# EDGAR Filing Document

**Accession Number:** 0001541356
**File Stem:** 0001541356-25-000013
**Filing Date:** 2025-10
**Character Count:** 60377
**Document Hash:** 69b11d6a96696bac8d6a393e1f49de0b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001541356-25-000013.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001541356-25-000013

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

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20251029

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

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Commercial mortgages

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Marriott Ownership Resorts, Inc.
- **CENTRAL INDEX KEY:** 0001541356
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 521320904
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-00523
- **FILM NUMBER:** 251428702

**BUSINESS ADDRESS:**
- **STREET 1:** 7812 PALM PARKWAY
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32836
- **BUSINESS PHONE:** (407) 206-6000

**MAIL ADDRESS:**
- **STREET 1:** 7812 PALM PARKWAY
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32836
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Marriott Ownership Resorts, Inc.
- **CENTRAL INDEX KEY:** 0001541356
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 521320904
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 7812 PALM PARKWAY
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32836
- **BUSINESS PHONE:** (407) 206-6000

**MAIL ADDRESS:**
- **STREET 1:** 7812 PALM PARKWAY
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32836
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Marriott Ownership Resorts, Inc.
- **CENTRAL INDEX KEY:** 0001541356
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 521320904
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-00523

**BUSINESS ADDRESS:**
- **STREET 1:** 7812 PALM PARKWAY
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32836
- **BUSINESS PHONE:** (407) 206-6000

**MAIL ADDRESS:**
- **STREET 1:** 7812 PALM PARKWAY
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32836

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM ABS-15G**

**ASSET-BACKED SECURITIZER REPORT**

**PURSUANT TO SECTION 15G OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**Check the appropriate box to indicate the filing obligation to 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)(1) ☐

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

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

☒ **Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**Central Index Key Number of securitizer: 0001541356**

**MVW 2025-2 LLC**

**(Exact name of issuing entity as specified in its charter)**

**Central Index Key Number of issuing entity (if applicable): Not applicable**

**Central Index Key Number of underwriter (if applicable): Not applicable**

**James H Hunter, IV, Executive Vice President and General Counsel (407) 513-6896**

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

------

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

Attached as Exhibit 99.1 hereto is a Report of Independent Accountants on Applying Agreed-Upon Procedures, dated October 28, 2025, obtained by the securitizer, with respect to certain agreed-upon procedures performed by Ernst & Young LLP. Attached as Exhibit 99.2 hereto is a Report, dated October 23, 2025, obtained by the securitizer, with respect to certain procedures performed by Computershare Trust Company, National Association, as custodian.

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>[99.1](exhibit991eyaupreportoctob.htm)</u> | Report of Independent Accountants on Applying Agreed-Upon Procedures, dated October 28, 2025 |
| <u>[99.2](exhibit992computersharerep.htm)</u> | Report of Custodian, dated October 23, 2025 |

---

______________________________________________________________________________

**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.

Date: October 29, 2025

---

| | |
|:---|:---|
| MARRIOTT OWNERSHIP RESORTS, INC.<br>(Securitizer) | MARRIOTT OWNERSHIP RESORTS, INC.<br>(Securitizer) |
| By: | /s/ Joseph J. Bramuchi |
| Name: Joseph J. Bramuchi | Name: Joseph J. Bramuchi |
| Title: Vice President | Title: Vice President |

---

## Exhibit 99.1

**Exhibit 99.1**

![eyheaderaupreporta.jpg](eyheaderaupreporta.jpg)

Report of Independent Accountants on Applying Agreed-Upon Procedures

Marriott Ownership Resorts, Inc. ("MORI")&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 October 2025

7812 Palm Parkway

Orlando, Florida 32836

Re:&nbsp;&nbsp;&nbsp;&nbsp;MVW 2025-2 LLC (the "Issuer")

Timeshare Loan Backed Notes, Series 2025-2 (the "Notes")

Sample Timeshare Loan Agreed-Upon Procedures

We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by MORI, BofA Securities, Inc. (the "Structuring Agent"), ATLAS SP Securities, a division of Apollo Global Securities, LLC and Wells Fargo Securities, LLC (collectively, the "Specified Parties"), for the intended purpose of assisting the Specified Parties in evaluating the accuracy of certain information with respect to a pool of timeshare interest loans corresponding to Marriott Vacation Club (the "MVC Timeshare Loans"), Vistana Signature Experiences (the "VSE Timeshare Loans"), WHV Resort Group, Inc. (the "HPP Timeshare Loans") and Hyatt Vacation Ownership (the "HVO Timeshare Loans," together with the MVC Timeshare Loans, VSE Timeshare Loans and HPP Timeshare Loans, the "Timeshare Loans") relating to the Issuer's securitization transaction. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The appropriateness of these procedures is solely the responsibility of the Specified Parties identified in this report. No other party acknowledged the appropriateness of the procedures. Consequently, we make no representation regarding the appropriateness of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.

The procedures performed and our associated findings are included in Attachment A.

------

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|:---|:---|
| ![eylogo3-2025.jpg](eylogo3-2025.jpg) | Page 2 of 5 |

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For the purpose of the procedures described in this report, MORI provided us with:

a.An electronic data file labeled "2025-2 AUP MVW sample selection data tape.xlsx" and the corresponding record layout and decode information, as applicable (the "Sample Data File"), that MORI indicated contains the information listed below, as of 30 June 2025 (the "Preliminary Cut-Off Date"), on each of the corresponding tabs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Labeled "MVC Sample" relating to 152 timeshare interest loans corresponding to Marriott Vacation Club (the "MVC Sample Timeshare Loans"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Labeled "VSE Sample" relating to 66 timeshare interest loans corresponding to Vistana Signature Experiences (the "VSE Sample Timeshare Loans"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Labeled "HPP Sample" relating to 18 timeshare interest loans corresponding to WHV Resort Group, Inc. (the "HPP Sample Timeshare Loans") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.Labeled "HVO Sample" relating to 14 timeshare interest loans corresponding to Hyatt Vacation Ownership (the "HVO Sample Timeshare Loans," together with the MVC Sample Timeshare Loans, VSE Sample Timeshare Loans and HPP Sample Timeshare Loans, the "Sample Timeshare Loans"),

b.Imaged copies of the following items (collectively, the "MVC Source Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.The promissory note, lost note affidavit and/or other related documents (collectively and as applicable, the "MVC Note"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.The deed of trust (the "MVC Deed of Trust"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.The mortgage (the "MVC Mortgage"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.The note and mortgage modification (the "MVC Modification"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.The contract for purchase, purchase agreement and/or other related documents

(collectively and as applicable, the "MVC Contract for Purchase"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.The contract addendum (the "MVC Contract Addendum"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii.The credit report (the "MVC Credit Report"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii.The HUD-1 uniform settlement statement (the "MVC HUD-1"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix.The summary of closing costs disbursement records, closing disclosure and/or other related documents (collectively and as applicable, the "MVC Closing Disclosure") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x.Certain screen shots from MORI's servicing system (the "MortgageServ System

Screen Shots"),

that MORI indicated relate to each MVC Sample Timeshare Loan, as applicable,

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|:---|:---|
| ![eylogo3-2025.jpg](eylogo3-2025.jpg) | Page 3 of 5 |

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c.Imaged copies of the following items (collectively, the "VSE Source Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.The note, adjustable rate note secured by mortgage, note modification agreement

and/or other related documents (collectively and as applicable, the "VSE Note"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.The mortgage, deed of trust and/or other related documents (collectively and as

applicable, the "VSE Mortgage"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.The purchase agreement, purchase and sale agreement, timeshare services

agreement, purchase contract and/or other related documents (collectively and as

applicable, the "VSE Purchase Agreement"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.The credit report (the "VSE Credit Report"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.The HUD-1 uniform settlement statement (the "VSE HUD-1"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.The truth in lending disclosure statement (the "VSE Truth in Lending Disclosure Statement") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii.Certain printed screen shots from Vistana Signature Experiences' or its affiliate's

servicing system (the "VSE System Screen Shots"),

that MORI indicated relate to each VSE Sample Timeshare Loan, as applicable,

d.Imaged copies of the following items (collectively, the "HPP Source Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.The purchase and sale agreement (the "HPP Agreement"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.The promissory note and security agreement (the "HPP Note"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Certain printed screen shots and payment histories from WHV Resort Group, Inc.'s

or its affiliate's servicing system (the "HPP System Screen Shots"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.The borrower's credit report (the "HPP Borrower Credit Report") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.The co-borrower's credit report (the "HPP Co-Borrower Credit Report"),

that MORI indicated relate to each HPP Sample Timeshare Loan, as applicable,

e.Imaged copies of the following items (collectively, the "HVO Source Documents," and

together with the MVC Source Documents, VSE Source Documents and HPP Source

Documents, the "Source Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.The note, adjustable rate note secured by mortgage, note modification agreement

and/or other related documents (collectively and as applicable, the "HVO Note"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.The purchase agreement, purchase and sale agreement, timeshare services

agreement, purchase contract and/or other related documents (collectively and as

applicable, the "HVO Purchase Agreement"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.The credit report (the "HVO Credit Report"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.The summary of closing costs disbursement records, closing disclosure and/or other related documents (collectively and as applicable, the "HVO Closing Disclosure") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.Certain printed screen shots from Hyatt Vacation Ownership's or its affiliate's

servicing system (the "HVO System Screen Shots"),

that MORI indicated relate to each HVO Sample Timeshare Loan, as applicable,

f.The list of relevant characteristics (the "MVC Sample Characteristics") on the Sample Data

File, which is shown on Exhibit 1 to Attachment A,

g.The list of relevant characteristics (the "VSE Sample Characteristics") on the Sample Data

File, which is shown on Exhibit 2 to Attachment A,

h.The list of relevant characteristics (the "HPP Sample Characteristics") on the Sample Data

File, which is shown on Exhibit 3 to Attachment A,

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| | |
|:---|:---|
| ![eylogo3-2025.jpg](eylogo3-2025.jpg) | Page 4 of 5 |

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i.The list of relevant characteristics (the "HVO Sample Characteristics," together with the

MVC Sample Characteristics, VSE Sample Characteristics and HPP Sample Characteristics,

the "Sample Characteristics") on the Sample Data File, which is shown on Exhibit 4 to

Attachment A, and

j.Instructions, assumptions and methodologies, which are described in Attachment A.

MORI indicated that the Sample Timeshare Loans on the Sample Data File were selected by the

Structuring Agent, on behalf of MORI. MORI, or the Structuring Agent, on behalf of MORI, did not

inform us as to the basis for how the Structuring Agent, on behalf of MORI, determined the

number of Sample Timeshare Loans or the methodology the Structuring Agent, on behalf of

MORI, used to select the Sample Timeshare Loans. Additionally, MORI indicated that the Sample

Timeshare Loans are expected to be representative of the Timeshare Loans.

For the purpose of the procedures described in this report, the:

a.152 MVC Sample Timeshare Loans are referred to as Sample Timeshare Loan Numbers 1

through 152,

b.66 VSE Sample Timeshare Loans are referred to as Sample Timeshare Loan Numbers 153

through 218,

c.18 HPP Sample Timeshare Loans are referred to as Sample Timeshare Loan Numbers 219

through 236 and

d.14 HVO Sample Timeshare Loans are referred to as Sample Timeshare Loan Numbers 237 through 250.

For the purpose of the procedures described in this report, certain information contained on the

Sample Data File is the "Subject Matter" as of the date of this report.

The procedures included in Attachment A were limited to comparing or recalculating certain

information that is further described in Attachment A. MORI is responsible for the Subject Matter,

Sample Data File, Source Documents, Sample Characteristics and the determination of the

instructions, assumptions and methodologies that are described herein. We were not requested

to perform, and we have not performed, any procedures other than those listed in Attachment A.

We have not verified, and we make no representation as to, the accuracy, completeness or

reasonableness of the Source Documents or any other information provided to us, or that we were

instructed to obtain, as applicable, by MORI or the Structuring Agent, on behalf of MORI, upon

which we relied in forming our findings. Accordingly, we make no representation and express no

opinion or conclusion as to (a) the existence of the Sample Timeshare Loans or Timeshare

Loans, (b) questions of legal or tax interpretation or (c) the appropriateness, accuracy,

completeness or reasonableness of any instructions, assumptions and methodologies provided to

us by MORI or the Structuring Agent, on behalf of MORI, that are described in this report. We

undertake no responsibility to update this report for events and circumstances occurring after the

date hereof.

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|:---|:---|
| ![eylogo3-2025.jpg](eylogo3-2025.jpg) | Page 5 of 5 |

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This agreed-upon procedures engagement was conducted in accordance with attestation

standards established by the American Institute of Certified Public Accountants (the "AICPA").

An agreed-upon procedures engagement involves the practitioner performing specific

procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We

were not engaged to, and did not, conduct an examination to express an opinion or a review to

express a conclusion in accordance with attestation standards established by the AICPA on any

of the items referred to herein. Accordingly, we do not express such an opinion or conclusion.

Had we performed additional procedures, other matters might have come to our attention that

would have been reported to you.

The agreed-upon procedures described in this report were not performed for the purpose of:

a.Satisfying any criteria for due diligence published by a nationally recognized statistical

rating organization (a "rating agency") or

b.Making any findings with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Whether the origination of the Timeshare Loans conformed to, or deviated from,

stated underwriting or credit extension guidelines, standards, criteria, or other

requirements,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.The value of the collateral securing the Timeshare Loans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Whether the originator(s) of the Timeshare Loans complied with federal, state or

local laws or regulations or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.Any other factor or characteristic of the Timeshare Loans that would be material

to the likelihood that the issuer of the Notes will pay interest and principal in

accordance with applicable terms and conditions.

We are required to be independent of MORI and to meet our other ethical responsibilities, as

applicable, for agreed-upon procedures engagements set forth in the Preface: Applicable to All

Members and Part 1 – Members in Public Practice of the Code of Professional Conduct

established by the AICPA. Independence requirements for agreed-upon procedure engagements

are less restrictive than independence requirements for audit and other attestation services.

This report is intended solely for the information and use of the Specified Parties and is not

intended to be, and should not be, used by anyone other than the Specified Parties. It is not

intended to be, and should not be, used by any other person or entity, including investors and

rating agencies, who are not identified in the report as Specified Parties but who may have

access to this report as required by law or regulation.

/s/ Ernst & Young LLP

28 October 2025

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| | |
|:---|:---|
| ![eylogo3-2025.jpg](eylogo3-2025.jpg) | Attachment A<br>Page 1 of 2 |

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<u>Procedures performed and our associated findings</u>

1. For each MVC Sample Timeshare Loan, we compared the MVC Sample Characteristics listed on Exhibit 1 to Attachment A, as shown on the Sample Data File, to the corresponding information located in, or to the corresponding information we recalculated using information located in, the Source Documents, subject to the instructions, assumptions and methodologies provided by MORI described in the notes to Exhibit 1 to Attachment A and the additional instruction(s) provided by MORI described in the succeeding paragraph(s) of this Item. Except for the information shown on Exhibit 5 to Attachment A, all such compared information was found to be in agreement.

The Source Document(s) and calculations (if applicable) that MORI instructed us to use for each MVC Sample Characteristic are indicated on Exhibit 1 to Attachment A. Unless otherwise indicated in the notes to Exhibit 1 to Attachment A, where more than one

Source Document is listed for an MVC Sample Characteristic, MORI instructed us to note agreement if the information on the Sample Data File for the MVC Sample Characteristic agreed with the corresponding information in at least one of the Source Documents (and result of our corresponding calculation, as applicable) that are listed for such MVC Sample Characteristic on Exhibit 1 to Attachment A. We performed no procedures to reconcile any differences that may exist between various Source Documents for any of the MVC Sample Characteristics listed on Exhibit 1 to Attachment A.

2. For each VSE Sample Timeshare Loan, we compared the VSE Sample Characteristics

listed on Exhibit 2 to Attachment A, as shown on the Sample Data File, to the corresponding information located in, or to the corresponding information we recalculated using information located in, the Source Documents, subject to the instructions, assumptions and methodologies provided by MORI described in the notes to Exhibit 2 to Attachment A and the additional instruction(s) provided by MORI described in the succeeding paragraph(s) of this Item. Except for the information shown on Exhibit 6 to Attachment A, all such compared information was found to be in agreement.

The Source Document(s) and calculations (if applicable) that MORI instructed us to use for each VSE Sample Characteristic are indicated on Exhibit 2 to Attachment A. Unless otherwise indicated in the notes to Exhibit 2 to Attachment A, where more than one Source Document is listed for a VSE Sample Characteristic, MORI instructed us to note agreement if the information on the Sample Data File for the VSE Sample Characteristic agreed with the corresponding information in at least one of the Source Documents (and result of our corresponding calculation, as applicable) that are listed for such VSE Sample Characteristic on Exhibit 2 to Attachment A. We performed no procedures to reconcile any differences that may exist between various Source Documents for any of the VSE Sample Characteristics listed on Exhibit 2 to Attachment A.

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|:---|:---|
| ![eylogo3-2025.jpg](eylogo3-2025.jpg) | Attachment A<br>Page 2 of 2 |

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3. For each HPP Sample Timeshare Loan, we compared the HPP Sample Characteristics listed on Exhibit 3 to Attachment A, as shown on the Sample Data File, to the corresponding information located in, or to the corresponding information we recalculated using information located in, the Source Documents, subject to the instructions, assumptions and methodologies provided by MORI described in the notes to Exhibit 3 to Attachment A and the additional instruction(s) provided by MORI described in the succeeding paragraph(s) of this Item. All such compared information was found to be in agreement.

The Source Document(s) and calculations (if applicable) that MORI instructed us to use for each HPP Sample Characteristic are indicated on Exhibit 3 to Attachment A. Unless otherwise indicated in the notes to Exhibit 3 to Attachment A, where more than one Source Document is listed for a HPP Sample Characteristic, MORI instructed us to note agreement if the information on the Sample Data File for the HPP Sample Characteristic agreed with the corresponding information in at least one of the Source Documents (and result of our corresponding calculation, as applicable) that are listed for such HPP Sample Characteristic on Exhibit 3 to Attachment A. We performed no procedures to reconcile any differences that may exist between various Source Documents for any of the HPP Sample Characteristics listed on Exhibit 3 to Attachment A.

4. For each HVO Sample Timeshare Loan, we compared the HVO Sample Characteristics listed on Exhibit 4 to Attachment A, as shown on the Sample Data File, to the corresponding information located in, or to the corresponding information we recalculated using information located in, the Source Documents, subject to the instructions, assumptions and methodologies provided by MORI described in the notes to Exhibit 4 to Attachment A and the additional instruction(s) provided by MORI described in the succeeding paragraph(s) of this Item. Except for the information shown on Exhibit 7 to Attachment A, all such compared information was found to be in agreement.

The Source Document(s) and calculations (if applicable) that MORI instructed us to use for each HVO Sample Characteristic are indicated on Exhibit 4 to Attachment A. Unless otherwise indicated in the notes to Exhibit 4 to Attachment A, where more than one Source Document is listed for an HVO Sample Characteristic, MORI instructed us to note agreement if the information on the Sample Data File for the HVO Sample Characteristic agreed with the corresponding information in at least one of the Source Documents (and result of our corresponding calculation, as applicable) that are listed for such HVO Sample Characteristic on Exhibit 4 to Attachment A. We performed no procedures to reconcile any differences that may exist between various Source Documents for any of the HVO Sample Characteristics listed on Exhibit 4 to Attachment A.

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 Exhibit 1 to Attachment A<br>Page 1 of 5

<u>MVC Sample Characteristics and Corresponding Source Documents</u>

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| | | |
|:---|:---|:---|
| MVC <br>Sample Characteristic | Sample<br>Data File Field Name | Source Document(s) |
| Loan number | Loan Number | MortgageServ System Screen Shots |
| Billing country | Billing Country | MVC Contract for Purchase or MortgageServ System Screen Shots |
| Billing state | Billing State | MVC Contract for Purchase or MortgageServ System Screen Shots |
| Interest rate | Interest Rate | MVC Note, MVC Deed of Trust, MVC Mortgage, MVC Modification or MortgageServ System Screen Shots |
| Open date | Open Date | MVC Note, MVC Deed of Trust, MVC Mortgage, MVC Modification, MVC Contract for Purchase, MVC Contract Addendum, MVC Credit Report, MVC HUD-1 or MVC Closing Disclosure |
| Original term | Original Term | (a)MVC Note, MVC Deed of Trust, MVC Mortgage, MVC Modification or MortgageServ System Screen Shots or<br>(b)Any MVC Source Document(s) and recalculation |
| Original balance | Original Balance | MVC Note, MVC Deed of Trust, MVC Mortgage, MVC Modification or MortgageServ System Screen Shots |
| Current balance | Current Balance | MortgageServ System Screen Shots |
| Original loan to value | Original Loan to Value | MVC Note, MVC Deed of Trust, MVC Mortgage, MVC Modification, MVC Contract for Purchase, MVC Contract Addendum, MVC Credit Report, MVC HUD-1 or MVC Closing Disclosure and recalculation |
| Next payment due date | Next Payment Due <br>&nbsp;&nbsp;&nbsp;&nbsp; Date | (a)MortgageServ System Screen Shots or<br>(b)MortgageServ System Screen Shots and recalculation |
| Credit score | Credit Score (Beacon) | (a)MVC Credit Report or<br>(b)MVC Credit Report and recalculation |

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 Exhibit 1 to Attachment A<br>Page 2 of 5

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| | | |
|:---|:---|:---|
| MVC<br>Sample Characteristic | Sample<br>Data File Field Name | Source Document(s) |
| Monthly payment | Monthly Payment | MVC Note, MVC Deed of Trust, MVC Mortgage, MVC Modification, MortgageServ System Screen Shots, MVC HUD-1 or MVC Closing Disclosure |
| Maturity date (month/year) | Maturity Date (month/year) | MVC Note, MVC Deed of Trust, MVC Mortgage, MVC Modification or MortgageServ System Screen Shots |
| Down payment | Down Payment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)MVC HUD-1, MVC Closing Disclosure or MVC Contract for Purchase or<br>(b)MVC HUD-1, MVC Closing Disclosure or MVC Contract for Purchase and <br>recalculation |
| Resort/project ID | Resort/Project Id | MVC Note, MVC Deed of Trust, MVC Mortgage, MVC Modification, MVC Contract for Purchase, MVC Contract Addendum, MVC Credit Report, MVC HUD-1 or MVC Closing Disclosure |
| Purchase price | Purchase Price | MVC Note, MVC Deed of Trust, MVC Mortgage, MVC Modification, MVC Contract for Purchase, MVC Contract Addendum, MVC Credit Report, MVC HUD-1 or MVC Closing Disclosure |

---

<u>Notes</u>:

i.The loan number MVC Sample Characteristic is for identification purposes only.

ii.For the purpose of comparing the billing country, billing state and resort/project ID MVC Sample Characteristics, MORI instructed us to ignore differences that appear to be due to abbreviation, truncation or spelling errors.

------

 Exhibit 1 to Attachment A<br>Page 3 of 5

iii.For the purpose of comparing the original term MVC Sample Characteristic for each MVC Sample Timeshare Loan that does not have the original term specifically stated in the applicable Source Document(s), MORI instructed us to recalculate the original term as the difference in months between the maturity date (month/year) and open date, both as shown in the applicable Source Document(s), subject to the additional instruction(s) provided by MORI described in the succeeding paragraph(s) of this note.

For the purpose of the recalculation described in the preceding paragraph, MORI

instructed us to use the first day of the month following the open date if the open date, as shown in the applicable Source Document, falls on the 29<sup>th</sup>, 30<sup>th</sup> or 31<sup>st</sup> day of the month.

iv.MORI indicated that certain of the MortgageServ System Screen Shots contained account activity that occurred after the Preliminary Cut-Off Date. For the purpose of comparing the current balance and next payment due date MVC Sample Characteristics, MORI instructed us to only consider account activity shown in the MortgageServ System Screen Shots that occurred on or prior to the Preliminary Cut-Off Date.

v.For the purpose of comparing the original loan to value MVC Sample Characteristic, MORI instructed us to recalculate the original loan to value by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Dividing the original balance by the purchase price, both as shown in the applicable Source Document(s) corresponding to the indicated MVC Sample Characteristic,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Multiplying the result obtained in a. above by 100 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Rounding the result obtained in b. above to the nearest integer.

vi.For the purpose of comparing the next payment due date MVC Sample Characteristic, MORI instructed us to note agreement if the value on the Sample Data File agreed with either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The corresponding information in the MortgageServ System Screen Shot(s),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The result of adding one month to the paid to date, as shown on the MortgageServ System Screen Shot(s),

subject to the additional instruction(s) provided by MORI described in the succeeding paragraph(s) of this note.

We performed no procedures to reconcile any differences that may exist relating to the information that we observed or recalculated in a. or b. above, as applicable.

------

 Exhibit 1 to Attachment A<br>Page 4 of 5

vii.MORI instructed us not to compare the credit score MVC Sample Characteristic for any MVC Sample Timeshare Loan with a credit score value of "0," "1," "5" or "999," as shown on the Sample Data File.

For the purpose of comparing the credit score MVC Sample Characteristic for each MVC Sample Timeshare Loan (except for any MVC Sample Timeshare Loan described in the preceding paragraph(s) of this note), MORI instructed us to use the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Primary borrower credit score,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Secondary borrower credit score or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Recalculated average value of the primary borrower credit score and secondary borrower credit score,

all as shown in, or as recalculated using information shown in, the MVC Credit Report, and to note agreement if the credit score value, as shown on the Sample Data File, agreed to the corresponding information described in either a., b. or c. above. We performed no procedures to reconcile any differences that may exist relating to the information that we observed or recalculated in a., b. or c. above, as applicable.

viii.For the purpose of comparing the maturity date (month/year) MVC Sample Characteristic, MORI instructed us to note agreement if the month and year of the maturity date, as shown on the Sample Data File, agreed with the month and year of the maturity date, as shown in the applicable Source Document.

ix.For the purpose of comparing the down payment MVC Sample Characteristic, MORI instructed us to note agreement if the value on the Sample Data File agreed with any of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The corresponding information in the MVC HUD-1, MVC Closing Disclosure or MVC Contract for Purchase,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The result of summing the down payment or deposits and loan origination fee (if applicable), all as shown in the MVC HUD-1, MVC Closing Disclosure or MVC Contract for Purchase

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.The result of subtracting the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Total closing costs or maintenance fees, as shown in the MVC HUD-1, MVC Closing Disclosure or MVC Contract for Purchase,

from

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Result obtained in b. above, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.The result of summing the down payment/funds from the borrower, total closing costs or cash to close and seller or lender credits (if applicable), all as shown in the MVC Closing Disclosure,

subject to the additional instruction(s) provided by MORI described in the succeeding paragraph(s) of this note.

For the purpose of comparing the down payment MVC Sample Characteristic, MORI instructed us to ignore differences of +/- $1.00 or less.

We performed no procedures to reconcile any differences that may exist between the applicable Source Documents or resulting recalculations described in the preceding paragraph(s) of this note.

------

 Exhibit 1 to Attachment A<br>Page 5 of 5

ix.For the purpose of comparing the resort/project ID MVC Sample Characteristic, MORI indicated that a resort/project ID value of "Aruba Ocean Club," as shown on the Sample Data File, corresponds to a resort/project ID value of "Marriott Vacation Club International of Aruba," as shown in the applicable Source Document.

x.For the purpose of comparing the purchase price MVC Sample Characteristic, MORI instructed us to ignore differences of +/- $1.00 or less.

We performed no procedures to determine the accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by MORI described in the notes above.

------

 Exhibit 2 to Attachment A<br>Page 1 of 5

<u>VSE Sample Characteristics and Corresponding Source Documents</u>

---

| | | |
|:---|:---|:---|
| VSE Sample <br>Characteristic | Sample<br>Data File Field Name | Source Document(s) |
| Loan ID | Loan ID | VSE System Screen Shots or VSE Note |
| Current loan balance | Current Loan Balance | VSE System Screen Shots |
| Original loan balance | Original Loan Balance | VSE Note, VSE HUD-1 or VSE System Screen Shots |
| Coupon rate | Coupon Rate | (a)VSE Note or VSE HUD-1 or<br>(b)VSE Note and VSE System Screen Shots |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Original term to <br>maturity (months) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Original Term to <br>Maturity (months) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)VSE Note, VSE System Screen Shots or VSE HUD-1 or<br>(b)VSE Mortgage, VSE Note, <br>VSE Truth in Lending Disclosure Statement, VSE System Screen Shots and/or VSE HUD-1 and recalculation |
| Remaining term to maturity (months) | Remaining Term to Maturity (months) | VSE Mortgage, VSE Note, VSE Truth in Lending Disclosure Statement and/or VSE System Screen Shots and recalculation |
| Monthly payment | Monthly Payment | (a)VSE Note or VSE HUD-1 or<br>(b)VSE Note and VSE System Screen Shots |
| Original maturity date (month/year) | Original Maturity Date (month/year) | (a)VSE Mortgage, VSE Note, VSE Truth in Lending Disclosure Statement or VSE System Screen Shots or<br>(b)VSE Mortgage, VSE Note, VSE Truth in Lending Disclosure Statement, VSE System Screen Shots and/or VSE HUD-1 and recalculation |
| Country | Country | VSE Purchase Agreement, VSE HUD-1 or VSE System Screen Shots |
| Sales price | Sales Price | (a)VSE Purchase Agreement, VSE Closing Disclosure, VSE HUD-1 or VSE System Screen Shots or<br>(b)VSE Purchase Agreement, VSE HUD-1 and recalculation |

---

------

 Exhibit 2 to Attachment A<br>Page 2 of 5

---

| | | |
|:---|:---|:---|
| VSE Sample <br>Characteristic | Sample<br>Data File Field Name | Source Document(s) |
| Down payment | Down Payment | (a)VSE Purchase Agreement, VSE Closing Disclosure, VSE HUD-1, VSE System Screen Shots, VSE Truth in Lending Disclosure or<br>(b)VSE Purchase Agreement, VSE Closing Disclosure and/or VSE Note and recalculation |
| Credit score | Credit Score | VSE Credit Report |

---

<u>Notes</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.The loan ID VSE Sample Characteristic is for identification purposes only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.MORI indicated that certain of the VSE System Screen Shots contained account activity that occurred after the Preliminary Cut-Off Date. For the purpose of comparing the current loan balance VSE Sample Characteristic, MORI instructed us to only consider account activity shown in the VSE System Screen Shots that occurred on or prior to the Preliminary Cut-Off Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.For the purpose of comparing the coupon rate VSE Sample Characteristic for each VSE Sample Timeshare Loan that has more than one coupon rate, as shown in the VSE Note, MORI instructed us to use the coupon rate, as shown in the VSE Note, corresponding to the coupon rate, as shown in the VSE System Screen Shots. We performed no procedures to reconcile any differences that may exist relating to the coupon rate information in the VSE Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.For the purpose of comparing the original term to maturity (months) VSE Sample Characteristic for each VSE Sample Timeshare Loan that does not have the original term to maturity (months) specifically stated in the VSE Note, VSE System Screen Shots or VSE HUD-1, MORI instructed us to recalculate the original term to maturity (months) as the difference in months between the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Original maturity date (month/year), as shown in the VSE Mortgage, VSE Note, VSE Truth in Lending Disclosure Statement, VSE System Screen Shots and/or VSE HUD-1, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.First payment date, as shown in the VSE System Screen Shots.

------

 Exhibit 2 to Attachment A<br>Page 3 of 5

v.For the purpose of comparing the remaining term to maturity (months) VSE Sample Characteristic, MORI instructed us to recalculate the remaining term to maturity (months) as the difference between the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Original term to maturity (months), as shown in the applicable Source Document or as recalculated as described herein, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Seasoning, as calculated using information shown on the Sample Data File, subject to the additional instruction(s) provided by MORI described in the succeeding paragraph(s) of this note.

For the purpose of this procedure, MORI instructed us to calculate the seasoning as the difference between the original term to maturity (months) and remaining term to maturity (months), both as shown on the Sample Data File.

vi.For the purpose of comparing the monthly payment VSE Sample Characteristic for each VSE Sample Timeshare Loan that has more than one monthly payment, as shown in the VSE Note or VSE HUD-1, MORI instructed us to use the monthly payment, as shown in the VSE Note or VSE HUD-1, corresponding to the monthly payment, as shown in the VSE System Screen Shots. We performed no procedures to reconcile any differences that may exist relating to the monthly payment information in the VSE Note or VSE HUD-1.

vii.For the purpose of comparing the original maturity date (month/year) VSE Sample Characteristic for each VSE Sample Timeshare Loan that does not have the original maturity date (month/year) specifically stated in the applicable Source Document(s), MORI instructed us to recalculate the original maturity date (month/year) by adding the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Number of months represented by subtracting one month from the original term to maturity (months), as shown in the applicable Source Document or as recalculated as described herein,

to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.First payment date, as shown in the VSE System Screen Shots,

subject to the additional instruction(s) provided by MORI described in the succeeding paragraph(s) of this note.

For the purpose of comparing the original maturity date (month/year) VSE Sample Characteristic, MORI instructed us to note agreement if the month and year of the original maturity date (month/year), as shown on the Sample Data File, agreed with the month and year of the original maturity date, as shown in the applicable Source Document(s) or as recalculated above.

viii.For the purpose of comparing the country VSE Sample Characteristic, MORI instructed us to note agreement with a country value of "United States," as shown on the Sample Data File, if the applicable Source Document(s) indicate a corresponding state location that is in the United States, subject to the additional instruction(s) provided by MORI described in the succeeding paragraph(s) of this note.

For the purpose of this procedure, MORI instructed us to ignore differences that appear to be due to abbreviation, truncation or spelling error.

------

 Exhibit 2 to Attachment A<br>Page 4 of 5

ix.For the purpose of comparing the sales price VSE Sample Characteristic for each VSE Sample Timeshare Loan that does not have the sales price specifically stated in the applicable Source Document(s), MORI instructed us to recalculate the sales price by subtracting the amount of equity applied as seller credit from the total of all pledged interests, both as shown in the applicable Source Document(s), subject to the additional instruction(s) provided by MORI described in the succeeding paragraph(s) of this note.

For the purpose of comparing the sales price VSE Sample Characteristic, MORI instructed us to ignore differences of +/- $1.00 or less.

x.For the purpose of comparing the down payment VSE Sample Characteristic, MORI instructed us to note agreement if the value on the Sample Data File agreed with any of the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Corresponding information, as shown in the VSE Purchase Agreement, VSE Closing Disclosure, VSE HUD-1, VSE Truth in Lending Disclosure or VSE System Screen Shots,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Result of summing the down payment and deposits, both as shown in the VSE Purchase Agreement and/or VSE Note,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Result of subtracting the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Administrative fee, as shown in the VSE Purchase Agreement, from

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Result obtained in b. above, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;Result of summing the down payment/funds from the borrow and adjustments and other credits, both as shown in the VSE Closing Disclosure,

subject to the additional instruction(s) provided by MORI described in the succeeding paragraph(s) of this note.

For the purpose of comparing the down payment VSE Sample Characteristic, MORI instructed us to ignore differences of +/- $1.00 or less.

We performed no procedures to reconcile any differences that may exist between the applicable Source Documents or resulting recalculations described in the preceding paragraph(s) of this note.

xi.MORI instructed us not to compare the credit score VSE Sample Characteristic for any VSE Sample Timeshare Loan with a credit score value of "0," "1," "5" or "999," as shown on the Sample Data File.

For the purpose of comparing the credit score VSE Sample Characteristic for each VSE Sample Timeshare Loan, (except for any VSE Sample Timeshare Loan described in the preceding paragraph(s) of this note), MORI instructed us to use the VSE Credit Report as the Source Document(s) and to note agreement if the credit score value, as shown on the Sample Data File, agreed to at least one credit score, as shown in the VSE Credit Report. We performed no procedures to reconcile any differences that may exist relating to the credit score information in the VSE Credit Report.

------

 Exhibit 2 to Attachment A<br>Page 5 of 5

We performed no procedures to determine the accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by MORI described in the notes above.

------

 Exhibit 3 to Attachment A<br>Page 1 of 2

<u>HPP Sample Characteristics and Corresponding Source Documents</u>

---

| | | |
|:---|:---|:---|
| HPP Sample Characteristic | Sample<br>Data File Field Name | Source Document(s) |
| Account number | Account Number | HPP Note |
| Geographical location of the obligor | Geographical Location of the Obligor | HPP Agreement or HPP System Screen Shots |
| Purchase price | Purchase Price | HPP Agreement |
| Down payment | Down Payment | (a)HPP Agreement or<br>(b)HPP Agreement and recalculation |
| Note Date | Note Date | HPP Note |
| Original term to stated maturity | Original Term to Stated Maturity | HPP Note |
| Original loan balance | Original Loan Balance | HPP Note |
| Coupon rate | Coupon Rate | HPP Note or HPP System Screen Shots |
| Monthly payment amount | Monthly Payment Amount | HPP Note or HPP System Screen Shots |
| Borrower credit score | Borrower Credit Score | HPP Borrower Credit Report |
| Co-borrower credit score | Co-borrower credit score | HPP Co-Borrower Credit Report |
| Current balance | Current Balance | HPP System Screen Shots |
| Next payment due date | Next Payment Due Date | HPP System Screen Shots |

---

<u>Notes</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.The account number HPP Sample Characteristic is for identification purposes only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.For the purpose of comparing the down payment HPP Sample Characteristic, MORI instructed us to recalculate the down payment as the sum of the down Payment (if applicable), additional Credit (if applicable) and transfer of equity (if applicable), all as shown in the HPP Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.For the purpose of comparing the monthly payment amount HPP Sample Characteristic, MORI instructed us to ignore differences of +/-$0.01 or less.

------

 Exhibit 3 to Attachment A<br>Page 2 of 2

iv.MORI instructed us not to compare the borrower credit score and co-borrower credit score HPP Sample Characteristics for any HPP Sample Timeshare Loan with a corresponding value of , "0," "1" or "9," as shown on the Sample Data File.

For the purpose of comparing the borrower credit score and co-borrower credit score HPP Sample Characteristics for each HPP Sample Timeshare Loan (except for any HPP Sample Timeshare Loan described in the preceding paragraph(s) of this note), MORI instructed us to note agreement if the corresponding value, as shown on the Sample Data File, agreed to at least one value, as shown in the corresponding Source Document(s). We performed no procedures to reconcile any differences that may exist relating to the corresponding indicated HPP Sample Characteristic information shown in the Source Documents.

v.MORI indicated that certain of the HPP System Screen Shots contained account activity that occurred after the Preliminary Cut-Off Date. For the purpose of comparing the current balance and next payment due date HPP Sample Characteristics, MORI instructed us to only consider account activity shown in the HPP System Screen Shots that occurred on or prior to the Preliminary Cut-Off Date.

We performed no procedures to determine the accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by MORI described in the notes above.

------

 Exhibit 4 to Attachment A<br>Page 1 of 3

<u>HVO Sample Characteristics and Corresponding Source Documents</u>

---

| | | |
|:---|:---|:---|
| HVO Sample<br><u>Characteristic</u>  | Sample<br><u>Data File Field Name</u>  | <u>Source Document(s)</u> |
| Loan ID | Loan ID | HVO System Screen Shots |
| Current loan balance | Current Loan Balance | HVO System Screen Shots |
| Original loan balance | Original Loan Balance | HVO Note |
| Coupon rate | Coupon Rate | HVO Note or HVO System Screen Shots |
| Original term to maturity (months) | Original Term to Maturity (months) | HVO Note |
| Remaining Term to maturity (months) | Remaining Term to Maturity (months) | HVO Note and recalculation |
| Monthly payment | Monthly Payment | HVO Note or HVO System Screen Shots |
| Original maturity date (month/year) | Original Maturity Date (month/year) | HVO Note or HVO System Screen Shots |
| Country | Country | HVO Purchase Agreement |
| Sales price | Sales Price | HVO Purchase Agreement |
| Down payment | Down Payment | (a)HVO Purchase Agreement or HVO Closing Disclosure or<br>(b)HVO Purchase Agreement and recalculation or <br>(c)HVO Closing Disclosure and recalculation |
| Credit score | Credit Score | HVO Credit Report |

---

<u>Notes</u>:

i.The loan ID sample characteristic is for identification purposes only.

ii.MORI indicated that certain of the HVO System Screen Shots contained account activity that occurred after the Preliminary Cut-Off Date. For the purpose of comparing the current loan balance HVO Sample Characteristic, MORI instructed us to only consider account activity shown in the HVO System Screen Shots that occurred on or prior to the Preliminary Cut-Off Date.

------

 Exhibit 4 to Attachment A<br>Page 2 of 3

iii.For the purpose of comparing the remaining term to maturity (months) HVO Sample Characteristic, MORI instructed us to recalculate the remaining term to maturity (months) as the difference between the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Original term to maturity (months), as shown in the HVO Note, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Seasoning, as calculated using information shown on the Sample Data File, subject to the additional instruction(s) provided by MORI described in the succeeding paragraph(s) of this note.

For the purpose of this procedure, MORI instructed us to calculate the seasoning as the difference between the original term to maturity (months) and remaining term to maturity (months), both as shown on the Sample Data File.

iv.For the purpose of comparing the original maturity date (month/year) HVO Sample Characteristic, MORI instructed us to note agreement if the month and year of the original maturity date (month/year), as shown on the Sample Data File, agreed with the month and year of the original maturity date, as shown in the applicable Source Document(s).

v.For the purpose of comparing the country HVO Sample Characteristic, MORI instructed us to note agreement with a country value of "United States," as shown on the Sample Data File, if the applicable Source Document(s) indicate a corresponding state location that is in the United States, subject to the additional instruction(s) provided by MORI described in the succeeding paragraph(s) of this note.

For the purpose of this procedure, MORI instructed us to ignore differences that appear to be due to abbreviation, truncation or spelling errors.

vi.For the purpose of comparing the down payment HVO Sample Characteristic, MORI instructed us to note agreement if the value on the Sample Data File agreed with either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The corresponding information in the HVO Purchase Agreement or HVO Closing Disclosure,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The result of subtracting the closing costs from the total deposits and closing costs due from purchaser, both as shown in the HVO Purchase Agreement or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.The result of adding the deposit, developer incentive or seller credit (if applicable) and cash to close from borrower (if applicable), all as shown on the HVO Closing Disclosure,

subject to the additional instruction(s) provided by MORI described in the succeeding paragraph(s) of this note.

For the purpose of comparing the down payment HVO Sample Characteristic, MORI instructed us to ignore differences of +/- $1.00 or less.

We performed no procedures to reconcile any differences that may exist relating to the information that we observed or recalculated in a.,b. or c. above, as applicable.

------

 Exhibit 4 to Attachment A<br>Page 3 of 3

vii.&nbsp;&nbsp;&nbsp;&nbsp;MORI instructed us not to compare the credit score HVO Sample Characteristic for any HVO Sample Timeshare Loan with a credit score value of "0," "1," "5" or "999," as shown on the Sample Data File.

For the purpose of comparing the credit score HVO Sample Characteristic for each HVO Sample Timeshare Loan (except for any HVO Sample Timeshare Loan described in the preceding paragraph(s) of this note), MORI instructed us to use the HVO Credit Report as the Source Document(s) and to note agreement if the credit score value, as shown on the Sample Data File, agreed to at least one credit score, as shown in the HVO Credit Report. We performed no procedures to reconcile any differences that may exist relating to the credit score information in the HVO Credit Report.

We performed no procedures to determine the accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by MORI described in the notes above.

------

 Exhibit 5 to Attachment A<br>

<u>MVC Sample Characteristic Differences</u>

---

| | | | |
|:---|:---|:---|:---|
| Sample Timeshare<br>Loan Number | MVC Sample<br>Characteristic | Sample<br>Data File Value | Source<br>Document(s) Value |
| 2 | Down payment | $55753.15 | $55755.41 |
| 12 | Credit score | 788 | 796 |
| 13 | Credit score | 600 | 722 |
| 25 | Down payment | $12015.00 | $12000.00 |
| 135 | Credit score | 786 | 785 |
| 136 | Credit score | 800 | 814 |
| 148 | Credit score | 780 | 783 |
| 151 | Credit score | 818 | 810 |

---

------

 Exhibit 6 to Attachment A<br>

<u>VSE Sample Characteristic Differences</u>

---

| | | | |
|:---|:---|:---|:---|
| Sample Timeshare<br>Loan Number | VSE Sample<br>Characteristic | Sample<br>Data File Value | Source<br>Document(s) Value |
| 154 | Down payment | $11852.22 | $10945.86 |
| 198 | Credit score | 658 | 656 |

---

------

 Exhibit 7 to Attachment A

<u>HVO Sample Characteristic Difference</u>

---

| | | | |
|:---|:---|:---|:---|
| Sample Timeshare<br>Loan Number | HVO Sample<br>Characteristic | Sample<br>Data File Value | Source<br>Document(s) Value |
| 246 | Credit score | 731 | 738 |

---

## Exhibit 99.2

**Exhibit 99.2**

![computersharelogoa.jpg](computersharelogoa.jpg)

October 23, 2025

**MVW 2025-2 LLC**

Marriott Ownership Resorts, Inc. delivered or caused to be delivered loan files to Computershare Trust Company, National Association, as custodian (the "Custodian") for loans intended for inclusion in a rated securitization transaction referred to as MVW 2025-2 LLC. Marriott Ownership Resorts, Inc. also delivered data for each loan with respect to the loan number, the original loan amount, the interest rate and the maturity date to the Custodian to be reviewed against the loan documents in the loan files. The Custodian loaded the data to a system of record and reviewed the documents in each loan file against the data. As indicated below, discrepancies were found in such review:

---

| | | |
|:---|:---|:---|
| **Document Description** | **Exception Description** | **Exception Count** |
| No Findings | N/A | N/A |
|  | **Total** | **N/A** |

---

**© 2025 Computershare. All rights reserved.**

**Page 1 of 1**

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