current at close. Despite this requirement, the credit report reflects last active of XX and no evidence the XX payment was made. - Due Diligence Vendor-06/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/18/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXX.pdf |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 815406 |  |  | Closed | 2025-05-29 20:39 | 2025-06-04 15:41 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided As per general property damage insurance guidelines wind and hail policy form required for the properties located in areas of high risk. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/29/2025 |  | Waived-Hazard Insurance Policy Partially Provided As per general property damage insurance guidelines wind and hail policy form required for the properties located in areas of high risk. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/29/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 426230 |  |  | Closed | 2025-06-04 17:19 | 2025-06-04 17:19 | Waived | 2 - Non-Material | Credit | Debt | Subordinate lien does not meet guideline requirements | Waived-Lender guidelines require a minimum 36-month term for any subordinate financing. Despite this requirement, the new 2nd lien has a term of 12 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/04/2025 |  | Waived-Lender guidelines require a minimum 36-month term for any subordinate financing. Despite this requirement, the new 2nd lien has a term of 12 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/04/2025<br>|  |  | Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 426230 |  |  | Closed | 2025-05-29 12:56 | 2025-06-04 17:17 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a VOM for both the subject and borrower's primary residence reported 1x30x12 with no late payments in the most recent 90 days as well as verification the account is current at close. Despite this requirement, no evidence of the 04/01 payment for either property was provided. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/29/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a VOM for both the subject and borrower's primary residence reported 1x30x12 with no late payments in the most recent 90 days as well as verification the account is current at close. Despite this requirement, no evidence of the XX payment for either property was provided. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/29/2025 |  |  | Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 426230 |  |  | Closed | 2025-05-29 13:59 | 2025-06-04 16:40 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 497 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-05/29/2025 |  | Waived-Audited FICO of 497 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-05/29/2025<br>|  |  | Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 853890 |  |  | Closed | 2025-05-29 18:19 | 2025-06-02 15:27 | 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 Business 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-05/29/2025 |  | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Evidence of Law and Business 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-05/29/2025<br>|  |  | Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 126009 |  |  | Closed | 2025-06-02 13:47 | 2025-06-02 13:47 | Waived | 2 - Non-Material | Credit | Missing Doc | Required Documentation is Missing | Waived-The file is missing the Commercial Condominium Association budget and most recent P&L Statement. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/02/2025 |  | Waived-The file is missing the Commercial Condominium Association budget and most recent P&L Statement. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/02/2025<br>|  |  | Low LTV<br> Strong Reserves | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 398538 |  |  | Closed | 2025-06-03 19:13 | 2025-06-03 19:13 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a verification of mortgage along with cancelled checks from the borrower for the past 12 months to verify loans held by private parties. Despite this requirement, processor certificates were provided to verify housing history for the 3 subject properties. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/03/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a verification of mortgage along with cancelled checks from the borrower for the past 12 months to verify loans held by private parties. Despite this requirement, processor certificates were provided to verify housing history for the 3 subject properties. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/03/2025<br>|  |  | High FICO<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 412156 |  |  | Closed | 2025-05-29 20:58 | 2025-06-04 13:37 | 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. - Due Diligence Vendor-05/29/2025 |  | 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. - Due Diligence Vendor-05/29/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 412156 |  |  | Closed | 2025-05-29 20:58 | 2025-06-04 13:37 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $XXXXX The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/29/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $XXXXX The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/29/2025 |  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 412156 |  |  | Closed | 2025-05-29 21:16 | 2025-05-29 21:16 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-The subject loan was refinanced recently. Per lender's guidelines, a frequent refinance with less than 12 months seasoning is not allowed. A refinance occurred within the last 12 months. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/29/2025 |  | Waived-The subject loan was refinanced recently. Per lender's guidelines, a frequent refinance with less than 12 months seasoning is not allowed. A refinance occurred within the last 12 months. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/29/2025<br>|  |  | Property Condition | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 412156 |  |  | Closed | 2025-05-29 21:12 | 2025-05-29 21:12 | 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 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-05/29/2025 |  | Waived-Credit report is 60 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-05/29/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 119954 |  |  | Closed | 2025-06-02 17:13 | 2025-06-02 17:13 | Waived | 2 - Non-Material | Credit | Assets | Asset 4 Does Not Meet Guideline Requirements | Waived-Asset 4 Does Not Meet Guideline Requirements Asset 4 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-06/02/2025 |  | Waived-Asset 4 Does Not Meet Guideline Requirements Asset 4 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-06/02/2025<br>|  |  | Strong reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 119954 |  |  | Closed | 2025-06-02 16:24 | 2025-06-02 16:25 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% 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-06/02/2025 |  | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% 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-06/02/2025<br>|  |  | Strong reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 842105 |  |  | Closed | 2025-05-29 11:35 | 2025-05-29 11:58 | 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 verification of no less than 1x30x12 or 0x30x6 on mortgage of Primary residence. Despite this requirement, mortgage is only rate through XX on Credit report, evidence of payment for the month of XX and XX is provided however missing for XX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/29/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require verification of no less than 1x30x12 or 0x30x6 on mortgage of Primary residence. Despite this requirement, mortgage is only rate throughXX on Credit report, evidence of payment for the month of XX and XX is provided however missing for XX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/29/2025 |  |  | 1) Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 842105 |  |  | Closed | 2025-05-29 11:56 | 2025-05-29 11:56 | 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 guidelines require qualifying FICO to be above > equal to 650. Despite this condition qualifying Fico is below program guidelines. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/29/2025 |  | Waived-Audited FICO of 610 is less than Guideline FICO of 650 Lender guidelines require qualifying FICO to be above > equal to 650. Despite this condition qualifying Fico is below program guidelines. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/29/2025<br>|  |  | 1) Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 233989 |  |  | Closed | 2025-05-29 18:04 | 2025-05-29 18:04 | 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 $XXXXX. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/29/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $XXXXX. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/29/2025 |  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 233989 |  |  | Closed | 2025-05-29 18:01 | 2025-05-29 18:01 | 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. 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-05/29/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/29/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 171332 |  |  | Closed | 2025-05-29 17:18 | 2025-06-02 19:11 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 0.57 is below guideline minimum of 1.00 for a Traditional 2 property owner user property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/29/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 0.57 is below guideline minimum of 1.00 for a Traditional 2 property owner user property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/29/2025<br>|  |  | 1) Seasoned Investor<br> 2) Seasoned Business | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 171332 |  |  | Closed | 2025-05-29 16:53 | 2025-06-02 18:47 | Waived | 2 - Non-Material | Credit | Eligibility | Asset do not meet guidelines | Waived-Asset 4 is considered to unverified funds as the wire transfer receipt for funds to close referencing that account is greater than the verified balance. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/29/2025 |  | Waived-Asset 4 is considered to unverified funds as the wire transfer receipt for funds to close referencing that account is greater than the verified balance. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/29/2025<br>|  |  | 1) Seasoned investor | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 171332 |  |  | Closed | 2025-05-29 16:22 | 2025-06-02 18:33 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided HTe Hazard policy provided did not reflect the required L&O coverage as well as the deductibles exceed the guideline maximum. There was no evidence the first-year premium was paid in advance as required by the lender gl. A lender exception was provided dated prior to consummationand all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/29/2025 |  | Waived-Hazard Insurance Policy Partially Provided HTe Hazard policy provided did not reflect the required L&O coverage as well as the deductibles exceed the guideline maximum. There was no evidence the first-year premium was paid in advance as required by the lender gl. A lender exception was provided dated prior to consummationand all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/29/2025<br>|  |  | 1) Seasoned Investor | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 725842 |  |  | Closed | 2025-05-29 17:18 | 2025-06-03 14:03 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-Credit report is 73 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-05/29/2025 |  | Waived-Credit report is 73 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-05/29/2025<br>|  |  | Seasoned Investor<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 725842 |  |  | Closed | 2025-05-29 17:16 | 2025-05-29 17:16 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives rent free. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/29/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives rent free. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-05/29/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 725842 |  |  | Closed | 2025-05-29 17:02 | 2025-05-29 17:02 | 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-05/29/2025 |  | 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-05/29/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 947379 |  |  | Closed | 2025-05-30 07:41 | 2025-06-19 13:16 | 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-06/19/2025 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-06/13/2025 <br> Open-Insufficient asset documentation in file - assets do not cover closing costs. No asset documentation for cash to close of $XXX,XXX.XX. - Due Diligence Vendor-05/30/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/19/2025<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 101213 |  |  | Closed | 2025-05-29 22:44 | 2025-05-29 22:44 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the rent loss, Law & 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-05/29/2025 |  | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the rent loss, Law & 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-05/29/2025<br>|  |  | Seasoned Investor.<br> Strong DCR. | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 396614 |  |  | 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>| XXX Loan Approval Form-XXXXXXXXXX- XXXX XXXX(1).pdf |  | Seasoned investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 396614 |  |  | Closed | 2025-06-10 18:05 | 2025-06-10 18:46 | 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 | No |
| XXXX | 396614 |  |  | 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 | 396614 |  |  | 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 | 396614 |  |  | 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 | 638963 |  |  | Closed | 2025-06-06 15:29 | 2025-06-18 22:31 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/18/2025 <br> Ready for Review-Exception noted on uploaded approval - Buyer-06/13/2025 <br> Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a mortgage verification for the borrower's primary residence reposting no less than 1/30 in the most recent 12 months, no late payments in the previous 90 days and verification the account is current at close. Despite this requirement the credit report reflects a date last active of XX/XX/XXXX for the 2nd lien and no additional documentation was provided. - Due Diligence Vendor-06/06/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/18/2025<br>|  |  | High FICO score | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 638963 |  |  | Closed | 2025-06-02 16:04 | 2025-06-18 22:30 | 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-06/18/2025 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-06/13/2025 <br> Open-Insufficient asset documentation in file - assets do not cover closing costs. Insufficient asset documentation in file - assets do not cover closing costs of total amount $XXXX - Due Diligence Vendor-06/02/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/18/2025<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX (1).pdf |  | High FICO | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 638963 |  |  | Closed | 2025-06-02 17:30 | 2025-06-02 20:17 | Waived | 2 - Non-Material | Credit | Eligibility | Credit Report Expired | Waived-Credit report is 70 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-06/02/2025 |  | Waived-Credit report is 70 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-06/02/2025<br>|  |  | High<br> FICO | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 776981 |  |  | Closed | 2025-06-20 14:58 | 2025-06-20 14:59 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-The first review product was not within tolerance, the loan will be graded a B for S&P and an A for all other rating agencies. - Due Diligence Vendor-06/20/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-06/20/2025 |  | Acknowledged-The first review product was not within tolerance, the loan will be graded a B for S&P and an A for all other rating agencies. - Due Diligence Vendor-06/20/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | 776981 |  |  | Closed | 2025-06-02 13:06 | 2025-06-06 13:56 | 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. Lender guidelines require a mortgage verification for the borrower's primary residence reporting no less than 1x30x12, no late payments in the bast 90 days and reflect current at close. Despite this requirement, the loan file is missing verification of the most recent 90 days of payments. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/02/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a mortgage verification for the borrower's primary residence reporting no less than 1x30x12, no late payments in the bast 90 days and reflect current at close. Despite this requirement, the loan file is missing verification of the most recent 90 days of payments. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/02/2025<br>|  |  | Seasoned Investor<br> Seasoned Business | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 980035 |  |  | Closed | 2025-06-02 14:47 | 2025-06-06 16:40 | 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-06/02/2025 |  | 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-06/02/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 980035 |  |  | Closed | 2025-06-02 14:44 | 2025-06-02 14:44 | 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/Hail Insurance. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/02/2025 |  | Waived-Hazard Insurance Policy Partially Provided The property is not covered by Wind/Hail Insurance. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/02/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 166273 |  |  | Closed | 2025-06-03 12:30 | 2025-06-06 11:25 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a mortgage verification for the borrower's primary residence reporting no more than 1x30x12, no late payments in the past 90 days and evidence th loan is current at close. Despite this requirement, the file is missing evidence of the XX payment for a complete mortgage verification. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/03/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a mortgage verification for the borrower's primary residence reporting no more than 1x30x12, no late payments in the past 90 days and evidence th loan is current at close. Despite this requirement, the file is missing evidence of the XX payment for a complete mortgage verification. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/03/2025 |  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 166273 |  |  | Closed | 2025-06-03 14:22 | 2025-06-06 11:23 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Property type is ineligible due to both properties are located in Rural area. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/03/2025 |  | Waived-Property type is ineligible due to both properties are located in Rural area. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/03/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 166273 |  |  | Closed | 2025-06-03 14:22 | 2025-06-06 11:23 | 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-06/03/2025 |  | 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-06/03/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 166273 |  |  | Closed | 2025-06-03 14:27 | 2025-06-06 11:22 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard insurance has blanket policy for both properties. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/03/2025 |  | Waived-Hazard insurance has blanket policy for both properties. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/03/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 199522 |  |  | Closed | 2025-06-05 16:19 | 2025-06-19 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-06/19/2025 <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 Missing. Lender guidelines require a VOM for the subject property reporting no less than 1x30 in the most recent 12 months, no late payments in the past 90 days and verification the loan is current at close. Despite these requirements a processor cert regarding verification and an internal bank printout showing several internal transfers for the amount of the mortgage were provided. The VOM is considered to be incomplete. - Due Diligence Vendor-06/05/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/19/2025<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | High FICO | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 199522 |  |  | Closed | 2025-06-05 16:22 | 2025-06-19 15:45 | 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-06/19/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-06/13/2025 <br>Open-Lender guidelines require verification of primary rental history with a VOR and 12 months payment history if the landlord is a private party. Despite this requirement, the file does contain a VOR from what appears to be a private party, but no property address was reflected on the document. A processor cert was provided stating no late. A 12-month payment history was not provided - Due Diligence Vendor-06/05/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/19/2025<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX (1).pdf |  | High FICO | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 684395 |  |  | Closed | 2025-06-02 16:07 | 2025-06-02 16:07 | 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 Law & 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-06/02/2025 |  | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Law & 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-06/02/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 465689 |  |  | Closed | 2025-06-05 18:21 | 2025-06-05 18:21 | Waived | 2 - Non-Material | Credit | Assets | Asset 1 Does Not Meet Guideline Requirements | Waived-Asset Record 1 Does Not Meet G/L Requirements Asset 1 balance is per the check to the title company the balance of which was not verified. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/05/2025 |  | Waived-Asset Record 1 Does Not Meet G/L Requirements Asset 1 balance is per the check to the title company the balance of which was not verified. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/05/2025<br>|  |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 885912 |  |  | Closed | 2025-06-04 12:14 | 2025-06-06 10:27 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Provided HOI policy for all properties have personal liability in the amount of XXX, so the overall limit is XXX for all properties. However, as per G/L For Investor 1-4 properties, $XXX,XXX is acceptable for the general aggregate limit. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/04/2025 |  | Waived-Provided HOI policy for all properties have personal liability in the amount of XXXK, so the overall limit is XXXK for all properties. However, as per G/L For Investor 1-4 properties, $XXX,XXX is acceptable for the general aggregate limit. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/04/2025 |  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 722599 |  |  | Closed | 2025-06-03 11:22 | 2025-06-06 18:54 | Waived | 2 - Non-Material | Credit | Assets | Asset Qualification Does Not Meet Guideline Requirements | Waived-Asset Qualification Does Not Meet Guideline Requirements The documentation provided to verify assets was considered not verified as there was less than 30 days transaction history provided. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-06/03/2025 |  | Waived-Asset Qualification Does Not Meet Guideline Requirements The documentation provided to verify assets was considered not verified as there was less than 30 days transaction history provided. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-06/03/2025<br>|  |  | Low LTV | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 722599 |  |  | Closed | 2025-06-03 11:26 | 2025-06-06 18:26 | 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-06/03/2025 |  | 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-06/03/2025<br>|  |  | Low LTV | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 890606 |  |  | Closed | 2025-06-02 17:45 | 2025-06-02 17:45 | 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. - Due Diligence Vendor-06/02/2025 |  | 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. - Due Diligence Vendor-06/02/2025<br>|  |  | 1. Seasoned Business<br> 2. Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 890606 |  |  | Closed | 2025-06-02 17:45 | 2025-06-02 17:45 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXX 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-06/02/2025 |  | 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-06/02/2025 |  |  | 1. Seasoned Investor<br> 2. Seasoned Business | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 268397 |  |  | Closed | 2025-06-02 19:50 | 2025-06-06 18:10 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 603 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-06/02/2025 |  | Waived-Audited FICO of 603 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-06/02/2025<br>|  |  | Property Condition<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | No |
| XXXX | 268397 |  |  | Closed | 2025-06-06 18:00 | 2025-06-06 18:00 | 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, 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 rolling late XX and XXX. The loan has been brought current and a LOX for the late payment was provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/06/2025 |  | 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, 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 rolling late XX and XX/XXXX. The loan has been brought current and a LOX for the late payment was provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/06/2025 |  |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 168579 |  |  | Closed | 2025-06-05 13:11 | 2025-06-19 16:12 | 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-06/19/2025 <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. Lender guidelines require a VOM for the borrower's primary residence reporting no more than 1x30 in the most recent 12 months, no late payments in the most recent 90 days and evidence the loan was current at close. Despite this requirement, the credit report reflects the primary first lien last active XX and the second lien last active XX. - Due Diligence Vendor-06/05/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/19/2025<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Low LTV<br> High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 168579 |  |  | Closed | 2025-06-02 20:53 | 2025-06-02 20:53 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-Credit Report age of 74 days > max age of 60 days as per G/L. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/02/2025 |  | Waived-Credit Report age of 74 days > max age of 60 days as per G/L. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/02/2025<br>|  |  | High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 413712 |  |  | Closed | 2025-06-05 14:44 | 2025-06-19 15:32 | Waived | 2 - Non-Material | Credit | Eligibility | Excessive Seller Contributions | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/19/2025 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-06/13/2025 <br> Open-Lender guidelines allow for 3% of the purchase price as a Seller Credit. Despite this requirement, the final HUD-1 reflects a Seller Credit of $XXXX or XX% - Due Diligence Vendor-06/05/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/19/2025<br>| XXX Loan Approval Form-XXXXXXXXXX- XXXX XXXX.pdf |  | Seasoned business <br> High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 413712 |  |  | Closed | 2025-06-02 19:27 | 2025-06-02 19:27 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% Borrower is first time investor as per matrix 5% of LTV reduction required for all property types, The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/02/2025 |  | Waived-Audited LTV of 70% exceeds Guideline LTV of 65% Borrower is first time investor as per matrix 5% of LTV reduction required for all property types, The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/02/2025<br>|  |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 413712 |  |  | Closed | 2025-06-02 18:33 | 2025-06-02 18:33 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives rent free verified from the Pg#254, #325. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/02/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives rent free verified from the Pg#254, #325. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/02/2025<br>|  |  | High FICO | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 608416 |  |  | Closed | 2025-06-02 19:16 | 2025-06-06 12:26 | 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. Lender guidelines require evidence of 12 months cancelled checks/verification pf payments to support a private party VOM. Despite this requirement, the loan file did not include any evidence of payment for either subject property. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/02/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require evidence of 12 months cancelled checks/verification pf payments to support a private party VOM. Despite this requirement, the loan file did not include any evidence of payment for either subject property. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/02/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 505026 |  |  | Closed | 2025-06-05 11:53 | 2025-06-19 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-06/19/2025 <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. Lender guidelines require a mortgage history for the borrower's primary residence reporting no more than 1x30 in the most recent 12 months with no late payments in the past 90 days and verification that the account is current at close. Despite this requirement the loan fil is missing evidence of the most recent payment on 04/01 to complete the mortgage history. - Due Diligence Vendor-06/05/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/19/2025<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX-XXXX.pdf |  | Strong reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 505026 |  |  | Closed | 2025-06-02 15:21 | 2025-06-05 11:14 | Waived | 2 - Non-Material | Credit | Assets | Asset 1 Does Not Meet Guideline Requirements | Waived-The documentation to support the wire receipt for cash to close was not provided in the loan file therefore funds considered unverified. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/02/2025 |  | Waived-The documentation to support the wire receipt for cash to close was not provided in the loan file therefore funds considered unverified. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/02/2025<br>|  |  | 1) Strong Reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 505026 |  |  | Closed | 2025-06-02 15:07 | 2025-06-02 15:08 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 603 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying is 603. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/02/2025 |  | Waived-Audited FICO of 603 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying is 603. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/02/2025<br>|  |  | 1) Strong Reserves | XX | Other | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 375010 |  |  | Closed | 2025-06-02 17:16 | 2025-06-19 16:30 | 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-06/19/2025 <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. Lender guidelines require verification of no less than 1x30x12 or 0x30x6 on mortgage, no late payments in the most recent 90 days and evidence the account is current at close. Despite this requirement, no evidence of mortgage payment for the month of 3/25 and 4/25 for the Borrower's primary residence was provided. - Due Diligence Vendor-06/02/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/19/2025<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX-XXXX.pdf |  | Seasoned investor<br> Strong reseerves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 375010 |  |  | Closed | 2025-06-02 17:21 | 2025-06-05 19:26 | Waived | 2 - Non-Material | Credit | Borrower | Borrower 1 Credit Report is Incomplete | Waived-Borrower DOB on Credit report dated XXXX was incorrect. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/02/2025 |  | Waived-Borrower DOB on Credit report dated XXX was incorrect. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/02/2025 |  |  | 1) Seasoned Investor<br> 2) Strong Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 375010 |  |  | Closed | 2025-06-02 17:34 | 2025-06-05 19:26 | Waived | 2 - Non-Material | Credit | Eligibility | Excessive Seller Concessions | Waived-Lender guidelines allow seller credit up to 3% of the purchase price or VCC value, despite this condition the seller credit of exceeds 3% of the<br> purchase price. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/02/2025 |  | Waived-Lender guidelines allow seller credit up to 3% of the purchase price or VCC value, despite this condition the seller credit of exceeds 3% of the<br> purchase price. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/02/2025<br>|  |  | 1) Seasoned Investor<br> 2) Strong Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 375010 |  |  | Closed | 2025-06-02 17:47 | 2025-06-05 19:04 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided Lender guideline requires coverage of Law and Ordinance endorsement "A" for traditional 1 and 2 property types. Despite this condition no L&O Coverage was noted. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/02/2025 |  | Waived-Hazard Insurance Policy Partially Provided Lender guideline requires coverage of Law and Ordinance endorsement "A" for traditional 1 and 2 property types. Despite this condition no L&O Coverage was noted. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/02/2025<br>|  |  | 1) Seasoned Investor<br> 2) Strong Reserves | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 305940 |  |  | Closed | 2025-06-10 18:59 | 2025-06-10 18:59 | 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 $XXXXXX Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/10/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $XXXXXX Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/10/2025 |  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 624633 |  |  | Closed | 2025-06-10 14:28 | 2025-06-10 14:28 | 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 $XXXXX Lender requires a min loan amount of $XX,XXX per program guidelines, despite this requirement the final 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-06/10/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $XXXXX Lender requires a min loan amount of $75,000 per program guidelines, despite this requirement the final 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-06/10/2025 |  |  | 1) Low LTV<br> 2) Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 555587 |  |  | Closed | 2025-06-24 15:00 | 2025-06-24 15:01 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-The initial secondary valuation was not within tolerance, the finding will be graded a B or non-material for S&P only and an A for all other agencies. - Due Diligence Vendor-06/24/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-06/24/2025 |  | Acknowledged-The initial secondary valuation was not within tolerance, the finding will be graded a B or non-material for S&P only and an A for all other agencies. - Due Diligence Vendor-06/24/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Post-Close | No |
| XXXX | 800328 |  |  | Closed | 2025-06-10 19:31 | 2025-06-13 16:50 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. The loan file is missing a VOR for the borrower's primary residence. A rent-free letter was provided but is not accounted for in the GL requirements. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-06/10/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. The loan file is missing a VOR for the borrower's primary residence. A rent-free letter was provided but is not accounted for in the GL requirements. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-06/10/2025<br>|  |  | 1) Low LTV<br> 2) Seasoned Investor | XX | Other | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 815242 |  |  | Closed | 2025-06-10 14:50 | 2025-07-02 19:13 | Waived | 2 - Non-Material | Property | Property | Ineligible Property | Waived-The subject property does not meet lender rural guidelines. The population of the city which is less than 25,000 but greater than 2,500 must be within a 25-mile radius of a city with a population of 100,000. Despite this requirement, the population of the subject city is XXX and the nearest city with a population greater than 100,00 is XX miles away. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/02/2025 |  | Waived-The subject property does not meet lender rural guidelines. The population of the city which is less than 25,000 but greater than 2,500 must be within a 25-mile radius of a city with a population of 100,000. Despite this requirement, the population of the subject city is XXXX and the nearest city with a population greater than 100,00 is XX miles away. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-07/02/2025 |  |  | Low<br> LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 542362 |  |  | Closed | 2025-07-02 22:11 | 2025-07-02 22:11 | 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. S&P RA Only - Value grade equals B, secondary product within tolerance. This finding is non-material and will be rated a B for all agencies. - Due Diligence Vendor-07/02/2025 |  | Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. S&P RA Only - Value grade equals B, secondary product within tolerance. This finding is non-material and will be rated a B for all agencies. - Due Diligence Vendor-07/02/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Investor Post-Close | No |
| XXXX | 542362 |  |  | Closed | 2025-06-11 15:16 | 2025-06-12 11:15 | 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 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-06/11/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. 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-06/11/2025<br>|  |  | Seasoned Investor<br> High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 591038 |  |  | Closed | 2025-06-11 13:20 | 2025-06-11 13:20 | 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-06/11/2025 |  | 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-06/11/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 591038 |  |  | Closed | 2025-06-11 13:02 | 2025-06-11 13:02 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. The 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-06/11/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. 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-06/11/2025<br>|  |  | Seasoned Investor<br> High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 418960 |  |  | Closed | 2025-07-02 22:14 | 2025-07-02 22:14 | 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. S&P RA Only - Value grade equals B, secondary product within tolerance. This finding is non-material and will be rated a B for all agencies. - Due Diligence Vendor-07/02/2025 |  | Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. S&P RA Only - Value grade equals B, secondary product within tolerance. This finding is non-material and will be rated a B for all agencies. - Due Diligence Vendor-07/02/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Investor Post-Close | No |
| XXXX | 418960 |  |  | Closed | 2025-06-11 15:21 | 2025-06-11 15:21 | 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 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-06/11/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. 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-06/11/2025<br>|  |  | Seasoned Investor<br> High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 418960 |  |  | Closed | 2025-06-11 15:21 | 2025-06-11 15:21 | 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-06/11/2025 |  | 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-06/11/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 410294 |  |  | Closed | 2025-06-12 10:34 | 2025-06-12 11:01 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lene guidelines require a VOR for the borrower's primary residence. Despite this requirement, no VOR was provided 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-06/12/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lene guidelines require a VOR for the borrower's primary residence. Despite this requirement, no VOR was provided 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-06/12/2025<br>|  |  | Seasoned business | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 410294 |  |  | Closed | 2025-06-11 15:01 | 2025-06-11 15:10 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing Condo Master Insurance Policy | Waived-Missing condo master insurance policy. Missing Condo Master Insurance Policy. Sufficient coverage on all 3 properties on borrowers HO6 policies. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/11/2025 |  | Waived-Missing condo master insurance policy. Missing Condo Master Insurance Policy. Sufficient coverage on all 3 properties on borrowers HO6 policies. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/11/2025<br>|  |  | Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 221253 |  |  | Closed | 2025-06-12 11:09 | 2025-06-12 19:16 | 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 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-06/12/2025 |  | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the Evidence of Law and ordinance 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-06/12/2025<br>|  |  | Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 457774 |  |  | Closed | 2025-06-10 13:47 | 2025-06-10 14:08 | Waived | 2 - Non-Material | Credit | Insurance | Hazard Insurance Shortfall | Waived-General Liability Insurance is $100,000. As per Guideline $300,000 is the general aggregate limit. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/10/2025 |  | Waived-General Liability Insurance is $XXXX. As per Guideline $300,000 is the general aggregate limit. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/10/2025 |  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 457774 |  |  | Closed | 2025-06-10 14:04 | 2025-06-10 14:04 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-Credit report is 75 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-06/10/2025 |  | Waived-Credit report is 75 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-06/10/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 459223 |  |  | Closed | 2025-06-11 17:58 | 2025-06-19 14:54 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/19/2025 <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. Lender guidelines require no less than 1x30x12, no late payments in the past 90 days and verification an account is current at the time of close. Despite this requirement the file is missing verification of the XX payment for the 2nd lien on the borrower' s primary residence and verification of on time payments for XX and XX. - Due Diligence Vendor-06/11/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/19/2025<br>| XXX Loan Approval Form-XXXXXXXXXX- XXXX.pdf |  | High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 459223 |  |  | Closed | 2025-06-10 16:58 | 2025-06-10 17:14 | Waived | 2 - Non-Material | Credit | Missing Doc | HO6 Master Insurance Policy is Missing | Waived-Missing HO-6 Master Insurance Policy No Master Policy Insurance, DP3 policy covering the full loan amount. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/10/2025 |  | Waived-Missing HO-6 Master Insurance Policy No Master Policy Insurance, DP3 policy covering the full loan amount. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/10/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 519404 |  |  | Closed | 2025-06-11 12:16 | 2025-06-19 15:10 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/19/2025 <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. Lender guidelines require verification of the borrower's primary residence reporting no more than 1x30 in the most recent 12 months, no late payments in the most recent 90 days and verification the loan was current at close. Despite this requirement, documentation reflects the 2nd lien remains due for the XX payment - Due Diligence Vendor-06/11/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/19/2025<br>| XXXLoan Approval Form-XXXXXXXXXX - XXXX.pdf |  | High FICO | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 937184 |  |  | Closed | 2025-06-11 16:23 | 2025-06-19 16:38 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/19/2025 <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. Lender guidelines require verification of no less than 1x30 in the most recent 12 months, no late payments in the past 90 days and evidence the loan is current at closing. Despite this requirement, the file is missing verification of the XX1 payment for the 2nd lien on the borrower's primary residence. - Due Diligence Vendor-06/11/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/19/2025<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Seasoned investor<br> High FICO | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 401384 |  |  | Closed | 2025-06-12 14:31 | 2025-06-13 18:25 | 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 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-06/12/2025 |  | Waived-Hazard Insurance Policy Partially Provided The evidence of insurance is missing the 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-06/12/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 651404 |  |  | Closed | 2025-06-12 15:19 | 2025-06-12 15:24 | 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 subject mortgage history of no less than1x30 in themost recent 12 months, no late payments in the past 90 days and the account be current at close. Despite this requirement, the 2nd lien on the subject property is reporting 2x30 in the recent 12 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/12/2025 |  | Waived-Housing History Does Not Meet Guideline Requirements Lender guidelines require a subject mortgage history of no less than1x30 in themost recent 12 months, no late payments in the past 90 days and the account be current at close. Despite this requirement, the 2nd lien on the subject property is reporting 2x30 in the recent 12 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/12/2025<br>|  |  | High FICO<br> Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 651404 |  |  | Closed | 2025-06-11 11:47 | 2025-06-12 15:23 | 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. Lende guidelines require the subject property mortgage history to be verified for the most recent 12 months with no less than a Institutional VOM. The VOM provided was from a private lender and the required 12 months verification of payments was not provided. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/11/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lende guidelines require the subject property mortgage history to be verified for the most recent 12 months with no less than a Institutional VOM. The VOM provided was from a private lender and the required 12 months verification of payments was not provided. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/11/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 651404 |  |  | Closed | 2025-06-11 12:45 | 2025-06-11 12:45 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-The subject loan was refinanced recently. Per lender's guidelines, a frequent refinance with less than 12 months seasoning is not allowed. A refinance occurred within the last 12 months. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/11/2025 |  | Waived-The subject loan was refinanced recently. Per lender's guidelines, a frequent refinance with less than 12 months seasoning is not allowed. A refinance occurred within the last 12 months. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/11/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 554012 |  |  | Closed | 2025-06-16 10:29 | 2025-06-16 10:40 | Waived | 2 - Non-Material | Credit | Assets | Asset 3 Does Not Meet Guideline Requirements | Waived-Asset Record 3 Does Not Meet G/L Requirements The wire receipt tied to asset 3 for cash to close is 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-06/16/2025 |  | Waived-Asset Record 3 Does Not Meet G/L Requirements The wire receipt tied to asset 3 for cash to close is 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-06/16/2025<br>|  |  | High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 554012 |  |  | Closed | 2025-06-12 17:41 | 2025-06-12 17:41 | 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/Hail Insurance. Payment Plan reflects Premium is not collected at closing. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-06/12/2025 |  | Waived-Hazard Insurance Policy Partially Provided The property is not covered by Wind/Hail Insurance. Payment Plan reflects Premium is not collected at closing. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-06/12/2025<br>|  |  | Seasoned Investor | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 415650 |  |  | Closed | 2025-06-12 16:28 | 2025-06-12 16:30 | Waived | 2 - Non-Material | Credit | Assets | Asset 2 Does Not Meet Guideline Requirements | Waived-Asset Record 2 Does Not Meet G/L Requirements Current balance validated with a wire receipt to title company for cash to close, 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-06/12/2025 |  | Waived-Asset Record 2 Does Not Meet G/L Requirements Current balance validated with a wire receipt to title company for cash to close, 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-06/12/2025<br>|  |  | High FICO | XX | Investment | Purchase | NA | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 571888 |  |  | Closed | 2025-06-12 10:53 | 2025-06-12 10:53 | Waived | 2 - Non-Material | Credit | Eligibility | Delinquent Credit History Does Not Meet Guideline Requirements | Waived-Delinquent Credit History Does Not Meet Guideline Requirements Provided credit report reflects Collection/Charge-off account > 25,000. As per guideline, Collection accounts or charged-off accounts do not need to be paid off if the balance of an individual account is less than $25,000.00 or if the total balance of all accounts is $25,000.00 or less. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/12/2025 |  | Waived-Delinquent Credit History Does Not Meet Guideline Requirements Provided credit report reflects Collection/Charge-off account > 25,000. As per guideline, Collection accounts or charged-off accounts do not need to be paid off if the balance of an individual account is less than $25,000.00 or if the total balance of all accounts is $25,000.00 or less. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-06/12/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 112347 |  |  | Closed | 2025-07-02 22:20 | 2025-07-02 22:20 | 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. S&P RA Only - Value grade equals B, secondary product within tolerance. This finding is non-material and will be rated a B for all agencies. - Due Diligence Vendor-07/02/2025 |  | Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. S&P RA Only - Value grade equals B, secondary product within tolerance. This finding is non-material and will be rated a B for all agencies. - Due Diligence Vendor-07/02/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Investor Post-Close | No |
| XXXX | 587997 |  |  | Closed | 2025-05-22 16:49 | 2025-06-27 16:59 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/27/2025 <br>Ready for Review-Document Uploaded. Change Memo #1 notes the FICO of 649 is accepted. See attached changed memo that applies to all 5 loans. - Seller-05/30/2025 <br>Open-Audited FICO of 649 is less than Guideline FICO of 650 - Due Diligence Vendor-05/22/2025 | Low LTV<br> Guarantor's net worth<br> High DSCR - 06/27/2025 <br>Ready for Review-Document Uploaded. Change Memo #1 notes the FICO of 649 is accepted. See attached changed memo that applies to all 5 loans. - Seller-05/30/2025 | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/27/2025<br>| Credit Approval Memorandum with change memo.pdf |  | Low LTV<br> Guarantor's net worth<br> High DSCR | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 783744 |  |  | Closed | 2025-05-27 16:16 | 2025-07-03 21:06 | Waived | 2 - Non-Material | Credit | Assets | Insufficient asset documentation in file - assets do not cover closing costs | Waived- - Due Diligence Vendor-07/02/2025 <br>Acknowledged-Lender provided approved exception post consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/02/2025 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-07/01/2025 <br>Open-Insufficient asset documentation in file - assets do not cover closing costs. Complete bank statement for the Guarantor's account is missing. - Due Diligence Vendor-05/27/2025 | High FICO - 07/02/2025 <br>| Acknowledged-Lender provided approved exception post consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-07/02/2025<br>| XXX Loan Approval Form-XXXXXXXXX - XXXX.pdf |  | Guarantor's net worth | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 841178 |  |  | Closed | 2025-05-29 19:33 | 2025-06-04 12:23 | 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-05/29/2025 |  | 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-05/29/2025<br>|  |  | High DSCR - 06/27/2025 | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 132592 |  |  | Closed | 2025-06-04 12:00 | 2025-06-18 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-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. Lender guidelines require a verification of mortgage for the borrower's primary residence reporting a mix of 1x30 in most recent 12 months with no late payments in the recent 90 days and verification loan is current at close. Despite this requirement, the credit report reflects a last active date of 02/21 with no additional information provided. - Due Diligence Vendor-06/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-06/18/2025<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 132592 |  |  | Closed | 2025-05-29 22:13 | 2025-06-04 12:06 | Waived | 2 - Non-Material | Credit | Eligibility | Credit Report Expired | Waived-Credit report is 64 days old as of Closing date, which is greater than the maximum 60 days per lender guidelines. Lender exception provided dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/29/2025 |  | Waived-Credit report is 64 days old as of Closing date, which is greater than the maximum 60 days per lender guidelines. Lender exception provided dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/29/2025<br>|  |  | 1) Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 132592 |  |  | Closed | 2025-05-29 22:19 | 2025-06-04 12:01 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing Condo Master Insurance Policy | Waived-Missing condo master insurance policy. Condo master insurance policy is missing unit numbers on the policy, as required per guideline. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/29/2025 |  | Waived-Missing condo master insurance policy. Condo master insurance policy is missing unit numbers on the policy, as required per guideline. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-05/29/2025<br>|  |  | 1) Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 132592 |  |  | Closed | 2025-05-29 22:10 | 2025-05-29 22:10 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 636 is less than Guideline FICO of 650.All compensating factors were found to be valid. The lender approved exception follows lender's exception policy. - Due Diligence Vendor-05/29/2025 |  | Waived-Audited FICO of 636 is less than Guideline FICO of 650.All compensating factors were found to be valid. The lender approved exception follows lender's exception policy. - Due Diligence Vendor-05/29/2025<br>|  |  | 1) Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 580606 |  |  | Closed | 2025-06-13 10:11 | 2025-06-13 10:53 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Lender guidelines require a 24-month credit history reporting a minimum of 2 active major consumer credit accounts. Despite this requirement, the account history for the major accounts is less than 24 months. Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/13/2025 |  | Waived-Lender guidelines require a 24-month credit history reporting a minimum of 2 active major consumer credit accounts. Despite this requirement, the account history for the major accounts is less than 24 months. Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-06/13/2025<br>|  |  | Strong reserves | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |
| XXXX | 580606 |  |  | Closed | 2025-06-12 20:05 | 2025-06-12 20:05 | 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 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-06/12/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. 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-06/12/2025<br>|  |  | Strong<br> Reserves | XX | Investment | Refinance | No Cash Out - Borrower Initiated | XXXXXXX | Originator Pre-Close | Yes |

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## Exhibit 99.11

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vccm_abs-15g.htm)

**Exhibit 99.11**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Alt Loan ID** | **Investor 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** |
| 518112 |  | $X,XXX.XX A |  |  |  |  | - A |
| 134641 |  | $X,XXX.XX A |  |  |  |  | - A |
| 954246 |  | $X,XXX.XX A |  |  |  |  | - A |
| 587997 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 815293 |  | $X,XXX.XX A |  |  |  |  | - A |
| 526631 |  | $X,XXX.XX A |  |  |  |  | - A |
| 901542 |  | $X,XXX.XX A |  |  |  |  | - A |
| 103707 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 966843 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 316513 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 208427 |  | $X,XXX.XX A |  |  |  |  | - A |
| 815406 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 624633 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 426230 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 718838 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 396614 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 525356 |  | $X,XXX.XX A |  |  |  |  | - A |
| 638963 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 783744 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 555587 |  | $X,XXX.XX A |  |  |  |  | - A B |
| 743810 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 776981 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 474354 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 656334 |  | $X,XXX.XX A |  |  |  |  | - A |
| 980035 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 853890 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 800328 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 351031 |  | $X,XXX.XX A |  |  |  |  | - A |
| 691742 |  | $X,XXX.XX A |  |  |  |  | - A |
| 166273 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 708371 |  | $X,XXX.XX A |  |  |  |  | - A |
| 109511 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 202087 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 812367 |  | $X,XXX.XX A |  |  |  |  | - A |
| 126009 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 815242 |  | $X,XXX.XX A |  |  |  |  | - B |
| 542362 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 591038 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 418960 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 410294 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 434896 |  | $X,XXX.XX A |  |  |  |  | - A B |
| 799348 |  | $X,XXX.XX A |  |  |  |  | - A |
| 583604 |  | $X,XXX.XX A |  |  |  |  | - A |
| 398538 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 221253 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 632178 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 199522 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 984823 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 176244 |  | $X,XXX.XX A |  |  |  |  | - A |
| 412156 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 948024 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 512599 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 684395 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 280573 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 119954 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 305108 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 114729 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 394418 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 842105 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 465689 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 233989 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 171332 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 725842 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 622243 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 659771 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 841178 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 947379 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 684638 |  | $X,XXX.XX A |  |  |  |  | - A |
| 457774 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 200238 |  | $X,XXX.XX A |  |  |  |  | - A |
| 162794 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 811993 |  | $X,XXX.XX A |  |  |  |  | - A |
| 830243 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 101213 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 956153 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 996610 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 712334 |  | $X,XXX.XX A |  |  |  |  | - A |
| 132592 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 885912 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 919680 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 636353 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 459223 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 519404 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 937184 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 189923 |  | $X,XXX.XX A |  |  |  |  | - A |
| 107070 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 401384 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 493361 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 722599 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 651404 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 890606 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 554012 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 268397 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 580606 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 415650 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 168579 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 413712 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 608416 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 571888 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 112347 |  | $X,XXX.XX A |  |  |  |  | - A B |
| 505026 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 496967 |  | $X,XXX.XX A |  |  |  |  | - A |
| 375010 |  | $X,XXX.XX B |  |  |  |  | - A B |
| 305940 |  | $X,XXX.XX B |  |  |  |  | - A B |

---

## Exhibit 99.12

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vccm_abs-15g.htm)

**Exhibit 99.12**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| **Alt Loan ID** | **Seller Loan ID** | **Investor Loan ID** | **Note Date** | **Original Loan Amount** | **Sales Price** | **Total Adjusted Prior Purchase Price** | **Primary Appraisal Type** | **Primary Appraised Value** | **LTV** | **Value for LTV** | **CLTV** | **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** |
| 208427 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | 42.25 | $X,XXX.XX | 42.25 | 42.25 | 42.25 | 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 815406 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | 75.0 | $X,XXX.XX | 75.0 | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0620 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0620 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 624633 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 65.0 | $X,XXX.XX | 65.0 | 65.0 | 65.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0873 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0873 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 426230 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 52.7 | $X,XXX.XX | 61.49 | 52.7 | 61.49 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0753 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0753 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 638963 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 75.0 | $X,XXX.XX | 75.0 | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0124 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0124 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 555587 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 50.0 | $X,XXX.XX | 50.0 | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.1202 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.1202 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 776981 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 53.76 | $X,XXX.XX | 53.76 | 53.76 | 53.76 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.3195 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0323 | XXXX | Reasonable | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.3195 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 656334 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 50.0 | $X,XXX.XX | 50.0 | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0488 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0488 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 980035 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | 50.0 | $X,XXX.XX | 50.0 | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0048 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0048 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 351031 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 70.0 | $X,XXX.XX | 70.0 | 70.0 | 70.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0008 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0008 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 691742 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1073 Individual Condo Report | $X,XXX.XX | 50.0 | $X,XXX.XX | 50.0 | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0288 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0288 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 109511 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 70.0 | $X,XXX.XX | 70.0 | 70.0 | 70.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .2560 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .2560 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 202087 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1073 Individual Condo Report | $X,XXX.XX | 50.0 | $X,XXX.XX | 50.0 | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0659 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0659 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 815242 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 50.0 | $X,XXX.XX | 50.0 | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0394 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0394 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 542362 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | 60.27 | $X,XXX.XX | 60.27 | 60.27 | 60.27 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.1988 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.1988 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 591038 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 75.0 | $X,XXX.XX | 75.0 | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0237 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0237 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 418960 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | 56.45 | $X,XXX.XX | 56.45 | 56.45 | 56.45 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.2530 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.2530 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 434896 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | 75.0 | $X,XXX.XX | 86.61 | 75.0 | 86.61 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.2302 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.2302 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 583604 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1073 Individual Condo Report | $X,XXX.XX | 50.0 | $X,XXX.XX | 50.0 | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0259 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0259 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 412156 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 70.0 | $X,XXX.XX | 70.0 | 70.0 | 70.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .1116 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1116 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 948024 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | 75.0 | $X,XXX.XX | 75.0 | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .1031 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1031 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 305108 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 50.0 | $X,XXX.XX | 50.0 | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0256 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0256 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 394418 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 50.0 | $X,XXX.XX | 50.0 | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .2997 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .2997 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 842105 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 59.43 | $X,XXX.XX | 59.43 | 59.43 | 59.43 | XX/XX/XXXX | Broker Price Opinion (BPO) | $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 | .0000 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 233989 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 75.0 | $X,XXX.XX | 75.0 | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0112 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0112 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 622243 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 66.5 | $X,XXX.XX | 66.5 | 66.5 | 66.5 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.1119 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.1119 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 659771 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 75.0 | $X,XXX.XX | 75.0 | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0293 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0293 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 841178 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 50.0 | $X,XXX.XX | 50.0 | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .2510 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .2510 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 457774 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | 40.82 | $X,XXX.XX | 40.82 | 40.82 | 40.82 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0517 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0517 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 162794 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 75.0 | $X,XXX.XX | 75.0 | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0476 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0476 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 811993 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 50.0 | $X,XXX.XX | 50.0 | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0121 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0121 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 956153 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1073 Individual Condo Report | $X,XXX.XX | 60.0 | $X,XXX.XX | 60.0 | 60.0 | 60.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0832 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0832 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 996610 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 50.0 | $X,XXX.XX | 50.0 | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0337 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0337 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 919680 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 75.0 | $X,XXX.XX | 75.0 | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0112 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0112 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 636353 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 55.0 | $X,XXX.XX | 55.0 | 55.0 | 55.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $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 | .0000 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 459223 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1073 Individual Condo Report | $X,XXX.XX | 75.0 | $X,XXX.XX | 75.0 | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0545 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0545 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 519404 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1073 Individual Condo Report | $X,XXX.XX | 70.0 | $X,XXX.XX | 70.0 | 70.0 | 70.0 | 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 937184 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1073 Individual Condo Report | $X,XXX.XX | 70.0 | $X,XXX.XX | 70.0 | 70.0 | 70.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0210 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0210 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 722599 |  |  | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | 50.0 | $X,XXX.XX | 50.0 | 50.0 | 50.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0106 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0106 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 651404 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 75.0 | $X,XXX.XX | 75.0 | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0557 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0557 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 890606 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 75.0 | $X,XXX.XX | 75.0 | 75.0 | 75.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0888 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0888 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 268397 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1025 Small Residential Income Report | $X,XXX.XX | 70.0 | $X,XXX.XX | 70.0 | 70.0 | 70.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .1300 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1300 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 415650 |  |  | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 0 | 1025 Small Residential Income Report | $X,XXX.XX | 40.0 | $X,XXX.XX | 90.0 | 40.0 | 90.0 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0955 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0955 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 571888 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 50.0 | $X,XXX.XX | 64.37 | 50.0 | 64.37 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | -.0614 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0614 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 496967 |  |  | XX/XX/XXXX | $X,XXX.XX |  | 0 | 1004 URAR | $X,XXX.XX | 50.0 | $X,XXX.XX | 54.39 | 50.0 | 54.39 | XX/XX/XXXX | Broker Price Opinion (BPO) | $X,XXX.XX | $X,XXX.XX | .0489 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0489 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

## Exhibit 99.13

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vccm_abs-15g.htm)

**Exhibit 99.13**

---

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| Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 | Rating Agency Multi-Property Valuation Report v10.22 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Alt Loan ID** | **Seller Loan ID** | **Investor Loan ID** | **Property ID** | **Note Date** | **Original Loan Amount** | **Sales Price** | **Primary Appraisal Type** | **Primary Appraised Value** | **Value for LTV** | **Loan Reviewed Property Value** | **Loan Reviewed Variance Amount** | **Loan Reviewed Variance Percent** | **Loan Post-Close Reviewed Property Value** | **Loan Post-Close Reviewed Variance Amount** | **Loan Post-Close Reviewed Variance Percent** | **Primary Appraisal Date** | **Second Appraisal Value** | **Second Appraisal Variance Amount** | **Second Appraisal Variance Percent** | **Second Appraisal Date** | **Second Appraisal Type** | **AVM Appraised Value** | **AVM Variance Amount** | **AVM Variance Percent** | **AVM Confidence Score** | **FSD Score** | **AVM Company Name** | **AVM Product Name** | **AVM Appraisal Date** | **Desk Review Appraised Value** | **Desk Review Variance Amount** | **Desk Review Variance Percent** | **Desk Review Company** | **Desk Review Risk Score** | **Desk Review Appraisal Date** | **Desk Top Appraised Value** | **Desk Top Variance Amount** | **Desk Top Variance Percent** | **Desk Top Company** | **Desk Top Appraisal Date** | **BPO Appraised Value** | **BPO Variance Amount** | **BPO Variance Percent** | **BPO Company** | **BPO Appraisal Date** | **Field Review Appraised Value** | **Field Review Variance Amount** | **Field Review Variance Percent** | **Field Review Company** | **Field Review Appraisal Date** | **2055 Appraised Value** | **2055 Variance Amount** | **2055 Variance Percent** | **2055 Company** | **2055 Appraisal Date** | **AVE/CMA Appraised Value** | **AVE/CMA Variance Amount** | **AVE/CMA Variance Percent** | **AVE/CMA Company** | **AVE/CMA Appraisal Date** | **Updated Appraised Value** | **Updated Variance Amount** | **Updated Variance Percent** | **Updated Company** | **Updated Appraisal Date** | **Updated Appraisal Type** | **Loan Collateral Advisor Risk Score** | **Is Eligible for Rep and Warrant Relief per Loan Collateral Advisor?** | **Collateral Underwriter Risk Score** | **Total Adjusted Prior Purchase Price** | **Completion Report (1004D) Date** |
| 525356 |  |  | 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 | -.0188 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0188 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 525356 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0469 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0469 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 783744 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1073 Individual Condo Report | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0085 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0085 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 783744 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1073 Individual Condo Report | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .1030 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1030 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 783744 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0021 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0021 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 166273 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0622 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0622 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 166273 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .3896 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .3896 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 410294 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 1073 Individual Condo Report | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0620 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0620 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 410294 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 1073 Individual Condo Report | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0299 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0299 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 410294 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | $X,XXX.XX | 1073 Individual Condo Report | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0741 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0741 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 398538 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1073 Individual Condo Report | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0077 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0077 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 398538 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1073 Individual Condo Report | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0054 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0054 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 398538 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1073 Individual Condo Report | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0279 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0279 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 725842 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0039 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0039 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 725842 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0006 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0006 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 725842 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0403 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0403 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 132592 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .1599 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1599 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 132592 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0000 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 132592 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0122 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0122 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 132592 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0000 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 132592 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0000 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 885912 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0217 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0217 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 885912 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0478 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0478 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 885912 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0213 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0213 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 885912 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .1576 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1576 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 885912 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0246 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0246 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 885912 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .1334 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1334 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 580606 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0028 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX |  | XXXX |  | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0028 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 580606 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0133 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0133 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 580606 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0726 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX |  | XXXX |  | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0726 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 580606 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0315 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0315 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 580606 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .1190 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .1190 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 608416 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0237 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0237 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 608416 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .0233 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0233 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 112347 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.1400 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.1400 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 112347 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.0597 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.0597 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 112347 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | -.1452 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | -.1452 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 112347 |  |  | XXXX-XXXX | XX/XX/XXXX | $X,XXX.XX | 0 | 1004 URAR | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | $X,XXX.XX | .3736 |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $X,XXX.XX | $X,XXX.XX | .3736 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

## Exhibit 99.14

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vccm_abs-15g.htm)

**Exhibit 99.14**

---

| | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Seller** | **Alt Loan ID** | **Seller Loan ID** | **Investor Loan ID** | **Queue** | **Created Date** | **Last Modified Date** | **Finding Status** | **Event Level** | **Finding Category** | **Finding Sub Category** | **Finding Name** | **Reviewer Comments** | **Seller Comments** | **Finding Resolution** | **Finding Document** | **Reviewer Comp Factors** | **Originator Comp Factors** | **State** | **Occupancy** | **Loan Purpose** | **Refinance Purpose** | **Unique Finding ID** | **Acknowledged / Waived By** | **Waiver in File?** |
| XXXX | 746118 |  |  | Closed | 2025-07-02 14:30 | 2025-07-02 20:07 | Resolved | 1 - Information | Property | Missing Doc | Missing Appraisal (Property) | Resolved-Appraisal or other primary valuation product was provided - Due Diligence Vendor-07/02/2025 <br>Open-Appraisal or other primary valuation product is missing - Due Diligence Vendor-07/02/2025 |  | Resolved-Appraisal or other primary valuation product was provided - Due Diligence Vendor-07/02/2025<br>| XXXXXXXXXX Appraisal.pdf |  |  |  |  |  |  | XXXXXXX | N/A | N/A |

---

## Exhibit 99.15

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vccm_abs-15g.htm)

**Exhibit 99.15**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Alt Loan ID** | **Seller Loan ID** | **Investor 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** |
| 746118 |  |  | $X,XXX.XX A |  |  |  |  |  |  |  |  |  | - A |

---