# EDGAR Filing Document

**Accession Number:** 0001542220
**File Stem:** 0001999371-26-005051
**Filing Date:** 2026-3
**Character Count:** 684068
**Document Hash:** 3b49cbd9149fa6e9b7321fd53503467e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-005051.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001999371-26-005051

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

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20260303

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

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**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:** 26722194

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Date of Report (Date of earliest event reported) __________________

Commission File Number of securitizer: __________________

Central Index Key Number of securitizer:__________________

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

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

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

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

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

Central Index Key Number of depositor: 0001542220

<u>Velocity Commercial Capital Loan Trust 2026-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

---

| | |
|:---|:---|
| [99.01](ex99-01.htm) | AMC Diligence, LLC ("**AMC**") Executive Summary |
| [99.02](ex99-02.htm) | AMC Data Compare Report |
| [99.03](ex99-03.htm) | AMC Limited Appraisal Report |
| [99.04](ex99-04.htm) | AMC Valuation Summary Report |
| [99.05](ex99-05.htm) | AMC Multi-Property Valuation Report |
| [99.06](ex99-06.htm) | AMC NOO Exception and Grades Report |
| [99.07](ex99-07.htm) | AMC GL Exception and Grades Report |
| [99.08](ex99-08.htm) | AMC GL Exception Grades Report |
| [99.09](ex99-09.htm) | Opus Capital Markets Consultants, LLC ("**Opus**") Narrative |
| [99.10](ex99-10.htm) | Opus Standard Findings Report |
| [99.11](ex99-11.htm) | Opus Rating Agency Grades Report |
| [99.12](ex99-12.htm) | Opus Data Compare Report |
| [99.13](ex99-13.htm) | Opus Valuation Report |
| [99.14](ex99-14.htm) | Opus Multi-Property Valuation Report |
| [99.15](ex99-15.htm) | Opus NOO Rating Agency Grades Report |
| [99.16](ex99-16.htm) | Opus Property Review Report |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

**VCC Mortgage Securities, LLC**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depositor)

Date: March 4, 2026

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

Name: Jeff Taylor

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

## Exhibit 99.01

**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 January 2026 and February 2026 via files imaged and provided by Client (the "Review").

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

The Client requested that AMC perform a review, based upon the Guideline Review and Non-Owner Occupancy ("NOO") review scopes detailed in Section 5, on a total of two hundred fifty-six (256) unique mortgage loans (the "Review").

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Review Population** | | |
| &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Review Population** | &nbsp;&nbsp;**Pool**<br>&nbsp;&nbsp;**Population** | &nbsp;&nbsp;**%**<br>&nbsp;&nbsp;**Population** |
| &nbsp;&nbsp;Small Bal CRE\* | &nbsp;&nbsp;84 | &nbsp;&nbsp;143 | &nbsp;&nbsp;58.74% |
| &nbsp;&nbsp;Investor 1-4 Fam\*\* | &nbsp;&nbsp;69 | &nbsp;&nbsp;172 | &nbsp;&nbsp;40.12% |
|  | &nbsp;&nbsp;**153** | &nbsp;&nbsp;**315** | &nbsp;&nbsp;**48.57%** |

---

The eight (8) SBA loans below are a subset of the previous table.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Loan Type** | &nbsp;&nbsp;**Review Population** | | |
| <br>&nbsp;&nbsp;**Review** | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Loan Type** | &nbsp;&nbsp;**Review Population** | &nbsp;&nbsp;**Pool**<br>&nbsp;&nbsp;**Population** | &nbsp;&nbsp;**%**<br>&nbsp;&nbsp;**Population** |
| &nbsp;&nbsp;Guideline Review | &nbsp;&nbsp;Small Bal CRE | &nbsp;&nbsp;SBA | &nbsp;&nbsp;8 | &nbsp;&nbsp;8 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;(Including Data Integrity) | &nbsp;&nbsp;Investor 1-4 Fam | &nbsp;&nbsp;SBA | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;**Total Guideline Review** |  |  | &nbsp;&nbsp;**8** | &nbsp;&nbsp;**8** | &nbsp;&nbsp;**100.00%** |

---

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

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------

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Non-Owner Occupancy ("NOO") | &nbsp;&nbsp;Investor 1-4 Fam (not included in Guideline Review) | &nbsp;&nbsp;103 | &nbsp;&nbsp;172 | &nbsp;&nbsp;59.88% |
| &nbsp;&nbsp;Total Non-Owner Occupancy ("NOO") |  | &nbsp;&nbsp;103 | &nbsp;&nbsp;172 | &nbsp;&nbsp;59.88% |

---

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

DBRS, Inc. ("DBRS") who is the NRSRO providing a rating on the transaction at the time of this disclosure, does not have published guidelines for this asset class. The sample sizes utilized were communicated by the Client to AMC. AMC did not choose the size of the samples, but AMC did select loans for inclusion in a sample once a number of loans to be reviewed had been determined. DBRS is aware of the sample size covered during the Review.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Field** | &nbsp;&nbsp;**Loans With Discrepancy** | &nbsp;&nbsp;**Total Times Compared** | &nbsp;&nbsp;**% Variance** | &nbsp;&nbsp;**# Of Loans** |
| &nbsp;&nbsp;# of Units | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Amortization Term | &nbsp;&nbsp;3 | &nbsp;&nbsp;256 | &nbsp;&nbsp;1.17% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Amortization Type | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Appraised Value | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Borrower Full Name | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;City | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Contract Sales Price | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;DCR UW VCC | &nbsp;&nbsp;3 | &nbsp;&nbsp;256 | &nbsp;&nbsp;1.17% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;First Interest Rate Change Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;First Payment Change Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Index Type | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Interest Rate Change Frequency | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Interest Rate Initial Cap | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Interest Rate Initial Maximum | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Interest Rate Initial Minimum | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Interest Rate Life Cap | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Interest Rate Life Max | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Interest Rate Life Min | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Interest Rate Periodic Cap | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Investment Property Type | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Lien Position | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;LTV Valuation Value | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |

---

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------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Margin | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Maturity Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Mod | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Next Interest Rate Change Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Note Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Occupancy | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Original Interest Rate | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Original Loan Amount | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Original LTV | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Original P&I | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Original Term | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Prepayment Penalty Period (months) | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Prepayment Terms | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Purpose | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Refi Purpose | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Representative FICO | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;State | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Street | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;Zip | &nbsp;&nbsp;0 | &nbsp;&nbsp;256 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;256 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**6** | &nbsp;&nbsp;**10752** | &nbsp;&nbsp;**0.06%** | &nbsp;&nbsp;**10752** |

---

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

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

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

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

---

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

---

3 \| Page

------

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

For this review, the procedures included:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

---

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

---

For this review, the procedures included:

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

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

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

4 \| Page

------

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

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

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

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

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

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

At the direction of the Client, AMC conducted a valuation review utilizing various values and methodologies as further detailed in Item 5 below. In total, for the entire original population, Client ordered secondary valuation products on sixty-nine (69) mortgage loans. Once these valuations were received, AMC compared these values versus the origination appraisal. If a variance between the origination appraisal / LTV value and the secondary valuation was greater than 10%, an adverse event level was placed on the loan.

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

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

**(8) Other: review and methodology.**

The final review results reflected in the Overall Review Results Summary herein may include additional exceptions identified after AMC's initial review was completed where loan level issues were identified by external parties as a result of separate, distinct quality control evaluation of the loan files. In such cases, any additional exceptions cited by any such quality control evaluation would either be reflected (i) as an open exception or (ii) remediated if required documentation and/or curative actions were provided to AMC. The exception totals reflected herein, and corresponding Exception Rating, include exceptions that were so subsequently identified, if any. Please note that only a limited number of loans, if any, reflected in the Review Results Summary were subject to such external quality control evaluations.

In addition to the procedures under Section 5 and 6 above, AMC conducted the following supplemental reviews:

**<u>Data Integrity Review</u>**

For the loans in the Guideline Review population, Non-Owner Occupancy Review and additional population, data points were reviewed between the data tape and the data collected by AMC.

**<u>Limited Appraisal Review (162 Mortgage Loans, 212 Properties)</u>**

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

**(9) Disclaimer.**

Except as expressly enumerated above, please be advised that SitusAMC has not performed any review to determine whether the mortgage loans covered in this Report complied with federal, state or local laws, constitutional provisions, regulations, ordinances or any other laws or guidance, including, without limitation, licensing and general usury laws ("Applicable Law"). Further, there can be no assurances that in performing the review and preparing this Report that SitusAMC has uncovered all relevant factors and potential issues relating to the origination of the mortgage loans, their compliance with Applicable Law, or the original appraisals relating to the mortgaged properties, or that SitusAMC has uncovered all relevant factors that could affect the future performance of the mortgage loans. Please note that the results set forth in this Report are dependent upon receipt of complete and accurate data regarding the mortgage loans from

5 \| Page

------

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

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

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

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

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

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

**CREDIT REVIEW RESULTS**

**Guideline Review Credit Results:**

One hundred fifty-three (153) mortgage loans reviewed by AMC have a Credit grade of "B" or higher and 24.84% of the mortgage loans by number have a Credit grade of "A.". One hundred ten (110) of the Credit grade "B" correspond to mortgages loans where the lender issued a guideline exception/waiver. There is a total of two hundred nine (209) waived (and downgraded) credit exceptions affecting those one hundred ten (110) mortgages loans. Some mortgage loans received multiple waivers.

6 \| Page

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Final Loan Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp; **% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;38 | &nbsp;&nbsp;24.84% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;115 | &nbsp;&nbsp;75.16% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**153** | &nbsp;&nbsp;**100.00%** |

---

**Non-Owner Occupancy Review Credit Results**

All one hundred three (103) mortgage loans reviewed by AMC have a Credit grade of "A".

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Owner Occupancy Credit Loan Grades** | &nbsp;&nbsp;**Non-Owner Occupancy Credit Loan Grades** | &nbsp;&nbsp;**Non-Owner Occupancy Credit Loan Grades** |
| &nbsp;&nbsp;**Final Loan Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp; **% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;103 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**103** | &nbsp;&nbsp;**100.00%** |

---

**VALUATION REVIEW RESULTS**

The valuation review was bi-furcated based upon the underlying property bucket (residential or commercial). All commercial mortgage loans received an "A" NRSRO valuation grade and per the scope of the review, no secondary valuation product was separately ordered by AMC during the review. The Client ordered a secondary valuation product on sixty-nine (69) residential mortgage loans. Zero (0) mortgage loan had a value more than 10% below Origination Value or a secondary valuation was not received.

**Guideline Review Valuation Results:**

One hundred twenty-six (126) of the mortgage loans received a Property grade "A", two (2) of the mortgage loans received and Property grade "B", and twenty-five (25) of the mortgage loans received and Property grade "C". The twenty-five (25) mortgage loans with the Property grade "C" corresponds to the twenty-five (25) mortgage loans with the "Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo", and two (2) "Subject is not in average or better condition" exceptions. Some mortgage loans received multiple exceptions.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Guideline Review Valuation Loan Grades** | &nbsp;&nbsp;**Guideline Review Valuation Loan Grades** | &nbsp;&nbsp;**Guideline Review Valuation Loan Grades** |
| &nbsp;&nbsp;**Final Loan Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp; **% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;126 | &nbsp;&nbsp;82.35% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;2 | &nbsp;&nbsp;1.31% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;25 | &nbsp;&nbsp;16.34% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**153** | &nbsp;&nbsp;**100.00%** |

---

**OVERALL RESULTS SUMMARY** 

**Guideline Review Overall Results:**

After giving consideration to the grading implications of the Credit and Property/Valuation sections above, one hundred twenty-eight (128) mortgage loans reviewed by AMC in the Full Guideline Review scope have an Overall grade of "B" or higher and 22.22 % of the mortgage loans by number have an Overall grade of "A." Twenty-five (25) mortgage loan has an Overall grade of "C".

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

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Guideline Review Overall Loan Grades** | &nbsp;&nbsp;**Guideline Review Overall Loan Grades** | &nbsp;&nbsp;**Guideline Review Overall Loan Grades** |
| &nbsp;&nbsp;**Final Loan Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp; **% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;34 | &nbsp;&nbsp;22.22% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;94 | &nbsp;&nbsp;61.44% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;25 | &nbsp;&nbsp;16.34% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**153** | &nbsp;&nbsp;**100.00%** |

---

In the Guideline Review Population there are eight (8) SBA mortgage loans. SitusAMC conducted a review of the eight SBA loans in accordance with the established guidelines. Our review process aligned with the same criteria used for the guidelines review.

Specifically, we adhered to the following procedures:

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

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

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

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

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

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

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

After giving consideration to the grading implications of the Credit and Property/Valuation sections above, all one hundred three (103) mortgage loans reviewed by AMC have an Overall grade of "A".

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Owner Occupancy Overall Loan Grades** | &nbsp;&nbsp;**Non-Owner Occupancy Overall Loan Grades** | &nbsp;&nbsp;**Non-Owner Occupancy Overall Loan Grades** |
| &nbsp;&nbsp;**Final Loan Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp; **% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;103 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**103** | &nbsp;&nbsp;**100.00%** |

---

**SitusAMC Limited Appraisal Review Summary (162 Mortgage Loans, 212 Properties)**

SitusAMC conducted a Limited Appraisal Review of the origination appraisal documentation for each loan and property not included in the Guideline Review. This encompassed one hundred sixty-two (162) mortgage loans representing two hundred twelve (212) properties. For each loan and property, SitusAMC reviewed the applicable appraisal to determine what the property condition was and if the appraiser indicated any damage or safety concerns at the time of the inspection.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Appraisal Property Condition** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Percentage of Loans (%)** |
| &nbsp;&nbsp;C3 | &nbsp;&nbsp;71 | &nbsp;&nbsp;33.49% |
| &nbsp;&nbsp;Average | &nbsp;&nbsp;63 | &nbsp;&nbsp;29.72% |
| &nbsp;&nbsp;C4 | &nbsp;&nbsp;50 | &nbsp;&nbsp;23.58% |
| &nbsp;&nbsp;C2 | &nbsp;&nbsp;9 | &nbsp;&nbsp;4.25% |
| &nbsp;&nbsp;Good | &nbsp;&nbsp;7 | &nbsp;&nbsp;3.30% |
| &nbsp;&nbsp;Fair | &nbsp;&nbsp;4 | &nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;C1 | &nbsp;&nbsp;3 | &nbsp;&nbsp;1.42% |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;C5 | &nbsp;&nbsp;3 | &nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;Very Good | &nbsp;&nbsp;2 | &nbsp;&nbsp;0.94% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**212** | &nbsp;&nbsp;**100.00%** |
| &nbsp;&nbsp;**Is there property damage?** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Percentage of Loans (%)** |
| &nbsp;&nbsp;No | &nbsp;&nbsp;184 | &nbsp;&nbsp;86.79% |
| &nbsp;&nbsp;Yes | &nbsp;&nbsp;28 | &nbsp;&nbsp;13.21% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**212** | &nbsp;&nbsp;**100.00%** |
| &nbsp;&nbsp;**Environmental/Health/Safety Problems** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Percentage of Loans (%)** |
| &nbsp;&nbsp;No | &nbsp;&nbsp;184 | &nbsp;&nbsp;86.79% |
| &nbsp;&nbsp;Yes | &nbsp;&nbsp;28 | &nbsp;&nbsp;13.21% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**212** | &nbsp;&nbsp;**100.00%** |

---

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

All items are relevant for the one hundred fifty-three (153) loans in the guideline review that are part of the securitization population.

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

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Amortization Type** | &nbsp;&nbsp;**Loan Count** | &nbsp;&nbsp;**% of Loans** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**% of Balance** |
| &nbsp;&nbsp;Fixed | &nbsp;&nbsp;153 | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;$68716077.03 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**153** | &nbsp;&nbsp;**100.00%** | &nbsp;&nbsp;**$68716077.03** | &nbsp;&nbsp;**100.00%** |
| &nbsp;&nbsp;**Lien Position** | &nbsp;&nbsp;**Loan Count** | &nbsp;&nbsp;**% of Loans** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**% of Balance** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;153 | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;$68716077.03 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**153** | &nbsp;&nbsp;**100.00%** | &nbsp;&nbsp;**$68716077.03** | &nbsp;&nbsp;**100.00%** |
| &nbsp;&nbsp;**Loan Purpose** | &nbsp;&nbsp;**Loan Count** | &nbsp;&nbsp;**% of Loans** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**% of Balance** |
| &nbsp;&nbsp;Cash Out: Other/Multi-purpose/Unknown Purpose | &nbsp;&nbsp;84 | &nbsp;&nbsp;54.90% | &nbsp;&nbsp;$33984190.03 | &nbsp;&nbsp;49.46% |
| &nbsp;&nbsp;Other-than-first-time Home Purchase | &nbsp;&nbsp;59 | &nbsp;&nbsp;38.56% | &nbsp;&nbsp;$25655987.00 | &nbsp;&nbsp;37.34% |
| &nbsp;&nbsp;Rate/Term Refinance - Borrower Initiated | &nbsp;&nbsp;10 | &nbsp;&nbsp;6.54% | &nbsp;&nbsp;$9075900.00 | &nbsp;&nbsp;13.21% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**153** | &nbsp;&nbsp;**100.00%** | &nbsp;&nbsp;**$68716077.03** | &nbsp;&nbsp;**100.00%** |
| &nbsp;&nbsp;**Original Term** | &nbsp;&nbsp;**Loan Count** | &nbsp;&nbsp;**% of Loans** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**% of Balance** |
| &nbsp;&nbsp;241-360 Months | &nbsp;&nbsp;153 | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;$68716077.03 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**153** | &nbsp;&nbsp;**100.00%** | &nbsp;&nbsp;**$68716077.03** | &nbsp;&nbsp;**100.00%** |

---

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## Exhibit 99.02

**Exhibit 99.02**

![](ex99_001.gif)

**Data Compare (Non-Ignored)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AMC Loan ID** | **Customer Loan ID** | **Seller Loan ID** | **EDGAR Loan ID** | **Investor Loan Number** | **Field Label** | **Bid Tape Field Value** | **Field Value** | **Compare Status** | **Comment** |
| XXXX | XXXX |  | VCC 2026-P1-100031 |  | Amortization Term | XXX | XXX | Verified | Methodology difference |
| XXXX | XXXX |  | VCC 2026-P1-100218 |  | Amortization Term | XXX | XXX | Verified | Methodology difference. |
| XXXX | XXXX |  | VCC 2026-P1-100279 |  | Amortization Term | XXX | XXX | Verified | Methodology difference. |
| XXXX | XXXX |  | VCC 2026-P1-100237 |  | DCR UW VCC | 2.10 | 1.73 | Verified | Methodology difference, tape calculation is NOI/P&I x 12. |
| XXXX | XXXX |  | VCC 2026-P1-100245 |  | DCR UW VCC | 2.97 | 1.98 | Verified | Methodology difference, tape calculation is NOI/P&I x 12. |
| XXXX | XXXX |  | VCC 2026-P1-100236 |  | DCR UW VCC | 0.87 | 0.85 | Verified | Methodology difference, tape calculation is NOI/P&I x 12. |

---

## Exhibit 99.03

**Exhibit 99.03**

![](ex99_001.gif)

**VCC Limited Appraisal Report**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AMC Loan ID** | **Customer Loan ID** | **EDGAR LOAN ID** | **Servicer Loan ID** | **Investor Loan Number** | **Street** | **City** | **State** | **Zip** | **Valuation Status** | **Property Condition** | **Are there any apparent environmental, health and/or safety problems notated by appraiser or visible on photos?** | **Is there property damage?** | **Does the valuation reference an Unpermitted Addition?** | **Comments** |
| XXXX | XXXX | VCC 2026-P1-100101 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100222 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | No | No | The Appraisal pictures show a hole in the ceiling, stated as "Ceiling Damage from Prior Roof Leak". Estimated cost to cure XXXX to repair ceiling drywall in the living room and one bedroom from prior leak. |
| XXXX | XXXX | VCC 2026-P1-100102 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100207 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | No | No | The Appraisal pictures show some black mold in basement area at the bottom of the walls. In house review also calls out the black mold as a health and safety issue. |
| XXXX | XXXX | VCC 2026-P1-100103 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100252 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C2 | No | Yes | No | At the time of inspection the subject property was missing the overhead garage door. Cost to cure XXXX. |
| XXXX | XXXX | VCC 2026-P1-100254 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100208 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100256 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | Yes | No | Yes | Per the Appraiser, the owner has replaced the kitchen, flooring, light fixtures, fans, thermostat, HVAC, water heater and baths. The space which was a dining room is now used as a bedroom and bath (no closet) and the laundry converted into den with full bath. No value given to the full bath as no permits can be found. |
| XXXX | XXXX | VCC 2026-P1-100209 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100224 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100258 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C1 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100210 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | Yes | No | Appraiser states at time of inspection it was observed that there is water damage in the garden level front bathroom which is located above the tub/shower area. According to the homeowner this minor leak has recently occurred and the source is the bathroom above. Total cost to repair the leak and fix drywall in the affected area is XXXX. |
| XXXX | XXXX | VCC 2026-P1-100259 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100304 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100211 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100305 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100260 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | Yes | No | No | At the time of the inspection, the appraiser noted that the HVAC was not working (no heat). Potential for freezing pipes exists. Signed holdback agreement and amount reflected on HUD for heater repairs. |
| XXXX | XXXX | VCC 2026-P1-100212 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | No | No | In-house review notes staining at top and bottom of oil tank, tank appears to be at the end of its useful life and is considered to be a health/safety concern. Dampness noted in basement. |
| XXXX | XXXX | VCC 2026-P1-100213 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C5 | Yes | Yes | No | C5 Property condition. Currently not habitable. Appraiser provided cost to cure of XXXX. Home is under renovation at time of inspection. Missing kitchen counter tops and appliances, missing flooring, damaged drywall to be repaired. Basement bathroom and bedroom appear to have mold and /or water damage. |
| XXXX | XXXX | VCC 2026-P1-100214 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Very Good | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100307 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100261 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100262 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | Yes | A pre-existing accessory building with no heating, sleeping, or cooking allowed was converted to a 3rd apartment without permits. In-house review states the cost to cure removing 3rd unit was taken into consideration. Did not locate any amount or adjustment to value for this. |
| XXXX | XXXX | VCC 2026-P1-100263 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | No | No | Appraisal pictures show missing tile on the floor of the full bath and broken toilet seat. <br> Stairs to the 2nd floor are missing the handrail.<br> Stairs to the basement are missing the handrail. |
| XXXX | XXXX | VCC 2026-P1-100104 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100308 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100309 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100215 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100216 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100264 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100265 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100217 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100312 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100313 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100105 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100218 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100106 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | Yes | No | No | Appraiser notes steps on rear deck are in disrepair and represent a safety hazard. Estimated cost to cure is XXXX. Basement bathroom is not functional-no value given. |
| XXXX | XXXX | VCC 2026-P1-100314 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | Yes | No | XXXX cost to cure provided by appraiser for needed repairs. Cost to cure-the front and rear windowpane installed, garage doors installed, secure siding, repair concrete on front porch, and install a handrail in the basement stairwell. In-house review also indicates missing one furnace panel cover, one electrical panel box, and ovens missing in both units and should be installed. Dampness is noted in basement. |
| XXXX | XXXX | VCC 2026-P1-100266 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100267 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100107 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100268 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100269 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100108 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100270 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C2 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100271 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | Yes | No | Yes | In-house appraisal review states subject garage was also converted to living area but county records show a garage and appraisal sketch does not. The converted area was not counted towards analyst reconciled GLA as it appears unpermitted. Appraisal pictures show there is an area missing siding in the rear of the home, cost to cure XXXX. |
| XXXX | XXXX | VCC 2026-P1-100272 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100273 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100274 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100275 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100276 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100109 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100277 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100278 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100279 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100303 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100110 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100111 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100189 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | Yes | Yes | No | In-house review states deck is in fair condition with hole noted. This appears to be health/safety concern . Per the appraisal report, "wood deterioration was observed on the decking, joist, and ledger boards." Dark staining noted in corner of basement laundry area. |
| XXXX | XXXX | VCC 2026-P1-100192 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100280 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100112 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100281 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100282 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100113 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C5 | No | Yes | No | C5 property condition - In-house review notes repairs appear to be cosmetic interior and exterior repairs such as replacing flooring throughout, fresh paint, repair exterior trim, and siding. Appraiser notes damage on fascia and gable boards appears to be caused by wood boring insects. |
| XXXX | XXXX | VCC 2026-P1-100283 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C2 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100284 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100285 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100286 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C1 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100287 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100288 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | Yes | No | In-house review states subject is not in habitable condition, mid-renovations without a kitchen/not operational. Signed holdback Agreement in file for XXXX which includes kitchen cabinets, countertop installation, complete drywall replacement (including ceiling) in dining room, laundry room and primary bedroom, baseboard and door casings, water heater replacement, paint exterior, replace rotted T1111 with cementitious siding, remove existing flooring in primary, dining and laundry room, and install LVP. Holdback also on closing statement. Appraisal was completed "subject to", missing 442. |
| XXXX | XXXX | VCC 2026-P1-100289 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100290 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100115 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100193 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100291 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100116 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | Yes | No | Subject property is currently undergoing extensive remodeling. In-house review states repairs noted: trim around multiple windows and exterior around the roof to be completed. Ceiling in kitchen to be finished, tile in primary bathroom to be completed. Rear patio to be completed. Estimated costs to cure XXXX. Appraiser states subject is habitable although in the process of remodel. |
| XXXX | XXXX | VCC 2026-P1-100292 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100293 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | No | No | Appraisal photos reflect damage to masonry steps in rear yard/potential safety concern. |
| XXXX | XXXX | VCC 2026-P1-100294 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100295 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100296 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100297 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100195 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100298 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100299 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100300 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C2 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100301 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C1 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100302 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100315 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C2 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100316 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C2 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100317 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C2 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100318 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100319 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100320 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100321 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100322 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100323 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | Yes | No | Property is undergoing a complete renovation with kitchen appliances and flooring to be installed. Holdback agreement in file for installation of kitchen appliances. Amount also reflected on HUD. |
| XXXX | XXXX | VCC 2026-P1-100324 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | Yes | No | Property is undergoing a complete renovation with kitchen appliances and flooring to be installed. Holdback agreement in file for installation of kitchen appliances. Amount also reflected on HUD. |
| XXXX | XXXX | VCC 2026-P1-100325 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | Yes | Yes | No | Appraisal pictures show kitchen appliances not installed and the kitchen cabinet doors are not installed. Concrete floor is visible with no floor covering in the bedroom. Holdback agreement in file for installation of kitchen appliances and same amount reflected on HUD. |
| XXXX | XXXX | VCC 2026-P1-100326 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | Yes | No | Property is undergoing a complete renovation with kitchen appliances and flooring to be installed. Holdback agreement in file for installation of kitchen appliances. Amount also reflected on HUD. |
| XXXX | XXXX | VCC 2026-P1-100327 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | Yes | No | Property is undergoing a complete renovation with kitchen appliances and flooring to be installed. Holdback agreement in file for installation of kitchen appliances. Amount also reflected on HUD. |
| XXXX | XXXX | VCC 2026-P1-100328 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | Yes | No | Property is undergoing a complete renovation with kitchen appliances and flooring to be installed. Holdback agreement in file for installation of kitchen appliances. Amount also reflected on HUD. |
| XXXX | XXXX | VCC 2026-P1-100329 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | No | No | The elevated front porch does not have a railing. |
| XXXX | XXXX | VCC 2026-P1-100330 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100331 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100332 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100333 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100334 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100335 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100336 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100337 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100338 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C2 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100339 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C2 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100340 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | Yes | No | Appraisal notes subject required kitchen cabinet repairs. |
| XXXX | XXXX | VCC 2026-P1-100341 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100342 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100343 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | No | No | No Smoke Detector.<br> Rotten wood on back porch.<br> Missing interior doorknob.<br> Unsanitary bathtub.<br> Missing kitchen appliances. Signed holdback agreement in file for installation of kitchen appliances and amount reflected on HUD. |
| XXXX | XXXX | VCC 2026-P1-100344 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | Yes | No | Utility Room was blocked so the condition of the water heater is unknown.<br> 1 cabinet door in the kitchen is missing. |
| XXXX | XXXX | VCC 2026-P1-100345 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | Yes | No | Appraisal reflects damaged/incomplete back porch, damaged/compromised flooring. Kitchen missing central vent in ceiling. Missing central air condenser. Missing kitchen appliances. No smoke detector. Signed holdback agreement for installation of AC condenser, repair sub-flooring, and install kitchen appliances. Amount reflected on closing statement. No holdback for incomplete/damaged back steps, kitchen central air vent, or missing smoke detector. |
| XXXX | XXXX | VCC 2026-P1-100346 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100347 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100348 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | Yes | No | Appraiser noted damage to the bricks on the front porch, missing right corner downspout, and a broken garage window. Appraiser noted a cost to cure of XXXX for the front porch, XXXX for the downspout, and XXXX for the garage window. Barred windows with no safety release latches noted (key locked). |
| XXXX | XXXX | VCC 2026-P1-100349 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100350 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100351 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100352 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100353 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C5 | No | Yes | No | C5 condition - Per the Appraiser, as well as the pictures in the appraisal, the subject has extensive drywall damage throughout and the exterior doors are in need of repair/replacement. |
| XXXX | XXXX | VCC 2026-P1-100354 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100355 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100356 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100357 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100358 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | Yes | Yes | No | In-house review notes that garage is in poor to fair condition, garage exterior shows wood/damage/rot. Front stairs are crumbling (health/safety issue). |
| XXXX | XXXX | VCC 2026-P1-100359 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100360 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100361 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | Yes | No | Garage is in fair condition with missing siding and exposed/damaged wood. |
| XXXX | XXXX | VCC 2026-P1-100362 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100363 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | Yes | Yes | No | The Appraisal pictures show section of missing siding noted at rear dormer, rotted/deteriorated soffit, and fascia noted on detached garage. Missing/damaged sections of wood siding noted on garage. Drywall damage in one of the bedrooms. |
| XXXX | XXXX | VCC 2026-P1-100364 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100365 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100366 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | Yes | No | Appraiser notes peeling paint throughout exterior and interior. |
| XXXX | XXXX | VCC 2026-P1-100367 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100368 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100369 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | Yes | No | No | Missing kitchen appliances and basement toilet (hole in floor only). Subject driveway reflects cracked/damaged concrete. |
| XXXX | XXXX | VCC 2026-P1-100370 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100371 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100372 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | Yes | No | Missing garage door, minimal credit give for detached garage due to its condition. |
| XXXX | XXXX | VCC 2026-P1-100373 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100374 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100375 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | Yes | No | No | Missing kitchen appliances. |
| XXXX | XXXX | VCC 2026-P1-100376 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100377 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100117 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100118 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100167 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100168 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Good | Yes | No | No | Appraisal photos of the basemen reflect standing water. Stairway to residential unit second floor is missing a handrail. Exposed wiring second floor apartment. Missing smoke detector and bath ventilation fan cover in the first floor residential unit. The subject is in the final stages of renovation. Items to be completed include the framing of the service window, separation of the electric meter, installation of another hot water tank, flooring in the commercial unit, installation of a heat source in the commercial unit, and the installation of appliances in the commercial unit and second floor apartment. There is an opening from the commercial unit to the basement that needs to be sealed. The cost to complete is estimated to be XXXX. The building contains some kitchen equipment indigenous to the current use and has been excluded from the analysis. |
| XXXX | XXXX | VCC 2026-P1-100169 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Fair | No | No | No | Appraiser identifies the subject as below average condition. The subject is a vacant former Chinese restaurant. The building appears to have originally been constructed and utilized as a XXXX convenience store though it appears to have been a restaurant since at least 2007. It is unclear if the HVAC and former restaurant equipment is still in working condition as the building was unoccupied during the property visit. |
| XXXX | XXXX | VCC 2026-P1-100170 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100171 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100119 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100120 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Fair | Yes | Yes | No | Property in fair condition. One 2-story apartment building, containing a total of (14) 2 bedroom/1 bath apartment units. The property is a garden/walk-up style complex. Each unit features washer/dryer connections. All unit are separately metered for electricity, gas and water/sewer. There were (5) vacant units, as of the date of inspection. XXXX is currently being utilized as storage for maintenance materials and will require significant renovation to become leasable. We estimate a cost of XXXX to renovate the unit. XXXX was in the process of being updated, with an estimated XXXX remaining to complete. XXXX was renovated ready to lease. Units I and B will require minor updates before leasing, with an estimated cost of XXXX. The total cost to complete the renovations to the vacant units is estimated to be XXXX. Appraisal notes multiple instances of rotted/damaged Masonite siding, rotted/damaged metal balconies and numerous potholes in the parking lot. |
| XXXX | XXXX | VCC 2026-P1-100172 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100121 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100173 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Fair | Yes | Yes | No | The subject consists of a one-story, plus partially finished basement, building containing XXXX square feet of above grade building area that is currently owner occupied by XXXX business but is also actively utilized as a live-work space which is legally permitted. Overall, the improvements are in fair condition due to rotting wood along the roof/gutter line at the rear of the building, cracking and peeling interior plaster/paint, possible water damage in the ceiling of the kitchen, rear bedroom, and bathroom, damaged drywall/sheetrock in the basement, missing/damaged light fixtures, and exterior conditions. Estimated costs to cure XXXX. Basement has exposed wiring, damaged walls and ceilings and is considered in poor condition. Appraiser has flagged ceiling and wall damage on main floor, missing vent cover, missing light fixture, and roof damage as deferred maintenance. Per Appraiser the roof was reportedly repaired as needed after damage was discovered. No structual issues identified. |
| XXXX | XXXX | VCC 2026-P1-100174 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100122 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100175 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100176 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100177 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100123 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100178 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100124 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100125 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100179 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100126 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Fair | Yes | No | No | Property condition of fair - The appraiser notes the ground floor would need to be renovated from a shell condition, and the second and third floor units would need minor modifications and updates to accommodate the uses reflected in the report. At time of inspection the XXXX sf of ground floor retail/restaurant space was non-operational. Reportedly the subject has seven units with only four restrooms, four heating system, four gas and electric meters. XXXX has treated all four therapy rooms as one economic unit. XXXX has analyzed the subject with one retail unit on ground floor and three office units on the upper floors. |
| XXXX | XXXX | VCC 2026-P1-100127 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100128 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100180 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100129 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100181 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100182 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | Yes | Yes | No | The appraiser notes that at the time of inspection, the 1st floor retail unit was a partial shell in need of floor coverings, drywall patching, partitioning, and interior painting. Possible asbestos and/or lead exposure due to 1st floor XXXXeing a partial shell. Cost to cure was estimated to be XXXX. The walls and flooring of the residential common areas and units show wear and tear. The residential XXXXnterior and appliances show wear and tear as well. Ceiling light fixtures have been replaced and repositioned in the common areas of floors 2 and 3 but holes remain in the ceilings where the former fixed were. A smoke detector is missing from residential XXXX. A light fixture is missing from, third floor common area. An unfinished ceiling repair was noted int he first floor common residential entry. |
| XXXX | XXXX | VCC 2026-P1-100183 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100184 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100130 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100131 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100132 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100133 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100185 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100134 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Very Good | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100186 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100135 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100136 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100187 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100137 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100138 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100139 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100140 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | Yes | No | Appraisal shows Commercial unit XXXX with missing floor tiles. No amount to cure provided. |
| XXXX | XXXX | VCC 2026-P1-100141 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100142 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100143 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100144 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100145 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100146 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100147 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100148 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | Yes | Appraiser states that the following: "At the rear of the site is an approximate XXXX square feet metal storage building, which is used by the owner for storage and appears to have been constructed without permits or approvals per the city website. Thus, it is not included in the value." Originally property was a warehouse that the current tenant has invested XXXX converting to a commercial kitchen. Appraiser applied a deduction of XXXX, costs to remove all the commercial kitchen and convert to open warehouse space. |
| XXXX | XXXX | VCC 2026-P1-100149 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100150 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100151 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100152 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100153 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | VCC 2026-P1-100155 |  |  | XXXX XXXX | XXXX | XX | XXXX | Provided | Average | No | No | No |  |

---

## Exhibit 99.04

**Exhibit 99.04**

![](ex99_001.gif)

**Valuation Report**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SitusAMC Loan ID** | **Customer Loan ID** | **EDGAR Loan ID** | **Investor Loan Number** | **Note Date** | **Original Loan Amount** | **Sales Price** | **Value for LTV** | **As-Is Value for LTV** | **LTV Value Variance Amount** | **LTV Value Variance Percent** | **Primary Valuation Value** | **Primary Valuation Report Date** | **Primary Valuation Effective Date** | **Primary Valuation Type** | **Primary Valuation Company** | **Primary Valuation Appraiser Name** | **Primary Valuation Appraiser License Num** | **Primary Valuation FSD Score** | **Secondary Valuation Value** | **Secondary Valuation Variance Amount** | **Secondary Valuation Variance Percent** | **Secondary Valuation Report Date** | **Secondary Valuation Effective Date** | **Secondary Valuation Type** | **Secondary Valuation Company** | **Secondary Valuation FSD Score** | **Secondary Valuation Desk Review Risk Score** | **AVM Value** | **AVM Variance Amount** | **AVM Variance Percent** | **AVM Company** | **AVM FSD Score** | **AVM Report Date** | **Desk Review Value** | **Desk Review Variance Amount** | **Desk Review Variance Percent** | **Desk Review Company** | **Desk Review Risk Score** | **Desk Review Report Date** | **Desk Review Effective Date** | **Desktop Appraisal Value** | **Desktop Appraisal Variance Amount** | **Desktop Appraisal Variance Percent** | **Desktop Appraisal Company** | **Desktop Appraisal Report Date** | **Desktop Appraisal Effective Date** | **BPO Value** | **BPO Variance Amount** | **BPO Variance Percent** | **BPO Company** | **BPO Report Date** | **Field Review Value** | **Field Review Variance Amount** | **Field Review Variance Percent** | **Field Review Company** | **Field Review Report Date** | **Field Review Effective Date** | **2055 Value** | **2055 Variance Amount** | **2055 Variance Percent** | **2055 Company** | **2055 Report Date** | **2055 Effective Date** | **AVE/CMA Value** | **AVE/CMA Variance Amount** | **AVE/CMA Variance Percent** | **AVE/CMA Company** | **AVE/CMA Report Date** | **Hybrid Valuation Value** | **Hybrid Valuation Variance Amount** | **Hybrid Valuation Variance Percent** | **Hybrid Valuation Company** | **Hybrid Valuation Report Date** | **Updated Valuation Value** | **Updated Valuation Variance Amount** | **Updated Valuation Variance Percent** | **Updated Valuation Company** | **Updated Valuation Report Date** | **Updated Valuation Effective Date** | **Aggregate Appraised Value** | **Aggregate Variance Amount** | **Aggregate Variance Percent** | **Value Analysis Valuation Value** | **Value Analysis Report Date** | **Is Eligible for Rep and Warrant Relief per Loan Collateral Advisor?** | **LCA Risk Score** | **Collateral Underwriter Risk Score** |
| XXXX | XXXX | VCC 2026-P1-100060 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100033 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | -2.090% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100039 |  |  |  |  |  |  |  | 6.560% |  |  |  | Appraisal |  |  |  |  |  |  | 6.560% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100034 |  |  |  |  |  |  |  | 8.620% |  |  |  | Appraisal |  |  |  |  |  |  | -1.920% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100008 |  |  |  |  |  |  |  | 13.290% |  |  |  | Appraisal |  |  |  |  |  |  | 13.290% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100018 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 54.720% |  |  | BPO |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100040 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100013 |  |  |  |  |  |  |  | 8.670% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100042 |  |  |  |  |  |  |  | 22.290% |  |  |  | Appraisal |  |  |  |  |  |  | 22.290% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100043 |  |  |  |  |  |  |  | 18.180% |  |  |  | Appraisal |  |  |  |  |  |  | 18.180% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100011 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100084 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100087 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100051 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100052 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100053 |  |  |  |  |  |  |  | 15.760% |  |  |  | Appraisal |  |  |  |  |  |  | 15.760% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100055 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100010 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100001 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100056 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100057 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100058 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100059 |  |  |  |  |  |  |  | 13.890% |  |  |  | Appraisal |  |  |  |  |  |  | 13.890% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100000 |  |  |  |  |  |  |  | 38.000% |  |  |  | Appraisal |  |  |  |  |  |  | 38.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100032 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100201 |  |  |  |  |  |  |  | 46.150% |  |  |  | Appraisal |  |  |  |  |  |  | -3.080% |  |  | BPO |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100035 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100036 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100037 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100038 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | -4.110% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100012 |  |  |  |  |  |  |  | 12.120% |  |  |  | Appraisal |  |  |  |  |  |  | 12.120% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100044 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100005 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100083 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100085 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100003 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100046 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100047 |  |  |  |  |  |  |  | 4.550% |  |  |  | Appraisal |  |  |  |  |  |  | 4.550% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100086 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100049 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100050 |  |  |  |  |  |  |  | 2.270% |  |  |  | Appraisal |  |  |  |  |  |  | 2.270% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100014 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100054 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100088 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100089 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100090 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100091 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100092 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100093 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100094 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100002 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100095 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100096 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100097 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100099 |  |  |  |  |  |  |  | 3.360% |  |  |  | Appraisal |  |  |  |  |  |  | 0.840% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100228 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100234 |  |  |  |  |  |  |  | 12.500% |  |  |  | Appraisal |  |  |  |  |  |  | 12.500% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100233 |  |  |  |  |  |  |  | 3.450% |  |  |  | Appraisal |  |  |  |  |  |  | 3.450% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100098 |  |  |  |  |  |  |  | 7.500% |  |  |  | Appraisal |  |  |  |  |  |  | 7.500% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100230 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100227 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100100 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100231 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100226 |  |  |  |  |  |  |  | 0.000% |  |  |  | Appraisal |  |  |  |  |  |  | 0.000% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | VCC 2026-P1-100232 |  |  |  |  |  |  |  | 1.430% |  |  |  | Appraisal |  |  |  |  |  |  | 1.430% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |

---

## Exhibit 99.05

**Exhibit 99.05**

![](ex99_001.gif)

**Multi Property Valuation Report**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SitusAMC Loan ID** | **Customer Loan ID** | **EDGAR Loan IDs** | **Investor Loan Number** | **Note Date** | **Original Loan Amount** | **Sales Price** | **Value for LTV** | **LTV Value Variance Amount** | **LTV Value Variance Percent** | **Property ID** | **Property Address** | **City** | **State** | **Zip Code** | **Primary Valuation Value** | **Primary Valuation Report Date** | **Primary Valuation Effective Date** | **Primary Valuation Type** | **Primary Valuation Company** | **Primary Valuation FSD Score** | **Secondary Valuation Value** | **Secondary Valuation Variance Amount** | **Secondary Valuation Variance Percent** | **Secondary Valuation Report Date** | **Secondary Valuation Effective Date** | **Secondary Valuation Type** | **Secondary Valuation Company** | **Secondary Valuation FSD Score** | **AVM Value** | **AVM Variance Amount** | **AVM Variance Percent** | **AVM Company** | **AVM FSD Score** | **AVM Report Date** | **Desk Review Value** | **Desk Review Variance Amount** | **Desk Review Variance Percent** | **Desk Review Company** | **Desk Review Risk Score** | **Desk Review Report Date** | **Desk Review Effective Date** | **Desktop Appraisal Value** | **Desktop Appraisal Variance Amount** | **Desktop Appraisal Variance Percent** | **Desktop Appraisal Company** | **Desktop Appraisal Report Date** | **Desktop Appraisal Effective Date** | **BPO Value** | **BPO Variance Amount** | **BPO Variance Percent** | **BPO Company** | **BPO Report Date** | **Field Review Value** | **Field Review Variance Amount** | **Field Review Variance Percent** | **Field Review Company** | **Field Review Report Date** | **Field Review Effective Date** | **2055 Value** | **2055 Variance Amount** | **2055 Variance Percent** | **2055 Company** | **2055 Report Date** | **2055 Effective Date** | **AVE/CMA Value** | **AVE/CMA Variance Amount** | **AVE/CMA Variance Percent** | **AVE/CMA Company** | **AVE/CMA Report Date** | **Hybrid Valuation Value** | **Hybrid Valuation Variance Amount** | **Hybrid Valuation Variance Percent** | **Hybrid Valuation Company** | **Hybrid Valuation Report Date** | **Updated Valuation Value** | **Updated Valuation Variance Amount** | **Updated Valuation Variance Percent** | **Updated Valuation Company** | **Updated Valuation Report Date** | **Updated Valuation Effective Date** | **Value Analysis Valuation Value** | **Value Analysis Report Date** | **Is Eligible for Rep and Warrant Relief per Loan Collateral Advisor?** | **Collateral Underwriter Risk Score** |
| XXXX | XXXX | VCC 2026-P1-100378 |  |  |  |  |  |  | 0.000% | VCC 2026-P1-100378 | XXXX | XXXX | XX | XXXXX |  |  |  | Appraisal |  |  |  |  | 0.00% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-P1-100379 |  |  |  |  |  |  | 0.000% | VCC 2026-P1-100379 | XXXX | XXXX | XX | XXXXX |  |  |  | Appraisal |  |  |  |  | 0.00% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-P1-100380 |  |  |  |  |  |  | 0.000% | VCC 2026-P1-100380 | XXXX | XXXX | XX | XXXXX |  |  |  | Appraisal |  |  |  |  | 0.00% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-P1-100381 |  |  |  |  |  |  | 9.091% | VCC 2026-P1-100381 | XXXX | XXXX | XX | XXXXX |  |  |  | Appraisal |  |  |  |  | 9.09% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-P1-100382 |  |  |  |  |  |  | 0.000% | VCC 2026-P1-100382 | XXXX | XXXX | XX | XXXXX |  |  |  | Appraisal |  |  |  |  | 0.00% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-P1-100383 |  |  |  |  |  |  | 0.000% | VCC 2026-P1-100383 | XXXX | XXXX | XX | XXXXX |  |  |  | Appraisal |  |  |  |  | 0.00% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-P1-100384 |  |  |  |  |  |  | 0.000% | VCC 2026-P1-100384 | XXXX | XXXX | XX | XXXXX |  |  |  | Appraisal |  |  |  |  | 0.00% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-P1-100385 |  |  |  |  |  |  | 0.000% | VCC 2026-P1-100385 | XXXX | XXXX | XX | XXXXX |  |  |  | Appraisal |  |  |  |  | 0.00% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-P1-100386 |  |  |  |  |  |  | 0.000% | VCC 2026-P1-100386 | XXXX | XXXX | XX | XXXXX |  |  |  | Appraisal |  |  |  |  | 0.00% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-P1-100387 |  |  |  |  |  |  | 0.000% | VCC 2026-P1-100387 | XXXX | XXXX | XX | XXXXX |  |  |  | Appraisal |  |  |  |  | 0.00% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-P1-100388 |  |  |  |  |  |  | 0.000% | VCC 2026-P1-100388 | XXXX | XXXX | XX | XXXXX |  |  |  | Appraisal |  |  |  |  | 0.00% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-P1-100389 |  |  |  |  |  |  | 0.000% | VCC 2026-P1-100389 | XXXX | XXXX | XX | XXXXX |  |  |  | Appraisal |  |  |  |  | 0.00% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-P1-100390 |  |  |  |  |  |  | 0.000% | VCC 2026-P1-100390 | XXXX | XXXX | XX | XXXXX |  |  |  | Appraisal |  |  |  |  | 0.00% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-P1-100391 |  |  |  |  |  |  | 6.667% | VCC 2026-P1-100391 | XXXX | XXXX | XX | XXXXX |  |  |  | Appraisal |  |  |  |  | 6.67% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-P1-100392 |  |  |  |  |  |  | 0.000% | VCC 2026-P1-100392 | XXXX | XXXX | XX | XXXXX |  |  |  | Appraisal |  |  |  |  | 0.00% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-P1-100393 |  |  |  |  |  |  | 0.000% | VCC 2026-P1-100393 | XXXX | XXXX | XX | XXXXX |  |  |  | Appraisal |  |  |  |  | 0.00% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-P1-100394 |  |  |  |  |  |  | 0.000% | VCC 2026-P1-100394 | XXXX | XXXX | XX | XXXXX |  |  |  | Appraisal |  |  |  |  | 0.00% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-P1-100395 |  |  |  |  |  |  | 0.000% | VCC 2026-P1-100395 | XXXX | XXXX | XX | XXXXX |  |  |  | Appraisal |  |  |  |  | 0.00% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-P1-100396 |  |  |  |  |  |  | 0.000% | VCC 2026-P1-100396 | XXXX | XXXX | XX | XXXXX |  |  |  | Appraisal |  |  |  |  | 0.00% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-P1-100397 |  |  |  |  |  |  | 0.000% | VCC 2026-P1-100397 | XXXX | XXXX | XX | XXXXX |  |  |  | Appraisal |  |  |  |  | 0.00% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | VCC 2026-P1-100398 |  |  |  |  |  |  | 0.000% | VCC 2026-P1-100398 | XXXX | XXXX | XX | XXXXX |  |  |  | Appraisal |  |  |  |  | 0.00% |  |  | Desk Review |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |

---

## Exhibit 99.06

**Exhibit 99.06**

![](ex99_001.gif)

**Loan Level Exception - Final Grades**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** |
| **AMC Loan ID** | **Customer Loan ID** | **EDGAR Loan ID** | **Borrower Name** | **Deal Number** | **Original Loan Amount** | **State** | **Note Date** | **QM Status** | **Overall Grade** | **Credit Grade** | **Credit Exceptions** | **Credit Exception Information** | **Credit Exception Comments** | **Property Grade** | **Property Exceptions** | **Property Exception Information** | **Property Exception Comments** | **Compliance Grade** | **Compliance Exceptions** | **Compliance Exception Information** | **Compliance Exception Comments** | **Compliance Comp Factors** | **Compensating Factors** | **Subject to High Cost - Unable to Test** | **Disposition 2** | **DBRS** | **Fitch** | **Kroll** | **Moody's** | **S&P** |
| XXXX | XXXX | VCC 2026-P1-100205 |  | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100206 |  | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100222 |  | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100223 |  | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100207 |  | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100208 |  | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100209 |  | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100224 |  | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100210 | XXXX | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100304 | XXXX | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100211 |  | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100305 |  | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100212 |  | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100306 |  | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100213 | XXXX | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100214 |  | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100307 |  | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100225 | XXXX | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100308 | XXXX | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100309 |  | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100215 |  | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100310 |  | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100216 |  | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100311 |  | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100217 |  | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100312 |  | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100313 | XXXX | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100218 |  | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100314 |  | 439890NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100303 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100287 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100111 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100114 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100282 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100284 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100302 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100298 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100289 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100251 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100286 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100283 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100104 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100281 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100106 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100101 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100259 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100254 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100272 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100109 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100260 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100252 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100288 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100255 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100113 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100280 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100293 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100299 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100258 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100267 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100291 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100261 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100108 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100275 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100270 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100278 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100116 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100253 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100192 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100268 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100112 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100301 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100265 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100274 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100295 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100263 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100110 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100107 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100193 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100297 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100292 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100266 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100271 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100262 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100290 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100102 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100105 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100257 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100103 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100285 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100195 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100256 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100269 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100277 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100300 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100296 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100279 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100115 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100189 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100276 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100188 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100264 | XXXX | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100273 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100294 |  | 441390NOO | $XXX | XX |  |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  |  |  | - A |  |  |  |  | A |

---

## Exhibit 99.07

**Exhibit 99.07**

![](ex99_001.gif)

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

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|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** |
| **AMC Loan ID** | **Customer Loan ID** | **EDGAR Loan ID** | **Borrower Name** | **Deal Number** | **Original Loan Amount** | **State** | **Note Date** | **Occupancy** | **Purpose** | **QM Status** | **Moody's Final Overall Rating** | **Moody's Final Credit Rating** | **Credit Exceptions** | **Credit Exception Information** | **Credit Exception Comments** | **Moody's Final Property Rating** | **Property Exceptions** | **Property Exception Information** | **Property Exception Comments** | **Moody's Final Compliance Rating** | **Compliance Exceptions** | **Compliance Exception Information** | **Compliance Exception Comments** | **Compliance Comp Factors** | **Compensating Factors** | **DBRS** | **Fitch** | **Kroll** | **Moody's** | **S&P** |
| XXXX | XXXX | VCC 2026-P1-100190 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] Appraisal Documentation - Missing Document: Appraisal not provided | Approved exception at origination for appraisal aged > 6 months. Comp factors: DSCR, company financial strength, and Guarantor support/ liquidity. | BUYER - GENERAL COMMENT (2026-01-13): Correct, approved exception.<br> REVIEWER - WAIVED COMMENT (2026-01-14): Approved exception at origination for appraisal aged > 6 months. Comp factors: DSCR, company financial strength, and Guarantor support/ liquidity. | 1 |  |  |  | 1 |  |  |  |  | The qualifying DSCR on the loan is greater than the guideline minimum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100060 |  | XXX | $XXX | XX | XX/XX/XX |  | 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] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement<br> [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for < 2 active open major tradelines. Comp factors, reserves.<br> Approved exception at origination for Collection >$25,000. Comp factor reserves and LTV.<br> Approved exception at origination for missing VOR. Comp factors LTV and reserves.<br> Approved exception at origination for vacant property/missing lease. Comp factors., reserves an LTV.<br> Property listed/sold within last 6 months and not eligible for refinance cash out. | REVIEWER - WAIVED COMMENT (2026-01-15): Reserves<br> REVIEWER - WAIVED COMMENT (2026-01-15): LTV and Reserves<br> REVIEWER - WAIVED COMMENT (2026-01-15): LTV and Reserves<br> REVIEWER - WAIVED COMMENT (2026-02-25): Approved exception at origination for vacant property/missing lease. Comp factors., reserves an LTV.<br> BUYER - GENERAL COMMENT (2026-02-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-04): Exception waived. Updated approval provided in trailing documents approving cash out on recently listed property. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100033 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100039 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [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 < 2 active open major tradelines. Comp factors, LTV.<br> Missing bank statements with sufficient funds to close plus 3 month P&I reserves for First Time Investor. | REVIEWER - WAIVED COMMENT (2026-01-15): LTV<br> BUYER - GENERAL COMMENT (2026-02-03): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-04): Exception waived. Updated approval provided in trailing documents approving exception for missing reserves for FTI. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100082 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100021 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.25x for investor traditional 2 with loan >$500k. Comp factors: LTV and FICO. | REVIEWER - WAIVED COMMENT (2026-01-15): FICO and LTV | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100024 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR <1.x for owner/user traditional 2 purchase with loan > $750k. Comp factor, seasoned investor and reserves. | REVIEWER - WAIVED COMMENT (2026-01-19): Approved exception at origination for DSCR <1.x for owner/user traditional 2 purchase with loan > $750k. Comp factor, 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. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100034 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Flood insurance<br> [2] General - Missing Document: Lease Agreement not provided<br> [2] Guideline Issue - The 1st lien was not seasoned for at least 12 months as of the creditor application date. | Approved exception at origination for insufficient flood carrier rating. Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> Approved exception at origination for 100% vacancy/ missing lease on refinance (subject is listed as a ST rental). Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> Approved exception at origination for cash out refinance on property held < 6 months using valuation exceeding original purchase price. Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable subjective trait. | REVIEWER - WAIVED COMMENT (2026-01-21): Approved exception at origination for insufficient flood carrier rating. Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> REVIEWER - WAIVED COMMENT (2026-01-21): Approved exception at origination for 100% vacancy/ missing lease on refinance (subject is listed as a ST rental). Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> REVIEWER - WAIVED COMMENT (2026-01-21): Approved exception at origination for cash out refinance on property held < 6 months using valuation exceeding original purchase price. Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable subjective trait. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100008 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Rate/Term |  | 3 | 2 | [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] General - Ineligible property<br> [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and LTV.<br> Approved exception at origination for 1x30 on subject property. Comp factors seasoned investor and LTV.<br> Approved exception at origination for multiple lates on 1st and 2nd liens on primary. Comp factors, seasoned investor and LTV.<br> Per appraisal subject's 1st floor has been converted to a Dr's office with estimated cost to cure of $40k.<br> Missing lease for 1 of 2 units being refinanced. | REVIEWER - WAIVED COMMENT (2026-01-23): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and LTV.<br> REVIEWER - WAIVED COMMENT (2026-01-23): Approved exception at origination for 1x30 on subject property. Comp factors seasoned investor and LTV.<br> REVIEWER - WAIVED COMMENT (2026-01-23): Approved exception at origination for multiple lates on 1st and 2nd liens on primary. Comp factors, seasoned investor and LTV.<br> Comment:<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): XXX% LTV. The cost-to-cure is factored into the appraised value and LTV. The subject property is otherwise in overall good condition.<br> REVIEWER - RE-GRADED COMMENT (2026-03-02): Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br> REVIEWER - WAIVED COMMENT (2026-03-02): Waiver with comp factors: Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br> BUYER - GENERAL COMMENT (2026-02-03): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-05): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV/ | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Internal photos indicate ceiling and wall damage in the kitchen, bathroom and bedrooms as well as water on the basement floor and cracked driveway asphalt. (file contains a LOI (D0226) with borrower intent to repair ceilings bus no evidence of completion). | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): XX% LTV. The current property condition is considered in the value/LTV. The borrower provided an LOE which confirmed they would complete the necessary repairs and while VCC hasn't confirmed the status, it is expected that the borrower will fulfill their commitment.<br> REVIEWER - WAIVED COMMENT (2026-03-02): Comp factors: seasoned investor and LTV. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | C |
| XXXX | XXXX | VCC 2026-P1-100018 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Ineligible property<br> [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for rural property. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantifiable subjective trait. | REVIEWER - WAIVED COMMENT (2026-01-21): Approved exception at origination for rural property. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> REVIEWER - WAIVED COMMENT (2026-01-21): Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantifiable subjective trait. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Subject property has boarded windows. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): XX% LTV. Property condition considered in value/LTV. Building is weather-tight Per borrower LOE, cash-out proceeds to be used towards renovations to the subject property and while XXX hasn't confirmed the status of repairs, it's expected that the borrower will fulfill their commitment. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | C |
| XXXX | XXXX | VCC 2026-P1-100040 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [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 ___ is less than guideline minimum loan amount of $75,000. | Approved exception at origination for multiple bankruptcies within the last 7 years after discharge date. Comp factor: LTV.<br> Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-01-20): Approved exception at origination for multiple bankruptcies within the last 7 years after discharge date. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-01-20): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100013 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Missing Hazard Insurance | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor; seasoned investor. | BUYER - GENERAL COMMENT (2026-02-03): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-04): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor; seasoned investor. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Stairs to the finished attic and stairs to the basement are missing handrails. The circuit breaker box for Unit 1 is outdated. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): XX% LTV current property condition considered in value/LTV. Per borrower LOE, cash-out proceeds will be used towards renovating the subject property. XXX hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment and given the low LTV felt comfortable proceeding | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | C |
| XXXX | XXXX | VCC 2026-P1-100041 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100042 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for FICO < 650. Comp factors: DSCR and strong marketing trends which is a non-qualitative subjective trait and cannot be substantiated.<br> Approved exception at origination for < 2 major active trade lines on credit report. Comp factors: LTV.<br> Approved exception at origination for missing VOM - primary; guarantor lives rent free. Comp factors: strong DSCR and strong marketing trends which is a non-qualitative subjective trait and cannot be substantiated.<br> Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: LTV and property condition which is a non-qualitative subjective trait and cannot be substantiated. | REVIEWER - WAIVED COMMENT (2026-01-23): Approved exception at origination for FICO < 650. Comp factors: DSCR and strong marketing trends which is a non-qualitative subjective trait and cannot be substantiated.<br> BUYER - GENERAL COMMENT (2026-02-03): Keeping the exception, the statement provided is not in borrowers name. Uploaded corrected loan approval with comp factor of Low LTV<br> REVIEWER - WAIVED COMMENT (2026-02-04): Approved exception at origination for < 2 major active trade lines on credit report. Comp factors: LTV.<br> REVIEWER - WAIVED COMMENT (2026-01-23): Approved exception at origination for missing VOM - primary; guarantor lives rent free. Comp factors: strong DSCR and strong marketing trends which is a non-qualitative subjective trait and cannot be substantiated.<br> REVIEWER - WAIVED COMMENT (2026-01-23): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: LTV and property condition which is a non-qualitative subjective trait and cannot be substantiated. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<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 B |
| XXXX | XXXX | VCC 2026-P1-100043 |  | XXX | $XXX | XX | XX/XX/XX |  | 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 ___. | First time investor is not eligible to purchase a 1 unit SFR.<br> Missing 3 months reserves for first time investor. | BUYER - GENERAL COMMENT (2026-02-03): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-04): Exception waived. Updated approval provided in trailing documents approving exception for FTI purchase of a 1 unit SFR. Comp factor, FICO.<br> BUYER - GENERAL COMMENT (2026-02-03): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-04): Exception waived. Updated approval provided in trailing documents approving exception for missing reserves for FTI. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100011 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | EOI reflects exclusion of roof > 14 yrs old.<br> XX% vacancy/ missing lease for 1 of 2 units being refinanced. | BUYER - GENERAL COMMENT (2026-02-03): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-05): Exception waived. Updated approval provided in trailing documents approving exception for insurance roof exclusion. Comp factor, FICO.<br> BUYER - GENERAL COMMENT (2026-02-03): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-05): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor. FICO. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Missing stair rails to back porch. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): XXX generally doesn't view missing handrails as material to underwriting. Current property condition considered in value/LTV and XXX expects the borrower to complete any necessary repairs. | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | C |
| XXXX | XXXX | VCC 2026-P1-100084 |  | XXX | $XXX | XX | XX/XX/XX |  | 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 LTV. | BUYER - GENERAL COMMENT (2026-02-05): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-06): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100087 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] Application / Processing - Missing Document: HOA Questionnaire not provided<br> [2] General - Missing Hazard Insurance<br> [2] General - The property is ineligible. | Approved exception at origination for missing HOA documents. Comp factor: seasoned business.<br> Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factor: seasoned investor.<br> Approved exception at origination for rural property. Comp factor: seasoned business. | BUYER - GENERAL COMMENT (2026-02-03): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-04): Approved exception at origination for missing HOA documents. Comp factor: seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-01-20): Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2026-02-03): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-04): Approved exception at origination for rural property. Comp factor: seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100051 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Hazard Insurance<br> [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for evidence of insurance on basic policy form. Comp factor: seasoned investor.<br> Cash out on property listed in the most recent 6 months (rate and term permitted-not cash out). | REVIEWER - RE-OPEN COMMENT (2026-01-20): Spelling error<br> REVIEWER - WAIVED COMMENT (2026-01-20): Approved exception at origination for evidence of insurance on basic policy form. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2026-02-03): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-04): Exception waived. Updated approval provided in trialing documents approving exception for cash out on recently listed property. Comp factors, seasoned investor and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100052 |  | XXX | $XXX | XX | XX/XX/XX |  | 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 missing VOR-primary; guarantor lives rent free. Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable subjective trait. | REVIEWER - WAIVED COMMENT (2026-01-20): Approved exception at origination missing VOR-primary; guarantor lives rent free. Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable subjective trait. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100053 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100055 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100010 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Missing hand rails to back door step. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): XX% LTV, property condition considered in value/LTV. Per borrower LOE, cash-out proceeds to be used towards renovating the subject property. Given the low LTV and cost-to-cure, XXX felt comfortable proceeding. | 1 |  |  |  |  | A |  |  |  |  | C |
| XXXX | XXXX | VCC 2026-P1-100001 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 3 | 2 | [2] General - FICO below 650<br> [2] General - Missing Document: 1007 Rent Comparison Schedule not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> Approved exception at origination for missing rent comparison schedule. Comp factor, seasoned investor.<br> Missing VOR - primary. Borrower lives rent free.<br> Approved exception at origination for 100% vacancy/missing lease - subject. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-01-20): Approved exception at origination for FICO < 650. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2026-02-03): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-04): Approved exception at origination for missing rent comparison schedule. Comp factor, seasoned investor.<br> BUYER - GENERAL COMMENT (2026-02-03): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-04): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR-Primary. Comp factor seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-01-20): Approved exception at origination for 100% vacancy/missing lease - subject. Comp factor: seasoned investor. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraisal indicates ceiling paint is peeling in garage and laundry room area, and the rear patio appears to need siding/veneer as it is currently covered with plywood. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): Property condition considered value/LTV. The peeling paint is cosmetic in nature and no health and safety issues cited regarding the patio. Building is weather tight and vacant at origination. The borrower is expected to complete any necessary repairs prior to tenants moving in. | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | C |
| XXXX | XXXX | VCC 2026-P1-100056 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100057 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100058 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Rate/Term |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and reserves. | REVIEWER - WAIVED COMMENT (2026-01-21): Approved exception at origination for FICO < 650. 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. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100059 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for first time investor on 2-4 family purchase with LTV > 70%. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2026-01-21): Approved exception at origination for first time investor on 2-4 family purchase 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. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100000 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 3 | 2 | [2] General - Missing Document: 1007 Rent Comparison Schedule not provided | Missing comparable rent schedule. | BUYER - GENERAL COMMENT (2026-02-03): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-04): Exception waived. Updated approval provided in trailing documents approving exception for missing rent schedule. Comp factor, LTV/ | 3 | [3] General - Subject is not in average or better condition.: -<br> [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraiser states, "The unfinished/under construction areas reduce overall utility of the dwelling. See extraordinary assumption regarding foundation integrity/settlement. Appraisal photos reflect stairway is unfinished-missing rails, flooring/trim is missing from dining room and bedrooms 4 and 5, cracked drywall, ceiling damage to bedroom, damaged ceramic tile in bathroom 1and unfinished shower - bath 2. Cost to cure is estimated at $XXXX. No proof of completion provided.<br> Appraiser states, "The unfinished/under construction areas reduce overall utility of the dwelling. See extraordinary assumption regarding foundation integrity/settlement. Appraisal photos reflect stairway is unfinished-missing rails, flooring/trim is missing from dining room and bedrooms 4 and 5, cracked drywall, ceiling damage to bedroom, damaged ceramic tile in bathroom 1and unfinished shower - bath 2. Cost to cure is estimated at $XXXX. No proof of completion provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): XX% LTV, purchase transaction. Borrower has pre-occupancy agreement with renovations under way. Incomplete renovations noted in appraisal with an estimated cost to cure which was factored into appraised value no health and safety concerns noted. Given the low LTV and relatively low cost-to-cure XXX felt comfortable proceeding. Borrower is expected to complete the repairs.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): XX% LTV, purchase transaction. Borrower has pre-occupancy agreement with renovations under way. Incomplete renovations noted in appraisal with an estimated cost to cure which was factored into appraised value no health and safety concerns noted. Given the low LTV and relatively low cost-to-cure XXX felt comfortable proceeding. Borrower is expected to complete the repairs. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | C |
| XXXX | XXXX | VCC 2026-P1-100020 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Hazard Insurance | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-01-19): 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 |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100064 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Hazard Insurance<br> [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor.<br> Approved exception at origination for cash-out on property listed within 6 months. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-01-19): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2026-02-05): Corrected Uploaded<br> BUYER - GENERAL COMMENT (2026-02-05): Apologies, the first upload was for a different file.<br> REVIEWER - WAIVED COMMENT (2026-02-06): Approved exception at origination for cash-out on property listed within 6 months. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100022 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Rate/Term |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - LTV does not meet guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - Property has been listed for sale in the past 12 months. | Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500k. Comp factor: FICO.<br> Approved exception at origination for LTV > 70% on rate/term refinance on investor traditional 2 property. Comp factor: FICO.<br> Approved exception at origination for incomplete VOM - subject; missing 12 months payment receipts. Comp factor: FICO.<br> Approved exception at origination for property held < 6 months. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2026-01-19): Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500k. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2026-01-19): Approved exception at origination for LTV > 70% on rate/term refinance on investor traditional 2 property. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2026-01-19): Approved exception at origination for incomplete VOM - subject; missing 12 months payment receipts. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2026-01-19): Approved exception at origination for property held < 6 months. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100067 |  | XXX | $XXX | XX | XX/XX/XX |  | 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% on investor traditional II refinance. Comp factor: FICO.<br> Approved exception at origination for incomplete VOM-primary; missing monthly pay history receipts to supplement VOM summary report. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2026-01-20): Approved exception at origination for LTV > 70% on investor traditional II refinance. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2026-01-20): Approved exception at origination for incomplete VOM-primary; missing monthly pay history receipts to supplement VOM summary report. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100071 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Wind deductible of 5% is > $50k. | BUYER - GENERAL COMMENT (2026-02-09): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-09): Exception waived. Updated approval provided in trailing documents approving exception for wind/hail deductible. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100072 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] General - Insufficient Hazard Insurance<br> [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for first time investor on investor Traditional I with LTV > 70%. Comp factors: FICO and reserves.<br> < 2 active major tradelines on credit report.<br> Approved exception at origination for missing $2MM gen aggregate liability coverage. Comp factor; FICO.<br> Please verify if valid for investor traditional 1 with loan < $500k; Approved exception at origination for 100% vacancy/ missing leases. Comp factors: FICO and reserves. | REVIEWER - WAIVED COMMENT (2026-01-19): Approved exception at origination for first time investor on investor Traditional I with LTV > 70%. Comp factors: FICO and reserves.<br> BUYER - GENERAL COMMENT (2026-02-09): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-09): Exception waived. Updated approval provided in trailing documents approving exception for < 2 active major tradelines. Comp factor, reserves.<br> BUYER - GENERAL COMMENT (2026-02-09): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-09): Approved exception at origination for missing $2MM gen aggregate liability coverage. Comp factor; FICO.<br> REVIEWER - WAIVED COMMENT (2026-01-19): Please verify if valid for investor traditional 1 with loan < $500k; Approved exception at origination for 100% vacancy/ missing leases. 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. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100074 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Missing unit owner's liability coverage (master policy provided). | BUYER - GENERAL COMMENT (2026-02-09): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-09): Exception waived. Updated approval provided in trailing documents approving exception for missing liability coverage. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100075 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] General - Missing Document: Lease Agreement not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for DSCR < 1.25x on investor traditional II purchase with loan amount > $500,000. Comp factor: reserves.<br> Approved exception at origination for first time buyer on investor traditional II with LTV > 65%. Comp factor: reserves.<br> Approved exception at origination for 50% vacancy/ missing leases on traditional property with loan > $500k. Comp factor; reserves.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; reserves. | REVIEWER - WAIVED COMMENT (2026-01-20): Approved exception at origination for DSCR < 1.25x on investor traditional II purchase with loan amount > $500,000. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2026-01-20): Approved exception at origination for first time buyer on investor traditional II with LTV > 65%. Comp factor: reserves.<br> BUYER - GENERAL COMMENT (2026-02-09): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-09): Approved exception at origination for 50% vacancy/ missing leases on traditional property with loan > $500k. Comp factor; reserves.<br> BUYER - GENERAL COMMENT (2026-02-09): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-09): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100025 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] General - Missing Hazard Insurance | Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and FICO.<br> Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-01-19): Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and FICO.<br> REVIEWER - WAIVED COMMENT (2026-01-19): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100004 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 3 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for first time investor on owner-user traditional II with LTV >65%. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2026-01-19): Approved exception at origination for first time investor on owner-user traditional II with LTV >65%. Comp factor: reserves. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraisal/Property Inspection reflect multiple areas of deferred maintenance, including deteriorated exterior siding, peeling and weathered window trim and lifting roof singles that may allow water intrusion. | BUYER - GENERAL COMMENT (2026-02-09): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-09): Exception waived. Updated approval provided in trailing documents approving exception for deferred maintenance. Comp factor, reserves. | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | C |
| XXXX | XXXX | VCC 2026-P1-100076 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] General - FICO below 650<br> [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for FICO < 650. Comp factors: reserves and seasoned business.<br> Approved exception at origination for first time investor with LTV > 65% on owner user traditional 2. Comp factors: reserves and seasoned business. | REVIEWER - WAIVED COMMENT (2026-01-20): Approved exception at origination for FICO < 650. Comp factors: reserves and seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-01-20): Approved exception at origination for first time investor with LTV > 65% on owner user traditional 2. 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. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100077 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception: | Approved exception at origination for seller concession > 3%. Comp factors: seasoned investor and reserves. | REVIEWER - WAIVED COMMENT (2026-01-19): Approved exception at origination for seller concession > 3%. 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. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100007 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 3 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines<br> [2] General - Missing Hazard Insurance | Approved exception at origination for DSCR < 1.0x on owner user traditional II purchase with loan > $750,000. Comp factors: LTV and reserves.<br> Approved exception at origination for < 2 active major tradelines. Comp factors: LTV and FICO.<br> Approved exception at origination for unpaid tax lien. Comp factors: LTV and FICO.<br> Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2026-01-20): Approved exception at origination for DSCR < 1.0x on owner user traditional II purchase with loan > $750,000. Comp factors: LTV and reserves.<br> REVIEWER - WAIVED COMMENT (2026-01-20): Approved exception at origination for < 2 active major tradelines. Comp factors: LTV and FICO.<br> REVIEWER - WAIVED COMMENT (2026-01-20): Approved exception at origination for unpaid tax lien. Comp factors: LTV and FICO.<br> REVIEWER - WAIVED COMMENT (2026-01-20): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: reserves. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Interior photos indicate, damaged walls and floors on the third floor. And damaged floor and ceiling on the 2nd floor as well as damage to brickwork/graffiti at the main building right front entry, cracked rear parking area and damage to the second/third floor stairway. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): Purchase transaction. Property condition considered in value/LTV. XXX obtained a roof cert with confirmed that the roof is in good condition with no leaks. The remaining cited damage all appeared to be cosmetic in nature and the appraisal didn't cite a cost-to-cure. Borrower maintained strong reserves post funding and is expected to complete any necessary repairs. | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The 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. |  |  |  |  | C |
| XXXX | XXXX | VCC 2026-P1-100078 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Hazard Insurance | Missing EOI for liability coverage. | BUYER - GENERAL COMMENT (2026-02-05): uploaded confirmation of liability coverage from the insurance and exception noted for missng 2 MM aggregate<br> REVIEWER - WAIVED COMMENT (2026-02-06): Exception waived. Updated approval provided in trailing documents approving exception for missing aggregate liability. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100080 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily purchase with loan > $750k. Comp factors: FICO and reserves.<br> Approved exception at origination for first time investor with LTV > 70% on an investor traditional I multifamily. Comp factor: reserves.<br> < 2 active major tradelines on credit report.<br> Missing gen agg liability details.<br> Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factors: FICO and reserves. | REVIEWER - WAIVED COMMENT (2026-01-22): Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily purchase with loan > $750k. Comp factors: FICO and reserves.<br> REVIEWER - WAIVED COMMENT (2026-01-22): Approved exception at origination for first time investor with LTV > 70% on an investor traditional I multifamily. Comp factor: reserves.<br> BUYER - GENERAL COMMENT (2026-02-03): XXXX HIgh credit$XXXX. This is an open revolving account that fits in the major tradeline category<br> REVIEWER - GENERAL COMMENT (2026-02-04): Exception remains. Account referenced was last active over 19 months prior. It is not considered a currently active major tradeline.<br> BUYER - GENERAL COMMENT (2026-02-05): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-06): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factor, reserves.<br> BUYER - GENERAL COMMENT (2026-02-03): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-04): Exception waived. Updated approval provided in trailing documents approving exception for missing aggregate liability. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2026-01-22): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factors: FICO and reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100026 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for Wind deductible of 5% is > $50k. Comp factor, FICO. | BUYER - GENERAL COMMENT (2026-02-03): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-04): Approved exception at origination for Wind deductible of 5% is > $50k. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100006 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for XX% vacancy/ missing leases on refinance. Comp factors: FICO and seasoned business. | BUYER - GENERAL COMMENT (2026-02-03): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-04): Approved exception at origination for XX% vacancy/ missing leases on refinance. Comp factors: FICO and seasoned business. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Interior photos indicate no railing to basement, or railing to residential unit no cover on electrical paneling with exposed wiring, open electrical junction box, rust hole in basement entry from outside, graffiti at front entry, missing siding upper front exterior and missing capping upper front windows. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): Appraisal made as-is and property condition is considered in value/LTV. The borrower actively renovating property at origination and the appraiser reported that significant repairs had been made since the borrower originally acquired the property. Given that the borrower has been and is continuing to renovate XXX felt comfortable proceeding. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | C |
| XXXX | XXXX | VCC 2026-P1-100027 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100028 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factor: seasoned business. | BUYER - GENERAL COMMENT (2026-02-03): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-04): Approved exception at origination for FICO < 650. Comp factor: seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100029 |  | XXX | $XXX | XX | XX/XX/XX |  | 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 business. | BUYER - GENERAL COMMENT (2026-02-03): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-04): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor; seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100030 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100031 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.0x on owner user traditional II refinance with loan > $500,000. Comp factors: LTV and seasoned business. | REVIEWER - WAIVED COMMENT (2026-01-19): Approved exception at origination for DSCR < 1.0x on owner user traditional II refinance with loan > $500,000. Comp factors: LTV and seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100009 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 3 | 2 | [2] General - Insufficient Hazard Insurance | Missing business income/interruption coverage for owner-user note. | BUYER - GENERAL COMMENT (2026-02-03): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-04): Exception waived. Updated approval provided in trailing documents approving exception for missing business interruption coverage. Comp factor, FICO. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Internal photos indicate out of service rest room on the 2nd floor with broken wall paneling, open electric junction box at the basement entry, back housing ceiling damage, stained and cracked rear exterior stucco, men's room ceiling damage and stained ceiling in the kitchen area. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): Purchase transaction. Property condition considered in value/LTV. No structural issues or active leaks noted. Borrower is a seasoned investor and is expected to complete any necessary repairs before occupying the subject property with their business (XXX) | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | C |
| XXXX | XXXX | VCC 2026-P1-100194 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100191 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100032 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100201 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy per appraisal on refinance (subsequently executed lease provided in file). Comp factors: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-01-27): Approved exception at origination for 100% vacancy per appraisal on refinance (subsequently executed lease provided in file). Comp factors: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100035 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-01-27): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100036 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for vacant property on a refinance. Comp factor LTV. | REVIEWER - WAIVED COMMENT (2026-01-26): LTV | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100037 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100038 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Credit Exception: | Approved exception at origination for expired credit report; extension provided. Comp factor LTV. | REVIEWER - WAIVED COMMENT (2026-01-26): 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. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100012 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 3 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2026-01-26): LTV and Seasoned Investor | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Photos of the subject indicate missing soffit, damaged siding, no crawl space access door, patched ceiling, missing light fixture and no light switch cover. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): XX% LTV. Current property condition considered in value/LTV. The cost-to-cure of $XXXX is within XXXXguideline tolerance (5% of loan amount/20k) and was factored into the appraised value. Per borrower LOE, cash-out proceeds to be used towards renovations at subject property. The status of repairs hasn't been confirmed, but XXX expects the borrower to fulfill their commitment, | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | C |
| XXXX | XXXX | VCC 2026-P1-100044 |  | XXX | $XXX | XX | XX/XX/XX |  | 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 Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOM-primary; guarantor lives rent free. Comp factors, DCR and reserves.<br> Approved exception at origination for VOM; 1x30 on primary. Comp factor DCR and reserves. | REVIEWER - WAIVED COMMENT (2026-01-27): DCR and reserves.<br> REVIEWER - WAIVED COMMENT (2026-01-27): DCR 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. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100005 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 3 | 2 | [2] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided | Missing Business Purpose Disclosure. | BUYER - GENERAL COMMENT (2026-02-18): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-19): Exception waived. Updated approval provided in trailing documents approving exception for missing BP disclosure. Comp factor, seasoned business. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraiser provided a cost to cure of $XXXX for dampness in the basement, damaged drywall and ceiling and missing flooring in upstairs back bedroom. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): Appraisal made as-is, current property condition considered in value/LTV (including cost to cure). No active leaks confirmed and no structural issues noted. Per the borrower LOE, cash-out proceeds to be used towards renovating the subject property. XXX hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record |  |  |  |  | C |
| XXXX | XXXX | VCC 2026-P1-100083 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided<br> [2] General Appraisal Requirements - Subject is a refinance and property is listed for sale.: - | Approved exception at origination for 1 o 3 units vacant at the time of the appraisal. Comp factors: LTV and DCR.<br> Approved exception at origination for Cash out on property listed within recent 6 months. Comp factors, LTV and DCR. | REVIEWER - WAIVED COMMENT (2026-01-27): DCR and LTV.<br> BUYER - GENERAL COMMENT (2026-02-05): Exception noted om uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-06): Approved exception at origination for Cash out on property listed within recent 6 months. Comp factors, LTV and DCR. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The qualifying DSCR on the loan is greater than the guideline minimum. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100045 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100085 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100003 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Missing Document: Lease Agreement not provided | Missing lease agreements for units 1 and 2. | BUYER - GENERAL COMMENT (2026-02-05): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2026-02-06): Exception remains. No reference to missing lease agreement noted in approval.<br> BUYER - GENERAL COMMENT (2026-02-09): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-09): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraisal reflects bars on windows with no proof of quick release latches. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): The appraiser didn't cite the windows as not having quick-release latches, so XXX did not view as material. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | C |
| XXXX | XXXX | VCC 2026-P1-100046 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] AUS Discrepancy / Guidelines Discrepancy - Loan amounts less than $75,000 are not permitted according to the guidelines | Approved exception at origination for B rating on Hazard insurance. Comp factor seasoned investor.<br> Approved exception at origination for loan amount < $75,000. Comp factors: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2026-01-27): Seasoned Investor and FICO<br> REVIEWER - WAIVED COMMENT (2026-01-27): Seasoned investor and FICO | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100047 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for insurance carrierXXX best rating of B+. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-01-27): Approved exception at origination for insurance carrierXXX best rating of B+. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100048 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for incomplete lease. Compensating Factors: LTV and Seasoned Investor. | REVIEWER - WAIVED COMMENT (2026-01-27): 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. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100086 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Subject property is vacant on a refinance. | BUYER - GENERAL COMMENT (2026-02-05): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-06): Exception waived. Updated approval provided in trailing documents approving exception for vacancy. Comp factor, LTV. | 2 | [2] General Appraisal Requirements - The appraisal revealed property damage.: - | Subject property needs roof repair due to a water leak, ceiling and wall damage, new windows, interior painting, update bathroom, repair vinyl siding at the rear for an estimated cost of $XXXX. Appraiser refers to these items as deferred maintenance. | BUYER - GENERAL COMMENT (2026-02-05): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-06): Exception waived. Updated approval provided in trailing documents approving deferred maintenance of $XXXX. Comp factor, LTV. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | B |
| XXXX | XXXX | VCC 2026-P1-100049 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Loan Amount below $250,000<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for loan amount <$75,000. Comp factor LTV and DCR.<br> Approved exception at origination for vacant property/missing lease. Comp factors, LTV and DCR. | REVIEWER - WAIVED COMMENT (2026-01-27): DCR and LTV<br> REVIEWER - WAIVED COMMENT (2026-01-27): Approved exception at origination for vacant property/missing lease. Comp factors, LTV and DCR. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The qualifying DSCR on the loan is greater than the guideline minimum. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100050 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factor LTV. | REVIEWER - WAIVED COMMENT (2026-01-26): LTV | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100014 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 3 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: Credit Report not provided<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 < 2 active major tradelines. Comp factor: LTV.<br> Approved exception at origination for credit report aged > 60 days.. Comp factors: FICO and LTV.<br> Approved exception at origination for 100% vacancy/ missing leases for 1-4 refinance. Comp factor: LTV.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-01-28): Approved exception at origination for < 2 active major tradelines. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-01-28): Approved exception at origination for credit report aged > 60 days.. Comp factors: FICO and LTV.<br> REVIEWER - WAIVED COMMENT (2026-01-28): Approved exception at origination for 100% vacancy/ missing leases for 1-4 refinance. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2026-01-28): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Subject photos indicate boarded windows, ceiling in one room shows possible water leak and missing flooring in the interior. A roof certification was provided but missing proof windows and missing flooring were replaced/repaired.. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): XX% LTV. Property condition considered in value/LTV. XXX obtained a roof cert for the ceiling and completed a 90-day, $XXXX holdback at origination for the window repair and installation. Further, borrower provided an LOE confirming that cash-out proceeds will be used towards making repairs and renovations at subject property. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | C |
| XXXX | XXXX | VCC 2026-P1-100054 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | 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, borrower that lives rent free. Comp factors: seasoned investor and reserves.<br> Approved exception at origination for rural property. Comp factors, seasoned investor and reserves. | REVIEWER - WAIVED COMMENT (2026-01-26): Seasoned investor and Reserves<br> REVIEWER - WAIVED COMMENT (2026-01-26): 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. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100088 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance<br> [2] General - Insufficient Hazard Insurance<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 missing wind/hail coverage. Comp factor, seasoned investor.<br> Approved exception at origination for 1) Basic form policy coverage type and 2) Liability coverage < $300K. Comp factor: seasoned investor.<br> Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-01-27): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and reserves.<br> BUYER - GENERAL COMMENT (2026-02-05): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-06): Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-01-27): Approved exception at origination for 1) Basic form policy coverage type and 2) Liability coverage < $300K. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-01-27): Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100089 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance<br> [2] General - Insufficient Hazard Insurance<br> [2] Loan File - Missing Document: Hazard Insurance Policy not provided | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and reserves.<br> Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned imvestor.<br> Approved exception at origination for 1) insurance on basic form and 2) < $300K liability coverage. Comp factor: seasoned investor.<br> Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-01-27): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and reserves.<br> BUYER - GENERAL COMMENT (2026-02-05): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-06): Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned imvestor.<br> REVIEWER - WAIVED COMMENT (2026-01-27): Approved exception at origination for 1) insurance on basic form and 2) < $300K liability coverage. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-01-27): Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100090 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance<br> [2] General - Insufficient Hazard Insurance<br> [2] General - Missing Hazard Insurance | Approved exception at origination for FICO < 650. Comp factors: reserves and seasoned investor.<br> Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor.<br> Approved exception at origination for 1) Basic form policy coverage type and 2) Liability coverage < $300K. Comp factor: seasoned investor.<br> Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-01-27): Approved exception at origination for FICO < 650. Comp factors: reserves and seasoned investor.<br> BUYER - GENERAL COMMENT (2026-02-05): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-06): Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-01-27): Approved exception at origination for 1) Basic form policy coverage type and 2) Liability coverage < $300K. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-01-27): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100091 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance<br> [2] General - Insufficient Hazard Insurance<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 liability coverage < $300K. Comp factors: seasoned investor.<br> Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor.<br> Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2026-01-28): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and reserves.<br> REVIEWER - WAIVED COMMENT (2026-01-28): Approved exception at origination for liability coverage < $300K. Comp factors: seasoned investor.<br> BUYER - GENERAL COMMENT (2026-02-05): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-06): Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-01-28): 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. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100092 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance<br> [2] General - Missing Hazard Insurance | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and reserves<br> Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor.<br> Approved exception at origination for 1) Premium not paid in full at closing- on payment plan and 2) Liability coverage < $300K. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-01-27): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and reserves<br> BUYER - GENERAL COMMENT (2026-02-05): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-06): Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-01-27): Approved exception at origination for 1) Premium not paid in full at closing- on payment plan and 2) Liability coverage < $300K. 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. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100093 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance<br> [2] General - Missing Hazard Insurance | Approved exception at origination for FICO < 650. Comp factors: reserves and season investor.<br> Approved exception at origination to allow hazard insurance on basic form and with $200k liability. Comp factor: seasoned investor.<br> Approved exception at origination to allow insurance to be paid on payment plan and not collect premium at closing. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-01-27): Reserves and Seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-01-27): Seasoned investor<br> REVIEWER - WAIVED COMMENT (2026-01-27): 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. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100094 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance<br> [2] General - Insufficient Hazard Insurance<br> [2] General - Missing Hazard Insurance | Approved exception at origination for FICO < 650. Comp factors: reserves and seasoned investor.<br> Approved exception at origination for Liability coverage < $300K. Comp factor: seasoned investor.<br> Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor.<br> Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2026-01-28): :<br> Approved exception at origination for FICO < 650. Comp factors: reserves and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-01-28): Approved exception at origination for Liability coverage < $300K. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2026-02-05): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-06): Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-01-28): 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. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100002 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 3 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance<br> [2] General - Insufficient Hazard Insurance<br> [2] General - Missing Hazard Insurance | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and strong reserves.<br> Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor.<br> Approved exception at origination for liability coverage < $300,000. Comp factor: seasoned investor.<br> Approved exception at origination for premium not paid in full at closing - on payment plan. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-01-27): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and strong reserves.<br> BUYER - GENERAL COMMENT (2026-02-05): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-06): Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-01-27): Approved exception at origination for liability coverage < $300,000. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-01-27): Approved exception at origination for premium not paid in full at closing - on payment plan. Comp factor: seasoned investor. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Appraisal photo reflects a boarded-up window to the rear of the subject property. No proof of repair completed provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): Purchase transaction. Property condition so considered in value/LTV and building is weathertight. XXX did not view as material given the low cost-to-cure. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | C |
| XXXX | XXXX | VCC 2026-P1-100095 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for FICO < 650. Comp factor, seasoned investor and reserves.<br> Approved exception at origination for Liability coverage< $300,000. Comp factor, seasoned investor.<br> Approved exception at origination for Insurance premium not paid in full at closing. Comp factor seasoned investor and reserves. | REVIEWER - WAIVED COMMENT (2026-01-27): Seasoned investor and reserves<br> REVIEWER - WAIVED COMMENT (2026-01-27): Seaoned investor<br> REVIEWER - WAIVED COMMENT (2026-01-27): 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. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100096 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for FICO < 650. Comp factor reserves and seasoned investor.<br> Approved exception at origination for Insurance premium not paid in full at closing. Comp factor seasoned investor.<br> Approved exception at origination for $200K Liability Coverage. Comp Factor seasoned investor. | BUYER - GENERAL COMMENT (2026-02-05): Exception already written and approved<br> REVIEWER - WAIVED COMMENT (2026-02-06): Approved exception at origination for FICO < 650. Comp factor reserves and seasoned investor.<br> BUYER - GENERAL COMMENT (2026-02-05): Exception already written and approved<br> REVIEWER - WAIVED COMMENT (2026-02-06): Approved exception at origination for Insurance premium not paid in full at closing. Comp factor seasoned investor.<br> BUYER - GENERAL COMMENT (2026-02-05): Exception already written and approved<br> REVIEWER - WAIVED COMMENT (2026-02-06): Approved exception at origination for $200K Liability Coverage. 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. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100097 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance<br> [2] General - Insufficient Hazard Insurance<br> [2] General - Missing Hazard Insurance | Approved exception at origination for FICO < 650. Comp factors: reserves and seasoned investor.<br> Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor.<br> Approved exception at origination for 1) basic form policy coverage type, and 2) liability coverage < $300K. Comp factor: seasoned investor.<br> Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-01-28): Approved exception at origination for FICO < 650. Comp factors: reserves and seasoned investor.<br> REVIEWER - RE-GRADED COMMENT (2026-01-28): Approved exception at origination for FICO < 650. Comp factors: reserves and seasoned investor.<br> BUYER - GENERAL COMMENT (2026-02-05): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-06): Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-01-28): Approved exception at origination for 1) basic form policy coverage type, and 2) liability coverage < $300K. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-01-28): 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. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100061 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for DSCR <1.0x on owner/user traditional II refinance with loan > $500,000. Comp factors: seasoned investor and seasoned business.<br> Approved exception for FICO < 650. Comp factors: seasoned investor and LTV.<br> Approved exception at origination for 1x 60 and 1x 90 day lates on non-subject mortgage accounts within 24 months. Comp factors: seasoned investor and seasoned business.<br> Unit owners policy is missing $2MM gen aggregate liability.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2026-01-26): Approved exception at origination for DSCR <1.0x on owner/user traditional II refinance with loan > $500,000. Comp factors: seasoned investor and seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-01-26): Approved exception for FICO < 650. Comp factors: seasoned investor and LTV.<br> REVIEWER - WAIVED COMMENT (2026-01-26): Approved exception at origination for 1x 60 and 1x 90 day lates on non-subject mortgage accounts within 24 months. Comp factors: seasoned investor and seasoned business.<br> BUYER - GENERAL COMMENT (2026-02-09): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2026-02-09): Exception remains. No comp factor provided with approved exception.<br> BUYER - GENERAL COMMENT (2026-02-11): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-12): Exception waived. Updated approval provided in trailing documents approving exception for missing aggregate liability amount. Comp factor, seasoned investor.<br> BUYER - GENERAL COMMENT (2026-02-09): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-09): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100062 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Rate/Term |  | 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 business. | REVIEWER - WAIVED COMMENT (2026-01-26): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100063 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] General - Missing Hazard Insurance | Approved exception at origination for first time investor on owner user traditional II with LTV > 65%. Comp factor: reserves.<br> Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned business. | REVIEWER - WAIVED COMMENT (2026-01-26): Approved exception at origination for first time investor on owner user traditional II with LTV > 65%. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2026-01-26): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: 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. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100196 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Application / Processing - Missing Document: Proof of Residency Status not provided | Approved exception at origination for Foreign national investor as First time investor missing proof of additional investment in US. Comp factor, FICO.<br> Approved exception at origination for missing proof of legal US residency (passport/green card) for guarantor indicating permanent residency status . Comp factor; FICO. | BUYER - GENERAL COMMENT (2026-02-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-10): Approved exception at origination for Foreign national investor as First time investor missing proof of additional investment in US. Comp factor, FICO.<br> BUYER - GENERAL COMMENT (2026-02-10): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-10): Approved exception at origination for missing proof of legal US residency (passport/green card) for guarantor indicating permanent residency status . Comp factor; FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100197 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: reserves. | BUYER - GENERAL COMMENT (2026-02-09): Exception is noted and approved<br> REVIEWER - WAIVED COMMENT (2026-02-10): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100065 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] General - Property has been listed for sale in the past 12 months. | Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor.<br> Cash out on property held < 12 months using valuation in excess of purchase price (Ref guideline 6.6 cash-out on recent purchases) | REVIEWER - WAIVED COMMENT (2026-01-26): Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2026-02-09): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-10): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100198 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] General - The property is ineligible. | < 2 active major tradelines on credit report.<br> Approved exception at origination for override of statewide exclusion for traditional property type located in MI. Comp factor; FICO. | BUYER - GENERAL COMMENT (2026-02-09): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-10): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factor, reserves.<br> BUYER - GENERAL COMMENT (2026-02-09): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-10): Approved exception at origination for override of statewide exclusion for traditional property type located in MI. 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. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100066 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for DSCR < 1.0x on owner user traditional II refinance with loan > $500,000. Comp factors: LTV and seasoned business.<br> Approved exception at origination for active foreclosure proceedings on subject (note matured > 9 mos). Comp factors: LTV and seasoned business.<br> Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and seasoned business.<br> Approved exception at origination for missing VOM-subject. Comp factors: LTV and seasoned business.<br> Approved exception at origination for subject listed within 6 months on cash out refinance with LTV > 50%. Comp factors: LTV and seasoned business. | REVIEWER - WAIVED COMMENT (2026-01-26): Approved exception at origination for DSCR < 1.0x on owner user traditional II refinance with loan > $500,000. Comp factors: LTV and seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-01-26): Approved exception at origination for active foreclosure proceedings on subject (note matured > 9 mos). Comp factors: LTV and seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-01-26): Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-01-26): Approved exception at origination for missing VOM-subject. Comp factors: LTV and seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-01-26): Approved exception at origination for subject listed within 6 months on cash out refinance with LTV > 50%. Comp factors: LTV and seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100219 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Eligibility - Guideline Issue: Derogatory rental history outside of credit guidelines<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for FICO < 650. Comp factor: reserves.<br> Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: reserves.<br> Approved exception at origination for 2x30 days late on primary within 12 months. Comp factor: reserves.<br> Unit owners policy does not contain business income/interruption coverage for owner user traditional 2. | REVIEWER - WAIVED COMMENT (2026-01-27): Approved exception at origination for FICO < 650. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2026-01-27): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2026-01-27): Approved exception at origination for 2x30 days late on primary within 12 months. Comp factor: reserves.<br> BUYER - GENERAL COMMENT (2026-02-09): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-10): Exception waived. Updated approval provided in trailing documents approving exception for missing business income 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. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100023 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 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 factor: reserves. | REVIEWER - WAIVED COMMENT (2026-01-26): Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factor: reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100015 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Rate/Term |  | 3 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and reserves. | REVIEWER - WAIVED COMMENT (2026-01-26): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and reserves. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Subject photos indicate cracked stucco at left exterior wall, discolored siding and stucco covered basement window opening. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): Property condition considered in value/LTV. No foundation issues cited and stucco crack appears to be cosmetic. No cost-to-cure or health and safety concerns provided by the appraiser | 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. |  |  |  |  | C |
| XXXX | XXXX | VCC 2026-P1-100068 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for Wind deductible of 5% exceeds $25k. Comp factor, LTV. | BUYER - GENERAL COMMENT (2026-02-09): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-10): Approved exception at origination for Wind deductible of 5% exceeds $25k. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100069 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.25x on investor traditional II purchase with loan > $750,000. Comp factor: reserves. | BUYER - GENERAL COMMENT (2026-02-09): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-10): Approved exception at origination for DSCR < 1.25x on investor traditional II purchase with loan > $750,000. Comp factor: reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100070 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Refinance Rate/Term |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] General - Missing Hazard Insurance | Approved exceptions at origination for 1x 30 ways late within 90 days, and 4x 30 days late within 12 months. Comp factors: LTV and reserves.<br> Approved exception at origination for credit report aged > 60 days. Comp factors: LTV 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 (2026-01-26): Approved exceptions at origination for 1x 30 ways late within 90 days, and 4x 30 days late within 12 months. Comp factors: LTV and reserves.<br> REVIEWER - WAIVED COMMENT (2026-01-26): Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and reserves.<br> REVIEWER - WAIVED COMMENT (2026-01-26): 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.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100199 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Rate/Term |  | 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 | Unit owner's policy (XXXX) 1) is basic form, 2) does not contain wind/ hail coverage<br> Approved exception at origination for credit report aged > 60 days. Comp factors: FICO and seasoned business.<br> Approved exceptions at origination for 1) Incomplete VOM-primary; missing most recent monthly pay history, and 2) incomplete VOM-subject; missing pay history receipts to supplement processor certification and VOM summary from private lender. Comp factors: FICO and seasoned business. | BUYER - GENERAL COMMENT (2026-02-09): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-10): Exception waived. Updated approval provided in trailing documents approving exception for basic form insurance and missing wind/hail coverage. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2026-02-06): Approved exception at origination for credit report aged > 60 days. Comp factors: FICO and seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-02-06): Approved exceptions at origination for 1) Incomplete VOM-primary; missing most recent monthly pay history, and 2) incomplete VOM-subject; missing pay history receipts to supplement processor certification and VOM summary from private lender. Comp factors: FICO and seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100073 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 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: FICO and strong marketing trends which is unable to be validated as a non-quantifiable subjective trait. | REVIEWER - WAIVED COMMENT (2026-01-26): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable subjective trait. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100019 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for basic policy form/ coverage type. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-01-26): Approved exception at origination for basic policy form/ coverage type. Comp factor: seasoned investor. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | The subject photos indicated water stained ceiling. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): XX% LTV property condition considered in value/LTV. No active leaks present and ceiling structurally sound. The appraiser did not cite any health and safety concerns. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record |  |  |  |  | C |
| XXXX | XXXX | VCC 2026-P1-100017 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 3 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Application / Processing - Missing Document: Business License not provided | Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: LTV and seasoned business.<br> Missing active rental license to lawfully rent the non-owner occupied residential subject unit. (per analyst review note to UW) | REVIEWER - WAIVED COMMENT (2026-01-26): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: LTV and seasoned business.<br> BUYER - GENERAL COMMENT (2026-02-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-10): Exception waived. Updated approval provided in trailing documents approving exception for missing rental license. Comp factor, LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Subject photos indicate rust holes in sidewalk basement entry doors, weathered front doors, stained stucco siding, rotted wood and missing capping at 2nd floor windows and missing capping at 3rd floor window. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): XX% LTV, property condition considered in value/LTV. No health and safety issues cited by appraiser and damage appears to be cosmetic in nature. Per borrower LOE, cash-out proceeds will be used towards repairs at subject property and while XXX hasn't confirmed the status of repairs, it is expected that the borrower will fulfill their commitment, | 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. |  |  |  |  | C |
| XXXX | XXXX | VCC 2026-P1-100079 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance<br> [2] General - LTV does not meet guidelines | Approved exception at origination for DSCR < 1.0x on owner user traditional I mixed-use purchase with loan > $750,000. Comp factor: reserves.<br> Wind deductible of 5% exceeds $25k<br> Approved exception at origination for LTV > 70% on owner user traditional I mixed-use purchase with loan < $1mm. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2026-01-27): Approved exception at origination for DSCR < 1.0x on owner user traditional I purchase with loan > $750,000. Comp factor: reserves.<br> BUYER - GENERAL COMMENT (2026-02-09): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-10): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2026-01-27): Approved exception at origination for LTV > 70% on owner user traditional I purchase with loan < $1mm. Comp factor: reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100081 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] General - Ineligible property<br> [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 for override of statewide exclusion for traditional property type located in IL. Comp factors: LTV (LTV not supported for FTI TRAD II > 60%) and FICO.<br> Approved exception for LTV > 60% on investor traditional 2 purchase located in excluded state. Comp factors: FICO and reserves.<br> Approved exception for incomplete VOM-primary; <12 months pay history. Comp factors: LTV (LTV not supported for FTI TRAD II > 60%) and FICO. | REVIEWER - WAIVED COMMENT (2026-02-03): Approved exception for override of statewide exclusion for traditional property type located in IL. Comp factors: LTV (LTV not supported for FTI TRAD II > 60%) and FICO.<br> REVIEWER - WAIVED COMMENT (2026-02-03): Approved exception for LTV > 60% on investor traditional 2 purchase located in excluded state. Comp factors: FICO and reserves.<br> REVIEWER - WAIVED COMMENT (2026-02-03): Approved exception for incomplete VOM-primary; <12 months pay history. Comp factors: LTV (LTV not supported for FTI TRAD II > 60%) 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 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. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100016 |  | XXX | $XXX | XX | XX/XX/XX |  | 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.: - | Subject photos indicate first floor ceiling damage and overgrowth of tree at left rear of property. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): XX% LTV. Property condition considered in value and LTV. No structural issues or leaks identified. The appraiser didn't cite any health and safety issues or deferred maintenance. Damage appears to be cosmetic and XXX did not view as material in terms of underwriting, but expects the borrower to make any necessary repairs. | 1 |  |  |  |  | A |  |  |  |  | C |
| XXXX | XXXX | VCC 2026-P1-100220 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for 'Credit' (< 2 active major tradelines on credit report). Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2026-01-27): Approved exception at origination for 'Credit' (< 2 active major tradelines on credit report). Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100200 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | 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.: - | Property being completely remodeled interior and exterior for $XXXX. Signed holdback agreement in file but no holdback funds on the HUD. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): XX% LTV. Appraisal made as-is and property condition considered in value/LTV. Borrower actively renovating property at origination and given the low LTV, XXX felt comfortable proceeding. Borrower is expected to complete renovations. | 1 |  |  |  |  | A |  |  |  |  | C |
| XXXX | XXXX | VCC 2026-P1-100202 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100203 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - LTV does not meet guidelines | Approved exception at origination for Subject amortization term of 30 yrs exceeds estimated remaining economic lifespan of 25 yrs. Comp Factors: company financial strength and guarantor support/liquidity.<br> Approved exception at origination for CLTV > 90%. Comp Factors: company financial strength and guarantor support/liquidity. | REVIEWER - WAIVED COMMENT (2026-02-06): Approved exception at origination for Subject amortization term of 30 yrs exceeds estimated remaining economic lifespan of 25 yrs. Comp Factors: company financial strength and guarantor support/liquidity.<br> REVIEWER - WAIVED COMMENT (2026-02-06): Approved exception at origination for CLTV > 90%. Comp Factors: company financial strength and guarantor support/liquidity. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100204 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100221 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100099 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Property has been listed for sale in the past 12 months. | Cash out on property held <12 months using valuation > original purchase price. | BUYER - GENERAL COMMENT (2026-02-13): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2026-02-13): Exception remains. Comp factor not provided for waiving this exception.<br> BUYER - GENERAL COMMENT (2026-02-17): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-17): Exception waived. Updated approval provided in trailing documents approving exception for cash out on property held less than 12 months using appraised value versus original purchase price. Comp factor, LTV/ | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100229 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. | BUYER - GENERAL COMMENT (2026-02-13): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-13): Exception waived. Updated approval provided in trailing documents approving exception for missing endorsement. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100228 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100234 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Ineligible property<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: LTV.<br> Approved exception at origination for Rural property. Comp factor, reserves.<br> Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor: reserves.<br> Approved exception at origination for Cash out refinance on property listed within 6 months. Comp factor, reserves. | REVIEWER - WAIVED COMMENT (2026-02-10): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2026-02-11): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-12): Approved exception at origination for Rural property. Comp factor, reserves.<br> REVIEWER - WAIVED COMMENT (2026-02-06): Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor: reserves.<br> BUYER - GENERAL COMMENT (2026-02-11): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-12): Approved exception at origination for Cash out refinance on property listed within 6 months. Comp factor, reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100233 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] Mortgage / Program Eligibility - Subordinate financing not permitted | Approved exception at origination for seller held 2nd note term <3 yrs. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-02-06): Approved exception at origination for seller held 2nd note term <3 yrs. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100098 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2026-02-09): Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor: LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | The front door appears to be blocked off by front porch conversion. The Appraisal states that the property has a "front porch conversion to living area." No value given to conversion. | BUYER - GENERAL COMMENT (2026-02-20): please re-review this - The appraiser did not give any value to the front porch conversion. The appraiser doesn't cite a fire hazard anywhere, not do they cite the front door as being blocked. No significant needed repairs were noted.<br> REVIEWER - GENERAL COMMENT (2026-02-23): Exception remains. Updated comment to clarify issues with front door and porch conversion. Removed title code enforcement liens for fire hazard abatement that were paid.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-25): XX% LTV. Property condition considered in value/LTV. No value was given to the front porch conversion, and no health and safety items cited by appraiser for a blocked door. | 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. |  |  |  |  | C |
| XXXX | XXXX | VCC 2026-P1-100230 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for FICO < 650. Comp factors: DSCR and marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> Approved exception at origination for incomplete VOM-primary; missing most recent monthly pay history. Comp factors: DSCR and marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> Approved exception at origination for missing lease on SFR refinance (verbal agreement per LOE). Comp factors: DSCR and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | REVIEWER - WAIVED COMMENT (2026-02-09): Approved exception at origination for FICO < 650. Comp factors: DSCR and marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> REVIEWER - WAIVED COMMENT (2026-02-09): Approved exception at origination for incomplete VOM-primary; missing most recent monthly pay history. Comp factors: DSCR and marketing trends which is unable to be validated as a non-quantifiable subjective trait.<br> REVIEWER - WAIVED COMMENT (2026-02-09): Approved exception at origination for missing lease on SFR refinance (verbal agreement per LOE). Comp factors: DSCR and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The qualifying DSCR on the loan is greater than the guideline minimum. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100227 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Missing lease on SFR refinance. | BUYER - GENERAL COMMENT (2026-02-11): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-12): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100100 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100231 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy/missing lease on SFR refinance. Comp factors: LTV and FICO. | REVIEWER - WAIVED COMMENT (2026-02-06): Approved exception at origination for 100% vacancy/missing lease on SFR refinance. Comp factors: LTV and FICO. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100226 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property<br> [2] General - Insufficient Hazard Insurance<br> [2] General - Missing Document: Comparable Rent Schedule not provided<br> [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for rural property. Comp factors: strong marketing trends and property condition are unable to be validated as non-quantifiable subjective traits and LTV.<br> Approved exception at origination for missing special/broad form policy/coverage type with liability as extension of primary residence homeowners policy. Comp factor; LTV.<br> Approved exception at origination for missing comparable rent schedule/market rent analysis. Comp factor, LTV.<br> Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | BUYER - GENERAL COMMENT (2026-02-11): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-12): Approved exception at origination for rural property. Comp factors: strong marketing trends and property condition are unable to be validated as non-quantifiable subjective traits and LTV.<br> BUYER - GENERAL COMMENT (2026-02-11): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-12): Approved exception at origination for missing special/broad form policy/coverage type with liability as extension of primary residence homeowners policy. Comp factor; LTV.<br> BUYER - GENERAL COMMENT (2026-02-11): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-12): Approved exception at origination for missing comparable rent schedule/market rent analysis. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2026-02-06): Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100232 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for seller credit > 3%. Comp factor: FICO.<br> Approved exception at origination for basic form policy/coverage type. Comp factor; FICO. | REVIEWER - WAIVED COMMENT (2026-02-06): Approved exception at origination for seller credit > 3%. Comp factor: FICO.<br> BUYER - GENERAL COMMENT (2026-02-11): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-12): Approved exception at origination for basic form policy/coverage type. Comp factor; FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100237 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] Appraisal Documentation - Missing Document: Appraisal not provided<br> [2] Credit Documentation - Missing Document: Credit Report not provided | Appraisal effective date aged > 6 months. (ref: XXXX)<br> Missing updated credit report for 1 of 2 individual guarantors. (outdated report XXXX) | BUYER - GENERAL COMMENT (2026-02-12): The stale appraisal report was noted in Change Memo #2 in the XXX. reattached.<br> REVIEWER - WAIVED COMMENT (2026-02-12): Exception waived. Update to approval provided approving exception for aged appraisal. Comp factors., LTV, FICO, and net worth.<br> BUYER - GENERAL COMMENT (2026-02-18): change memo addressing this, attached.<br> REVIEWER - WAIVED COMMENT (2026-02-18): Exception waived. Updated to approval provided in trailing documents approving exception for expired credit. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100238 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100247 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100241 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Credit report for 1 of 2 guarantors is aged > 120 days (XXXX) | BUYER - GENERAL COMMENT (2026-02-12): please note Change Memo #3 in the XXX.<br> REVIEWER - WAIVED COMMENT (2026-02-12): Exception waived. Update to approval provided approving exception for expired credit. Comp factors,. DSCR and net worth./ | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The qualifying DSCR on the loan is greater than the guideline minimum. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100249 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100239 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100245 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100243 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100248 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100235 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100250 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100246 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Rate/Term |  | 2 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for LTV > 70% for investor loan. Comp factors: DSCR, guarantor support/liquidity, and company financial strength. | REVIEWER - WAIVED COMMENT (2026-02-11): Approved exception at origination for LTV > 70% for investor loan. Comp factors: DSCR, guarantor support/liquidity, and company financial strength. | 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. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100236 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100242 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100240 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Rate/Term |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for 2x 30 days late within 12 months on subject (Change Memo #1). Comp factors: LTV and DSCR. | REVIEWER - WAIVED COMMENT (2026-02-09): Approved exception at origination for 2x 30 days late within 12 months on subject (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 |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100244 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] General - Ineligible property | Approved exception at origination for remaining economic life of subject shorter than loan term/amortization. Comp factors: LTV, borrower financial strength, and guarantor support/liquidity. | REVIEWER - WAIVED COMMENT (2026-02-11): Approved exception at origination for remaining economic life of subject shorter than loan term/amortization. Comp factors: LTV, borrower financial strength, and guarantor support/liquidity. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100162 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 3 | 1 |  |  |  | 3 | [3] General - Subject is not in average or better condition.: -<br> [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Subject is in below average or fair condition per the appraisal with deferred maintenance estimated at >$70,000. In house review states "property shows interior deterioration, including ceiling damage with fallen material, as well as a bathroom with deteriorated flooring". Holdback in file for mold remediation of $XXXX-containment and removal, drying and structural drying., rebuilding to as-new condition.<br> The property inspection report indicated prior roof leak causing mold (roof inspection in file-no active leak), with interior ceiling and mold damage as well as flooring damage in the bathroom. Holdback in file for mold remediation of $XXXX. The additional deferred maintenance of $XXXX is an estimate cost to cure which includes removing any religious facility related items, reinstall traditional front commercial windows, complete drywall repair and paint. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): XX% LTV, purchase transaction. Appraisal made as-is and current property condition (including deferred maintenance) considered in value/LTV. XXX completed a 180 holdback to cover the health and safety issue with the mold. Borrower intends to occupy the property with their business post-close and maintains strong reserves after putting down 50% of funds to close. XXX hasn't confirmed the status of repairs, but expects the borrower to complete them, especially given the owner-user nature of the property. Given the low LTV XXX felt comfortable proceeding.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): XX% LTV, purchase transaction. XXX completed a 180-day holdback at origination to cover the health and safety item with the mold. Roof cert confirmed no current leak. | 1 |  |  |  |  | A |  |  |  |  | C |
| XXXX | XXXX | VCC 2026-P1-100158 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100163 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100156 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DCR < 1.00 on owner/user Trad II with balance > $500,000 for a refi. Comp factors, seasoned business and seasoned investor. | REVIEWER - WAIVED COMMENT (2026-02-17): Approved exception at origination for DCR < 1.00 on owner/user Trad II with balance > $500,000 for a refi. Comp factors, seasoned business and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100159 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.20x on investor traditional I mixed use purchase with loan > $500,000. Comp factors: FICO . | BUYER - GENERAL COMMENT (2026-02-13): Corrected uploaded<br> REVIEWER - WAIVED COMMENT (2026-02-13): Approved exception at origination for DSCR < 1.20x on investor traditional I mixed use purchase with loan > $500,000. Comp factors: FICO . | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Side of Building has double doors with no steps or stupe and rear entry deferred maintenance (siding). | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): Current property condition considered in LTV/value. The appraiser cited a $XXXX cost-to-cure which is within XXXXdeferred maintenance guideline (5%/20k). Given the low cost-to-cure, XXX felt comfortable proceeding. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | C |
| XXXX | XXXX | VCC 2026-P1-100157 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily refinance with loan > $500k. Comp factors: LTV and seasoned investor.<br> Approved exception at origination for missing leases for 11 of 14 subject units. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2026-02-11): Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily refinance with loan > $500k. Comp factors: LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-02-11): Approved exception at origination for missing leases for 11 of 14 subject units. Comp factors: LTV and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100161 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | VCC 2026-P1-100166 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue | DSCR < 1.20x for investor traditional 1 multifamily purchase with loan > $500k. (purchase exemption up to $750k is specific to owner-user). | BUYER - GENERAL COMMENT (2026-02-13): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-13): Exception waived. Updated approval provided in trailing documents approving exception for DSCR. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100165 |  | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Hazard Insurance | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2026-02-11): 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 |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100164 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] General - FICO below 650<br> [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for FICO < 650. Comp factor: Guarantors industry experience.<br> Approved exception at origination for first time investor on owner user traditional 2 with LTV > 65%. Comp factors: Guarantors industry experience. | BUYER - GENERAL COMMENT (2026-02-13): Exception mitigated on uploaded with occupying entity (guarantors business) in business for 3 years. Also attached is a copy of the licensing for occupying entity to support expiereince.<br> REVIEWER - WAIVED COMMENT (2026-02-16): Approved exception at origination for FICO < 650. Comp factor: Guarantors industry experience.<br> BUYER - GENERAL COMMENT (2026-02-13): Exception mitigated on uploaded with occupying entity (guarantors business) in business for 3 years. Also attached is a copy of the licensing for occupying entity to support expiereince.<br> REVIEWER - WAIVED COMMENT (2026-02-16): Approved exception at origination for first time investor on owner user traditional 2 with LTV > 65%. Comp factors: Guarantors industry experience. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | VCC 2026-P1-100160 | XXXX | XXX | $XXX | XX | XX/XX/XX |  | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for DSCR < 1.20x on investor traditional I mixed use refinance with loan > $750,000. Comp factors: FICO and LTV.<br> Approved exception at origination for > 1x 30 days late within 12 months on primary; notice of default filed within 12 months (notice of recission within 6 months). Comp factors: LTV and FICO.<br> Approved exception at origination for missing VOM-primary; mortgage held in deceased parent's name. Comp factors, LTV and FICO. | REVIEWER - WAIVED COMMENT (2026-02-12): Approved exception at origination for DSCR < 1.20x on investor traditional I mixed use refinance with loan > $750,000. Comp factors: FICO and LTV.<br> REVIEWER - WAIVED COMMENT (2026-02-12): Approved exception at origination for > 1x 30 days late within 12 months on primary; notice of default filed within 12 months (notice of recission within 6 months). Comp factors: LTV and FICO.<br> BUYER - GENERAL COMMENT (2026-02-13): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-02-16): Approved exception at origination for missing VOM-primary; mortgage held in deceased parent's name. Comp factors, LTV and FICO. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: - | Subject photos indicate rust on wrought iron fencing, cracked/damaged stucco, dry rot on wood trim, damaged stucco on the overhang and peeling paint/damaged light fixture. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-02-20): Property condition considered in value/LTV. The appraiser estimated an $XXXX for deferred maintenance which was deducted from the appraised value, and XXX used a more conservative amount of $XXXX for our internal value. No active leaks or structural issues observed. XXX expects the borrower to complete any necessary repairs to the property. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | C |
| XXXX | XXXX | VCC 2026-P1-100154 |  | XXX | $XXX | XX | XX/XX/XX |  | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception: | Approved exception at origination for seller credit exceeding 3%. Comp factors; FICO and reserves. | REVIEWER - WAIVED COMMENT (2026-02-12): Approved exception at origination for seller credit exceeding 3%. Comp factors; FICO and reserves. | 2 | [2] General Appraisal Requirements - The appraisal revealed property damage.: - | Approved exception at origination for parking lot repairs of $XXXX . Comp factors, signed holdback agreement provided with amount reflected on HUD. | REVIEWER - WAIVED COMMENT (2026-02-12): Approved exception at origination for parking lot repairs of $XXXX . Comp factors, signed holdback agreement provided with amount reflected on HUD. | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Evidence of Escrow Holdback in file.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | B |

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## Exhibit 99.08

**Exhibit 99.08**

![](ex99_001.gif)

**Exception Grades**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AMC Loan ID** | **Customer Loan ID** | **EDGAR Loan ID** | **Investor Loan Number** | **Loan Exception ID** | **Exception Date** | **Exception Type** | **Exception Category** | **Exception Subcategory** | **15E Category** | **Exception** | **Exception Detail** | **Exception Information** | **Compensating Factors** | **Compensating Factor Information** | **Applying Party** | **Follow-up Comments** | **Cleared Date** | **Cured Date** | **Waived Date** | **Exception Level Grade** | **Note Date** | **Property State** | **Purpose** | **Exception Remediation** | **Compliance<br> Final Loan Grade** | **Originator QM ATR Status** | **TPR QM ATR Status** | **Is Curable** |
| XXXX | XXXX | VCC 2026-P1-100190 |  | 35352584 |  | Credit | Property - Appraisal | Appraisal Documentation | Property - Appraisal | Missing Document: Appraisal not provided |  | Approved exception at origination for appraisal aged > 6 months. Comp factors: DSCR, company financial strength, and Guarantor support/ liquidity. | The qualifying DSCR on the loan is greater than the guideline minimum. | CF- DSCR | SitusAMC,Originator | Reviewer Comment (2026-01-14): Approved exception at origination for appraisal aged > 6 months. Comp factors: DSCR, company financial strength, and Guarantor support/ liquidity.<br>Buyer Comment (2026-01-13): Correct, approved exception. |  |  | 01/14/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100060 |  | 35392711 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Property listed/sold within last 6 months and not eligible for refinance 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 (2026-02-04): Exception waived. Updated approval provided in trailing documents approving cash out on recently listed property. Comp factor, LTV.<br>Buyer Comment (2026-02-02): Exception noted on uploaded approval |  |  | 02/04/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100060 |  | 35486595 |  | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active open major tradelines. Comp factors, reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-15): Reserves |  |  | 01/15/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100060 |  | 35486606 |  | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR. 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. | 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. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-15): LTV and Reserves |  |  | 01/15/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100060 |  | 35486622 |  | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for Collection >$25,000. Comp factor reserves and LTV. | 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. | 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. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-15): LTV and Reserves |  |  | 01/15/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100060 |  | 35920684 |  | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for vacant property/missing lease. Comp factors., reserves an LTV. | 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. | 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. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-25): Approved exception at origination for vacant property/missing lease. Comp factors., reserves an LTV. |  |  | 02/25/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100039 |  | 35487696 |  | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active open major tradelines. Comp factors, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-15): LTV |  |  | 01/15/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100039 |  | 35487958 |  | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Verification of Down Payment Funds not provided |  | Missing bank statements with sufficient funds to close plus 3 month P&I reserves for First Time Investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-04): Exception waived. Updated approval provided in trailing documents approving exception for missing reserves for FTI. Comp factor, LTV.<br>Buyer Comment (2026-02-03): Exception noted on uploaded approval |  |  | 02/04/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100021 |  | 35471401 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x for investor traditional 2 with loan >$500k. Comp factors: LTV and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | The representative FICO score exceeds the guideline minimum.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-15): FICO and LTV |  |  | 01/15/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100024 |  | 35473054 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR <1.x for owner/user traditional 2 purchase with loan > $750k. 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 | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-19): Approved exception at origination for DSCR <1.x for owner/user traditional 2 purchase with loan > $750k. Comp factor, seasoned investor and reserves. |  |  | 01/19/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100034 |  | 35513891 |  | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy/ missing lease on refinance (subject is listed as a ST rental). Comp factors: FICO and strong marketing trends which is 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 (2026-01-21): Approved exception at origination for 100% vacancy/ missing lease on refinance (subject is listed as a ST rental). Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | 01/21/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100034 |  | 35513894 |  | Credit | Guideline | Guideline Issue | Guideline | The 1st lien was not seasoned for at least 12 months as of the creditor application date. |  | Approved exception at origination for cash out refinance on property held < 6 months using valuation exceeding original purchase price. Comp factors: FICO and strong marketing trends which is 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 (2026-01-21): Approved exception at origination for cash out refinance on property held < 6 months using valuation exceeding original purchase price. Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | 01/21/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100034 |  | 35601007 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Flood insurance |  | Approved exception at origination for insufficient flood carrier rating. Comp factors: FICO and strong marketing trends which is 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 (2026-01-21): Approved exception at origination for insufficient flood carrier rating. Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | 01/21/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100008 |  | 35574273 |  | 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. |  | Internal photos indicate ceiling and wall damage in the kitchen, bathroom and bedrooms as well as water on the basement floor and cracked driveway asphalt. (file contains a LOI (XX) with borrower intent to repair ceilings bus no evidence of completion). | 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 (2026-03-02): Comp factors: seasoned investor and LTV.<br>Reviewer Comment (2026-03-02): Reopening to waive.<br>Buyer Comment (2026-02-20): XX% LTV. The current property condition is considered in the value/LTV. The borrower provided an LOE which confirmed they would complete the necessary repairs and while XXX hasn't confirmed the status, it is expected that the borrower will fulfill their commitment. |  |  | 03/02/2026 | 3 C |  | XX | Refinance - Rate/Term | C | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100008 |  | 35574275 |  | 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 (2026-01-23): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and LTV. |  |  | 01/23/2026 | 2 B |  | XX | Refinance - Rate/Term | C | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100008 |  | 35574276 |  | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for multiple lates on 1st and 2nd liens on primary. 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 (2026-01-23): Approved exception at origination for multiple lates on 1st and 2nd liens on primary. Comp factors, seasoned investor and LTV.<br> Comment: |  |  | 01/23/2026 | 2 B |  | XX | Refinance - Rate/Term | C | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100008 |  | 35574277 |  | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Missing lease for 1 of 2 units being refinanced. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-05): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV/<br>Buyer Comment (2026-02-03): Exception noted on uploaded approval |  |  | 02/05/2026 | 2 B |  | XX | Refinance - Rate/Term | C | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100008 |  | 35603808 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Per appraisal subject's 1st floor has been converted to a Dr's office with estimated cost to cure of $40k. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-03-02): Waiver with comp factors: Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Reviewer Comment (2026-03-02): Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Buyer Comment (2026-02-20): XX% LTV. The cost-to-cure is factored into the appraised value and LTV. The subject property is otherwise in overall good condition. |  |  | 46083.65476 | 2 B | 46027 | NY | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100008 |  | 35617589 |  | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 1x30 on subject property. Comp factors seasoned investor and LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | CF- LTV<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-23): Approved exception at origination for 1x30 on subject property. Comp factors seasoned investor and LTV. |  |  | 01/23/2026 | 2 B |  | XX | Refinance - Rate/Term | C | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100018 |  | 35597532 |  | 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. |  | Subject property has boarded windows. |  |  |  | Buyer Comment (2026-02-20): XX% LTV. Property condition considered in value/LTV. Building is weather-tight Per borrower LOE, cash-out proceeds to be used towards renovations to the subject property and while XXX hasn't confirmed the status of repairs, it's expected that the borrower will fulfill their commitment. |  |  |  | 3 C |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100018 |  | 35597545 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for rural property. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantifiable subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-01-21): Approved exception at origination for rural property. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | 01/21/2026 | 2 B |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100018 |  | 35597547 |  | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantifiable subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-01-21): Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and strong marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | 01/21/2026 | 2 B |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100040 |  | 35580636 |  | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of ___ is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-20): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. |  |  | 01/20/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100040 |  | 35580656 |  | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for multiple bankruptcies within the last 7 years after discharge date. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-20): Approved exception at origination for multiple bankruptcies within the last 7 years after discharge date. Comp factor: LTV. |  |  | 01/20/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100013 |  | 35513869 |  | 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. |  | Stairs to the finished attic and stairs to the basement are missing handrails. The circuit breaker box for Unit 1 is outdated. |  |  |  | Buyer Comment (2026-02-20): XX% LTV current property condition considered in value/LTV. Per borrower LOE, cash-out proceeds will be used towards renovating the subject property. XXX hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment and given the low LTV felt comfortable proceeding |  |  |  | 3 C |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100013 |  | 35598070 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor; seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-04): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor; seasoned investor.<br>Buyer Comment (2026-02-03): Corrected Uploaded |  |  | 02/04/2026 | 2 B |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100042 |  | 35509472 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: DSCR and strong marketing trends which is a non-qualitative subjective trait and cannot be substantiated. | The qualifying DSCR on the loan is greater than the guideline minimum. | The qualifying DSCR on the loan is greater than the guideline minimum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-23): Approved exception at origination for FICO < 650. Comp factors: DSCR and strong marketing trends which is a non-qualitative subjective trait and cannot be substantiated. |  |  | 01/23/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100042 |  | 35510212 |  | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOM - primary; guarantor lives rent free. Comp factors: strong DSCR and strong marketing trends which is a non-qualitative subjective trait and cannot be substantiated. | The qualifying DSCR on the loan is greater than the guideline minimum. | The qualifying DSCR on the loan is greater than the guideline minimum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-23): Approved exception at origination for missing VOM - primary; guarantor lives rent free. Comp factors: strong DSCR and strong marketing trends which is a non-qualitative subjective trait and cannot be substantiated. |  |  | 01/23/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100042 |  | 35585394 |  | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: LTV and property condition which is a non-qualitative subjective trait and cannot be substantiated. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-23): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factors: LTV and property condition which is a non-qualitative subjective trait and cannot be substantiated. |  |  | 01/23/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100042 |  | 35585410 |  | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 major active trade lines on credit report. Comp factors: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-04): Approved exception at origination for < 2 major active trade lines on credit report. Comp factors: LTV.<br>Buyer Comment (2026-02-03): Keeping the exception, the statement provided is not in borrowers name. Uploaded corrected loan approval with comp factor of Low LTV |  |  | 02/04/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100043 |  | 35581765 |  | 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 ___. | Missing 3 months reserves for first time investor. | The representative FICO score exceeds the guideline minimum by XX points. | Approved exception at origination for < 2 major active trade lines on credit report. Comp factors: LTV. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-04): Exception waived. Updated approval provided in trailing documents approving exception for missing reserves for FTI. Comp factor, FICO.<br>Buyer Comment (2026-02-03): Exception noted on uploaded approval |  |  | 02/04/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100043 |  | 35581803 |  | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | First time investor is not eligible to purchase a 1 unit SFR. | The representative FICO score exceeds the guideline minimum by XX points. | Approved exception at origination for < 2 major active trade lines on credit report. Comp factors: LTV. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-04): Exception waived. Updated approval provided in trailing documents approving exception for FTI purchase of a 1 unit SFR. Comp factor, FICO.<br>Buyer Comment (2026-02-03): Exception noted on uploaded approval |  |  | 02/04/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100011 |  | 35513250 |  | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. |  | Missing stair rails to back porch. |  |  |  | Buyer Comment (2026-02-20): XXX generally doesn't view missing handrails as material to underwriting. Current property condition considered in value/LTV and XXX expects the borrower to complete any necessary repairs. |  |  |  | 3 C |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100011 |  | 35597105 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | EOI reflects exclusion of roof > 14 yrs old. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-05): Exception waived. Updated approval provided in trailing documents approving exception for insurance roof exclusion. Comp factor, FICO.<br>Buyer Comment (2026-02-03): Exception noted on uploaded approval |  |  | 02/05/2026 | 2 B |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100011 |  | 35597126 |  | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | XX% vacancy/ missing lease for 1 of 2 units being refinanced. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-05): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor. FICO.<br>Buyer Comment (2026-02-03): Exception noted on uploaded approval |  |  | 02/05/2026 | 2 B |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100084 |  | 35622915 |  | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-06): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor LTV.<br>Buyer Comment (2026-02-05): Corrected Uploaded |  |  | 02/06/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100087 |  | 35580270 |  | 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 Pre-Close | Reviewer Comment (2026-01-20): Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factor: seasoned investor. |  |  | 01/20/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100087 |  | 35580279 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-04): Approved exception at origination for rural property. Comp factor: seasoned business.<br>Buyer Comment (2026-02-03): Corrected Uploaded |  |  | 02/04/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100087 |  | 35580295 |  | 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: seasoned business. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-04): Approved exception at origination for missing HOA documents. Comp factor: seasoned business.<br>Buyer Comment (2026-02-03): Corrected Uploaded |  |  | 02/04/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100051 |  | 35582623 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for evidence of insurance on basic policy form. Comp factor: seasoned investor. | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record | Seasoned Investor | SitusAMC<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-20): Approved exception at origination for evidence of insurance on basic policy form. Comp factor: seasoned investor.<br>Reviewer Comment (2026-01-20): Spelling error |  |  | 01/20/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100051 |  | 35582811 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Cash out on property listed in the most recent 6 months (rate and term permitted-not cash out). | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned Investor<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-04): Exception waived. Updated approval provided in trialing documents approving exception for cash out on recently listed property. Comp factors, seasoned investor and FICO.<br>Buyer Comment (2026-02-03): Exception noted on uploaded approval |  |  | 02/04/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100052 |  | 35511448 |  | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination missing VOR-primary; guarantor lives rent free. Comp factors: FICO and strong marketing trends which is 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 (2026-01-20): Approved exception at origination missing VOR-primary; guarantor lives rent free. Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | 01/20/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100010 |  | 35513498 |  | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. |  | Missing hand rails to back door step. |  |  |  | Buyer Comment (2026-02-20): XX% LTV, property condition considered in value/LTV. Per borrower LOE, cash-out proceeds to be used towards renovating the subject property. Given the low LTV and cost-to-cure, XXX felt comfortable proceeding. |  |  |  | 3 C |  | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100001 |  | 35504146 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-20): Approved exception at origination for FICO < 650. Comp factor: seasoned investor. |  |  | 01/20/2026 | 2 B |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100001 |  | 35580732 |  | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease - subject. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-20): Approved exception at origination for 100% vacancy/missing lease - subject. Comp factor: seasoned investor. |  |  | 01/20/2026 | 2 B |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100001 |  | 35580787 |  | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. |  | Appraisal indicates ceiling paint is peeling in garage and laundry room area, and the rear patio appears to need siding/veneer as it is currently covered with plywood. |  |  |  | Buyer Comment (2026-02-20): Property condition considered value/LTV. The peeling paint is cosmetic in nature and no health and safety issues cited regarding the patio. Building is weather tight and vacant at origination. The borrower is expected to complete any necessary repairs prior to tenants moving in. |  |  |  | 3 C |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100001 |  | 35580894 |  | Credit | Missing Document | General | Missing Document | Missing Document: 1007 Rent Comparison Schedule not provided |  | Approved exception at origination for missing rent comparison schedule. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Seasoned investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-04): Approved exception at origination for missing rent comparison schedule. Comp factor, seasoned investor.<br>Buyer Comment (2026-02-03): Exception noted on uploaded approval |  |  | 02/04/2026 | 2 B |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100001 |  | 35580936 |  | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing VOR - primary. Borrower lives rent free. | Borrower's Experience/Track Record | Seasoned investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-04): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR-Primary. Comp factor seasoned investor.<br>Buyer Comment (2026-02-03): Exception noted on uploaded approval |  |  | 02/04/2026 | 2 B |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100058 |  | 35574261 |  | 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. | Seasoned business.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-21): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and reserves. |  |  | 01/21/2026 | 2 B |  | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100059 |  | 35574306 |  | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor on 2-4 family purchase with LTV > 70%. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-01-21): Approved exception at origination for first time investor on 2-4 family purchase with LTV > 70%. Comp factor: reserves. |  |  | 01/21/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100000 |  | 35509415 |  | 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. |  | Appraiser states, "The unfinished/under construction areas reduce overall utility of the dwelling. See extraordinary assumption regarding foundation integrity/settlement. Appraisal photos reflect stairway is unfinished-missing rails, flooring/trim is missing from dining room and bedrooms 4 and 5, cracked drywall, ceiling damage to bedroom, damaged ceramic tile in bathroom 1and unfinished shower - bath 2. Cost to cure is estimated at $XXXX. No proof of completion provided. |  |  |  | Buyer Comment (2026-02-20): XX% LTV, purchase transaction. Borrower has pre-occupancy agreement with renovations under way. Incomplete renovations noted in appraisal with an estimated cost to cure which was factored into appraised value no health and safety concerns noted. Given the low LTV and relatively low cost-to-cure XXX felt comfortable proceeding. Borrower is expected to complete the repairs. |  |  |  | 3 C |  | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100000 |  | 35509937 |  | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | - Property Condition:<br> ___ | Appraiser states, "The unfinished/under construction areas reduce overall utility of the dwelling. See extraordinary assumption regarding foundation integrity/settlement. Appraisal photos reflect stairway is unfinished-missing rails, flooring/trim is missing from dining room and bedrooms 4 and 5, cracked drywall, ceiling damage to bedroom, damaged ceramic tile in bathroom 1and unfinished shower - bath 2. Cost to cure is estimated at $XXXX. No proof of completion provided. |  |  |  | Buyer Comment (2026-02-20): XX% LTV, purchase transaction. Borrower has pre-occupancy agreement with renovations under way. Incomplete renovations noted in appraisal with an estimated cost to cure which was factored into appraised value no health and safety concerns noted. Given the low LTV and relatively low cost-to-cure XXX felt comfortable proceeding. Borrower is expected to complete the repairs. |  |  |  | 3 C |  | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100000 |  | 35584851 |  | Credit | Missing Document | General | Missing Document | Missing Document: 1007 Rent Comparison Schedule not provided |  | Missing comparable rent schedule. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-04): Exception waived. Updated approval provided in trailing documents approving exception for missing rent schedule. Comp factor, LTV/<br>Buyer Comment (2026-02-03): Exception noted on uploaded approval |  |  | 02/04/2026 | 2 B |  | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100020 |  | 35502739 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-01-19): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. |  |  | 01/19/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100064 |  | 35503857 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-01-19): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. |  |  | 01/19/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100064 |  | 35504072 |  | 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 6 months. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-02-06): Approved exception at origination for cash-out on property listed within 6 months. Comp factor: seasoned investor.<br>Buyer Comment (2026-02-05): Apologies, the first upload was for a different file.<br>Buyer Comment (2026-02-05): Corrected Uploaded |  |  | 02/06/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100022 |  | 35504539 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 70% on rate/term refinance on investor traditional 2 property. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-01-19): Approved exception at origination for LTV > 70% on rate/term refinance on investor traditional 2 property. Comp factor: FICO. |  |  | 01/19/2026 | 2 B |  | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100022 |  | 35504618 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500k. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-01-19): Approved exception at origination for DSCR < 1.25x on investor traditional II refinance with loan > $500k. Comp factor: FICO. |  |  | 01/19/2026 | 2 B |  | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100022 |  | 35504658 |  | 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 payment receipts. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-01-19): Approved exception at origination for incomplete VOM - subject; missing 12 months payment receipts. Comp factor: FICO. |  |  | 01/19/2026 | 2 B |  | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100022 |  | 35578226 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Approved exception at origination for property held < 6 months. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-01-19): Approved exception at origination for property held < 6 months. Comp factor: FICO. |  |  | 01/19/2026 | 2 B |  | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100067 |  | 35513879 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 70% on investor traditional II refinance. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-01-20): Approved exception at origination for LTV > 70% on investor traditional II refinance. Comp factor: FICO. |  |  | 01/20/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100067 |  | 35513881 |  | 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 monthly pay history receipts to supplement VOM summary report. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-01-20): Approved exception at origination for incomplete VOM-primary; missing monthly pay history receipts to supplement VOM summary report. Comp factor: FICO. |  |  | 01/20/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100071 |  | 35593273 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Wind deductible of 5% is > $50k. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-09): Exception waived. Updated approval provided in trailing documents approving exception for wind/hail deductible. Comp factor, FICO.<br>Buyer Comment (2026-02-09): Exception noted on uploaded approval |  |  | 02/09/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100072 |  | 35503724 |  | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor on investor Traditional I with LTV > 70%. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | FICO is > guidelines.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-19): Approved exception at origination for first time investor on investor Traditional I with LTV > 70%. Comp factors: FICO and reserves. |  |  | 01/19/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100072 |  | 35503743 |  | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Please verify if valid for investor traditional 1 with loan < $500k; Approved exception at origination for 100% vacancy/ missing leases. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | FICO is > guidelines.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-19): Please verify if valid for investor traditional 1 with loan < $500k; Approved exception at origination for 100% vacancy/ missing leases. Comp factors: FICO and reserves. |  |  | 01/19/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100072 |  | 35503760 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing $2MM gen aggregate liability coverage. Comp factor; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-09): Approved exception at origination for missing $2MM gen aggregate liability coverage. Comp factor; FICO.<br>Buyer Comment (2026-02-09): Corrected Uploaded |  |  | 02/09/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100072 |  | 35577297 |  | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | < 2 active major tradelines on credit report. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-09): Exception waived. Updated approval provided in trailing documents approving exception for < 2 active major tradelines. Comp factor, reserves.<br>Buyer Comment (2026-02-09): Exception noted on uploaded approval |  |  | 02/09/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100074 |  | 35583758 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing unit owner's liability coverage (master policy 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 (2026-02-09): Exception waived. Updated approval provided in trailing documents approving exception for missing liability coverage. Comp factor, FICO.<br>Buyer Comment (2026-02-09): Exception noted on uploaded approval |  |  | 02/09/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100075 |  | 35514042 |  | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 50% vacancy/ missing leases on traditional property with loan > $500k. Comp factor; reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-09): Approved exception at origination for 50% vacancy/ missing leases on traditional property with loan > $500k. Comp factor; reserves.<br>Buyer Comment (2026-02-09): Corrected Uploaded |  |  | 02/09/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100075 |  | 35514043 |  | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-09): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; reserves.<br>Buyer Comment (2026-02-09): Corrected Uploaded |  |  | 02/09/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100075 |  | 35514044 |  | 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 amount > $500,000. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-01-20): Approved exception at origination for DSCR < 1.25x on investor traditional II purchase with loan amount > $500,000. Comp factor: reserves. |  |  | 01/20/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100075 |  | 35514046 |  | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time buyer on investor traditional II with LTV > 65%. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-01-20): Approved exception at origination for first time buyer on investor traditional II with LTV > 65%. Comp factor: reserves. |  |  | 01/20/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100025 |  | 35502620 |  | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and 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 (2026-01-19): Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and FICO. |  |  | 01/19/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100025 |  | 35502652 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-01-19): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. |  |  | 01/19/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100004 |  | 35506011 |  | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor on owner-user traditional II with LTV >65%. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2026-01-19): Approved exception at origination for first time investor on owner-user traditional II with LTV >65%. Comp factor: reserves. |  |  | 01/19/2026 | 2 B |  | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100004 |  | 35508338 |  | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. |  | Appraisal/Property Inspection reflect multiple areas of deferred maintenance, including deteriorated exterior siding, peeling and weathered window trim and lifting roof singles that may allow water intrusion. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2026-02-09): Exception waived. Updated approval provided in trailing documents approving exception for deferred maintenance. Comp factor, reserves.<br>Buyer Comment (2026-02-09): Exception noted on uploaded approval |  |  | 02/09/2026 | 3 C |  | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100076 |  | 35514012 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: reserves and seasoned business. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Seasoned business.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-20): Approved exception at origination for FICO < 650. Comp factors: reserves and seasoned business. |  |  | 01/20/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100076 |  | 35514013 |  | 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 2. Comp factors: reserves and seasoned business. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Seasoned business.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-20): Approved exception at origination for first time investor with LTV > 65% on owner user traditional 2. Comp factors: reserves and seasoned business. |  |  | 01/20/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100077 |  | 35501981 |  | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for seller concession > 3%. 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 (2026-01-19): Approved exception at origination for seller concession > 3%. Comp factors: seasoned investor and reserves. |  |  | 01/19/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100007 |  | 35511416 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x on owner user traditional II purchase with loan > $750,000. Comp factors: LTV and reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Reserves > guidelines.<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-20): Approved exception at origination for DSCR < 1.0x on owner user traditional II purchase with loan > $750,000. Comp factors: LTV and reserves. |  |  | 01/20/2026 | 2 B |  | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100007 |  | 35511430 |  | 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: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-01-20): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: reserves. |  |  | 01/20/2026 | 2 B |  | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100007 |  | 35511597 |  | 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. |  | Interior photos indicate, damaged walls and floors on the third floor. And damaged floor and ceiling on the 2nd floor as well as damage to brickwork/graffiti at the main building right front entry, cracked rear parking area and damage to the second/third floor stairway. |  |  |  | Buyer Comment (2026-02-20): Purchase transaction. Property condition considered in value/LTV. XXX obtained a roof cert with confirmed that the roof is in good condition with no leaks. The remaining cited damage all appeared to be cosmetic in nature and the appraisal didn't cite a cost-to-cure. Borrower maintained strong reserves post funding and is expected to complete any necessary repairs. |  |  |  | 3 C |  | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100007 |  | 35582416 |  | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines. Comp factors: LTV and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | FICO is > guidelines.<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-20): Approved exception at origination for < 2 active major tradelines. Comp factors: LTV and FICO. |  |  | 01/20/2026 | 2 B |  | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100007 |  | 35582429 |  | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for unpaid tax lien. Comp factors: LTV and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | FICO is > guidelines.<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-20): Approved exception at origination for unpaid tax lien. Comp factors: LTV and FICO. |  |  | 01/20/2026 | 2 B |  | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100078 |  | 35502202 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Missing EOI for liability coverage. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-06): Exception waived. Updated approval provided in trailing documents approving exception for missing aggregate liability. Comp factor, FICO.<br>Buyer Comment (2026-02-05): uploaded confirmation of liability coverage from the insurance and exception noted for missng 2 MM aggregate |  |  | 02/06/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100080 |  | 35503139 |  | 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: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-22): Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily purchase with loan > $750k. Comp factors: FICO and reserves. |  |  | 01/22/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100080 |  | 35503143 |  | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-22): Approved exception at origination for missing VOR-primary; borrower lives rent free. Comp factors: FICO and reserves. |  |  | 01/22/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100080 |  | 35503216 |  | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor with LTV > 70% on an investor traditional I multifamily. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-22): Approved exception at origination for first time investor with LTV > 70% on an investor traditional I multifamily. Comp factor: reserves. |  |  | 01/22/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100080 |  | 35503273 |  | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | < 2 active major tradelines on credit report. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-06): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factor, reserves.<br>Buyer Comment (2026-02-05): Exception noted on uploaded approval<br>Reviewer Comment (2026-02-04): Exception remains. Account referenced was last active over 19 months prior. It is not considered a currently active major tradeline.<br>Buyer Comment (2026-02-03): XXXX HIgh credit$XXXX. This is an open revolving account that fits in the major tradeline category |  |  | 02/06/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100080 |  | 35576594 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing gen agg liability details. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-04): Exception waived. Updated approval provided in trailing documents approving exception for missing aggregate liability. Comp factor, FICO.<br>Buyer Comment (2026-02-03): Exception noted on uploaded approval |  |  | 02/04/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100026 |  | 35593344 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Wind deductible of 5% is > $50k. Comp factor, FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-04): Approved exception at origination for Wind deductible of 5% is > $50k. Comp factor, FICO.<br>Buyer Comment (2026-02-03): Exception noted on uploaded approval |  |  | 02/04/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100006 |  | 35513993 |  | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for XX% vacancy/ missing leases on refinance. Comp factors: FICO and seasoned business. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | FICO is > guidelines.<br>Seasoned business. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-04): Approved exception at origination for XX% vacancy/ missing leases on refinance. Comp factors: FICO and seasoned business.<br>Buyer Comment (2026-02-03): Corrected Uploaded |  |  | 02/04/2026 | 2 B |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100006 |  | 35513996 |  | 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. |  | Interior photos indicate no railing to basement, or railing to residential unit no cover on electrical paneling with exposed wiring, open electrical junction box, rust hole in basement entry from outside, graffiti at front entry, missing siding upper front exterior and missing capping upper front windows. |  |  |  | Buyer Comment (2026-02-20): Appraisal made as-is and property condition is considered in value/LTV. The borrower actively renovating property at origination and the appraiser reported that significant repairs had been made since the borrower originally acquired the property. Given that the borrower has been and is continuing to renovate XXX felt comfortable proceeding. |  |  |  | 3 C |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100028 |  | 35513612 |  | 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 | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-04): Approved exception at origination for FICO < 650. Comp factor: seasoned business.<br>Buyer Comment (2026-02-03): Corrected Uploaded |  |  | 02/04/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100029 |  | 35503237 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor; seasoned business. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-04): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor; seasoned business.<br>Buyer Comment (2026-02-03): Corrected Uploaded |  |  | 02/04/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100031 |  | 35504140 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x on owner user traditional II refinance with loan > $500,000. Comp factors: LTV and seasoned business. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | LTV is < guidelines.<br>Seasoned business. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-19): Approved exception at origination for DSCR < 1.0x on owner user traditional II refinance with loan > $500,000. Comp factors: LTV and seasoned business. |  |  | 01/19/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100009 |  | 35513357 |  | 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. |  | Internal photos indicate out of service rest room on the 2nd floor with broken wall paneling, open electric junction box at the basement entry, back housing ceiling damage, stained and cracked rear exterior stucco, men's room ceiling damage and stained ceiling in the kitchen area. |  |  |  | Buyer Comment (2026-02-20): Purchase transaction. Property condition considered in value/LTV. No structural issues or active leaks noted. Borrower is a seasoned investor and is expected to complete any necessary repairs before occupying the subject property with their business (XXX) |  |  |  | 3 C |  | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100009 |  | 35582983 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing business income/interruption coverage for owner-user note. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-04): Exception waived. Updated approval provided in trailing documents approving exception for missing business interruption coverage. Comp factor, FICO.<br>Buyer Comment (2026-02-03): Exception noted on uploaded approval |  |  | 02/04/2026 | 2 B |  | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100201 |  | 35628262 |  | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy per appraisal on refinance (subsequently executed lease provided in file). Comp factors: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-01-27): Approved exception at origination for 100% vacancy per appraisal on refinance (subsequently executed lease provided in file). Comp factors: seasoned investor. |  |  | 01/27/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100035 |  | 35622970 |  | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-01-27): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. |  |  | 01/27/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100036 |  | 35622858 |  | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for vacant property on a refinance. Comp factor LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-01-26): LTV |  |  | 01/26/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100038 |  | 35622604 |  | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for expired credit report; extension provided. Comp factor LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-26): LTV |  |  | 01/26/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100012 |  | 35622867 |  | 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. |  | Photos of the subject indicate missing soffit, damaged siding, no crawl space access door, patched ceiling, missing light fixture and no light switch cover. |  |  |  | Buyer Comment (2026-02-20): XX% LTV. Current property condition considered in value/LTV. The cost-to-cure of $XXXX is within XXXXguideline tolerance (5% of loan amount/20k) and was factored into the appraised value. Per borrower LOE, cash-out proceeds to be used towards renovations at subject property. The status of repairs hasn't been confirmed, but XXX expects the borrower to fulfill their commitment, |  |  |  | 3 C |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100012 |  | 35622871 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned investor.<br>LTV is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-26): LTV and Seasoned Investor |  |  | 01/26/2026 | 2 B |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100044 |  | 35638663 |  | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for VOM; 1x30 on primary. Comp factor DCR and reserves. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The DSCR is greater than the minimum required DSCR.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-27): DCR and reserves. |  |  | 01/27/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100044 |  | 35638671 |  | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOM-primary; guarantor lives rent free. Comp factors, DCR and reserves. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The DSCR is greater than the minimum required DSCR.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-27): DCR and reserves. |  |  | 01/27/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100005 |  | 35625668 |  | 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. |  | Appraiser provided a cost to cure of $XXXX for dampness in the basement, damaged drywall and ceiling and missing flooring in upstairs back bedroom. |  |  |  | Buyer Comment (2026-02-20): Appraisal made as-is, current property condition considered in value/LTV (including cost to cure). No active leaks confirmed and no structural issues noted. Per the borrower LOE, cash-out proceeds to be used towards renovating the subject property. XXX hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment |  |  |  | 3 C |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100005 |  | 35625752 |  | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Business Purpose Letter of Intent not provided |  | Missing Business Purpose Disclosure. | Borrower's Experience/Track Record | Experienced business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-19): Exception waived. Updated approval provided in trailing documents approving exception for missing BP disclosure. Comp factor, seasoned business.<br>Buyer Comment (2026-02-18): Exception noted on uploaded approval |  |  | 02/19/2026 | 2 B |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100083 |  | 35622938 |  | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 1 o 3 units vacant at the time of the appraisal. Comp factors: LTV and DCR. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | DCR is > guidelines.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-27): DCR and LTV. |  |  | 01/27/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100083 |  | 35622946 |  | Credit | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | Subject is a refinance and property is listed for sale. |  | Approved exception at origination for Cash out on property listed within recent 6 months. Comp factors, LTV and DCR. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | DCR is > guidelines.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-06): Approved exception at origination for Cash out on property listed within recent 6 months. Comp factors, LTV and DCR.<br>Buyer Comment (2026-02-05): Exception noted om uploaded approval |  |  | 02/06/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100003 |  | 35626462 |  | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Missing lease agreements for units 1 and 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 (2026-02-09): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV.<br>Buyer Comment (2026-02-09): Exception noted on uploaded approval<br>Reviewer Comment (2026-02-06): Exception remains. No reference to missing lease agreement noted in approval.<br>Buyer Comment (2026-02-05): Exception noted on uploaded approval |  |  | 02/09/2026 | 2 B |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100003 |  | 35634334 |  | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. |  | Appraisal reflects bars on windows with no proof of quick release latches. |  |  |  | Buyer Comment (2026-02-20): The appraiser didn't cite the windows as not having quick-release latches, so XXX did not view as material. |  |  |  | 3 C |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100046 |  | 35627436 |  | 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 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 (2026-01-27): Seasoned investor and FICO |  |  | 01/27/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100046 |  | 35627437 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for B rating on Hazard insurance. Comp factor seasoned investor. | 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 (2026-01-27): Seasoned Investor and FICO |  |  | 01/27/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100047 |  | 35624497 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for insurance carrierXXX best rating of B+. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-01-27): Approved exception at origination for insurance carrierXXX best rating of B+. Comp factor: seasoned investor. |  |  | 01/27/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100048 |  | 35629852 |  | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for incomplete lease. Compensating 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. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-27): Seasoned investor and LTV |  |  | 01/27/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100086 |  | 35622866 |  | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Subject property is vacant on a refinance. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-06): Exception waived. Updated approval provided in trailing documents approving exception for vacancy. Comp factor, LTV.<br>Buyer Comment (2026-02-05): Exception noted on uploaded approval |  |  | 02/06/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100086 |  | 35622880 |  | Property | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | The appraisal revealed property damage. |  | Subject property needs roof repair due to a water leak, ceiling and wall damage, new windows, interior painting, update bathroom, repair vinyl siding at the rear for an estimated cost of $XXXX. Appraiser refers to these items as deferred maintenance. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-06): Exception waived. Updated approval provided in trailing documents approving deferred maintenance of $XXXX. Comp factor, LTV.<br>Buyer Comment (2026-02-05): Exception noted on uploaded approval |  |  | 02/06/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100049 |  | 35635784 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Loan Amount below $250,000 |  | Approved exception at origination for loan amount <$75,000. Comp factor LTV and DCR. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | The DSCR is greater than the minimum required.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-27): DCR and LTV |  |  | 01/27/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100049 |  | 35637227 |  | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for vacant property/missing lease. Comp factors, LTV and DCR. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | The DSCR is greater than the minimum required.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-27): Approved exception at origination for vacant property/missing lease. Comp factors, LTV and DCR. |  |  | 01/27/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100050 |  | 35622958 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-26): LTV |  |  | 01/26/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100014 |  | 35635606 |  | 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. |  | Subject photos indicate boarded windows, ceiling in one room shows possible water leak and missing flooring in the interior. A roof certification was provided but missing proof windows and missing flooring were replaced/repaired.. |  |  |  | Buyer Comment (2026-02-20): XX% LTV. Property condition considered in value/LTV. XXX obtained a roof cert for the ceiling and completed a 90-day, $XXXX holdback at origination for the window repair and installation. Further, borrower provided an LOE confirming that cash-out proceeds will be used towards making repairs and renovations at subject property. |  |  |  | 3 C |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100014 |  | 35635727 |  | 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 factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-01-28): Approved exception at origination for 100% vacancy/ missing leases for 1-4 refinance. Comp factor: LTV. |  |  | 01/28/2026 | 2 B |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100014 |  | 35635730 |  | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-01-28): Approved exception at origination for < 2 active major tradelines. Comp factor: LTV. |  |  | 01/28/2026 | 2 B |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100014 |  | 35635737 |  | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-01-28): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. |  |  | 01/28/2026 | 2 B |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100014 |  | 35635741 |  | 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 LTV. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | FICO is > guidelines.<br>LTV is < guidelines. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2026-01-28): Approved exception at origination for credit report aged > 60 days.. Comp factors: FICO and LTV. |  |  | 01/28/2026 | 2 B |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100054 |  | 35622898 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. Comp factors, seasoned investor and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Seasoned investor.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-26): Seasoned investor and Reserves |  |  | 01/26/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100054 |  | 35622899 |  | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary, borrower that lives rent free. Comp factors: seasoned investor and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Seasoned investor.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-26): Seasoned investor and Reserves |  |  | 01/26/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100088 |  | 35626902 |  | 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. | Seasoned investor.<br>Reserves > guidelines. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2026-01-27): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and reserves. |  |  | 01/27/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100088 |  | 35626913 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for 1) Basic form policy coverage type and 2) Liability coverage < $300K. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-01-27): Approved exception at origination for 1) Basic form policy coverage type and 2) Liability coverage < $300K. Comp factor: seasoned investor. |  |  | 01/27/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100088 |  | 35626921 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-01-27): Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factor: seasoned investor. |  |  | 01/27/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100088 |  | 35635373 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-02-06): Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor.<br>Buyer Comment (2026-02-05): Exception noted on uploaded approval |  |  | 02/06/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100089 |  | 35624771 |  | Credit | Loan Package Documentation | Loan File | Missing Document | Missing Document: Hazard Insurance Policy not provided |  | Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-01-27): Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factor: seasoned investor. |  |  | 01/27/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100089 |  | 35624811 |  | 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 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. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2026-01-27): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and reserves. |  |  | 01/27/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100089 |  | 35624833 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for 1) insurance on basic form and 2) < $300K liability coverage. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-01-27): Approved exception at origination for 1) insurance on basic form and 2) < $300K liability coverage. Comp factor: seasoned investor. |  |  | 01/27/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100089 |  | 35634083 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned imvestor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-02-06): Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned imvestor.<br>Buyer Comment (2026-02-05): Exception noted on uploaded approval |  |  | 02/06/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100090 |  | 35628938 |  | 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 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. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2026-01-27): Approved exception at origination for FICO < 650. Comp factors: reserves and seasoned investor. |  |  | 01/27/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100090 |  | 35628944 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for 1) Basic form policy coverage type and 2) Liability coverage < $300K. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-01-27): Approved exception at origination for 1) Basic form policy coverage type and 2) Liability coverage < $300K. Comp factor: seasoned investor. |  |  | 01/27/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100090 |  | 35628946 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-01-27): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. |  |  | 01/27/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100090 |  | 35636978 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-02-06): Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor.<br>Buyer Comment (2026-02-05): Exception noted on uploaded approval |  |  | 02/06/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100091 |  | 35644633 |  | 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 monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-28): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and reserves. |  |  | 01/28/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100091 |  | 35644635 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-06): Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor.<br>Buyer Comment (2026-02-05): Exception noted on uploaded approval |  |  | 02/06/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100091 |  | 35644658 |  | 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 Pre-Close | Reviewer Comment (2026-01-28): Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factor; seasoned investor. |  |  | 01/28/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100091 |  | 35644701 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for liability coverage < $300K. Comp factors: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-28): Approved exception at origination for liability coverage < $300K. Comp factors: seasoned investor. |  |  | 01/28/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100092 |  | 35627768 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for 1) Premium not paid in full at closing- on payment plan and 2) Liability coverage < $300K. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-01-27): Approved exception at origination for 1) Premium not paid in full at closing- on payment plan and 2) Liability coverage < $300K. Comp factor: seasoned investor. |  |  | 01/27/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100092 |  | 35636086 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-02-06): Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor.<br>Buyer Comment (2026-02-05): Exception noted on uploaded approval |  |  | 02/06/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100092 |  | 35636346 |  | 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 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. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2026-01-27): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and reserves |  |  | 01/27/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100093 |  | 35629758 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: reserves and season investor. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Seasoned investor.<br>Reserves > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-27): Reserves and Seasoned investor. |  |  | 01/27/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100093 |  | 35629763 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination to allow hazard insurance on basic form and with $200k liability. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2026-01-27): Seasoned investor |  |  | 01/27/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100093 |  | 35629767 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination to allow insurance to be paid on payment plan and not collect premium at closing. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2026-01-27): Seasoned investor. |  |  | 01/27/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100094 |  | 35644982 |  | 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. | Seasoned Investor<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-28): :<br> Approved exception at origination for FICO < 650. Comp factors: reserves and seasoned investor. |  |  | 01/28/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100094 |  | 35644986 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-06): Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor.<br>Buyer Comment (2026-02-05): Exception noted on uploaded approval |  |  | 02/06/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100094 |  | 35644995 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Liability coverage < $300K. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-28): Approved exception at origination for Liability coverage < $300K. Comp factor: seasoned investor. |  |  | 01/28/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100094 |  | 35644998 |  | 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 Pre-Close | Reviewer Comment (2026-01-28): Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factor; seasoned investor. |  |  | 01/28/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100002 |  | 35630438 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for liability coverage < $300,000. Comp factor: seasoned investor. | Borrower's Experience/Track Record | seasoned investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-27): Approved exception at origination for liability coverage < $300,000. Comp factor: seasoned investor. |  |  | 01/27/2026 | 2 B |  | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100002 |  | 35630620 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and strong 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 Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-27): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and strong reserves. |  |  | 01/27/2026 | 2 B |  | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100002 |  | 35637478 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor. | Borrower's Experience/Track Record | seasoned investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-06): Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor.<br>Buyer Comment (2026-02-05): Exception noted on uploaded approval |  |  | 02/06/2026 | 2 B |  | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100002 |  | 35637490 |  | 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 Pre-Close | Reviewer Comment (2026-01-27): Approved exception at origination for premium not paid in full at closing - on payment plan. Comp factor: seasoned investor. |  |  | 01/27/2026 | 2 B |  | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100002 |  | 35637664 |  | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. |  | Appraisal photo reflects a boarded-up window to the rear of the subject property. No proof of repair completed provided. |  |  |  | Buyer Comment (2026-02-20): Purchase transaction. Property condition so considered in value/LTV and building is weathertight. XXX did not view as material given the low cost-to-cure. |  |  |  | 3 C |  | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100095 |  | 35639030 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. 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 | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-27): Seasoned investor and reserves |  |  | 01/27/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100095 |  | 35639062 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Insurance premium not paid in full at closing. Comp factor seasoned investor 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 | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-27): Seasoned investor and reserves |  |  | 01/27/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100095 |  | 35639079 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Liability coverage< $300,000. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Seasoned investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-27): Seaoned investor |  |  | 01/27/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100096 |  | 35630713 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for $200K Liability Coverage. Comp Factor seasoned investor. | Borrower's Experience/Track Record | Seasoned investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-06): Approved exception at origination for $200K Liability Coverage. Comp Factor seasoned investor.<br>Buyer Comment (2026-02-05): Exception already written and approved |  |  | 02/06/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100096 |  | 35630714 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor reserves and seasoned investor. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Seasoned investor<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-06): Approved exception at origination for FICO < 650. Comp factor reserves and seasoned investor.<br>Buyer Comment (2026-02-05): Exception already written and approved |  |  | 02/06/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100096 |  | 35637868 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Insurance premium not paid in full at closing. Comp factor seasoned investor. | Borrower's Experience/Track Record | Seasoned investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-06): Approved exception at origination for Insurance premium not paid in full at closing. Comp factor seasoned investor.<br>Buyer Comment (2026-02-05): Exception already written and approved |  |  | 02/06/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100097 |  | 35636302 |  | 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. | Seasoned investor.<br>Reserves are > guidelines. | Originator Pre-Close,SitusAMC<br>Originator Pre-Close,SitusAMC | Reviewer Comment (2026-01-28): Approved exception at origination for FICO < 650. Comp factors: reserves and seasoned investor. |  |  | 01/28/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100097 |  | 35636311 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for 1) basic form policy coverage type, and 2) liability coverage < $300K. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-01-28): Approved exception at origination for 1) basic form policy coverage type, and 2) liability coverage < $300K. Comp factor: seasoned investor. |  |  | 01/28/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100097 |  | 35636333 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-01-28): Approved exception at origination for premium not paid in full at closing-on payment plan. Comp factor: seasoned investor. |  |  | 01/28/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100097 |  | 35645415 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | Originator Pre-Close,SitusAMC | Reviewer Comment (2026-02-06): Approved exception at origination for missing wind/hail coverage. Comp factor, seasoned investor.<br>Buyer Comment (2026-02-05): Exception noted on uploaded approval |  |  | 02/06/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100061 |  | 35622635 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception 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, seasoned business.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-26): Approved exception for FICO < 650. Comp factors: seasoned investor and LTV. |  |  | 01/26/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100061 |  | 35622637 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR <1.0x on owner/user traditional II refinance with loan > $500,000. Comp factors: seasoned investor and seasoned business. | Borrower's Experience/Track Record | Seasoned investor, seasoned business. | SitusAMC,Originator | Reviewer Comment (2026-01-26): Approved exception at origination for DSCR <1.0x on owner/user traditional II refinance with loan > $500,000. Comp factors: seasoned investor and seasoned business. |  |  | 01/26/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100061 |  | 35622638 |  | 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, seasoned business. | SitusAMC,Originator | Reviewer Comment (2026-02-09): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; seasoned investor.<br>Buyer Comment (2026-02-09): Corrected Uploaded |  |  | 02/09/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100061 |  | 35627935 |  | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 1x 60 and 1x 90 day lates on non-subject mortgage accounts within 24 months. Comp factors: seasoned investor and seasoned business. | Borrower's Experience/Track Record | Seasoned investor, seasoned business. | SitusAMC,Originator | Reviewer Comment (2026-01-26): Approved exception at origination for 1x 60 and 1x 90 day lates on non-subject mortgage accounts within 24 months. Comp factors: seasoned investor and seasoned business. |  |  | 01/26/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100061 |  | 35628039 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Unit owners policy is missing $2MM gen aggregate liability. | Borrower's Experience/Track Record | Seasoned investor, seasoned business. | SitusAMC,Originator | Reviewer Comment (2026-02-12): Exception waived. Updated approval provided in trailing documents approving exception for missing aggregate liability amount. Comp factor, seasoned investor.<br>Buyer Comment (2026-02-11): Corrected Uploaded<br>Reviewer Comment (2026-02-09): Exception remains. No comp factor provided with approved exception.<br>Buyer Comment (2026-02-09): Exception noted on uploaded approval |  |  | 02/12/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100062 |  | 35622707 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator | Reviewer Comment (2026-01-26): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned business. |  |  | 01/26/2026 | 2 B |  | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100063 |  | 35622592 |  | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor on owner user traditional II with LTV > 65%. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-01-26): Approved exception at origination for first time investor on owner user traditional II with LTV > 65%. Comp factor: reserves. |  |  | 01/26/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100063 |  | 35622593 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator | Reviewer Comment (2026-01-26): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned business. |  |  | 01/26/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100196 |  | 35622819 |  | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Proof of Residency Status not provided |  | Approved exception at origination for missing proof of legal US residency (passport/green card) for guarantor indicating permanent residency status . Comp factor; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-10): Approved exception at origination for missing proof of legal US residency (passport/green card) for guarantor indicating permanent residency status . Comp factor; FICO.<br>Buyer Comment (2026-02-10): Corrected Uploaded |  |  | 02/10/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100196 |  | 35638655 |  | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for Foreign national investor as First time investor missing proof of additional investment in US. Comp factor, FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-10): Approved exception at origination for Foreign national investor as First time investor missing proof of additional investment in US. Comp factor, FICO.<br>Buyer Comment (2026-02-10): Exception noted on uploaded approval |  |  | 02/10/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100197 |  | 35622840 |  | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-10): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: reserves.<br>Buyer Comment (2026-02-09): Exception is noted and approved |  |  | 02/10/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100065 |  | 35622708 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-01-26): Approved exception at origination for missing wind/hail coverage. Comp factor: seasoned investor. |  |  | 01/26/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100065 |  | 35629789 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Cash out on property held < 12 months using valuation in excess of purchase price (Ref guideline 6.6 cash-out on recent purchases) | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-10): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, FICO.<br>Buyer Comment (2026-02-09): Exception noted on uploaded approval |  |  | 02/10/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100198 |  | 35730582 |  | 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; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-10): Approved exception at origination for override of statewide exclusion for traditional property type located in MI. Comp factor; FICO.<br>Buyer Comment (2026-02-09): Corrected Uploaded |  |  | 02/10/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100198 |  | 35733973 |  | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | < 2 active major tradelines on credit report. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-10): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factor, reserves.<br>Buyer Comment (2026-02-09): Exception noted on uploaded approval |  |  | 02/10/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100066 |  | 35622610 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x on owner user traditional II refinance with loan > $500,000. Comp factors: LTV and seasoned business. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-01-26): Approved exception at origination for DSCR < 1.0x on owner user traditional II refinance with loan > $500,000. Comp factors: LTV and seasoned business. |  |  | 01/26/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100066 |  | 35622611 |  | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOM-subject. Comp factors: LTV and seasoned business. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | LTV is < guidelines.<br>Seasoned business. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-26): Approved exception at origination for missing VOM-subject. Comp factors: LTV and seasoned business. |  |  | 01/26/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100066 |  | 35622612 |  | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for active foreclosure proceedings on subject (note matured > 9 mos). Comp factors: LTV and seasoned business. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | LTV is < guidelines.<br>Seasoned business. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-26): Approved exception at origination for active foreclosure proceedings on subject (note matured > 9 mos). Comp factors: LTV and seasoned business. |  |  | 01/26/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100066 |  | 35622613 |  | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and seasoned business. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | LTV is < guidelines.<br>Seasoned business. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-26): Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and seasoned business. |  |  | 01/26/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100066 |  | 35622625 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Approved exception at origination for subject listed within 6 months on cash out refinance with LTV > 50%. Comp factors: LTV and seasoned business. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | LTV is < guidelines.<br>Seasoned business. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-26): Approved exception at origination for subject listed within 6 months on cash out refinance with LTV > 50%. Comp factors: LTV and seasoned business. |  |  | 01/26/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100219 |  | 35633363 |  | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-01-27): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor: reserves. |  |  | 01/27/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100219 |  | 35633366 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-01-27): Approved exception at origination for FICO < 650. Comp factor: reserves. |  |  | 01/27/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100219 |  | 35638958 |  | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory rental history outside of credit guidelines |  | Approved exception at origination for 2x30 days late on primary within 12 months. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-01-27): Approved exception at origination for 2x30 days late on primary within 12 months. Comp factor: reserves. |  |  | 01/27/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100219 |  | 35639150 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Unit owners policy does not contain business income/interruption coverage for owner user traditional 2. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-10): Exception waived. Updated approval provided in trailing documents approving exception for missing business income coverage. Comp factor, reserves.<br>Buyer Comment (2026-02-09): Exception noted on uploaded approval |  |  | 02/10/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100023 |  | 35622577 |  | 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 factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-01-26): Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factor: reserves. |  |  | 01/26/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100015 |  | 35622646 |  | 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 monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | Reserves > guidelines.<br>Seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-26): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and reserves. |  |  | 01/26/2026 | 2 B |  | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100015 |  | 35622647 |  | 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. |  | Subject photos indicate cracked stucco at left exterior wall, discolored siding and stucco covered basement window opening. |  |  |  | Buyer Comment (2026-02-20): Property condition considered in value/LTV. No foundation issues cited and stucco crack appears to be cosmetic. No cost-to-cure or health and safety concerns provided by the appraiser |  |  |  | 3 C |  | XX | Refinance - Rate/Term | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100068 |  | 35636198 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Wind deductible of 5% exceeds $25k. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-10): Approved exception at origination for Wind deductible of 5% exceeds $25k. Comp factor, LTV.<br>Buyer Comment (2026-02-09): Exception noted on uploaded approval |  |  | 02/10/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100069 |  | 35622692 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x on investor traditional II purchase with loan > $750,000. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-10): Approved exception at origination for DSCR < 1.25x on investor traditional II purchase with loan > $750,000. Comp factor: reserves.<br>Buyer Comment (2026-02-09): Corrected Uploaded |  |  | 02/10/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100070 |  | 35622725 |  | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exceptions at origination for 1x 30 ways late within 90 days, and 4x 30 days late within 12 months. 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 (2026-01-26): Approved exceptions at origination for 1x 30 ways late within 90 days, and 4x 30 days late within 12 months. Comp factors: LTV and reserves. |  |  | 01/26/2026 | 2 B |  | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100070 |  | 35622726 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-01-26): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. |  |  | 01/26/2026 | 2 B |  | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100070 |  | 35622728 |  | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and 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 (2026-01-26): Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and reserves. |  |  | 01/26/2026 | 2 B |  | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100199 |  | 35622777 |  | 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 business. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned business.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-06): Approved exception at origination for credit report aged > 60 days. Comp factors: FICO and seasoned business. |  |  | 02/06/2026 | 2 B |  | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100199 |  | 35622778 |  | 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-primary; missing most recent monthly pay history, and 2) incomplete VOM-subject; missing pay history receipts to supplement processor certification and VOM summary from private lender. Comp factors: FICO and seasoned business. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned business.<br>FICO is > guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-06): Approved exceptions at origination for 1) Incomplete VOM-primary; missing most recent monthly pay history, and 2) incomplete VOM-subject; missing pay history receipts to supplement processor certification and VOM summary from private lender. Comp factors: FICO and seasoned business. |  |  | 02/06/2026 | 2 B |  | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100199 |  | 35636959 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Unit owner's policy (XXXX) 1) is basic form, 2) does not contain wind/ hail coverage | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-10): Exception waived. Updated approval provided in trailing documents approving exception for basic form insurance and missing wind/hail coverage. Comp factor, FICO.<br>Buyer Comment (2026-02-09): Exception noted on uploaded approval |  |  | 02/10/2026 | 2 B |  | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100073 |  | 35622686 |  | 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: FICO and strong marketing trends which is 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 (2026-01-26): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factors: FICO and strong marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | 01/26/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100019 |  | 35622718 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for basic policy form/ coverage type. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned investor. | SitusAMC,Originator | Reviewer Comment (2026-01-26): Approved exception at origination for basic policy form/ coverage type. Comp factor: seasoned investor. |  |  | 01/26/2026 | 2 B |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100019 |  | 35622719 |  | 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. |  | The subject photos indicated water stained ceiling. |  |  |  | Buyer Comment (2026-02-20): XX% LTV property condition considered in value/LTV. No active leaks present and ceiling structurally sound. The appraiser did not cite any health and safety concerns. |  |  |  | 3 C |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100017 |  | 35622555 |  | 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: LTV and seasoned business. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned business.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-26): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors: LTV and seasoned business. |  |  | 01/26/2026 | 2 B |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100017 |  | 35622556 |  | 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. |  | Subject photos indicate rust holes in sidewalk basement entry doors, weathered front doors, stained stucco siding, rotted wood and missing capping at 2nd floor windows and missing capping at 3rd floor window. |  |  |  | Buyer Comment (2026-02-20): XX% LTV, property condition considered in value/LTV. No health and safety issues cited by appraiser and damage appears to be cosmetic in nature. Per borrower LOE, cash-out proceeds will be used towards repairs at subject property and while XXX hasn't confirmed the status of repairs, it is expected that the borrower will fulfill their commitment, |  |  |  | 3 C |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100017 |  | 35625994 |  | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Business License not provided |  | Missing active rental license to lawfully rent the non-owner occupied residential subject unit. (per analyst review note to UW) | The Loan to Value (LTV) on the loan is less than the guideline maximum. | LTV is < guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-10): Exception waived. Updated approval provided in trailing documents approving exception for missing rental license. Comp factor, LTV.<br>Buyer Comment (2026-02-10): Exception noted on uploaded approval |  |  | 02/10/2026 | 2 B |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100079 |  | 35622745 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 70% on owner user traditional I mixed-use purchase with loan < $1mm. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-01-27): Approved exception at origination for LTV > 70% on owner user traditional I purchase with loan < $1mm. Comp factor: reserves. |  |  | 01/27/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100079 |  | 35622746 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x on owner user traditional I mixed-use purchase with loan > $750,000. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Reserves > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-01-27): Approved exception at origination for DSCR < 1.0x on owner user traditional I purchase with loan > $750,000. Comp factor: reserves. |  |  | 01/27/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100079 |  | 35635528 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Wind deductible of 5% exceeds $25k | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-10): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO.<br>Buyer Comment (2026-02-09): Exception noted on uploaded approval |  |  | 02/10/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100081 |  | 35622749 |  | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception for incomplete VOM-primary; <12 months pay history. Comp factors: LTV (LTV not supported for FTI TRAD II > 60%) and FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-02-03): Approved exception for incomplete VOM-primary; <12 months pay history. Comp factors: LTV (LTV not supported for FTI TRAD II > 60%) and FICO. |  |  | 02/03/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100081 |  | 35622751 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception for LTV > 60% on investor traditional 2 purchase located in excluded state. 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>reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-03): Approved exception for LTV > 60% on investor traditional 2 purchase located in excluded state. Comp factors: FICO and reserves. |  |  | 02/03/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100081 |  | 35634185 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception for override of statewide exclusion for traditional property type located in IL. Comp factors: LTV (LTV not supported for FTI TRAD II > 60%) and FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-02-03): Approved exception for override of statewide exclusion for traditional property type located in IL. Comp factors: LTV (LTV not supported for FTI TRAD II > 60%) and FICO. |  |  | 02/03/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100016 |  | 35622730 |  | 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. |  | Subject photos indicate first floor ceiling damage and overgrowth of tree at left rear of property. |  |  |  | Buyer Comment (2026-02-20): XX% LTV. Property condition considered in value and LTV. No structural issues or leaks identified. The appraiser didn't cite any health and safety issues or deferred maintenance. Damage appears to be cosmetic and XXX did not view as material in terms of underwriting, but expects the borrower to make any necessary repairs. |  |  |  | 3 C |  | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100220 |  | 35636879 |  | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for 'Credit' (< 2 active major tradelines on credit report). Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-01-27): Approved exception at origination for 'Credit' (< 2 active major tradelines on credit report). Comp factor: FICO. |  |  | 01/27/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100200 |  | 35622807 |  | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. |  | Property being completely remodeled interior and exterior for $XXXX. Signed holdback agreement in file but no holdback funds on the HUD. |  |  |  | Buyer Comment (2026-02-20): XX% LTV. Appraisal made as-is and property condition considered in value/LTV. Borrower actively renovating property at origination and given the low LTV, XXX felt comfortable proceeding. Borrower is expected to complete renovations. |  |  |  | 3 C |  | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100203 |  | 35630001 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for CLTV > 90%. Comp Factors: company financial strength and guarantor support/liquidity. | Borrower's Experience/Track Record | CF- guarantor support/ company financial strength | SitusAMC,Originator | Reviewer Comment (2026-02-06): Approved exception at origination for CLTV > 90%. Comp Factors: company financial strength and guarantor support/liquidity. |  |  | 02/06/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100203 |  | 35642545 |  | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for Subject amortization term of 30 yrs exceeds estimated remaining economic lifespan of 25 yrs. Comp Factors: company financial strength and guarantor support/liquidity. | Borrower's Experience/Track Record | CF- guarantor support/ company financial strength | SitusAMC,Originator | Reviewer Comment (2026-02-06): Approved exception at origination for Subject amortization term of 30 yrs exceeds estimated remaining economic lifespan of 25 yrs. Comp Factors: company financial strength and guarantor support/liquidity. |  |  | 02/06/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100099 |  | 35764039 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Cash out on property held <12 months using valuation > original purchase price. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-17): Exception waived. Updated approval provided in trailing documents approving exception for cash out on property held less than 12 months using appraised value versus original purchase price. Comp factor, LTV/<br>Buyer Comment (2026-02-17): Corrected Uploaded<br>Reviewer Comment (2026-02-13): Exception remains. Comp factor not provided for waiving this exception.<br>Buyer Comment (2026-02-13): Exception noted on uploaded approval |  |  | 02/17/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100229 |  | 35755761 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-13): Exception waived. Updated approval provided in trailing documents approving exception for missing endorsement. Comp factor, seasoned investor.<br>Buyer Comment (2026-02-13): Exception noted on uploaded approval |  |  | 02/13/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100234 |  | 35752419 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-10): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | 02/10/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100234 |  | 35752431 |  | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2026-02-06): Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor: reserves. |  |  | 02/06/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100234 |  | 35753605 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Approved exception at origination for Cash out refinance on property listed within 6 months. Comp factor, reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2026-02-12): Approved exception at origination for Cash out refinance on property listed within 6 months. Comp factor, reserves.<br>Buyer Comment (2026-02-11): Exception noted on uploaded approval |  |  | 02/12/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100234 |  | 35772728 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for Rural property. Comp factor, reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2026-02-12): Approved exception at origination for Rural property. Comp factor, reserves.<br>Buyer Comment (2026-02-11): Exception noted on uploaded approval |  |  | 02/12/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100233 |  | 35751399 |  | Credit | Borrower and Mortgage Eligibility | Mortgage / Program Eligibility | Borrower and Mortgage Eligibility | Subordinate financing not permitted |  | Approved exception at origination for seller held 2nd note term <3 yrs. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor. | SitusAMC,Originator | Reviewer Comment (2026-02-06): Approved exception at origination for seller held 2nd note term <3 yrs. Comp factor: seasoned investor. |  |  | 02/06/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100098 |  | 35762477 |  | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-09): Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor: LTV. |  |  | 02/09/2026 | 2 B |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100098 |  | 35762849 |  | 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. |  | The front door appears to be blocked off by front porch conversion. The Appraisal states that the property has a "front porch conversion to living area." No value given to conversion. |  |  |  | Buyer Comment (2026-02-25): XX% LTV. Property condition considered in value/LTV. No value was given to the front porch conversion, and no health and safety items cited by appraiser for a blocked door.<br>Reviewer Comment (2026-02-23): Exception remains. Updated comment to clarify issues with front door and porch conversion. Removed title code enforcement liens for fire hazard abatement that were paid.<br>Buyer Comment (2026-02-20): please re-review this - The appraiser did not give any value to the front porch conversion. The appraiser doesn't cite a fire hazard anywhere, not do they cite the front door as being blocked. No significant needed repairs were noted. |  |  |  | 3 C |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100230 |  | 35759378 |  | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease on SFR refinance (verbal agreement per LOE). Comp factors: DSCR and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | The qualifying DSCR on the loan is greater than the guideline minimum. | CF- DSCR | SitusAMC,Originator | Reviewer Comment (2026-02-09): Approved exception at origination for missing lease on SFR refinance (verbal agreement per LOE). Comp factors: DSCR and marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | 02/09/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100230 |  | 35762148 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: DSCR and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | The qualifying DSCR on the loan is greater than the guideline minimum. | CF- DSCR | SitusAMC,Originator | Reviewer Comment (2026-02-09): Approved exception at origination for FICO < 650. Comp factors: DSCR and marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | 02/09/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100230 |  | 35762159 |  | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM-primary; missing most recent monthly pay history. Comp factors: DSCR and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | The qualifying DSCR on the loan is greater than the guideline minimum. | CF- DSCR | SitusAMC,Originator | Reviewer Comment (2026-02-09): Approved exception at origination for incomplete VOM-primary; missing most recent monthly pay history. Comp factors: DSCR and marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | 02/09/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100227 |  | 35755447 |  | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Missing lease on SFR refinance. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-12): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV.<br>Buyer Comment (2026-02-11): Exception noted on uploaded approval |  |  | 02/12/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100231 |  | 35753336 |  | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease on SFR refinance. Comp factors: LTV and FICO. | The 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 (2026-02-06): Approved exception at origination for 100% vacancy/missing lease on SFR refinance. Comp factors: LTV and FICO. |  |  | 02/06/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100226 |  | 35755111 |  | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-06): Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | 02/06/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100226 |  | 35755199 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing special/broad form policy/coverage type with liability as extension of primary residence homeowners policy. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-12): Approved exception at origination for missing special/broad form policy/coverage type with liability as extension of primary residence homeowners policy. Comp factor; LTV.<br>Buyer Comment (2026-02-11): Corrected Uploaded |  |  | 02/12/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100226 |  | 35755299 |  | Credit | Missing Document | General | Missing Document | Missing Document: Comparable Rent Schedule not provided |  | Approved exception at origination for missing comparable rent schedule/market rent analysis. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-12): Approved exception at origination for missing comparable rent schedule/market rent analysis. Comp factor, LTV.<br>Buyer Comment (2026-02-11): Corrected Uploaded |  |  | 02/12/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100226 |  | 35755626 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for rural property. Comp factors: strong marketing trends and property condition are unable to be validated as non-quantifiable subjective traits and LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-12): Approved exception at origination for rural property. Comp factors: strong marketing trends and property condition are unable to be validated as non-quantifiable subjective traits and LTV.<br>Buyer Comment (2026-02-11): Corrected Uploaded |  |  | 02/12/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100232 |  | 35754028 |  | 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 (2026-02-12): Approved exception at origination for basic form policy/coverage type. Comp factor; FICO.<br>Buyer Comment (2026-02-11): Corrected Uploaded |  |  | 02/12/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100232 |  | 35755653 |  | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for seller credit > 3%. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-02-06): Approved exception at origination for seller credit > 3%. Comp factor: FICO. |  |  | 02/06/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100237 |  | 35759275 |  | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Missing updated credit report for 1 of 2 individual guarantors. (outdated report XXXX) | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-18): Exception waived. Updated to approval provided in trailing documents approving exception for expired credit. Comp factor, FICO.<br>Buyer Comment (2026-02-18): change memo addressing this, attached. |  |  | 02/18/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100237 |  | 35786262 |  | Credit | Property - Appraisal | Appraisal Documentation | Property - Appraisal | Missing Document: Appraisal not provided |  | Appraisal effective date aged > 6 months. (ref: XXXX) | 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.<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>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. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-12): Exception waived. Update to approval provided approving exception for aged appraisal. Comp factors., LTV, FICO, and net worth.<br>Buyer Comment (2026-02-12): The stale appraisal report was noted in Change Memo #2 in the XXX. reattached. |  |  | 02/12/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100241 |  | 35762803 |  | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Credit report for 1 of 2 guarantors is aged > 120 days (XXXX) | The qualifying DSCR on the loan is greater than the guideline minimum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The DSCR is greater than the minimum required DSCR.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-12): Exception waived. Update to approval provided approving exception for expired credit. Comp factors,. DSCR and net worth./<br>Buyer Comment (2026-02-12): please note Change Memo #3 in the XXX. |  |  | 02/12/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100246 |  | 35756517 |  | 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: DSCR, guarantor support/liquidity, and company financial strength. | 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. | CF- guarantor support/liquidity<br>Satisfactory Global DSCR, based on appraisal market NOI and bank statements. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-11): Approved exception at origination for LTV > 70% for investor loan. Comp factors: DSCR, guarantor support/liquidity, and company financial strength. |  |  | 02/11/2026 | 2 B |  | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100240 |  | 35756424 |  | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 2x 30 days late within 12 months on subject (Change Memo #1). Comp factors: LTV and DSCR. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | CF- LTV<br>CF- DSCR. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-09): Approved exception at origination for 2x 30 days late within 12 months on subject (Change Memo #1). Comp factors: LTV and DSCR. |  |  | 02/09/2026 | 2 B |  | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100244 |  | 35791593 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for remaining economic life of subject shorter than loan term/amortization. Comp factors: LTV, borrower financial strength, and guarantor support/liquidity. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-02-11): Approved exception at origination for remaining economic life of subject shorter than loan term/amortization. Comp factors: LTV, borrower financial strength, and guarantor support/liquidity. |  |  | 02/11/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100162 |  | 35767687 |  | 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. |  | The property inspection report indicated prior roof leak causing mold (roof inspection in file-no active leak), with interior ceiling and mold damage as well as flooring damage in the bathroom. Holdback in file for mold remediation of $XXXX. The additional deferred maintenance of $XXXX is an estimate cost to cure which includes removing any religious facility related items, reinstall traditional front commercial windows, complete drywall repair and paint. |  |  |  | Buyer Comment (2026-02-20): XX% LTV, purchase transaction. XXX completed a 180-day holdback at origination to cover the health and safety item with the mold. Roof cert confirmed no current leak. |  |  |  | 3 C |  | XX | Purchase | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100162 |  | 35767913 |  | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | - Property Condition:<br> ___ | Subject is in below average or fair condition per the appraisal with deferred maintenance estimated at >$70,000. In house review states "property shows interior deterioration, including ceiling damage with fallen material, as well as a bathroom with deteriorated flooring". Holdback in file for mold remediation of $XXXX-containment and removal, drying and structural drying., rebuilding to as-new condition. |  |  |  | Buyer Comment (2026-02-20): XX% LTV, purchase transaction. Appraisal made as-is and current property condition (including deferred maintenance) considered in value/LTV. XXX completed a 180 holdback to cover the health and safety issue with the mold. Borrower intends to occupy the property with their business post-close and maintains strong reserves after putting down 50% of funds to close. XXX hasn't confirmed the status of repairs, but expects the borrower to complete them, especially given the owner-user nature of the property. Given the low LTV XXX felt comfortable proceeding. |  |  |  | 3 C |  | XX | Purchase | C A | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100156 |  | 35830924 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DCR < 1.00 on owner/user Trad II with balance > $500,000 for a refi. Comp factors, seasoned business and seasoned investor. | Borrower's Experience/Track Record | Seasoned investor and seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-17): Approved exception at origination for DCR < 1.00 on owner/user Trad II with balance > $500,000 for a refi. Comp factors, seasoned business and seasoned investor. |  |  | 02/17/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100159 |  | 35767238 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x on investor traditional I mixed use purchase with loan > $500,000. Comp factors: FICO . | The representative FICO score exceeds the guideline minimum by XX points. | FICO is > guidelines. | SitusAMC,Originator | Reviewer Comment (2026-02-13): Approved exception at origination for DSCR < 1.20x on investor traditional I mixed use purchase with loan > $500,000. Comp factors: FICO .<br>Buyer Comment (2026-02-13): Corrected uploaded |  |  | 02/13/2026 | 2 B |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100159 |  | 35767380 |  | 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. |  | Side of Building has double doors with no steps or stupe and rear entry deferred maintenance (siding). |  |  |  | Buyer Comment (2026-02-20): Current property condition considered in LTV/value. The appraiser cited a $XXXX cost-to-cure which is within XXXXdeferred maintenance guideline (5%/20k). Given the low cost-to-cure, XXX felt comfortable proceeding. |  |  |  | 3 C |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100157 |  | 35768606 |  | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for missing leases for 11 of 14 subject units. Comp factors: LTV and seasoned investor. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- seasoned investor<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-11): Approved exception at origination for missing leases for 11 of 14 subject units. Comp factors: LTV and seasoned investor. |  |  | 02/11/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100157 |  | 35797179 |  | 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: LTV and seasoned investor. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- seasoned investor<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-11): Approved exception at origination for DSCR < 1.20x for investor traditional 1 multifamily refinance with loan > $500k. Comp factors: LTV and seasoned investor. |  |  | 02/11/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100166 |  | 35807606 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | DSCR < 1.20x for investor traditional 1 multifamily purchase with loan > $500k. (purchase exemption up to $750k is specific to owner-user). | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-13): Exception waived. Updated approval provided in trailing documents approving exception for DSCR. Comp factor, FICO.<br>Buyer Comment (2026-02-13): Exception noted on uploaded approval |  |  | 02/13/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100165 |  | 35795944 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | DSCR < 1.20x for investor traditional 1 multifamily purchase with loan > $500k. (purchase exemption up to $750k is specific to owner-user). | The representative FICO score exceeds the guideline minimum by XX points. | CF_ FICO | SitusAMC,Originator | Reviewer Comment (2026-02-11): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: FICO. |  |  | 02/11/2026 | 2 B |  | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100164 |  | 35764497 |  | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor on owner user traditional 2 with LTV > 65%. Comp factors: Guarantors industry experience. | Borrower's Experience/Track Record | Guarantor industry experience. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-16): Approved exception at origination for first time investor on owner user traditional 2 with LTV > 65%. Comp factors: Guarantors industry experience.<br>Buyer Comment (2026-02-13): Exception mitigated on uploaded with occupying entity (guarantors business) in business for 3 years. Also attached is a copy of the licensing for occupying entity to support expiereince. |  |  | 02/16/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100164 |  | 35764498 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: Guarantors industry experience. | Borrower's Experience/Track Record | Guarantor industry experience. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-16): Approved exception at origination for FICO < 650. Comp factor: Guarantors industry experience.<br>Buyer Comment (2026-02-13): Exception mitigated on uploaded with occupying entity (guarantors business) in business for 3 years. Also attached is a copy of the licensing for occupying entity to support expiereince. |  |  | 02/16/2026 | 2 B |  | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100160 |  | 35768178 |  | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x on investor traditional I mixed use refinance with loan > $750,000. Comp factors: FICO and LTV. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | FICO is > guidelines.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-12): Approved exception at origination for DSCR < 1.20x on investor traditional I mixed use refinance with loan > $750,000. Comp factors: FICO and LTV. |  |  | 02/12/2026 | 2 B |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100160 |  | 35768184 |  | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for > 1x 30 days late within 12 months on primary; notice of default filed within 12 months (notice of recission within 6 months). Comp factors: LTV and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | FICO is > guidelines.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-12): Approved exception at origination for > 1x 30 days late within 12 months on primary; notice of default filed within 12 months (notice of recission within 6 months). Comp factors: LTV and FICO. |  |  | 02/12/2026 | 2 B |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100160 |  | 35768258 |  | 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. |  | Subject photos indicate rust on wrought iron fencing, cracked/damaged stucco, dry rot on wood trim, damaged stucco on the overhang and peeling paint/damaged light fixture. |  |  |  | Buyer Comment (2026-02-20): Property condition considered in value/LTV. The appraiser estimated an $XXXX for deferred maintenance which was deducted from the appraised value, and XXX used a more conservative amount of $XXXX for our internal value. No active leaks or structural issues observed. XXX expects the borrower to complete any necessary repairs to the property. |  |  |  | 3 C |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100160 |  | 35805583 |  | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOM-primary; mortgage held in deceased parent's name. Comp factors, LTV and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | FICO is > guidelines.<br>LTV is < guidelines. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-02-16): Approved exception at origination for missing VOM-primary; mortgage held in deceased parent's name. Comp factors, LTV and FICO.<br>Buyer Comment (2026-02-13): Exception noted on uploaded approval |  |  | 02/16/2026 | 2 B |  | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100154 |  | 35806527 |  | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for seller credit exceeding 3%. 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 (2026-02-12): Approved exception at origination for seller credit exceeding 3%. Comp factors; FICO and reserves. |  |  | 02/12/2026 | 2 B |  | XX | Purchase | B | B |  |  | No |
| XXXX | XXXX | VCC 2026-P1-100154 |  | 35809133 |  | Property | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | The appraisal revealed property damage. |  | Approved exception at origination for parking lot repairs of $XXXX . Comp factors, signed holdback agreement provided with amount reflected on HUD. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file and reflected on the closing statement. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-02-12): Approved exception at origination for parking lot repairs of $XXXX . Comp factors, signed holdback agreement provided with amount reflected on HUD. |  |  | 02/12/2026 | 2 B |  | XX | Purchase | B | B |  |  | No |

---

## Exhibit 99.09

**Exhibit 99.09**

![](ex99_002.jpg)

VCC 2026-P1<br>Velocity Commercial Capital, LLC<br>

Opus Capital Markets Consultants, LLC

5718 Westheimer Road - Suite 1000\| Houston, TX 77057\| www.opuscmc.com \| 224.632.13t00<br>

**Executive Narrative**

**February 25, 2026**

**Performed by** 

**Opus Capital Markets Consultants, LLC**

**For** 

**Velocity Commercial Capital, LLC**

This report summarizes the results of a due diligence review performed on One Hundred Sixty (160) loans provided by Velocity Commercial Capital, LLC ("Client" or "VCC") who provided Opus Capital Markets Consultants, LLC (Consultant) with a data tape, from which 100% of the loan sample was chosen and loaded into the LauraMac underwriting software. Consultant performed a detailed credit review on the loans.

Opus conducted a review of the origination appraisal documentation for each loan and property not included in the Guideline Review. This encompassed One Hundred Sixty (160) loans representing One Hundred Eighty-Eight (188) properties.

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Review** | &nbsp;&nbsp;**Below Average Property Grade** | &nbsp;&nbsp;**Properties with Visible Damage** | &nbsp;&nbsp;**Properties with Health or Safety Issues** |
| &nbsp;&nbsp;Property Review | &nbsp;&nbsp;2 | &nbsp;&nbsp;1 | &nbsp;&nbsp;0 |

---

As detailed herein, the pool contains 50 small balance commercial loans and 110 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 December 19, 2025 through February 17, 2026 via imaged files and provided by the Client (the "Review.")

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

![](ex99_005.jpg)

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

![](ex99_004.jpg)

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

![](ex99_003.jpg)

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

The valuation review was split based on the underlying property type, either residential or commercial. All commercial mortgage loans were assigned an "A" NRSRO valuation grade. For this review, Opus did not order any secondary valuation products. However, the client requested a secondary valuation for 75 residential mortgage loans.

EXHIBIT A

**Scope of Services:**

**Guideline Review**

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

In the Guideline Review Population there is one (1) SBA mortgage loan. Opus conducted a review of the 1 SBA loan in accordance with the established guidelines. Our review process aligned with the same criteria used for the guidelines review.

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

<u>Transaction type:</u>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Loan File Documentation**

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

1008

1003 – Applications Initial

1003 – Application Final

AUS (DU/LP)

Loan Approvals

Underwriting worksheets

Income worksheets

Rate Lock

Change of Circumstances

Loan Estimates (LE)

Closing Disclosures (CD)

FACTA Disclosures

State Required Disclosures

Federal Required Disclosures

Signature tracking

Net Tangible Benefit Disclosure

Credit Report(s)

Fraud Report

OFAC Report (if not on credit)

Letter of Explanations

Borrower Identification

Business License\*

Income Documentations

Asset Documentation

Appraisal(s)

Third Party Valuation (Desk Review/AVM/BPO/Field Review)

Purchase Contract

Environmental Reports

Non Owner Certification & Identification

Final CD/HUD1/Settlement Statement

Flood Insurance

Flood Certification

Mortgage Insurance

Right of Recession

Mortgage/Deed of Trust & Riders

Note & Addendums

Power of Attorney

Entity Documentation

Insurance

RE Tax Certification

Occupancy Affidavit

Business/Investment Purpose Affidavit

Title

Closing Protection Letter

HOA Information

Condo Documents

Guaranty Agreements\*

Business P&L\*

Business P&L\*

Purchase Agreement\*

Occupancy & Business Purpose LOI

Rent Roll \*

Business Purpose Certification

Cash Out Letter

Verification of Mortgage/Rent

RE Taxes Information

**Non-Owner Occupancy Review**

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

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

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

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

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

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

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

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

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

**Valuation Review**

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

Opus's review will include:

• the appropriate form,

• materially complete

• the address matched the mortgage note,

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

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

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

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

• completed and dated within the guideline restrictions,

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

• Photos present for Subject property and comparables

• the appraisal report does not include any apparent
environmental problems

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

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

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

**Valuation Waterfall**

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

• CU Score = < 2.5, no additional valuation
required

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• If value is supported within 10% tolerance,
nothing further is needed

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

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

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

**Property Condition Review**

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

**Property Condition Assessment**

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

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

**Property Damage Evaluation**

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

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

**Health and Safety Review**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Key
Safety Aspects

Structural Integrity:

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

**Hazardous Materials:**

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

Pest Infestations:

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

**Electrical Systems:**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Broken
windows or doors

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

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

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

**Data Comparison**

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;# 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>**

![](ex99_006.jpg)

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Data Element** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Accuracy** |
| &nbsp;&nbsp;Amortization Term | &nbsp;&nbsp;1 | &nbsp;&nbsp;99.10% |
| &nbsp;&nbsp;**Total Loans** | &nbsp;&nbsp;**111** |  |

---

**<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 February 24, 2026.

---

| | | |
|:---|:---|:---|
| **Overall Grade Summary** | | |
| &nbsp;&nbsp;**DBRS and Kroll NRSRO Grade** | <br>&nbsp;&nbsp;**# of Loans** | <br>&nbsp;&nbsp;**% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;48 | &nbsp;&nbsp;43.24% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;62 | &nbsp;&nbsp;55.86% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| **Credit Grade Summary** |  |  |
| &nbsp;&nbsp;**DBRS and Kroll NRSRO Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp;**% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;49 | &nbsp;&nbsp;44.14% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;62 | &nbsp;&nbsp;55.86% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| **Property Grade Summary** |  |  |
| &nbsp;&nbsp;**DBRS and Kroll NRSRO Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp;**% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;107 | &nbsp;&nbsp;96.40% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;3 | &nbsp;&nbsp;2.70% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.90% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |

---

**GUIDELINE CREDIT REVIEW RESULTS**

Of the one hundred eleven (111) mortgage loans reviewed by Opus, sixty-two (62) were assigned a Credit grade of "B" and involved lender-issued guideline exceptions. Across these 62 loans, a total of one hundred one (101) credit exceptions were granted.

Additionally, 44.14% of the mortgage loans reviewed received a Credit grade of "A".

**GUIDELINE VALUATION REVIEW RESULTS**

Of the one hundred eleven (111) mortgage loans reviewed by Opus, three (3) were assigned a Valuation grade of "B" and involved lender-issued guideline exceptions. Across these 3 loans, a total of two (2) valuation exceptions were granted.

Of the one hundred eleven (111) mortgage loans reviewed by Opus, one (1) was assigned a Credit grade of "C".

Additionally, 96.40% of the mortgage loans reviewed received a Valuation grade of "A".

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **Overall Grade Summary** | | |
| &nbsp;&nbsp;**DBRS and Kroll NRSRO Grade** | <br>&nbsp;&nbsp;**# of Loans** | <br>&nbsp;&nbsp;**% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;35 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| **Credit Grade Summary** |  |  |
| &nbsp;&nbsp;**DBRS and Kroll NRSRO Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp;**% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;35 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |

---

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

100.00% of the mortgage loans reviewed by Opus received a Credit grade of "A".

**<u>Loans Reviewed (160)</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;423541 | &nbsp;&nbsp;822992 | &nbsp;&nbsp;341757 | &nbsp;&nbsp;983344 | &nbsp;&nbsp;847633 | &nbsp;&nbsp;474996 | &nbsp;&nbsp;969191 |
| &nbsp;&nbsp;694448 | &nbsp;&nbsp;985160 | &nbsp;&nbsp;833027 | &nbsp;&nbsp;806212 | &nbsp;&nbsp;292377 | &nbsp;&nbsp;866956 | &nbsp;&nbsp;701195 |
| &nbsp;&nbsp;200415 | &nbsp;&nbsp;318065 | &nbsp;&nbsp;982449 | &nbsp;&nbsp;727857 | &nbsp;&nbsp;185128 | &nbsp;&nbsp;839753 | &nbsp;&nbsp;856905 |
| &nbsp;&nbsp;560931 | &nbsp;&nbsp;158333 | &nbsp;&nbsp;321024 | &nbsp;&nbsp;500309 | &nbsp;&nbsp;921489 | &nbsp;&nbsp;412035 | &nbsp;&nbsp;292197 |
| &nbsp;&nbsp;190378 | &nbsp;&nbsp;719381 | &nbsp;&nbsp;703187 | &nbsp;&nbsp;822920 | &nbsp;&nbsp;861960 | &nbsp;&nbsp;576939 | &nbsp;&nbsp;543833 |
| &nbsp;&nbsp;412792 | &nbsp;&nbsp;851461 | &nbsp;&nbsp;845318 | &nbsp;&nbsp;514709 | &nbsp;&nbsp;423955 | &nbsp;&nbsp;634633 | &nbsp;&nbsp;676478 |
| &nbsp;&nbsp;290698 | &nbsp;&nbsp;625858 | &nbsp;&nbsp;808080 | &nbsp;&nbsp;327902 | &nbsp;&nbsp;190188 | &nbsp;&nbsp;747672 | &nbsp;&nbsp;679606 |
| &nbsp;&nbsp;125342 | &nbsp;&nbsp;540978 | &nbsp;&nbsp;398035 | &nbsp;&nbsp;772983 | &nbsp;&nbsp;164527 | &nbsp;&nbsp;625306 | &nbsp;&nbsp;446448 |
| &nbsp;&nbsp;113867 | &nbsp;&nbsp;228015 | &nbsp;&nbsp;800443 | &nbsp;&nbsp;494068 | &nbsp;&nbsp;875574 | &nbsp;&nbsp;312825 | &nbsp;&nbsp;401813 |
| &nbsp;&nbsp;828586 | &nbsp;&nbsp;270230 | &nbsp;&nbsp;835821 | &nbsp;&nbsp;130352 | &nbsp;&nbsp;861107 | &nbsp;&nbsp;722392 | &nbsp;&nbsp;947807 |
| &nbsp;&nbsp;765626 | &nbsp;&nbsp;161230 | &nbsp;&nbsp;357852 | &nbsp;&nbsp;116787 | &nbsp;&nbsp;918391 | &nbsp;&nbsp;749893 | &nbsp;&nbsp;388694 |
| &nbsp;&nbsp;888664 | &nbsp;&nbsp;489679 | &nbsp;&nbsp;203896 | &nbsp;&nbsp;378082 | &nbsp;&nbsp;591167 | &nbsp;&nbsp;390833 | &nbsp;&nbsp;124498 |
| &nbsp;&nbsp;214187 | &nbsp;&nbsp;627896 | &nbsp;&nbsp;967380 | &nbsp;&nbsp;204005 | &nbsp;&nbsp;386780 | &nbsp;&nbsp;216999 | &nbsp;&nbsp;178176 |
| &nbsp;&nbsp;863688 | &nbsp;&nbsp;983424 | &nbsp;&nbsp;823033 | &nbsp;&nbsp;231805 | &nbsp;&nbsp;155117 | &nbsp;&nbsp;698288 | &nbsp;&nbsp;525957 |
| &nbsp;&nbsp;734863 | &nbsp;&nbsp;791080 | &nbsp;&nbsp;404501 | &nbsp;&nbsp;689923 | &nbsp;&nbsp;130105 | &nbsp;&nbsp;203549 | &nbsp;&nbsp;633244 |
| &nbsp;&nbsp;446686 | &nbsp;&nbsp;407528 | &nbsp;&nbsp;844324 | &nbsp;&nbsp;645820 | &nbsp;&nbsp;664713 | &nbsp;&nbsp;142604 | &nbsp;&nbsp;759103 |
| &nbsp;&nbsp;520419 | &nbsp;&nbsp;214078 | &nbsp;&nbsp;164928 | &nbsp;&nbsp;800995 | &nbsp;&nbsp;922895 | &nbsp;&nbsp;848108 | &nbsp;&nbsp;206820 |
| &nbsp;&nbsp;980802 | &nbsp;&nbsp;548151 | &nbsp;&nbsp;253316 | &nbsp;&nbsp;141654 | &nbsp;&nbsp;637963 | &nbsp;&nbsp;431114 | &nbsp;&nbsp;899026 |
| &nbsp;&nbsp;888180 | &nbsp;&nbsp;214978 | &nbsp;&nbsp;137641 | &nbsp;&nbsp;951848 | &nbsp;&nbsp;559918 | &nbsp;&nbsp;991187 | &nbsp;&nbsp;375874 |
| &nbsp;&nbsp;401358 | &nbsp;&nbsp;563642 | &nbsp;&nbsp;457880 | &nbsp;&nbsp;163333 | &nbsp;&nbsp;539035 | &nbsp;&nbsp;822093 | &nbsp;&nbsp;905894 |
| &nbsp;&nbsp;892866 | &nbsp;&nbsp;141671 | &nbsp;&nbsp;266297 | &nbsp;&nbsp;941882 | &nbsp;&nbsp;856063 | &nbsp;&nbsp;936548 | &nbsp;&nbsp;436374 |
| &nbsp;&nbsp;210742 | &nbsp;&nbsp;609149 | &nbsp;&nbsp;603361 | &nbsp;&nbsp;845102 | &nbsp;&nbsp;479323 | &nbsp;&nbsp;955938 | &nbsp;&nbsp;543461 |
| &nbsp;&nbsp;494651 | &nbsp;&nbsp;423714 | &nbsp;&nbsp;762290 | &nbsp;&nbsp;132806 | &nbsp;&nbsp;341338 | &nbsp;&nbsp;891759 |  |

---

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

## Exhibit 99.10

**Exhibit 99.10**

---

| | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Seller** | **Loan ID** | **Seller Loan ID** | **Investor Loan ID** | **Queue** | **Created Date** | **Last Modified Date** | **Finding Status** | **Event Level** | **Finding Category** | **Finding Sub Category** | **Finding Name** | **Reviewer Comments** | **Seller Comments** | **Finding Resolution** | **Finding Document** | **Reviewer Comp Factors** | **Originator Comp Factors** | **State** | **Occupancy** | **Loan Purpose** | **Refinance Purpose** | **Unique Finding ID** | **Acknowledged / Waived By** | **Waiver in File?** |
| XXXXX | XXXXXXXXX |  | 694448 | Closed | 2025-12-29 15:32 | 2026-02-23 16:46 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Acknowledged- - Due Diligence Vendor-02/23/2026 <br>Open- - Due Diligence Vendor-02/20/2026 <br>Acknowledged-The finding is acknowledged. - Due Diligence Vendor-01/22/2026 <br>Ready for Review-51% LTV loan. No major deferred maintenance cited by appraiser and remaining economic life is still 30+ years. Appraisal made as-is and current property condition considered in value/LTV" - Seller-01/21/2026 <br>Counter-Added verbiage to justify the condition. - Due Diligence Vendor-01/21/2026 <br>Open-Property Condition Does Not Meet Requirements. Appraisal notes overall "fair" condition of property which is below the requirement for average or better condition. Both the front and rear buildings exhibit deferred maintenance. The front building requires new flooring and interior paint, while the rear building requires similar improvements, in addition to the replacement of a bathroom sink and evidence of roof leakage. These physical deficiencies have been considered in the assignment and are reflected in the subject's overall condition rating. A separate cost-to-cure adjustment was not applied, as the deferred maintenance has been captured within the qualitative assessment of condition and corresponding market-based adjustments. - Due Diligence Vendor-01/21/2026 <br>Ready for Review-We are unable to clear this exception. our policy isn't changing at the present time. - Seller-01/14/2026 <br>Ready for Review-XXXX policy is silent as to property condition, the remaining economic life is what matters. - Seller-01/09/2026 | Ready for Review-51% LTV loan. No major deferred maintenance cited by appraiser and remaining economic life is still 30+ years. Appraisal made as-is and current property condition considered in value/LTV" - Seller-01/21/2026 <br> Ready for Review-We are unable to clear this exception. our policy isn't changing at the present time. - Seller-01/14/2026 <br> Ready for Review-XXX XXX policy is silent as to property condition, the remaining economic life is what matters. - Seller-01/09/2026 | Acknowledged- - Due Diligence Vendor-02/23/2026 <br>Acknowledged-The finding is acknowledged. - Due Diligence Vendor-01/22/2026<br>|  |  |  | XX | Other | Purchase | NA | 6841210 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 290698 | Closed | 2026-01-20 08:05 | 2026-02-09 13:20 | Waived | 2 - Non-Material | Credit | Eligibility | Verified number of properties does not meet experience requirements | Waived-Exception granted, the fining will be be graded a B or non-material. - Due Diligence Vendor-02/09/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-02/05/2026 <br>Open-Loan file only contains evidence of experience for 1 properties which is below the guideline minimum. The loan file is missing evidence of either Entity or individual ownership of the REO property. - Due Diligence Vendor-01/20/2026 |  | Waived-Exception granted, the fining will be be graded a B or non-material. - Due Diligence Vendor-02/09/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXXXXXXXX.pdf |  | High FICO | XX | Other | Purchase | NA | 7177485 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 290698 | Closed | 2026-01-20 08:13 | 2026-01-20 13:55 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided The policy provided is an umbrella policy covering two properties. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-01/20/2026 |  | Waived-Hazard Insurance Policy Partially Provided The policy provided is an umbrella policy covering two properties. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-01/20/2026<br>|  |  | High FICO | XX | Other | Purchase | NA | 7177616 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 125342 | Closed | 2026-01-20 06:58 | 2026-02-09 13:56 | Waived | 2 - Non-Material | Credit | Eligibility | Verified number of properties does not meet experience requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/09/2026 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-02/05/2026 <br> Open-Loan file only contains evidence of experience for 1 properties which is below the guideline minimum. The loan file is missing evidence the Guarantor has an ownership interest in the property located on XXXXX. The property report reflects ownership by a different entity and no reference to the Guarantor. Additional conditions may apply upon receipt of the required documentation. - Due Diligence Vendor-01/20/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/09/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXXXXXXXX.pdf |  | High FICO | XX | Other | Purchase | NA | 7176408 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 125342 | Closed | 2026-01-15 07:35 | 2026-01-20 14:10 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Hazard Insurance Policy Partially Provided The Hazard policy provided is an umbrella policy covering two properties. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-01/15/2026 |  | Waived-Hazard Insurance Policy Partially Provided The Hazard policy provided is an umbrella policy covering two properties. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-01/15/2026<br>|  |  | High FICO | XX | Other | Purchase | NA | 7107441 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 113867 | Closed | 2026-02-06 14:47 | 2026-02-16 17:31 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Audited FICO of 645 is less than Guideline FICO of 650 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/06/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Audited FICO of 645 is less than Guideline FICO of 650 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/06/2026<br>|  |  | Seasoned Investor<br> Strong Reserves | XX | Investment | Purchase | NA | 7498203 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 113867 | Closed | 2026-02-06 14:49 | 2026-02-16 17:31 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br> Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br> Waived-Hazard Insurance Policy Partially Provided Policy form Basic, $XXXX liability, and payment plan - do not collect premium at closing Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-02/06/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br> Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br> Waived-Hazard Insurance Policy Partially Provided Policy form Basic, $XXXX liability, and payment plan - do not collect premium at closing Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-02/06/2026 |  |  | Seasoned Investor<br> Strong Reserves | XX | Investment | Purchase | NA | 7498245 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 828586 | Closed | 2026-02-05 13:03 | 2026-02-16 09:19 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Audited FICO of 645 is less than Guideline FICO of 650 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/05/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Audited FICO of 645 is less than Guideline FICO of 650 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/05/2026<br>|  |  | Strong Reserves<br> Seasoned Investor | XX | Investment | Purchase | NA | 7473969 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 828586 | Closed | 2026-02-05 13:08 | 2026-02-16 09:19 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br> Waived-Hazard Insurance Policy Partially Provided Policy form Basic, $XXXX liability, and payment plan - do not collect premium at closing Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/05/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br> Waived-Hazard Insurance Policy Partially Provided Policy form Basic, $XXXX liability, and payment plan - do not collect premium at closing Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/05/2026 |  |  | Seasoned Investor | XX | Investment | Purchase | NA | 7474056 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 888664 | Closed | 2026-02-02 13:32 | 2026-02-24 09:53 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Ready for Review-Duplicate exception. This was addressed in another exception. - Buyer-02/13/2026 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. VOM for subject property not found in file - Due Diligence Vendor-02/02/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026<br>|  |  | Low LTV<br> High FICO | XX | Investment | Refinance | Cash Out - Other | 7404013 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 888664 | Closed | 2026-02-02 15:26 | 2026-02-18 12:14 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/18/2026 <br>Waived-VOR missing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/02/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/18/2026 <br>Waived-VOR missing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/02/2026<br>|  |  | Low LTV<br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | 7406039 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 888664 | Closed | 2026-02-02 15:22 | 2026-02-18 12:14 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/18/2026 <br>Waived-The subject loan was refinanced recently. Per lender's guidelines, a frequent refinance with less than 3 months seasoning is not allowed. A refinance occurred within the last 3 months. Lender provided approved exception dated prior to consummation and<br> all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/02/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/18/2026 <br>Waived-The subject loan was refinanced recently. Per lender's guidelines, a frequent refinance with less than 3 months seasoning is not allowed. A refinance occurred within the last 3 months. Lender provided approved exception dated prior to consummation and<br> all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/02/2026<br>|  |  | Low LTV<br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | 7405991 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 214187 | Closed | 2026-02-01 20:01 | 2026-02-24 09:56 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br> Ready for Review-Document Uploaded. Uploaded - Buyer-02/13/2026 <br> Open-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; however, all compensating factors have not been met. Low LTV is not a valid compensating factor. - Due Diligence Vendor-02/02/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXXX.pdf |  | Excess equity | XX | Investment | Refinance | Cash Out - Other | 7390904 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 863688 | Closed | 2026-02-13 08:24 | 2026-02-13 16:14 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-Audited LTV of 70% exceeds Guideline LTV of 65% First time investor required a 5% LTV reduction. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/13/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-Audited LTV of 70% exceeds Guideline LTV of 65% First time investor required a 5% LTV reduction. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/13/2026<br>|  |  | Strong reserves | XX | Investment | Purchase | NA | 7607185 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 863688 | Closed | 2026-02-09 13:31 | 2026-02-13 16:14 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-Audited FICO of 592 is less than Guideline FICO of 650 Min FICO for FlexTerm Program is 650.Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/09/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-Audited FICO of 592 is less than Guideline FICO of 650 Min FICO for FlexTerm Program is 650.Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/09/2026<br>|  |  | Strong reserves | XX | Investment | Purchase | NA | 7522293 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 734863 | Closed | 2026-02-16 09:51 | 2026-02-16 17:02 | Waived | 2 - Non-Material | Credit | Eligibility | Transaction Ineligible | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Transaction is ineligible due to 1 unit first time investor. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/16/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Transaction is ineligible due to 1 unit first time investor. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/16/2026<br>|  |  | Strong DSCR<br> Strong reserves | XX | Investment | Purchase | NA | 7632934 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 446686 | Closed | 2026-02-12 05:57 | 2026-02-12 15:48 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/12/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Verification of Mortgage (VOM) Document is Missing for subject property; However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-02/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/12/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Verification of Mortgage (VOM) Document is Missing for subject property; However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-02/12/2026<br>|  |  | Seasoned Business | XX | Other | Refinance | Cash Out - Other | 7578058 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 888180 | Closed | 2026-02-04 13:50 | 2026-02-11 09:28 | 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-02/11/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/04/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/04/2026<br>|  |  | High FICO | XX | Investment | Refinance | Cash Out - Other | 7446936 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 401358 | Closed | 2026-02-01 18:40 | 2026-02-11 08:56 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br> 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-02/02/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br> 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-02/02/2026 |  |  | Low LTV<br> High FICO | XX | Investment | Refinance | Cash Out - Other | 7390797 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 210742 | Closed | 2026-02-16 15:01 | 2026-02-18 09:33 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing Guaranty Agreement - Borrower 1 | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/18/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-02/17/2026 <br>Open-Missing Guaranty Agreement for Borrower 1. Lender Guidelines require the Guarantor to have a minimum 25% ownership interest in the Business Entity; there is no evidence the Guarantor has any ownership interest ibn the Business Entity. - Due Diligence Vendor-02/16/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/18/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Seasoned business | XX | Investment | Refinance | Cash Out - Other | 7640235 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 210742 | Closed | 2026-02-05 17:13 | 2026-02-16 17:05 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Audited FICO of 645 is less than Guideline FICO of 650 Min FICO for Flex term Program is 650 - Due Diligence Vendor-02/05/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Audited FICO of 645 is less than Guideline FICO of 650 Min FICO for Flex term Program is 650 - Due Diligence Vendor-02/05/2026<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 7479223 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 210742 | Closed | 2026-02-05 18:30 | 2026-02-16 17:05 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. VOM missing from file - Due Diligence Vendor-02/06/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. VOM missing from file - Due Diligence Vendor-02/06/2026<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 7480500 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 210742 | Closed | 2026-02-05 18:47 | 2026-02-16 17:05 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-The subject 4 properties were recent purchases. Per lender's guidelines, a borrower on title with less than 12 months seasoning is not allowed based on appraised value. Value estimate limited to the lessor of the original purchase price or current appraised value. See pgs. 7, 32, 58, 101 of sale/ transfer dates - Due Diligence Vendor-02/06/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-The subject 4 properties were recent purchases. Per lender's guidelines, a borrower on title with less than 12 months seasoning is not allowed based on appraised value. Value estimate limited to the lessor of the original purchase price or current appraised value. See pgs. 7, 32, 58, 101 of sale/ transfer dates - Due Diligence Vendor-02/06/2026<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 7480819 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 822992 | Closed | 2026-02-02 15:04 | 2026-02-10 06:46 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 634 is less than Guideline FICO of 650 , Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-02/02/2026 |  | Waived-Audited FICO of 634 is less than Guideline FICO of 650 , Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-02/02/2026<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 7405567 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 985160 | Closed | 2026-02-02 18:44 | 2026-02-11 09:02 | Waived | 2 - Non-Material | Credit | Eligibility | Delinquent Credit History Does Not Meet Guideline Requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-02/10/2026 <br> Open-Delinquent Credit History Does Not Meet Guideline Requirements Charge off of $XXXXX reported is greater than Guideline max allowed of $XXXXX . No evidence of payoff was noted. - Due Diligence Vendor-02/03/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Seasoned investor<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | 7408141 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 985160 | Closed | 2026-02-03 04:11 | 2026-02-10 07:57 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Property type is ineligible due to Rural Property . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/03/2026 |  | Waived-Property type is ineligible due to Rural Property . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/03/2026<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 7411414 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 985160 | Closed | 2026-02-03 04:11 | 2026-02-10 07:56 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $XXXXX Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/03/2026 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $XXXXX Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/03/2026 |  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 7411413 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 318065 | Closed | 2026-02-13 07:11 | 2026-02-16 13:06 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-02/13/2026 <br>Open-Commercial Debt Service Converge Ratio of 0.845 is below guideline minimum of 1.2. Lender provided an approved exception dated prior to consummation and the comp factors noted were validated. the exception did note a DCR of 0.99 which the loan does not meet. Please provided updated lender exception. - Due Diligence Vendor-02/13/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Seasoned Investor<br> Strong reserves | XX | Investment | Refinance | No Cash Out - Borrower Initiated | 7605549 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 158333 | Closed | 2026-02-03 14:21 | 2026-02-13 16:46 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-Hazard Insurance Policy Partially Provided Hazard insurance reflects Basic cause of loss. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-02/03/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-Hazard Insurance Policy Partially Provided Hazard insurance reflects Basic cause of loss. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-02/03/2026<br>|  |  | High FICO | XX | Investment | Purchase | NA | 7425209 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 158333 | Closed | 2026-02-03 14:19 | 2026-02-13 16:46 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br> Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $XXXXX . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/03/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br> Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $XXXXX . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/03/2026 |  |  | Seasoned Investor<br> Strong Reserves | XX | Investment | Purchase | NA | 7425171 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 158333 | Closed | 2026-02-03 13:44 | 2026-02-13 16:46 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives rent. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-02/03/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives rent. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-02/03/2026<br>|  |  | Strong Reserves<br> Seasoned Investor | XX | Investment | Purchase | NA | 7424699 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 719381 | Closed | 2026-02-03 13:50 | 2026-02-11 09:05 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br> Ready for Review-Document Uploaded. Exception corrected on uploaded approval - Buyer-02/10/2026 <br> Open-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $XXXXX Lender provided approved unmitigated exception prior to consummation. - Due Diligence Vendor-02/03/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Excess equity | XX | Investment | Refinance | Cash Out - Other | 7424795 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 270230 | Closed | 2026-02-16 12:41 | 2026-02-18 12:39 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/18/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Documentation provided to verify subject mortgage had inconsistent dates and payment amounts. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/16/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/18/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Documentation provided to verify subject mortgage had inconsistent dates and payment amounts. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/16/2026<br>|  |  | High FICO score | XX | Investment | Refinance | Cash Out - Other | 7636613 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 270230 | Closed | 2026-02-16 13:36 | 2026-02-18 12:31 | Waived | 2 - Non-Material | Property | Property | Property has been listed for sale in the past 6 months | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/18/2026 <br> Ready for Review-The exception has been written and approved at origination and provided on the loan approval. Back to XXXX. - Buyer-02/17/2026 <br> Open-Properties on XXXXX were recently listed in the most recent 6 months. Documentation as to the cancellation was provided as required and using the lowest list price to calculate LTV resulted in no issues. Per lender guidelines, properties listed for sale in the 6 months are not eligible for a cash out refinance. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/16/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/18/2026<br>|  |  | High FICO | XX | Investment | Refinance | Cash Out - Other | 7638290 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 270230 | Closed | 2026-02-16 13:12 | 2026-02-16 16:40 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with sufficient value provided as a secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-02/16/2026 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. This finding will be rated a B for S&P. All other agencies will be rated as A. - Due Diligence Vendor-02/16/2026 |  | Acknowledged-CDA with sufficient value provided as a secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-02/16/2026 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. This finding will be rated a B for S&P. All other agencies will be rated as A. - Due Diligence Vendor-02/16/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 7637581 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 161230 | Closed | 2026-02-03 13:23 | 2026-02-16 16:42 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br> Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $XXXXX However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-02/03/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br> Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $XXXXX However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-02/03/2026 |  |  | Property Condition<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | 7424275 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 161230 | Closed | 2026-02-16 05:10 | 2026-02-16 16:42 | 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-02/16/2026 <br>Waived-Property type is ineligible due to Subject property is located in a city with a population less than 25,000 and located greater than 25 miles from a metropolitan area.. lender provided approved exception dated prior to consummation and all lender compensating factors have been document and validated. - Due Diligence Vendor-02/16/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Property type is ineligible due to Subject property is located in a city with a population less than 25,000 and located greater than 25 miles from a metropolitan area.. lender provided approved exception dated prior to consummation and all lender compensating factors have been document and validated. - Due Diligence Vendor-02/16/2026<br>|  |  | Property Condition<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | 7628548 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 489679 | Closed | 2026-02-03 11:06 | 2026-02-16 09:23 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Hazard Insurance Policy Partially Provided Policy on Payment plan - Premium not collected at closing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-02/03/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Hazard Insurance Policy Partially Provided Policy on Payment plan - Premium not collected at closing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-02/03/2026<br>|  |  | High Fico | XX | Other | Refinance | No Cash Out - Borrower Initiated | 7421297 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 627896 | Closed | 2026-02-09 12:33 | 2026-02-11 09:38 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Exception granted the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-02/10/2026 <br> Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month rental payment history for the borrowers' primary residence. Despite this requirement, no VOR was provided. - Due Diligence Vendor-02/09/2026 |  | Waived-Exception granted the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Seasoned investor<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | 7520805 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 627896 | Closed | 2026-02-03 13:38 | 2026-02-11 09:36 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br> Waived-Audited FICO of 612 is less than Guideline FICO of 650 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/03/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>Waived-Audited FICO of 612 is less than Guideline FICO of 650 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/03/2026<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 7424568 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 627896 | Closed | 2026-02-03 13:36 | 2026-02-11 09:35 | Waived | 2 - Non-Material | Credit | Missing Doc | HO6 Insurance Policy is Partial | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>Waived-HO-6 Insurance Policy Partially Provided Borrowers' payment plan was not documented. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/03/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>Waived-HO-6 Insurance Policy Partially Provided Borrowers' payment plan was not documented. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/03/2026<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 7424539 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 983424 | Closed | 2026-02-03 09:29 | 2026-02-12 08:57 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing rent comparable schedule form 1007 | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/12/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-02/11/2026 <br>Open-Missing rent comparable schedule form 1007 - Due Diligence Vendor-02/03/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/12/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Low LTV <br> Property Condition | XX | Investment | Refinance | Cash Out - Other | 7417840 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 983424 | Closed | 2026-02-03 09:34 | 2026-02-11 15:45 | Waived | 2 - Non-Material | Credit | Eligibility | Subject property does not meet guidelines | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>Waived-Subject property is Rural area Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/03/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>Waived-Subject property is Rural area Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/03/2026<br>|  |  | Low LTV <br> Property Condition | XX | Investment | Refinance | Cash Out - Other | 7418003 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 214078 | Closed | 2026-02-02 10:04 | 2026-02-11 15:51 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br> Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $XXXXX . However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-02/02/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br> Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $XXXXX . However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-02/02/2026 |  |  | High FICO | XX | Investment | Refinance | Cash Out - Other | 7398555 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 548151 | Closed | 2026-02-16 10:22 | 2026-02-18 08:39 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/18/2026 <br> Ready for Review-Back to XXXX. Exception has been written and approved at origination - Buyer-02/17/2026 <br> Open-Audited LTV of 75% exceeds Guideline LTV of 70% A first-time investor requires a 5% LTV reduction. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/16/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/18/2026<br>|  |  | High FIGO<br> Strong Marketing trends | XX | Investment | Purchase | NA | 7633284 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 548151 | Closed | 2026-02-10 11:47 | 2026-02-16 16:38 | 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-02/16/2026 <br> Waived-Property type is ineligible due to Rural Property . Subject Property is a Rural property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-02/10/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Property type is ineligible due to Rural Property . Subject Property is a Rural property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-02/10/2026<br>|  |  | High FICO<br> Strong Marketing Trends | XX | Investment | Purchase | NA | 7541300 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 214978 | Closed | 2026-02-11 06:08 | 2026-02-17 10:46 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/17/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-02/17/2026 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Missing the most recent mortgage history for the borrower's primary residence to verify a minimum of 1x30 in the most recent 12 months. The credit report reflects last active of 09/2025. - Due Diligence Vendor-02/11/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/17/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Strong reserves | XX | Investment | Purchase | NA | 7554762 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 214978 | Closed | 2026-02-11 08:09 | 2026-02-16 16:37 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Audited LTV of 74.67% exceeds Guideline LTV of 70% Audited LTV of 74.67% exceeds Guideline LTV of 70. Borrower is first time investor. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated.<br> - Due Diligence Vendor-02/11/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Audited LTV of 74.67% exceeds Guideline LTV of 70% Audited LTV of 74.67% exceeds Guideline LTV of 70. Borrower is first time investor. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated.<br> - Due Diligence Vendor-02/11/2026<br>|  |  | Strong Reserves | XX | Investment | Purchase | NA | 7557414 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 214978 | Closed | 2026-02-11 07:43 | 2026-02-16 16:37 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Missing | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Missing Hazard Insurance Policy Policy on payment plan - do not collect premium at closing. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated.<br> - Due Diligence Vendor-02/11/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Missing Hazard Insurance Policy Policy on payment plan - do not collect premium at closing. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated.<br> - Due Diligence Vendor-02/11/2026<br>|  |  | Strong Reserves | XX | Investment | Purchase | NA | 7556779 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 563642 | Closed | 2026-02-05 12:14 | 2026-02-11 10:27 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require mortgage history for the primary residence. Despite this requirement, no payment history was available. Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/05/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require mortgage history for the primary residence. Despite this requirement, no payment history was available. Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/05/2026<br>|  |  | High FICO<br> Property Condition | XX | Other | Refinance | Cash Out - Other | 7472635 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 141671 | Closed | 2026-02-03 14:36 | 2026-02-18 10:56 | 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-02/18/2026 <br>Ready for Review-Document Uploaded. Exception written - Buyer-02/17/2026 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Verification of Mortgage (VOM) Document is incomplete, Missing History for subject property. - Due Diligence Vendor-02/03/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/18/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | 7425439 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 423714 | Closed | 2026-02-05 05:05 | 2026-02-11 11:15 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>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-02/05/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>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-02/05/2026<br>|  |  | Strong Marketing Trends<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 7456007 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 423714 | Closed | 2026-02-05 05:47 | 2026-02-11 11:15 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>Waived-Audited FICO of 648 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 648. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-02/05/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>Waived-Audited FICO of 648 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 648. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-02/05/2026<br>|  |  | Seasoned Investor<br> Seasoned Business | XX | Investment | Refinance | Cash Out - Other | 7456368 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 341757 | Closed | 2026-02-02 16:00 | 2026-02-11 15:57 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br> Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/02/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/02/2026<br>|  |  | Strong DSCR<br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | 7406428 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 341757 | Closed | 2026-02-02 16:25 | 2026-02-11 15:57 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>Waived-Audited FICO of 648 is less than Guideline FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/02/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>Waived-Audited FICO of 648 is less than Guideline FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/02/2026<br>|  |  | String DSCR<br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | 7406700 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 833027 | Closed | 2026-02-07 06:37 | 2026-02-11 12:01 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br> Ready for Review-Exception was approved and mitigated at origination. Back to XXXX to clear - Buyer-02/10/2026 <br> Open-Commercial Debt Service Converge Ratio of 0.81 is below guideline minimum of 1. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/07/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026<br>|  |  | Seasoned Business<br> High Fico | XX | Other | Refinance | Cash Out - Other | 7503138 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 982449 | Closed | 2026-02-17 11:14 | 2026-02-17 11:14 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with sufficient value provided as a secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-02/17/2026 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. This finding will be rated a B for S&P. All other agencies will be rated as A. - Due Diligence Vendor-02/17/2026 |  | Acknowledged-CDA with sufficient value provided as a secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-02/17/2026<br>|  |  |  | XX | Investment | Purchase | NA | 7657866 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 982449 | Closed | 2026-02-01 12:21 | 2026-02-13 16:07 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br> Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $XXXXX Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75,000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/01/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br> Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $XXXXX . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/01/2026 |  |  | Low LTV<br> Strong Reserves | XX | Investment | Purchase | NA | 7389034 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 321024 | Closed | 2026-02-09 08:52 | 2026-02-11 11:51 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-02/10/2026 <br>Open-Commercial Debt Service Coverage Ratio of .913 is below guideline minimum of 1.20. - Due Diligence Vendor-02/09/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | High FICO | XX | Investment | Refinance | Cash Out - Other | 7515158 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 703187 | Closed | 2026-02-13 05:20 | 2026-02-13 16:21 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a cancelled checks from the borrower for the last 12 months when the VOR is completed by a private party. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/13/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a cancelled checks from the borrower for the last 12 months when the VOR is completed by a private party. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/13/2026<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 7603144 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 845318 | Closed | 2026-02-03 08:19 | 2026-02-16 16:43 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br> Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $XXXXX Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/03/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br> Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $XXXXX Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/03/2026 |  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 7414738 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 808080 | Closed | 2026-02-10 14:19 | 2026-02-11 09:10 | Waived | 2 - Non-Material | Credit | Eligibility | Seasoning Requirements Not Met | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>Waived-The subject loan was purchased recently. Per lender's guidelines, if the borrower is not on title for a full 12 months then the lesser of the purchase price or current appraised value is to be used to calculate the LTV. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/10/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>Waived-The subject loan was purchased recently. Per lender's guidelines, if the borrower is not on title for a full 12 months then the lesser of the purchase price or current appraised value is to be used to calculate the LTV. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/10/2026<br>|  |  | Seasoned Investor<br> Property condition | XX | Investment | Refinance | Cash Out - Other | 7544449 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 800443 | Closed | 2026-01-31 12:19 | 2026-02-17 11:31 | 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-02/17/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives rent. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-01/31/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/17/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives rent. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-01/31/2026<br>|  |  | Strong Reserves | XX | Investment | Purchase | NA | 7387867 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 835821 | Closed | 2026-01-30 17:27 | 2026-02-16 15:24 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-02/13/2026 <br>Open-Property type is ineligible due to rural location. Rural Location does meet policy requirements. A Lender exception is present in the file; however, all compensating factors are not met. - Due Diligence Vendor-01/30/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Excess equity<br> Seasoned investor | XX | Investment | Refinance | Cash Out - Other | 7384029 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 357852 | Closed | 2026-02-20 12:18 | 2026-02-23 08:36 | Acknowledged | 2 - Non-Material | Property | Property Issue | Property Damage Present | Acknowledged-Escrow for repairs held at closing, the finding will be graded a B or non-material. - Due Diligence Vendor-02/23/2026 <br> Ready for Review-62% LTV. Current property condition considered in value/LTV.XXX completed a 180-day holdback for $XXXX to cover the installation of the safety fence, drywall/stucco repair and paint. - Buyer-02/21/2026 <br> Open-Property Damage Present. Appraisal reflects cracks in the stucco and drywall, wood rot on rear deck, fence in need of repair, overgrown backyard, and the pool is in poor condition which needs to be removed or repaired. Cost to cure of $XXXX, escrow holdback fully verified. - Due Diligence Vendor-02/20/2026 |  | Acknowledged-Escrow for repairs held at closing, the finding will be graded a B or non-material. - Due Diligence Vendor-02/23/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 7726266 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 357852 | Closed | 2026-02-02 13:00 | 2026-02-11 09:13 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower living in rent free, However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-02/02/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower living in rent free, However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-02/02/2026<br>|  |  | High FICO | XX | Investment | Refinance | Cash Out - Other | 7403358 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 203896 | Closed | 2026-01-20 05:53 | 2026-02-24 10:01 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing Operating Agreement | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/20/2026 <br>Waived-The loan file is missing an operating agreement or other documentation to verify ownership. Missing evidence of the current Guarantor ownership of entity. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-01/20/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/20/2026 <br>Waived-The loan file is missing an operating agreement or other documentation to verify ownership. Missing evidence of the current Guarantor ownership of entity. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-01/20/2026<br>|  |  | Seasoned Business | XX | Investment | Purchase | NA | 7175045 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 203896 | Closed | 2026-01-15 02:09 | 2026-02-24 10:00 | 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-01/20/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Rent free LOE. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-01/15/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/20/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Rent free LOE. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-01/15/2026<br>|  |  | Seasoned Business | XX | Investment | Purchase | NA | 7104327 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 967380 | Closed | 2026-02-13 07:58 | 2026-02-16 15:44 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing Verification of Rent | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Ready for Review-Exception noted on uploaded approval - Buyer-02/13/2026 <br>Open-Missing VOR for the CO-Borrower primary residence. - Due Diligence Vendor-02/13/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026<br>|  |  | Low LTV Strong reserves | XX | Investment | Purchase | NA | 7606593 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 967380 | Closed | 2026-02-08 10:48 | 2026-02-16 15:43 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br> Ready for Review-Document Uploaded. exception noted on uploaded approval - Buyer-02/13/2026 <br> Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Verification of Mortgage (VOM) Document is Missing for Borrower 1 primary property. - Due Diligence Vendor-02/08/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Low LTV<br> Strong reserves | XX | Investment | Purchase | NA | 7506823 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 967380 | Closed | 2026-02-08 11:46 | 2026-02-16 15:43 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br> Waived-Audited FICO of 576 is less than Guideline FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/08/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-Audited FICO of 576 is less than Guideline FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/08/2026<br>|  |  | Low LTV<br> Strong reserves | XX | Investment | Purchase | NA | 7506918 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 967380 | Closed | 2026-02-08 11:48 | 2026-02-13 16:22 | Waived | 2 - Non-Material | Property | Appraisal | Appraisal is Expired | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-Appraisal is Expired. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/08/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-Appraisal is Expired. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/08/2026<br>|  |  | Low LTV<br> Strong Reserves | XX | Investment | Purchase | NA | 7506922 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 967380 | Closed | 2026-02-09 09:35 | 2026-02-13 16:22 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-Commercial Debt Service Coverage Ratio below guideline minimum. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/09/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-Commercial Debt Service Coverage Ratio below guideline minimum. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/09/2026<br>|  |  | Low LTV<br> Strong Reserves | XX | Investment | Purchase | NA | 7516011 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 823033 | Closed | 2026-02-13 12:43 | 2026-02-16 16:14 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing Verification of Rent | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br> Ready for Review-Exception noted on uploaded approval - Buyer-02/13/2026 <br> Open-The loan file is missing a VOR for the Co-Borrower as required by the lender guidelines. - Due Diligence Vendor-02/13/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026<br>|  |  | Low LTV | XX | Investment | Purchase | NA | 7614915 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 823033 | Closed | 2026-02-08 12:47 | 2026-02-16 16:13 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-02/13/2026 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Verification of Mortgage (VOM) Document is Missing for the primary property for B1 - Due Diligence Vendor-02/08/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Low LTV | XX | Investment | Purchase | NA | 7507249 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 823033 | Closed | 2026-02-08 13:09 | 2026-02-13 16:24 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br> Waived-Audited FICO of 576 is less than Guideline FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/08/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-Audited FICO of 576 is less than Guideline FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/08/2026<br>|  |  | Low LTV | XX | Investment | Purchase | NA | 7507388 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 823033 | Closed | 2026-02-09 09:36 | 2026-02-13 16:23 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br> Waived-Commercial Debt Service Coverage Ratio below guideline minimum. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-02/09/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-Commercial Debt Service Coverage Ratio below guideline minimum. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-02/09/2026<br>|  |  | Strong Reserves | XX | Investment | Purchase | NA | 7516031 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 404501 | Closed | 2026-02-08 14:44 | 2026-02-16 16:44 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br> Waived-Audited FICO of 609 is less than Guideline FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/08/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Audited FICO of 609 is less than Guideline FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/08/2026<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 7507656 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 404501 | Closed | 2026-02-08 14:53 | 2026-02-16 16:44 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br> Waived-Policy on payment plan - Premium was not collected at closing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/08/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Policy on payment plan - Premium was not collected at closing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/08/2026<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 7507695 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 404501 | Closed | 2026-02-08 14:50 | 2026-02-16 16:44 | Waived | 2 - Non-Material | Credit | Debt | Number of Collections exceed guidelines | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br> Waived-Collection accounts exceed $XXX. As per guideline the collection should not exceed $XXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/08/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br> Waived-Collection accounts exceed $XXX. As per guideline the collection should not exceed $XXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/08/2026 |  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 7507680 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 844324 | Closed | 2026-01-31 13:53 | 2026-02-11 09:15 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-02/10/2026 <br> Open-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Was approved as unmitigated with no comp factors provided. - Due Diligence Vendor-01/31/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Excess Equity | XX | Investment | Refinance | Cash Out - Other | 7388042 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 603361 | Closed | 2026-02-02 16:41 | 2026-02-16 16:51 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br> Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $XXXXX ,Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/02/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br> Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $XXXXX ,Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/02/2026 |  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 7406805 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 762290 | Closed | 2026-02-06 06:08 | 2026-02-07 08:28 | Waived | 2 - Non-Material | Credit | Missing Doc | Citizenship Documentation Not Provided | Waived-Borrower 1 Citizenship Documentation Is Missing . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-02/06/2026 |  | Waived-Borrower 1 Citizenship Documentation Is Missing . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-02/06/2026<br>|  |  | Strong Reserves<br> Seasoned Business | XX | Other | Purchase | NA | 7484709 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 983344 | Closed | 2026-02-07 02:13 | 2026-02-07 07:52 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-G2 does not meet 2 active tradelines requirements as per guideline requirements, the active account reflecting on Credit report are Authorized account. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/07/2026 |  | Waived-G2 does not meet 2 active tradelines requirements as per guideline requirements, the active account reflecting on Credit report are Authorized account. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/07/2026<br>|  |  | Strong Reserves | XX | Other | Purchase | NA | 7502901 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 806212 | Closed | 2026-02-05 09:34 | 2026-02-07 09:18 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 0.939 is below guideline minimum of 1. A lender exception dated prior to consummation was provided and all lender compensating factors have been documented and validated but the exception was approved with a calculated DCR of 0.86, however calculated DSCR 0.939 is greater. Lender used incorrect annual taxes in calculation. - Due Diligence Vendor-02/05/2026 |  | Waived-Commercial Debt Service Coverage Ratio of 0.939 is below guideline minimum of 1. A lender exception dated prior to consummation was provided and all lender compensating factors have been documented and validated but the exception was approved with a calculated DCR of 0.86, however calculated DSCR 0.939 is greater. Lender used incorrect annual taxes in calculation. - Due Diligence Vendor-02/05/2026<br>|  |  | Strong Reserves<br> Seasoned Business | XX | Other | Refinance | Cash Out - Other | 7464916 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 727857 | Closed | 2026-02-12 10:22 | 2026-02-12 15:44 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with sufficient value provided as a secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-02/12/2026 <br>Acknowledged-S&P value equals B, secondary product within tolerance. This finding will be rated a B for S&P. All other agencies will be rated as A. - Due Diligence Vendor-02/12/2026 |  | Acknowledged-CDA with sufficient value provided as a secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-02/12/2026 <br>Acknowledged-S&P value equals B, secondary product within tolerance. This finding will be rated a B for S&P. All other agencies will be rated as A. - Due Diligence Vendor-02/12/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 7585535 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 845102 | Closed | 2026-02-02 16:09 | 2026-02-13 16:53 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-Audited FICO of 643 is less than Guideline FICO of 650 . However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-02/02/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-Audited FICO of 643 is less than Guideline FICO of 650 . However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-02/02/2026<br>|  |  | Low LTV<br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | 7406539 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 845102 | Closed | 2026-02-03 13:42 | 2026-02-13 16:53 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-VOM form and email provided for subject property. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated.<br> - Due Diligence Vendor-02/03/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-VOM form and email provided for subject property. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated.<br> - Due Diligence Vendor-02/03/2026<br>|  |  | Low LTV<br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | 7424658 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 845102 | Closed | 2026-02-03 13:36 | 2026-02-13 16:53 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br> Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Rent free letter verified from Pg#484. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated.<br> - Due Diligence Vendor-02/03/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br> Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Rent free letter verified from Pg#484. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated.<br> - Due Diligence Vendor-02/03/2026 |  |  | Low LTV<br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | 7424524 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 132806 | Closed | 2026-02-06 10:44 | 2026-02-16 09:54 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Audited LTV of 75% exceeds Guideline LTV of 70% First time investor 5% LTV reduction Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/06/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Audited LTV of 75% exceeds Guideline LTV of 70% First time investor 5% LTV reduction Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/06/2026<br>|  |  | High FICO<br> Strong Reserves | XX | Investment | Purchase | NA | 7491736 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 185128 | Closed | 2026-02-02 12:21 | 2026-02-18 09:54 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/18/2026 <br>Waived-Audited LTV of 75% exceeds Guideline LTV of 70%. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-02/02/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/18/2026 <br>Waived-Audited LTV of 75% exceeds Guideline LTV of 70%. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-02/02/2026<br>|  |  | Strong Reserves<br> Seasoned Business | XX | Other | Purchase | NA | 7402485 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 185128 | Closed | 2026-02-02 11:30 | 2026-02-18 09:54 | 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-02/18/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower is living in rent free. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-02/02/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/18/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower is living in rent free. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-02/02/2026<br>|  |  | High FICO<br> Strong Reserves | XX | Other | Purchase | NA | 7401268 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 386780 | Closed | 2026-02-14 10:00 | 2026-02-16 09:56 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with sufficient value provided as a secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-02/16/2026 <br>Acknowledged-S&P value equals B, secondary product within tolerance. This finding will be rated a B for S&P. All other agencies will be rated as A. - Due Diligence Vendor-02/14/2026 |  | Acknowledged-CDA with sufficient value provided as a secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-02/16/2026 <br>Acknowledged-S&P value equals B, secondary product within tolerance. This finding will be rated a B for S&P. All other agencies will be rated as A. - Due Diligence Vendor-02/14/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 7622512 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 155117 | Closed | 2026-01-30 08:33 | 2026-02-11 16:01 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>Waived-Hazard Insurance Policy Partially Provided The Hazard Policy provided did not include the required personal liability coverage. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-01/30/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>Waived-Hazard Insurance Policy Partially Provided The Hazard Policy provided did not include the required personal liability coverage. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-01/30/2026<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 7372569 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 559918 | Closed | 2026-01-29 14:49 | 2026-02-13 16:12 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-Audited FICO of 639 is less than Guideline FICO of 650. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated.<br> - Due Diligence Vendor-01/29/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-Audited FICO of 639 is less than Guideline FICO of 650. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated.<br> - Due Diligence Vendor-01/29/2026<br>|  |  | Property Condition<br> Seasoned Business | XX | Investment | Purchase | NA | 7359052 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 856063 | Closed | 2026-02-13 10:14 | 2026-02-13 16:13 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with sufficient value provided as a secondary review product. The finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Acknowledged-S&P value equals B, secondary product within tolerance. This finding will be rated a B for S&P. All other agencies will be rated as A. - Due Diligence Vendor-02/13/2026 |  | Acknowledged-CDA with sufficient value provided as a secondary review product. The finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Acknowledged-S&P value equals B, secondary product within tolerance. This finding will be rated a B for S&P. All other agencies will be rated as A. - Due Diligence Vendor-02/13/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 7609845 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 479323 | Closed | 2026-02-08 14:47 | 2026-02-13 16:25 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-Audited LTV of 75% exceeds Guideline LTV of 70% Lender Guidelines require a 5% LTV reduction for First Time Investors. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-02/08/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-Audited LTV of 75% exceeds Guideline LTV of 70% Lender Guidelines require a 5% LTV reduction for First Time Investors. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-02/08/2026<br>|  |  | High Fico<br> Strong Reserves | XX | Investment | Purchase | NA | 7507675 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 479323 | Closed | 2026-02-08 14:08 | 2026-02-13 16:25 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a VOR form a management company, or cancelled checks form the borrower for the most recent 12 months. Despite this requirement, the VOR provided appears to have been completed by a private party and no evidence of the required pay history was provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-02/08/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026<br>|  |  | High FICO<br> Strong Reserves | XX | Investment | Purchase | NA | 7507570 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 839753 | Closed | 2026-01-29 14:42 | 2026-02-11 16:11 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>Waived-Hazard Insurance Policy Partially Provided DP1 Form Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-01/29/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>Waived-Hazard Insurance Policy Partially Provided DP1 Form Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-01/29/2026<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 7358887 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 634633 | Closed | 2026-02-03 15:12 | 2026-02-13 16:55 | 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-02/13/2026 <br>Waived-insufficient credit - only 1 open credit. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/03/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-insufficient credit - only 1 open credit. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/03/2026<br>|  |  | Property Condition | XX | Investment | Refinance | Cash Out - Other | 7425917 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 634633 | Closed | 2026-02-03 15:10 | 2026-02-13 16:55 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-Audited FICO of 626 is less than Guideline FICO of 650 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/03/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-Audited FICO of 626 is less than Guideline FICO of 650 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/03/2026<br>|  |  | Property Condition | XX | Investment | Refinance | Cash Out - Other | 7425889 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 747672 | Closed | 2026-01-29 15:29 | 2026-02-11 16:45 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>Waived-Audited FICO of 601 is less than Guideline FICO of 650 FlexTerm loans require min. FICO of 650 compared to audit of 601 - Due Diligence Vendor-01/29/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br>Waived-Audited FICO of 601 is less than Guideline FICO of 650 FlexTerm loans require min. FICO of 650 compared to audit of 601 - Due Diligence Vendor-01/29/2026<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 7359670 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 312825 | Closed | 2026-01-29 12:48 | 2026-02-11 13:23 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026 <br> Ready for Review-Exception noted on uploaded approval - Buyer-02/10/2026 <br> Open-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $XXXXX - Due Diligence Vendor-01/29/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/11/2026<br>|  |  | Low LTV<br> High FICO | XX | Investment | Refinance | Cash Out - Other | 7356767 | Originator Post-Close | No |
| XXXXX | XXXXXXXXX |  | 431114 | Closed | 2026-02-04 10:16 | 2026-02-16 17:15 | Waived | 2 - Non-Material | Credit | Eligibility | Delinquent Credit History Does Not Meet Guideline Requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Credit report reflects 2x60 mortgage late payments. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-02/04/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Credit report reflects 2x60 mortgage late payments. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-02/04/2026<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 7441222 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 431114 | Closed | 2026-02-04 09:18 | 2026-02-16 17:15 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Subject property is missing 2 months housing history. Hence unable to verify 12 months statement.<br> Verification of Mortgage (VOM) Document is missing for primary property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-02/04/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Subject property is missing 2 months housing history. Hence unable to verify 12 months statement.<br> Verification of Mortgage (VOM) Document is missing for primary property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-02/04/2026<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 7439588 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 822093 | Closed | 2026-02-03 14:56 | 2026-02-16 09:59 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Exception granted, the finding will be graded a B or non-materail. - Due Diligence Vendor-02/16/2026 <br> Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $XXXXX However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-02/03/2026 |  | Waived-Exception granted, the finding will be graded a B or non-materail. - Due Diligence Vendor-02/16/2026 <br> Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $XXXXX However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-02/03/2026 |  |  | Strong DCR<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | 7425718 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 936548 | Closed | 2026-02-07 07:05 | 2026-02-07 07:21 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverge Ratio of 0.895 is below guideline minimum of 1.00 for an owner user property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/07/2026 |  | Waived-Commercial Debt Service Coverge Ratio of 0.895 is below guideline minimum of 1.00 for an owner user property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/07/2026<br>|  |  | Seasoned Investor<br> Seasoned Business | XX | Other | Refinance | Cash Out - Other | 7503158 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 701195 | Closed | 2026-02-03 12:23 | 2026-02-13 16:58 | Waived | 2 - Non-Material | Credit | Eligibility | Delinquent Credit History Does Not Meet Guideline Requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-There are 5\*30 late, as per guideline 1 x 30 days allowed. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/03/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/13/2026 <br>Waived-There are 5\*30 late, as per guideline 1 x 30 days allowed. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/03/2026<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 7422977 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 446448 | Closed | 2026-02-04 16:37 | 2026-02-16 17:26 | Waived | 2 - Non-Material | Credit | Eligibility | Delinquent Credit History Does Not Meet Guideline Requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-3 x 30 days late payment in the last 12 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-02/04/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-3 x 30 days late payment in the last 12 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-02/04/2026<br>|  |  | Low LTV<br> Property condition | XX | Investment | Purchase | NA | 7450042 | Originator Pre-Close | Yes |
| XXXXX | XXXXXXXXX |  | 446448 | Closed | 2026-02-04 16:35 | 2026-02-16 17:26 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Audited FICO of 635 is less than Guideline FICO of 650 . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/04/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-02/16/2026 <br>Waived-Audited FICO of 635 is less than Guideline FICO of 650 . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-02/04/2026<br>|  |  | Low LTV<br> Property Condition | XX | Investment | Purchase | NA | 7450026 | Originator Pre-Close | Yes |

---

## Exhibit 99.11

**Exhibit 99.11**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **LOAN INFORMATION** | **LOAN INFORMATION** | **LOAN INFORMATION** | **LOAN INFORMATION** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** |
| **Loan ID** | **Seller Loan ID** | **Investor Loan ID** | **Original Loan Amount** | **DBRS/Morningstar** | **Fitch** | **Kroll** | **S&P** | **Moodys** |
| XXXXXXX |  | 423541 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 694448 | $XXXXXXX A |  |  |  |  | - C |
| XXXXXXX |  | 200415 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 560931 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 190378 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 412792 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 290698 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 125342 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 113867 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 828586 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 765626 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 888664 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 214187 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 863688 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 734863 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 446686 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 520419 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 980802 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 888180 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 401358 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 892866 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 210742 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 494651 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 822992 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 985160 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 318065 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 158333 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 719381 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 851461 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 625858 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 540978 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 228015 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 270230 | $XXXXXXX B |  |  |  |  | - B |
| XXXXXXX |  | 161230 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 489679 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 627896 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 983424 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 791080 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 407528 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 214078 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 548151 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 214978 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 563642 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 141671 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 609149 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 423714 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 341757 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 833027 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 982449 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 321024 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 703187 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 845318 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 808080 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 398035 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 800443 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 835821 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 357852 | $XXXXXXX B |  |  |  |  | - B |
| XXXXXXX |  | 203896 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 967380 | $XXXXXXX B |  |  |  |  | - B |
| XXXXXXX |  | 823033 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 404501 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 844324 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 253316 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 266297 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 603361 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 762290 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 983344 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 806212 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 727857 | $XXXXXXX A |  |  |  |  | - A B |
| XXXXXXX |  | 822920 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 514709 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 772983 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 494068 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 130352 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 116787 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 378082 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 231805 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 951848 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 163333 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 845102 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 132806 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 847633 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 185128 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 921489 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 861960 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 918391 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 591167 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 386780 | $XXXXXXX A |  |  |  |  | - A B |
| XXXXXXX |  | 155117 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 130105 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 637963 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 559918 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 856063 | $XXXXXXX A |  |  |  |  | - A B |
| XXXXXXX |  | 479323 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 839753 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 634633 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 747672 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 312825 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 390833 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 848108 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 431114 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 822093 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 936548 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 955938 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 969191 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 701195 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 446448 | $XXXXXXX B |  |  |  |  | - A B |
| XXXXXXX |  | 401813 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 633244 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 759103 | $XXXXXXX A |  |  |  |  | - A |
| XXXXXXX |  | 905894 | $XXXXXXX A |  |  |  |  | - A |

---

## Exhibit 99.12

**Exhibit 99.12**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loan ID** | **Seller Loan ID** | **Investor Loan ID** | **Field Name** | **Source** | **Verified Value** | **Bid Tape Value** | **Comment** |
| XXXXXXXX |  | 412792 | Amortization Term | notePage | 360 | 240 | Audit Value Pulled From Note |

---

## Exhibit 99.13

**Exhibit 99.13**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loan ID** | **Seller Loan ID** | **Investor Loan ID** | **Note Date** | **Original Loan Amount** | **Sales Price** | **Total Adjusted Prior Purchase Price** | **Primary Appraised Value** | **Primary Appraisal Date** | **Primary Appraisal Type** | **Primary Appraisal Company** | **Primary Appraiser Name** | **Primary Appraiser License Number** | **Value for LTV** | **LTV** | **CLTV** | **Loan Reviewed Property Value** | **Loan Reviewed Variance Amount** | **Loan Reviewed Variance Percent** | **Loan Reviewed Product Type** | **Loan Post-Close Reviewed Property Value** | **Loan Post-Close Reviewed Variance Amount** | **Loan Post-Close Reviewed Variance Percent** | **Loan Post-Close Reviewed Product Type** | **Second Appraisal Value** | **Second Appraisal Variance Amount** | **Second Appraisal Variance Percent** | **Second Appraisal Date** | **Second Appraisal Type** | **AVM Appraised Value** | **AVM Variance Amount** | **AVM Variance Percent** | **AVM Confidence Score** | **FSD Score** | **AVM Company Name** | **AVM Product Name** | **AVM Appraisal Date** | **Desk Review Appraised Value** | **Desk Review Variance Amount** | **Desk Review Variance Percent** | **Desk Review Company** | **Desk Review Risk Score** | **Desk Review Appraisal Date** | **Desk Top Appraised Value** | **Desk Top Variance Amount** | **Desk Top Variance Percent** | **Desk Top Company** | **Desk Top Appraisal Date** | **BPO Appraised Value** | **BPO Variance Amount** | **BPO Variance Percent** | **BPO Company** | **BPO Appraisal Date** | **Field Review Appraised Value** | **Field Review Variance Amount** | **Field Review Variance Percent** | **Field Review Company** | **Field Review Appraisal Date** | **2055 Appraised Value** | **2055 Variance Amount** | **2055 Variance Percent** | **2055 Company** | **2055 Appraisal Date** | **AVE/CMA Appraised Value** | **AVE/CMA Variance Amount** | **AVE/CMA Variance Percent** | **AVE/CMA Company** | **AVE/CMA Appraisal Date** | **Completion Report (1004D) Date** | **Other Appraised Value** | **Other Variance Amount** | **Other Variance Percent** | **Other Appraisal Date** | **Updated Appraised Value** | **Updated Variance Amount** | **Updated Variance Percent** | **Updated Company** | **Updated Appraisal Date** | **Updated Appraisal Type** | **Loan Collateral Advisor Risk Score** | **Loan Collateral Advisor Risk Score Date** | **Is Eligible for Rep and Warrant Relief per Loan Collateral Advisor?** | **Collateral Underwriter Risk Score** | **Collateral Underwriter Risk Score Date** |
| XXXXXXX |  | 113867 | XX/XX/XXXX | $XXXXX | $XXXXX | 0 | $XXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 70.0 | 70.0 | $XXXXXXX | $XXXXX | -.0497 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0497 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 828586 | XX/XX/XXXX | $XXXXX | $XXXXX | 0 | $XXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 70.0 | 70.0 | $XXXXXXX | $XXXXX | -.0150 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0150 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 765626 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | -.0814 | Desk Review |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | $XXXXXX | -.0814 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 888664 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 65.0 | 65.0 | $XXXXXXX | $XXXXX | -.0597 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0597 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 214187 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | .0422 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0422 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 734863 | XX/XX/XXXX | $XXXXX | $XXXXX | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | .0828 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0828 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 520419 | XX/XX/XXXX | $XXXXX | $XXXXX | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | -.0316 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0316 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 980802 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 13.41 | 13.41 | $XXXXXXX | $XXXXX | .0231 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0231 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 401358 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 53.73 | 53.73 | $XXXXXXX | $XXXXX | .0025 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0025 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 494651 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | .0383 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0383 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 822992 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 65.0 | 65.0 | $XXXXXXX | $XXXXX | .1290 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .1290 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 985160 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 60.0 | 60.0 | $XXXXXXX | $XXXXX | .3470 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .3470 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 158333 | XX/XX/XXXX | $XXXXX | $XXXXX | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | -.0929 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0929 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 719381 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | -.0723 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0723 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 625858 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | -.0623 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0623 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 540978 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 71.59 | 71.59 | $XXXXXXX | $XXXXX | -.0099 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0099 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 161230 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | .0000 | Desk Review |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 627896 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 60.41 | 60.41 | $XXXXXXX | $XXXXX | -.0920 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0920 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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| XXXXXXX |  | 791080 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 74.0 | 74.0 | $XXXXXXX | $XXXXX | -.0932 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0932 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 407528 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | .1025 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .1025 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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| XXXXXXX |  | 548151 | XX/XX/XXXX | $XXXXX | $XXXXX | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | .0290 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0290 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 214978 | XX/XX/XXXX | $XXXXX | $XXXXX | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 76.67 | 76.67 | $XXXXXXX | $XXXXX | -.0192 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0192 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 141671 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | -.0074 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0074 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 609149 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | .0359 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0359 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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| XXXXXXX |  | 982449 | XX/XX/XXXX | $XXXXX | $XXXXX | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 60.31 | 60.31 | $XXXXXXX | $XXXXX | -.1004 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Reasonable | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.1004 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 845318 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | .0222 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0222 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 808080 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 70.0 | 70.0 | $XXXXXXX | $XXXXX | -.0559 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0559 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 800443 | XX/XX/XXXX | $XXXXX | $XXXXX | 0 | $XXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 70.0 | 70.0 | $XXXXXXX | $XXXXX | -.0063 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0063 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 835821 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | .0150 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0150 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 357852 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 62.07 | 62.07 | $XXXXXXX | $XXXXX | -.0241 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0241 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 203896 | XX/XX/XXXX | $XXXXX | $XXXXX | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 72.31 | 72.31 | $XXXXXXX | $XXXXX | .1277 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .1277 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 844324 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | -.0411 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0411 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 266297 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | .0071 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0071 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 603361 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | .0876 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0876 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 727857 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | -.2508 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.2508 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 822920 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 48.0 | 48.0 | $XXXXXXX | $XXXXX | .0221 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0221 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 772983 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | -.0042 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0042 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 494068 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 27.78 | 27.78 | $XXXXXXX | $XXXXX | .0008 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0008 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 130352 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | .0780 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0780 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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| XXXXXXX |  | 378082 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | -.0161 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | $XXXXXX | -.0800 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0161 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 231805 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | -.0868 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0868 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 163333 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | -.0146 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0146 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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| XXXXXXX |  | 921489 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | -.0300 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0300 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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| XXXXXXX |  | 591167 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | .0897 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0897 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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| XXXXXXX |  | 155117 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | -.0067 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0067 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 637963 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 36.42 | 36.42 | $XXXXXXX | $XXXXX | -.0037 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0037 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 559918 | XX/XX/XXXX | $XXXXX | $XXXXX | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | -.0043 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0043 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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| XXXXXXX |  | 839753 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | .0274 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0274 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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| XXXXXXX |  | 747672 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 60.0 | 60.0 | $XXXXXXX | $XXXXX | .0000 | Desk Review |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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| XXXXXXX |  | 390833 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | -.0363 | Broker Price Opinion (BPO) |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0363 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 848108 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX |  |  | $XXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 822093 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | -.0160 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0160 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 955938 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 46.67 | 46.67 | $XXXXXXX | $XXXXX | -.0572 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0572 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 969191 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | -.0131 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0131 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 701195 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | .1584 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .1584 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 446448 | XX/XX/XXXX | $XXXXX | $XXXXX | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 63.17 | 63.17 | $XXXXXXX | $XXXXX | -.0220 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0220 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 401813 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 50.0 | 50.0 | $XXXXXXX | $XXXXX | -.0074 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0074 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 633244 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | .0460 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0460 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 759103 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | -.0247 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | -.0247 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 905894 | XX/XX/XXXX | $XXXXX | 0 | 0 | $XXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXXX | XXXXXXX | $XXXXXXX | 75.0 | 75.0 | $XXXXXXX | $XXXXX | .0287 | Broker Price Opinion (BPO) | $XXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXX | $XXXXX | .0287 | XXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

## Exhibit 99.14

**Exhibit 99.14**

Rating Agency Multi-Property Valuation Report v10.22

---

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loan ID** | **Seller Loan ID** | **Investor Loan ID** | **Property ID** | **Note Date** | **Original Loan Amount** | **Sales Price** | **Total Adjusted Prior Purchase Price** | **Primary Appraised Value** | **Primary Appraisal Date** | **Primary Appraisal Type** | **Primary Appraisal Company** | **Primary Appraiser Name** | **Primary Appraiser License Number** | **Value for LTV** | **LTV** | **Loan Reviewed Property Value** | **Loan Reviewed Variance Amount** | **Loan Reviewed Variance Percent** | **Loan Post-Close Reviewed Property Value** | **Loan Post-Close Reviewed Variance Amount** | **Loan Post-Close Reviewed Variance Percent** | **Second Appraisal Value** | **Second Appraisal Variance Amount** | **Second Appraisal Variance Percent** | **Second Appraisal Date** | **Second Appraisal Type** | **AVM Appraised Value** | **AVM Variance Amount** | **AVM Variance Percent** | **AVM Confidence Score** | **FSD Score** | **AVM Company Name** | **AVM Product Name** | **AVM Appraisal Date** | **Desk Review Appraised Value** | **Desk Review Variance Amount** | **Desk Review Variance Percent** | **Desk Review Company** | **Desk Review Risk Score** | **Desk Review Appraisal Date** | **Desk Top Appraised Value** | **Desk Top Variance Amount** | **Desk Top Variance Percent** | **Desk Top Company** | **Desk Top Appraisal Date** | **BPO Appraised Value** | **BPO Variance Amount** | **BPO Variance Percent** | **BPO Company** | **BPO Appraisal Date** | **Field Review Appraised Value** | **Field Review Variance Amount** | **Field Review Variance Percent** | **Field Review Company** | **Field Review Appraisal Date** | **2055 Appraised Value** | **2055 Variance Amount** | **2055 Variance Percent** | **2055 Company** | **2055 Appraisal Date** | **AVE/CMA Appraised Value** | **AVE/CMA Variance Amount** | **AVE/CMA Variance Percent** | **AVE/CMA Company** | **AVE/CMA Appraisal Date** | **Updated Appraised Value** | **Updated Variance Amount** | **Updated Variance Percent** | **Updated Company** | **Updated Appraisal Date** | **Updated Appraisal Type** | **Loan Collateral Advisor Risk Score** | **Is Eligible for Rep and Warrant Relief per Loan Collateral Advisor?** | **Collateral Underwriter Risk Score** | **Completion Report (1004D) Date** |
| XXXXXXX |  | 210742 | XXXXXXX | XX/XX/XXXX | $XXXXXXX | 0 | 0 | $XXXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXX | XXXXX | $XXXXX | 82.06 | $XXXXX | $XXXXX | .0275 | $XXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXXXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXXXX | $XXXXXXXX | .0275 | XXXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 210742 | XXXXXXX | XX/XX/XXXX | $XXXXXXX | 0 |  | $XXXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXX | XXXXX | $XXXXX | 49.37 | $XXXXX | $XXXXX | .2596 | $XXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXXXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXXXX | $XXXXXXXX | .2596 | XXXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 210742 | XXXXXXX | XX/XX/XXXX | $XXXXXXX | 0 | 0 | $XXXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXX | XXXXX | $XXXXX | 81.01 | $XXXXX | $XXXXX | -.0093 | $XXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXXXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXXXX | $XXXXXXXX | -.0093 | XXXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 210742 | XXXXXXX | XX/XX/XXXX | $XXXXXXX | 0 | 0 | $XXXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXX | XXXXX | $XXXXX | 117.01 | $XXXXX | $XXXXX | -.0480 | $XXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXXXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXXXX | $XXXXXXXX | -.0480 | XXXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 270230 | XXXXXXX | XX/XX/XXXX | $XXXXXXX | 0 |  | $XXXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXX | XXXXX | $XXXXX | 62.78 | $XXXXX | $XXXXX | .2173 | $XXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXXXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXXXX | $XXXXXXXX | .2173 | XXXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 270230 | XXXXXXX | XX/XX/XXXX | $XXXXXXX | 0 |  | $XXXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXX | XXXXX | $XXXXX | 73.44 | $XXXXX | $XXXXX | -.1570 | $XXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXXXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXXXX | $XXXXXXXX | -.1570 | XXXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 270230 | XXXXXXX | XX/XX/XXXX | $XXXXXXX | 0 |  | $XXXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXX | XXXXX | $XXXXX | 64.88 | $XXXXX | $XXXXX | -.3008 | $XXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXXXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXXXX | $XXXXXXXX | -.3008 | XXXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 270230 | XXXXXXX | XX/XX/XXXX | $XXXXXXX | 0 |  | $XXXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXX | XXXXX | $XXXXX | 64.88 | $XXXXX | $XXXXX | -.1919 | $XXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXXXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXXXX | $XXXXXXXX | -.1919 | XXXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 270230 | XXXXXXX | XX/XX/XXXX | $XXXXXXX | 0 |  | $XXXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXX | XXXXX | $XXXXX | 70.77 | $XXXXX | $XXXXX | -.2155 | $XXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXXXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXXXX | $XXXXXXXX | -.2155 | XXXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 270230 | XXXXXXX | XX/XX/XXXX | $XXXXXXX | 0 |  | $XXXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXX | XXXXX | $XXXXX | 60.82 | $XXXXX | $XXXXX | -.2593 | $XXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXXXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXXXX | $XXXXXXXX | -.2593 | XXXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 270230 | XXXXXXX | XX/XX/XXXX | $XXXXXXX | 0 |  | $XXXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXX | XXXXX | $XXXXX | 62.78 | $XXXXX | $XXXXX | -.2180 | $XXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXXXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXXXX | $XXXXXXXX | -.2180 | XXXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 270230 | XXXXXXX | XX/XX/XXXX | $XXXXXXX | 0 |  | $XXXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXX | XXXXX | $XXXXX | 66.54 | $XXXXX | $XXXXX | -.1641 | $XXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXXXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXXXX | $XXXXXXXX | -.1641 | XXXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 270230 | XXXXXXX | XX/XX/XXXX | $XXXXXXX | 0 |  | $XXXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXX | XXXXX | $XXXXX | 55.61 | $XXXXX | $XXXXX | -.3168 | $XXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXXXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXXXX | $XXXXXXXX | -.3168 | XXXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 270230 | XXXXXXX | XX/XX/XXXX | $XXXXXXX | 0 |  | $XXXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXX | XXXXX | $XXXXX | 61.79 | $XXXXX | $XXXXX | -.2360 | $XXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXXXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXXXX | $XXXXXXXX | -.2360 | XXXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 404501 | XXXXXXX | XX/XX/XXXX | $XXXXXXX | 0 |  | $XXXXXXX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXXXX | XXXXXXX | XXXXX | $XXXXX | 65 | $XXXXX | $XXXXX | -.0574 | $XXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXXXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXXXX | $XXXXXXXX | -.0574 | XXXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 404501 | XXXXXXX | XX/XX/XXXX | $XXXXXXX | 0 |  | $XXXXXXX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXXXX | XXXXXXX | XXXXX | $XXXXX | 65 | $XXXXX | $XXXXX | -.0574 | $XXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXXXXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXXXX | $XXXXXXXX | -.0574 | XXXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 431114 | XXXXXXX | XX/XX/XXXX | $XXXXXXX | 0 |  | $XXXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXX | XXXXX | $XXXXX | 73.28 | $XXXXX | $XXXXX | -.0334 | $XXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXX | 0.0 | .0000 | XXXXXXXXXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXXXX | $XXXXXXXX | -.0334 | XXXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXXX |  | 431114 | XXXXXXX | XX/XX/XXXX | $XXXXXXX | 0 |  | $XXXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXXXX | XXXXXXX | XXXXX | $XXXXX | 67.00 | $XXXXX | $XXXXX | .2645 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXXXXX | $XXXXXXXX | .2645 | XXXXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

## Exhibit 99.15

**Exhibit 99.15**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **LOAN INFORMATION** | **LOAN INFORMATION** | **LOAN INFORMATION** | **LOAN INFORMATION** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL PROPERTY LOAN GRADES** | **FINAL PROPERTY LOAN GRADES** | **FINAL PROPERTY LOAN GRADES** | **FINAL PROPERTY LOAN GRADES** | **FINAL PROPERTY LOAN GRADES** |
| **Loan ID** | **Seller Loan ID** | **Investor Loan ID** | **Original Loan Amount** | **DBRS/Morningstar** | **Fitch** | **Kroll** | **S&P** | **Moodys** | **DBRS/Morningstar** | **Fitch** | **Kroll** | **S&P** | **Moodys** |
| XXXXXXX |  | 457880 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 500309 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 689923 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 645820 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 800995 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 141654 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 941882 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 190188 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 164527 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 861107 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 664713 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 922895 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 539035 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 341338 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 474996 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 866956 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 576939 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 722392 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 216999 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 991187 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 856905 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 292197 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 543833 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 676478 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 679606 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 947807 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 388694 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 124498 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 178176 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 525957 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 206820 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 899026 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 375874 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 436374 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 543461 | A |  |  |  |  |  |  |  |  |  | - A |

---

## Exhibit 99.16

**Exhibit 99.16**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loan Number** | **Seller Loan ID** | **Investor Loan ID** | **Appraisal Type** | **Property Type** | **Appraisal Completed** | **Appraisal Property Condition** | **Is there property damage?** | **Property Damage Notes** | **Are there any apparent environmental health or safety issues noted by the appraiser or visible in the photos?** | **Environmental Health or Safety Issue Notes** | **Number of Properties** |
| XXXXXXXX |  | 164928 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXXXX |  | 137641 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXXXXX |  | 457880 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXXX |  | 500309 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXXX |  | 327902 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXXXXX |  | 204005 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXXXXX |  | 689923 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C1 – New Construction | No |  | No |  | 1 |
| XXXXXXXX |  | 645820 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXXX |  | 800995 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 6 |
| XXXXXXXX |  | 141654 | 1004 URAR | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXXXXX |  | 941882 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 6 |
| XXXXXXXX |  | 292377 | Commercial Appraisal | Mixed Use | As Is | Fair | No | The property is in fair overall condition. There only item of maintenance noted was a strong smell of sewage in the basement due to a leaking pipe, no dollar amount was given for the repairs. | No |  | 1 |
| XXXXXXXX |  | 423955 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXXXXX |  | 190188 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXXX |  | 164527 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXXX |  | 875574 | Commercial Appraisal | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXXXXXX |  | 861107 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXXX |  | 664713 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 5 |
| XXXXXXXX |  | 922895 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXXX |  | 539035 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXXX |  | 341338 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXXX |  | 474996 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXXX |  | 866956 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXXX |  | 412035 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXXXXX |  | 576939 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXXX |  | 625306 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXXXX |  | 722392 | 1004 URAR | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXXXXX |  | 749893 | Commercial Appraisal | Mixed Use | As Is | Good | No |  | No |  | 1 |
| XXXXXXXX |  | 216999 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXXX |  | 698288 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXXXXX |  | 203549 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXXXX |  | 142604 | Commercial Appraisal | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXXXXXX |  | 991187 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXXX |  | 891759 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXXXXXX |  | 856905 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXXX |  | 292197 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXXX |  | 543833 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXXX |  | 676478 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXXX |  | 679606 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXXX |  | 947807 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXXX |  | 388694 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXXX |  | 124498 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXXX |  | 178176 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXXX |  | 525957 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXXX |  | 206820 | 1004 URAR | 2-4 Unit Multi-Family | As Is | Good | No |  | No |  | 1 |
| XXXXXXXX |  | 899026 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXXX |  | 375874 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXXX |  | 436374 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXXX |  | 543461 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |

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