# EDGAR Filing Document

**Accession Number:** 0001542220
**File Stem:** 0001999371-26-002064
**Filing Date:** 2026-1
**Character Count:** 1349794
**Document Hash:** 3e590110e6867250f6e5f6f2ee28a99b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-002064.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001999371-26-002064

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

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20260129

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

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**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:** 26579436

**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 2026-1</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: January 29, 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**

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vcc-abs15g.htm)

![](ex99_002.jpg)

**EXECUTIVE SUMMARY**

**DESCRIPTION OF SERVICES**

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

AMC Diligence, LLC ("AMC") performed certain due diligence services described below on small balance commercial mortgage loans. The review was conducted on behalf of Velocity Commercial Capital, LLC ("Client" or "VCC") between November 2025 and January 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 four hundred thirteen (413) 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;134 | &nbsp;&nbsp;220 | &nbsp;&nbsp;60.91% |
| &nbsp;&nbsp;Investor 1-4 Fam\*\* | &nbsp;&nbsp;162 | &nbsp;&nbsp;279 | &nbsp;&nbsp;58.06% |
|  | &nbsp;&nbsp;**296** | &nbsp;&nbsp;**499** | &nbsp;&nbsp;**59.32%** |

---

The two (2) SBA loans below are a subset of the previous table.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Loan Type** | &nbsp;&nbsp;**Review Population** | | |
| <br>&nbsp;&nbsp;**Review** | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Loan Type** | &nbsp;&nbsp;**Review Population** | &nbsp;&nbsp;**Pool**<br>&nbsp;&nbsp;**Population** | &nbsp;&nbsp;**%**<br>&nbsp;&nbsp;**Population** |
| &nbsp;&nbsp;Guideline Review | &nbsp;&nbsp;Small Bal CRE | &nbsp;&nbsp;SBA | &nbsp;&nbsp;2 | &nbsp;&nbsp;2 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;(Including Data Integrity) | &nbsp;&nbsp;Investor 1-4 Fam | &nbsp;&nbsp;SBA | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;**Total Guideline Review** |  |  | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;**100.00%** |

---

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

---

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

---

1 \| Page

![](ex99_002.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Non-Owner Occupancy ("NOO") | &nbsp;&nbsp;Investor 1-4 Fam (not included in Guideline Review) | &nbsp;&nbsp;117 | &nbsp;&nbsp;279 | &nbsp;&nbsp;41.94% |
| &nbsp;&nbsp;Total Non-Owner Occupancy ("NOO") |  | &nbsp;&nbsp;117 | &nbsp;&nbsp;279 | &nbsp;&nbsp;41.94% |

---

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

DBRS, Inc. ("DBRS") and Kroll Bond Rating Agency, Inc. ("Kroll") who are 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 and Kroll are aware of the sample size covered during the Review.

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Field** | &nbsp;&nbsp;**Loans With Discrepancy** | &nbsp;&nbsp;**Total Times Compared** | &nbsp;&nbsp;**% Variance** | &nbsp;&nbsp;**# Of Loans** |
| &nbsp;&nbsp;# of Units | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Amortization Term | &nbsp;&nbsp;10 | &nbsp;&nbsp;413 | &nbsp;&nbsp;2.42% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Amortization Type | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Appraised Value | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Borrower Full Name | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;City | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Contract Sales Price | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;DCR UW VCC | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;First Interest Rate Change Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;First Payment Change Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Index Type | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Interest Only | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Interest Rate Change Frequency | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Interest Rate Initial Cap | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Interest Rate Initial Maximum | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Interest Rate Initial Minimum | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Interest Rate Life Cap | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Interest Rate Life Max | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Interest Rate Life Min | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Interest Rate Periodic Cap | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Investment Property Type | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Lien Position | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |

---

2 \| Page

![](ex99_002.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;LTV Valuation Value | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Margin | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Maturity Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Mod | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Next Interest Rate Change Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Note Date | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Occupancy | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Original Interest Rate | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Original Loan Amount | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Original LTV | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Original P&I | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Original Term | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Prepayment Penalty Period (months) | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Prepayment Terms | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Purpose | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Refi Purpose | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Representative FICO | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;State | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Street | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;Zip | &nbsp;&nbsp;0 | &nbsp;&nbsp;413 | &nbsp;&nbsp;0.00% | &nbsp;&nbsp;413 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**10** | &nbsp;&nbsp;**17346** | &nbsp;&nbsp;**0.06%** | &nbsp;&nbsp;**17346** |

---

**(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

![](ex99_002.jpg)

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

For this review, the procedures included:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

---

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

---

For this review, the procedures included:

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

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

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

4 \| Page

![](ex99_002.jpg)

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

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

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

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

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

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

At the direction of the Client, AMC conducted a valuation review utilizing various values and methodologies as further detailed in Item 5 below. In total, for the entire original population, Client ordered secondary valuation products on one hundred sixty-two (162) 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 (413 loans)</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 (203 Mortgage Loans, 228 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

![](ex99_002.jpg)

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

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

**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:**

Two hundred ninety-four (294) mortgage loans reviewed by AMC have a Credit grade of "B" or higher and 28.38% of the mortgage loans by number have a Credit grade of "A.". Two hundred six (206) of the Credit grade "B" correspond to mortgages loans where the lender issued a guideline exception/waiver. There is a total of three hundred ninety-nine (399) waived (and downgraded) credit exceptions affecting those two hundred six (206) mortgages loans. Some mortgage loans received multiple waivers.

6 \| Page

![](ex99_002.jpg)

&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;84 | &nbsp;&nbsp;28.38% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;210 | &nbsp;&nbsp;70.95% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;2 | &nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**296** | &nbsp;&nbsp;**100.00%** |

---

**Non-Owner Occupancy Review Credit Results**

All one hundred seventeen (117) 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;117 | &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;**117** | &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 one hundred sixty-two (162) 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:**

Two hundred thirty-nine (239) of the mortgage loans received a Property grade "A", eight (8) of the mortgage loans received a Property grade "B", and forty-nine (49) of the mortgage loans received a Property grade "C". The forty-nine (49) mortgage loans with the Property grade "C" corresponds to the thirty-seven (37) mortgage loans with the "Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo", ten (10) mortgage loans with the "Property is vacant " exceptions and five (5) "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;239 | &nbsp;&nbsp;80.74% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;8 | &nbsp;&nbsp;2.70% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;49 | &nbsp;&nbsp;16.55% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**296** | &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, two hundred forty-five (245) mortgage loans reviewed by AMC in the Full Guideline Review scope have an Overall grade of "B" or higher and 21.96 % of the mortgage loans by number have an Overall grade of "A." Fifty-one (51) mortgage loans have an Overall grade of "C".

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![](ex99_002.jpg)

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Guideline Review Overall Loan Grades** | &nbsp;&nbsp;**Guideline Review Overall Loan Grades** | &nbsp;&nbsp;**Guideline Review Overall Loan Grades** |
| &nbsp;&nbsp;**Final Loan Grade** | &nbsp;&nbsp;**# of Loans** | &nbsp;&nbsp; **% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;65 | &nbsp;&nbsp;21.96% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;180 | &nbsp;&nbsp;60.81% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;51 | &nbsp;&nbsp;17.23% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**296** | &nbsp;&nbsp;**100.00%** |

---

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

Specifically, we adhered to the following procedures:

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

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

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

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

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

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

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

After giving consideration to the grading implications of the Credit and Property/Valuation sections above, all one hundred seventeen (117) 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;117 | &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;**117** | &nbsp;&nbsp;**100.00%** |

---

**SitusAMC Limited Appraisal Review Summary (203 Mortgage Loans, 228 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 two hundred three (203) mortgage loans representing two hundred twenty-eight (228) 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;Average | &nbsp;&nbsp;81 | &nbsp;&nbsp;35.53% |
| &nbsp;&nbsp;C3 | &nbsp;&nbsp;78 | &nbsp;&nbsp;34.21% |
| &nbsp;&nbsp;C4 | &nbsp;&nbsp;51 | &nbsp;&nbsp;22.37% |
| &nbsp;&nbsp;Good | &nbsp;&nbsp;8 | &nbsp;&nbsp;3.51% |
| &nbsp;&nbsp;C2 | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.63% |

---

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![](ex99_002.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Fair | &nbsp;&nbsp;3 | &nbsp;&nbsp;1.32% |
| &nbsp;&nbsp;Very Good | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**228** | &nbsp;&nbsp;**100.00%** |
| &nbsp;&nbsp;**Is there property damage?** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Percentage of Loans (%)** |
| &nbsp;&nbsp;No | &nbsp;&nbsp;198 | &nbsp;&nbsp;86.84% |
| &nbsp;&nbsp;Yes | &nbsp;&nbsp;30 | &nbsp;&nbsp;13.16% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**228** | &nbsp;&nbsp;**100.00%** |
| &nbsp;&nbsp;**Environmental/Health/Safety Problems** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Percentage of Loans (%)** |
| &nbsp;&nbsp;No | &nbsp;&nbsp;194 | &nbsp;&nbsp;85.09% |
| &nbsp;&nbsp;Yes | &nbsp;&nbsp;34 | &nbsp;&nbsp;14.91% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**228** | &nbsp;&nbsp;**100.00%** |

---

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

All items are relevant for the two hundred ninety-six (296) 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;296 | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;$116570964.00 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**296** | &nbsp;&nbsp;**100.00%** | &nbsp;&nbsp;**$116570964.00** | &nbsp;&nbsp;**100.00%** |
| &nbsp;&nbsp;**Lien Position** | &nbsp;&nbsp;**Loan Count** | &nbsp;&nbsp;**% of Loans** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**% of Balance** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;296 | &nbsp;&nbsp;100.00% | &nbsp;&nbsp;$116570964.00 | &nbsp;&nbsp;100.00% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**296** | &nbsp;&nbsp;**100.00%** | &nbsp;&nbsp;**$116570964.00** | &nbsp;&nbsp;**100.00%** |
| &nbsp;&nbsp;**Loan Purpose** | &nbsp;&nbsp;**Loan Count** | &nbsp;&nbsp;**% of Loans** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**% of Balance** |
| &nbsp;&nbsp;Cash Out: Other/Multi-purpose/Unknown Purpose | &nbsp;&nbsp;195 | &nbsp;&nbsp;65.88% | &nbsp;&nbsp;$74447475.00 | &nbsp;&nbsp;63.86% |
| &nbsp;&nbsp;Other-than-first-time Home Purchase | &nbsp;&nbsp;70 | &nbsp;&nbsp;23.65% | &nbsp;&nbsp;$30163572.00 | &nbsp;&nbsp;25.88% |
| &nbsp;&nbsp;Rate/Term Refinance - Borrower Initiated | &nbsp;&nbsp;31 | &nbsp;&nbsp;10.47% | &nbsp;&nbsp;$11959917.00 | &nbsp;&nbsp;10.26% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**296** | &nbsp;&nbsp;**100.00%** | &nbsp;&nbsp;**$116570964.00** | &nbsp;&nbsp;**100.00%** |
| &nbsp;&nbsp;**Original Term** | &nbsp;&nbsp;**Loan Count** | &nbsp;&nbsp;**% of Loans** | &nbsp;&nbsp;**Original Balance** | &nbsp;&nbsp;**% of Balance** |
| &nbsp;&nbsp;121-180 Months | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.34% | &nbsp;&nbsp;$135000.00 | &nbsp;&nbsp;0.12% |
| &nbsp;&nbsp;181-240 Months | &nbsp;&nbsp;1 | &nbsp;&nbsp;0.34% | &nbsp;&nbsp;$511500.00 | &nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;241-360 Months | &nbsp;&nbsp;294 | &nbsp;&nbsp;99.32% | &nbsp;&nbsp;$115924464.00 | &nbsp;&nbsp;99.45% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**296** | &nbsp;&nbsp;**100.00%** | &nbsp;&nbsp;**$116570964.00** | &nbsp;&nbsp;**100.00%** |

---

9 \| Page

## Exhibit 99.02

**Exhibit 99.02**

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vcc-abs15g.htm)

![](ex99_001.jpg)

**Data Compare**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AMC Loan ID** | **Customer Loan ID** | **EDGAR Loan ID** | **Servicer Loan ID** | **Investor Loan Number** | **Field Label** | **Bid Tape Field Value** | **Field Value** | **Compare Status** | **Comment** |
| XXXX | XXXX | 2026-1-100018 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference |
| XXXX | XXXX | 2026-1-100062 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference |
| XXXX | XXXX | 2026-1-100105 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | 2026-1-100114 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology Difference |
| XXXX | XXXX | 2026-1-100129 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference |
| XXXX | XXXX | 2026-1-100170 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | 2026-1-100439 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | 2026-1-100468 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | 2026-1-100495 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |
| XXXX | XXXX | 2026-1-100285 |  |  | Amortization Term | XXXX | XXXX | Verified | Methodology difference. |

---

## Exhibit 99.03

**Exhibit 99.03**

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vcc-abs15g.htm)

![](ex99_001.jpg)

**VCC Limited Appraisal Report**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **AMC Loan ID** | **Customer Loan ID** | **Seller Loan ID** | **EDGAR 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 | XXXX | 2026-1-100498 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | Yes | No | Basement with some water present/water damage was noted on the right front common wall which may be from basement of attached neighbor to the right or at roof of the two properties, and side door glass/plastic damaged. |
| XXXX | XXXX | XXXX | 2026-1-100381 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100382 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100499 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | Yes | No | In-house review indicates roof looks to be at or near the end of its economic lifecycle. Per appraiser no leaks noted. |
| XXXX | XXXX | XXXX | 2026-1-100384 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100500 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100386 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100387 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | Yes | No | No | Electrical panel door on floor leaving exposed wires. Non-permitted garage conversion, no value given. |
| XXXX | XXXX | XXXX | 2026-1-100388 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100389 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | Yes | No | Chipping peeling paint rear exterior. Half bath in fair condition; no full bathroom on 2nd floor considered functional obsolescence, curable. |
| XXXX | XXXX | XXXX | 2026-1-100390 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100391 |  | XXXX | XXXX | XXXX | XXXX | Provided | C2 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100392 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100393 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | Yes | No | No | Electrical wires under the back stairway on the exterior with open boxes and hanging wires. |
| XXXX | XXXX | XXXX | 2026-1-100394 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100501 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100396 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | Yes | No | Several areas where there are cracks in the stucco. Property is on a large downslope, no signs of slippage. Property located in a know slide hazard area. Unpermitted second kitchen down stairs. |
| XXXX | XXXX | XXXX | 2026-1-100397 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | Yes | No | Boarded windows and missing ceiling tiles in kitchen. |
| XXXX | XXXX | XXXX | 2026-1-100398 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100399 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100400 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100401 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | Yes | No | No | Missing a portion of handrail on the interior stairs. |
| XXXX | XXXX | XXXX | 2026-1-100402 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | Yes | No | No | Kitchen missing drawers, no running water in bathroom, and tub drain is backed up (estimate to cure $500). Missing carbon monoxide detector and water heater is not double strapped. |
| XXXX | XXXX | XXXX | 2026-1-100403 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100404 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100405 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100502 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100503 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100504 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100409 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | Yes | No | Per appraisal, subject property has noted deferred maintenance including drywall damage and appliance damage. |
| XXXX | XXXX | XXXX | 2026-1-100410 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100411 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | Yes | No | No | Rusted electrical panel with hanging wires. |
| XXXX | XXXX | XXXX | 2026-1-100412 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100413 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100414 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | Yes | No | No | Unit 1 utilities were off and missing appliances. |
| XXXX | XXXX | XXXX | 2026-1-100415 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100416 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | Yes | No | Loose warn shingles in several spots of the roof. In-house review requested a Roof Certification. |
| XXXX | XXXX | XXXX | 2026-1-100417 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100418 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100419 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100420 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100421 |  | XXXX | XXXX | XXXX | XXXX | Provided | Good | Yes | No | No | 2nd Floor Unit 2 bedroom ceiling collapsed and temporary pole installed to hold it up and damage to the walls of bedroom 1. Damage to the door for the 2nd floor balcony. Deferred maintenance noted through out unit with a cost to cure estimated by appraiser of $8,000 to $10,000; however, in-house review estimates $10,000 to %15,000. |
| XXXX | XXXX | XXXX | 2026-1-100422 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100423 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100424 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | Yes | Converted garage with 2nd Kitchen, not permitted. Costs to cure of $2100 taken into account in sales grid. |
| XXXX | XXXX | XXXX | 2026-1-100425 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100505 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100506 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100507 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100508 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100509 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100510 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100511 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100512 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100513 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | Yes | No | Visible in the appraisal pictures is a partial ceiling collapse in the Commercial Unit. This is not addressed by the appraiser. |
| XXXX | XXXX | XXXX | 2026-1-100514 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100515 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100516 |  | XXXX | XXXX | XXXX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100517 |  | XXXX | XXXX | XXXX | XXXX | Provided | Very Good | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100518 |  | XXXX | XXXX | XXXX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100519 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100520 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100521 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100522 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100523 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100524 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | Yes | Yes | Appraiser notes deferred maintenance in one room of the residential unit (hole in wall) with no dollar amount to cure. Also, basement is being used a residential unit that is unpermitted. |
| XXXX | XXXX | XXXX | 2026-1-100525 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100526 |  | XXXX | XXXX | XXXX | XXXX | Provided | Good | Yes | No | No | Missing handrail on stairs in the interior residential unit and the stairs to basement in the commercial unit. |
| XXXX | XXXX | XXXX | 2026-1-100527 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100528 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100529 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100530 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100531 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100532 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100533 |  | XXXX | XXXX | XXXX | XXXX | Provided | Fair | No | No | No | Overall condition is fair with poor flooring, walls, and roof. Evidence in file that a licensed contractor did roof repairs by creating slopes so that rain water would not puddle, added flashing to chimneys and masonry walls, and proper flashing pipe ventilations. |
| XXXX | XXXX | XXXX | 2026-1-100534 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100535 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100536 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100537 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100538 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100539 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100540 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100541 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100542 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100543 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100544 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | Yes | No | Appraiser flagged damage = yes however notes deferred maintenance that includes missing rear gutter, downspout, chipped, peeling or worn paint on the exterior. |
| XXXX | XXXX | XXXX | 2026-1-100545 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100546 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100547 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100548 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | Yes | No | No | Missing kitchen appliances. |
| XXXX | XXXX | XXXX | 2026-1-100549 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | Yes | No | No | Ceiling collapsed in one bedroom that appraiser calls deterred maintenance. Appraisal also states there appears to be an active roof leak in the living area, PTD roof certification which is in file. |
| XXXX | XXXX | XXXX | 2026-1-100550 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | Yes | No | No | Missing handrail on front steps and railing around front stupe. Signed Holdback Agreement in file and funds are reflected on the closing statement. |
| XXXX | XXXX | XXXX | 2026-1-100551 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100552 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | Yes | No | Hole in garage door, appraiser did not address this issue. |
| XXXX | XXXX | XXXX | 2026-1-100553 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100554 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100555 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100556 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100426 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | Yes | No | No | Missing gutter and downspout, garage with ceiling collapsed-no value given, and dampness in basement. |
| XXXX | XXXX | XXXX | 2026-1-100427 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100429 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100430 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | Yes | No | Rotten/damaged fascia and soffit noted on rear of subject. |
| XXXX | XXXX | XXXX | 2026-1-100431 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | Yes | No | No | Missing handrail on basement stairs. |
| XXXX | XXXX | XXXX | 2026-1-100432 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100433 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | Yes | No | No | Missing bathroom wall between bedroom and bath. Dwelling was a duplex converted to a SFR, missing permits for conversion. |
| XXXX | XXXX | XXXX | 2026-1-100434 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | Yes | No | No | Units 2 and 3 have no vanities/sinks in bathrooms, unit 2 kitchen has no sink or counter top. |
| XXXX | XXXX | XXXX | 2026-1-100435 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100436 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100437 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100439 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100440 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100441 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100442 |  | XXXX | XXXX | XXXX | XXXX | Provided | Fair | No | No | No | Property in fair condition due to age. Subject being used as a SRO when zoned 4 family, cost to cure (changed back to 4 family) applied as adjustment and reflected in value. |
| XXXX | XXXX | XXXX | 2026-1-100443 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100444 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100445 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100446 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100447 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100448 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | Yes | No | No | Appraisal notes water stains on ceiling/possible water leak, damaged interior floor tiles, exterior damage to soffit, back fence has fallen, and low hanging external wires. |
| XXXX | XXXX | XXXX | 2026-1-100449 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | Yes | Yes | No | Missing handrail on external back stairs, missing stair all together on left rear, damaged walls, and advanced wear and tear of hardwood flooring and carpet. |
| XXXX | XXXX | XXXX | 2026-1-100450 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100451 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100452 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100453 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100454 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100455 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100456 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | Yes | Yes | No | Kitchen missing cabinet doors (doors on the floor), bathroom has no vanity/sink, and not permitted 2nd unit with costs to repair of $5,000. |
| XXXX | XXXX | XXXX | 2026-1-100457 |  | XXXX | XXXX | XXXX | XXXX | Provided | C2 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100458 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | Yes | No | Appraiser noted missing siding on front facade exposing subsurface with a costs to cure $500.00. |
| XXXX | XXXX | XXXX | 2026-1-100459 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | Yes | No | Kitchen ceiling damage due to prior water leak in upstairs bathroom. Appraiser calls this deferred maintenance with an estimated cost to cure $800. |
| XXXX | XXXX | XXXX | 2026-1-100460 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | Yes | No | Missing bathroom sink in the 4th bedroom and no sink or vanity in the 2nd bathroom. |
| XXXX | XXXX | XXXX | 2026-1-100461 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100462 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100463 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100464 |  | XXXX | XXXX | XXXX | XXXX | Provided | C2 | No | No | No | Missing certificate of occupancy, holdback of $10,000 for certificate in file. |
| XXXX | XXXX | XXXX | 2026-1-100466 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | Yes | Property is assessed as a duplex; however, has been converted into 4 units. No evidence in file the change was done with permits and missing a rebuild letter. |
| XXXX | XXXX | XXXX | 2026-1-100467 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | Yes | No | No | Second floor bathroom missing walls, second floor bonus room missing sheetrock, and second floor bonus room wall repairs incomplete. |
| XXXX | XXXX | XXXX | 2026-1-100468 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | Yes | No | Appraiser noted damaged rear section of siding with an estimated cost to cure $1,000. Picture show dampness in basement, appraiser did not address this issue. |
| XXXX | XXXX | XXXX | 2026-1-100557 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100558 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100559 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100560 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100561 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100562 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100563 |  | XXXX | XXXX | XXXX | XXXX | Provided | C2 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100564 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100565 |  | XXXX | XXXX | XXXX | XXXX | Provided | C2 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100566 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100567 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | Yes | No | No | 3 unit mixed use property with the residential unit missing kitchen appliances. |
| XXXX | XXXX | XXXX | 2026-1-100568 |  | XXXX | XXXX | XXXX | XXXX | Provided | Fair | No | No | No | Several items of deferred maintenance such as electrical panel wiring issues and one of two HVAC units need to be replaced. Estimated cost $10,000. |
| XXXX | XXXX | XXXX | 2026-1-100569 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100570 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100571 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100572 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100573 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | Yes | No | Appraisal indicates 1 unit in need of complete build out which the buyer intends to complete at a cost of $23,200 and will occupy. |
| XXXX | XXXX | XXXX | 2026-1-100574 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100575 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100576 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100577 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | Yes | Yes | No | Missing a handrail on part of the stairs and damaged carpet on stairs, tripping hazard. |
| XXXX | XXXX | XXXX | 2026-1-100469 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100470 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100471 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100472 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100473 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100474 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | Yes | No | No | Appraisal notes hot water heater straps not installed. Damaged floor in bedroom 2, unknown cause. |
| XXXX | XXXX | XXXX | 2026-1-100475 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | Yes | Appraisal is reflecting the property being used as a meeting place. Home originally was 4 + 3 with 3546 sq ft with a pool. Pool appears to have been filled in and has added 3800 sq ft with offices, commercial kitchen, kitchen above garage with den, 2 bedrooms and a bath only accessible through the main house. Costs to convert back to a SFR $247,500. |
| XXXX | XXXX | XXXX | 2026-1-100476 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100477 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100578 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100579 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100580 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100581 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100479 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100480 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100481 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | Yes | No | No | Appraisal photos reflect cracked concrete on driveway, tripping hazard. |
| XXXX | XXXX | XXXX | 2026-1-100482 |  | XXXX | XXXX | XXXX | XXXX | Provided | C2 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100483 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | Yes | No | Water damage in ceiling of one bathroom. No evidence repairs are completed. |
| XXXX | XXXX | XXXX | 2026-1-100484 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | Yes | No | Appraisal notes multiple settling cracks and an instance of wall damage |
| XXXX | XXXX | XXXX | 2026-1-100485 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | Yes | No | No | Appraisal notes lack of smoke/carbon monoxide detectors, improperly secured water heater, missing outlet covers, missing permanent heat source, and exposed wiring. |
| XXXX | XXXX | XXXX | 2026-1-100486 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | Yes | No | Significant staining on rear stucco, may indicate water intrusion. |
| XXXX | XXXX | XXXX | 2026-1-100487 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | Yes | Property zoned as only 1-2 units, no Certificate of Occupancy for a triplex provided. In-house review requested PTD a rebuild letter from zoning to confirm property can be rebuilt as a triplex if destroyed. Zoning letter not provided. |
| XXXX | XXXX | XXXX | 2026-1-100488 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | Yes | No | No | Appraisal notes standing water in basement (potential leak). |
| XXXX | XXXX | XXXX | 2026-1-100489 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | Yes | Yes | No | Appraisal photos reflect cracked/uneven concrete on the driveway, low hanging wires in the basement and a damaged wall in the attic. |
| XXXX | XXXX | XXXX | 2026-1-100490 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | Yes | No | No | Missing electrical panel door, exposed wiring. |
| XXXX | XXXX | XXXX | 2026-1-100491 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | Yes | No | No | 2nd floor unit is under renovation and 95% completed. Missing flooring, trim, bathroom plumbing, and painting. Cost to cure $3,000. |
| XXXX | XXXX | XXXX | 2026-1-100492 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100493 |  | XXXX | XXXX | XXXX | XXXX | Provided | C3 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100582 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | Yes | Yes | No | Appraisal notes numerous areas of deferred maintenance. Rear stairwell to basement (unit one) appears to be missing a railing as does stairwell to upper unit (unit two). Rear deck needs repair, missing railing and steps. Front deck railing is damaged and needs replacing. Appraiser also notes that the roof is out the end of it economic life with areas of patched and curling shingles. Holdback Agreement in file covers repair of the rear egress deck, new fence by back porch, and adjusting brick and adding mortar as needed. |
| XXXX | XXXX | XXXX | 2026-1-100583 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | Yes | Yes | No | Appraisal notes multiple areas of deferred maintenance and deterioration including missing kitchen cabinet doors and outdated electric panel (fuse box). Additionally, front stairway appears to be damaged and poses a potential safety concern. Holdback Agreement in file for disposing of broken cement steps, frame and create new wooden steps with handrail. |
| XXXX | XXXX | XXXX | 2026-1-100584 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | Yes | No | Appraisal notes roof is at the end of its life expectancy, garage in poor condition, missing door. Numerous areas of deferred maintenance resulting in physical deterioration. Rear upper deck is missing railing. Missing oven, repair drywall and paint bathroom of unit 1. Foundation repair needed. Enclosed porch in poor condition. No value given to enclosed porch or garage. Holdback in file does not cover repairs to this property. |
| XXXX | XXXX | XXXX | 2026-1-100585 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | Yes | No | Appraisal notes obvious signs of deferred maintenance & physical deterioration, including missing cabinet doors. Appraiser notes the roof is at the end of its economic life. Holdback agreement in file does not cover repairs of this property. |
| XXXX | XXXX | XXXX | 2026-1-100495 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100496 |  | XXXX | XXXX | XXXX | XXXX | Provided | C4 | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100586 |  | XXXX | XXXX | XXXX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100587 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100588 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | Yes | No | No | Appraiser notes that the elevate is not working with a cost to cure of $1,900. |
| XXXX | XXXX | XXXX | 2026-1-100589 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100590 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100591 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100592 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100593 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100594 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100595 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | Yes | Yes | No | Missing kitchen appliances in Units 3116, 3124, 1897D, 1897C, 1889B, 1889D, 1889C, and ceiling damage unit 1887. |
| XXXX | XXXX | XXXX | 2026-1-100596 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100597 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100598 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100599 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100600 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | Yes | No | No | Estimated expense for build out repairs $58,000 that does not include labor (owner is a contractor). Repairs include bathroom updated, plumbing, electrical, drywall, painting, flooring, brick repointing, and ADA ramps. |
| XXXX | XXXX | XXXX | 2026-1-100601 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100602 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100603 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100604 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100605 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100606 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100607 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | Yes | Non-permitted office (former carport). |
| XXXX | XXXX | XXXX | 2026-1-100608 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100609 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | Yes | No | Carpet ripped up in vacant unit with only the old carpet pad on the floor. Paint on the interior walls of the vacant unit are peeling. |
| XXXX | XXXX | XXXX | 2026-1-100610 |  | XXXX | XXXX | XXXX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100611 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100612 |  | XXXX | XXXX | XXXX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100613 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100614 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100615 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100616 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100617 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | Yes | No | No | Damaged bulkhead door, needs replacing (currently plastic is covering interior doorway). |
| XXXX | XXXX | XXXX | 2026-1-100618 |  | XXXX | XXXX | XXXX | XXXX | Provided | Good | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100619 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |
| XXXX | XXXX | XXXX | 2026-1-100497 |  | XXXX | XXXX | XXXX | XXXX | Provided | Average | No | No | No |  |

---

## Exhibit 99.04

**Exhibit 99.04**

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vcc-abs15g.htm)

![](ex99_001.jpg)

**Valuation Report**

---

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 2026-1-100002 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 25.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 15.380% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100003 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100004 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | XXXX | 2026-1-100005 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | XXXX | 2026-1-100006 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100007 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100008 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100009 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100012 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100013 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | XXXX | 2026-1-100014 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | XXXX | 2026-1-100015 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100016 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100017 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 4.570% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 4.570% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100019 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | XXXX | 2026-1-100020 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | XXXX | 2026-1-100021 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100022 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 16.670% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 16.670% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100043 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100044 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 17.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 17.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100045 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 13.640% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 13.640% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100046 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100047 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100048 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100049 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100050 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | No |  |  |
| XXXX | XXXX | 2026-1-100051 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 17.050% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 14.770% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100052 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100054 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100055 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | -9.720% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100056 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | -4.550% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100057 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100058 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 5.840% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 5.840% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100059 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 23.230% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 23.230% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100060 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100062 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100064 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100065 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 11.760% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 11.760% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX | XXXX | 0.000% | XXXX | XXXX |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100066 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 18.180% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 18.180% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100067 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 6.670% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 7.450% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100068 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100069 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.960% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.960% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXX | XXXX | 0.000% | XXXX | XXXX |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100091 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100092 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 5.440% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 5.440% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100094 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100095 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100096 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | -9.090% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100097 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100098 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100100 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100101 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | -8.400% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100102 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 1.260% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 1.260% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100104 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100105 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 4.460% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 4.460% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100106 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100107 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100109 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100110 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100111 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100112 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100113 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100115 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100116 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100117 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100119 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100120 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100121 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100153 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100154 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100155 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100156 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100158 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100159 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100161 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.860% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.860% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100162 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100163 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 18.640% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 18.640% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100164 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 2.430% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 2.430% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100165 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100166 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100168 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100169 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100170 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100171 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100172 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100173 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100175 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100176 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | -1.450% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100177 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100178 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | XXXX | 2026-1-100179 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100180 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100181 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100182 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100183 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 13.510% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 13.510% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100209 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100210 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 1.250% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100211 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100212 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100213 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100223 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100224 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100225 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | -5.830% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100226 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100227 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100228 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXX | XXXX | 2026-1-100229 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100230 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100231 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100232 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 20.690% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 12.070% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100233 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100234 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100235 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100236 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100237 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100265 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100266 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100268 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100269 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100270 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100271 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100272 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100273 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100274 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | -6.900% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100275 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100276 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100277 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 37.780% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 37.780% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100278 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100279 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
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| XXXX | XXXX | 2026-1-100282 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
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| XXXX | XXXX | 2026-1-100284 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100286 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 35.290% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 35.290% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100289 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100290 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
| XXXX | XXXX | 2026-1-100291 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |
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| XXXX | XXXX | 2026-1-100293 |  | XXXX | XXXX | XXXX | XXXX |  | XXXX | 0.000% | XXXX | XXXX | XXXX | Appraisal | XXXX | XXXX | XXXX |  | XXXX | XXXX | 0.000% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |  |

---

## Exhibit 99.05

**Exhibit 99.05**

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vcc-abs15g.htm)

![](ex99_001.jpg)

**Multi Property Valuation Report**

---

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| **SitusAMC Loan ID** | **Customer Loan ID** | **EDGAR Loan ID** | **Investor Loan Number** | **Note Date** | **Original Loan Amount** | **Sales Price** | **Value for LTV** | **LTV Value Variance Amount** | **LTV Value Variance Percent** | **Property ID** | **Property Address** | **City** | **State** | **Zip Code** | **Primary Valuation Value** | **Primary Valuation Report Date** | **Primary Valuation Effective Date** | **Primary Valuation Type** | **Primary Valuation Company** | **Primary Valuation FSD Score** | **Secondary Valuation Value** | **Secondary Valuation Variance Amount** | **Secondary Valuation Variance Percent** | **Secondary Valuation Report Date** | **Secondary Valuation Effective Date** | **Secondary Valuation Type** | **Secondary Valuation Company** | **Secondary Valuation FSD Score** | **AVM Value** | **AVM Variance Amount** | **AVM Variance Percent** | **AVM Company** | **AVM FSD Score** | **AVM Report Date** | **Desk Review Value** | **Desk Review Variance Amount** | **Desk Review Variance Percent** | **Desk Review Company** | **Desk Review Risk Score** | **Desk Review Report Date** | **Desk Review Effective Date** | **Desktop Appraisal Value** | **Desktop Appraisal Variance Amount** | **Desktop Appraisal Variance Percent** | **Desktop Appraisal Company** | **Desktop Appraisal Report Date** | **Desktop Appraisal Effective Date** | **BPO Value** | **BPO Variance Amount** | **BPO Variance Percent** | **BPO Company** | **BPO Report Date** | **Field Review Value** | **Field Review Variance Amount** | **Field Review Variance Percent** | **Field Review Company** | **Field Review Report Date** | **Field Review Effective Date** | **2055 Value** | **2055 Variance Amount** | **2055 Variance Percent** | **2055 Company** | **2055 Report Date** | **2055 Effective Date** | **AVE/CMA Value** | **AVE/CMA Variance Amount** | **AVE/CMA Variance Percent** | **AVE/CMA Company** | **AVE/CMA Report Date** | **Hybrid Valuation Value** | **Hybrid Valuation Variance Amount** | **Hybrid Valuation Variance Percent** | **Hybrid Valuation Company** | **Hybrid Valuation Report Date** | **Updated Valuation Value** | **Updated Valuation Variance Amount** | **Updated Valuation Variance Percent** | **Updated Valuation Company** | **Updated Valuation Report Date** | **Updated Valuation Effective Date** | **Value Analysis Valuation Value** | **Value Analysis Report Date** | **Is Eligible for Rep and Warrant Relief per Loan Collateral Advisor?** | **Collateral Underwriter Risk Score** |
| XXXX | XXXX | 2026-1-100296 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100297 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100298 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100299 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | -8.93% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100300 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | -8.93% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100301 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | -8.93% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100302 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100303 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100304 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100305 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 74.286% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 74.29% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100306 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100307 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100308 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100309 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100310 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100311 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100312 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100313 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100314 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100315 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100316 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100317 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100318 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100319 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100320 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 13.846% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 13.85% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100321 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 12.903% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 12.90% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100322 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100323 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 9.333% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 9.33% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100324 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 8.889% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 8.89% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100325 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100326 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100327 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100328 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100329 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100330 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100331 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 13.611% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 13.61% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100332 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 28.060% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 28.06% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100333 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 17.101% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 17.10% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100334 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100335 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100336 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100337 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 6.933% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 6.93% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100338 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100339 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | -9.72% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100340 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 42.857% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 42.86% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100341 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 69.231% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 69.23% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100342 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | -8.16% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100343 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | -5.71% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100344 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100345 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 6.383% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 6.38% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100346 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 7.801% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 7.80% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100347 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 4.965% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 4.96% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100348 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 11.348% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 11.35% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100349 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100350 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
| XXXX | XXXX | 2026-1-100351 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 0.000% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 0.00% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |
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| XXXX | XXXX | 2026-1-100380 |  | XXXX | XXXX | XXXX | XXXX | XXXX | 9.302% | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | XXXX | Appraisal | XXXX |  | XXXX | XXXX | 9.30% | XXXX | XXXX | Desk Review | XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | N/A |  |

---

## Exhibit 99.06

**Exhibit 99.06**

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vcc-abs15g.htm)

![](ex99_001.jpg)

**Loan Level Exception - Final Grades**

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** |
| **AMC Loan ID** | **Customer Loan ID** | **EDGAR Loan ID** | **Borrower Name** | **Deal Number** | **Original Loan Amount** | **State** | **Purpose** | **QM Status** | **Overall Grade** | **Credit Grade** | **Credit Exceptions** | **Credit Exception Information** | **Credit Exception Comments** | **Property Grade** | **Property Exceptions** | **Property Exception Information** | **Property Exception Comments** | **Compliance Grade** | **Compliance Exceptions** | **Compliance Exception Information** | **Compliance Exception Comments** | **Compliance Comp Factors** | **Compensating Factors** | **DBRS** | **Fitch** | **Kroll** | **Moody's** | **S&P** |
| XXXX | XXXX | 2026-1-100381 |  | XXXX | XXXX | XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100382 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100383 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100384 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100385 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100386 |  | XXXX | XXXX | XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100387 |  | XXXX | XXXX | XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100388 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100389 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100390 | XXXX | XXXX | XXXX | XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100391 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100392 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100393 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100394 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100395 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100396 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100397 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100398 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100399 | XXXX | XXXX | XXXX | XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100400 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100401 | XXXX | XXXX | XXXX | XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100402 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100403 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100404 |  | XXXX | XXXX | XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100405 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100406 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100407 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100408 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100409 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100410 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100411 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100412 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100413 |  | XXXX | XXXX | XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100414 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100415 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100416 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100417 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100418 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100419 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100420 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100421 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100422 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100423 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100424 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100425 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100426 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100427 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100428 |  | XXXX | XXXX | XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100429 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100430 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100431 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100432 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100433 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100434 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100435 |  | XXXX | XXXX | XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100436 | XXXX | XXXX | XXXX | XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100437 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100438 |  | XXXX | XXXX | XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100439 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100440 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100441 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100442 |  | XXXX | XXXX | XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100443 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100444 |  | XXXX | XXXX | XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100445 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100446 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100447 |  | XXXX | XXXX | XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100448 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100449 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100450 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100451 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100452 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100453 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100454 | XXXX | XXXX | XXXX | XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100455 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100456 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100457 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100458 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100459 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100460 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100461 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100462 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100463 |  | XXXX | XXXX | XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100464 |  | XXXX | XXXX | XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100465 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100466 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100467 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100468 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100469 | XXXX | XXXX | XXXX | XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100470 | XXXX | XXXX | XXXX | XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100471 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100472 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100473 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100474 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100475 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100476 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100477 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100478 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100479 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100480 |  | XXXX | XXXX | XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100481 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100482 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100483 |  | XXXX | XXXX | XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100484 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100485 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100486 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100487 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100488 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100489 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100490 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100491 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100492 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100493 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100494 |  | XXXX | XXXX | XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100495 | XXXX | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100496 |  | XXXX | XXXX | XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100497 |  | XXXX | XXXX | XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  |  |  |  |  |  | A |  |  |  |  | A |

---

## Exhibit 99.07

**Exhibit 99.07**

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vcc-abs15g.htm)

![](ex99_001.jpg)

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

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|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** | **FINAL COMPLIANCE LOAN GRADES** |
| **AMC Loan ID** | **Customer Loan ID** | **EDGAR Loan ID** | **Borrower Name** | **Deal Number** | **Original Loan Amount** | **State** | **Note Date** | **Purpose** | **QM Status** | **Overall Grade** | **Credit Grade** | **Credit Exceptions** | **Credit Exception Information** | **Credit Exception Comments** | **Property Grade** | **Property Exceptions** | **Property Exception Information** | **Property Exception Comments** | **Compliance Grade** | **Compliance Exceptions** | **Compliance Exception Information** | **Compliance Exception Comments** | **Compliance Comp Factors** | **Compensating Factors** | **DBRS** | **Fitch** | **Kroll** | **Moody's** | **S&P** |
| XXXX | XXXX | 2026-1-100000 |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXXXXXXXXXXXX<br> [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXXXXXXXXXXXX<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Wind deductible > 5% for XXXX.<br> Missing lease agreement forXXXX.<br> Missing lease agreement for XXXXXXXXXXXXXXXXXXXXX.<br> Approved exception at origination for missing VOM-primary; recently purchased (HUD provided). Comp factors: FICO and seasoned investor. | BUYER - GENERAL COMMENT (2025-12-01): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-01): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factors, FICO and seasoned investor.<br> BUYER - GENERAL COMMENT (2025-12-01): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-01): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factors, FICO and seasoned investor.<br> BUYER - GENERAL COMMENT (2025-12-01): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-01): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factors, FICO and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for missing VOM-primary; recently purchased (HUD provided). Comp factors: FICO and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100001 |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] Application / Processing - Missing Document: HOA Questionnaire not provided | Approved exception at origination for title vesting for unit 3L and unit 2L < 12 months. Comp factors LTV and FICO.<br> Approved exception at origination for missing HOA budget and P&L statement. Comp factors: LTV and FICO. | REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for title vesting for unit 3L and unit 2L < 12 months. Comp factors LTV and FICO.<br> REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for missing HOA budget and P&L statement. Comp factors: LTV and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100002 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Loan amounts less than $75,000 are not permitted according to the guidelines | Approved exception at origination for loan< $75,000. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for loan< $75,000. Comp factor: LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photos reflect missing balusters for basement stairs, basement shows evidence of water penetration, settlement and hydrostatic pressure and missing bathroom titles. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-14): Seller Commentary:XX.XX% LTV. Current property condition considered in value/LTV. The appraiser didn't cite a cost for deferred maintenance or suspicion of structural damages, so VCC did not view the repairs as material in terms of underwriting. While the status of repairs hasn't been confirmed, it is expected that the borrower will make aXX necessary updates 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. |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100003 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<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 at origination for 1) guarantor < 12 months as a member of business entity, 2) subject property used as rehab facility and 3) lessee is a member of business entity. Comp factor: FICO.<br> Approved exception at origination for LTV > 75% on a 2 - 4 unit refinance. Comp factors: FICO and seasoned investor.<br> Approved exception at origination for incomplete VOM-subject; missing 1 of 12 months. Comp factors: FICO and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for 1) guarantor < 12 months as a member of business entity, 2) subject property used as rehab facility and 3) lessee is a member of business entity. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for LTV > 75% on a 2 - 4 unit refinance. Comp factors: FICO and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for incomplete VOM-subject; missing 1 of 12 months. Comp factors: FICO and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100004 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100005 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for missing VOM - primary; rating on broker's expired credit report. Comp factors: reserves and seasoned investor.<br> Approved exception at origination for loan amount < $75,000. Comp factors: reserves and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for missing VOM - primary; rating on broker's expired credit report. Comp factors: reserves and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for loan amount < $75,000. Comp factors: reserves and seasoned investor.<br> REVIEWER - RE-GRADED COMMENT (2025-11-19): Approved exception at origination for loan amount < $75,000. Comp factors: reserves and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100006 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Ineligible property<br> [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for rural property. Comp factor; seasoned investor.<br> Approved exception at origination for missing lease. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for rural property. Comp factor; seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for missing lease. Comp factor; seasoned investor. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Exterior steps have wood rot, window wood rot, damaged exterior siding, and yard needs to be cleaned and negatively impacts marketability if property were to be sold. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-14): Current property condition considered in value/LTV. The total cost to cure provided in the appraisal is $3,500 which is within the VCC deferred maintenance guidelines (5% of the loan amount/20K), so VCC did not view as material in terms of underwriting. Per borrower LOE in file, cash-out proceeds will be used towards renovating/repairing the subject property, and while the status of repairs has not been confirmed, it is expected that the borrower will fulfill their obligation. | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100007 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for 90 days late on subject within 12 months- delinquent interest paid off at closing . Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for 90 days late on subject within 12 months- delinquent interest paid off at closing . 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 | 2026-1-100008 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved at origination for missing 1) borrower's name and 2) on payment plan. Comp factor, FICO. | BUYER - GENERAL COMMENT (2025-12-01): Exception noted on uploaded approval<br> Proof of ownership of entity named on insurance provided<br> REVIEWER - WAIVED COMMENT (2025-12-01): Approved at origination for missing 1) borrower's name and 2) on payment plan. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100009 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100010 |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor: DCR.<br> Missing VOR/VOM- primary; held in spouse's name per LOE in file. | BUYER - GENERAL COMMENT (2025-12-01): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-01): Approved exception at origination for FICO < 650. Comp factor: DCR.<br> BUYER - GENERAL COMMENT (2025-12-01): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-01): Exception waived. Updated approval provided in trailing documents approving exception for missing VOM/VOR-primary. Comp factor, DCR. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Address: XXXXXXXXXXXXXXXX// Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing steps and handrail for the back door. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-14): Seller commentary: XX.XX% LTV. Per borrower LOE in file cash-out proceeds will be used towards repairing/renovating the subject. VCC hasn't confirmed the status of repairs, but it is expected that the borrower will fulfill their commitment. | 1 |  |  |  |  | The qualifying DSCR on the loan is greater than the guideline minimum. B |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100011 | XXXXXXXXXXX | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXXXXXXX<br> [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXXXXXXX | Approved exception at origination for value seasoning < 12 months and the higher appraised value versus the lower of the sales price was used cost breakdown provided). Comp factor: FICO.<br> Approved exception at origination for missing lease agreement-subject; recent renovation. Comp factor, FICO.<br> Approved exception at origination for missing lease agreement-subject; recent renovation. Comp factor, FICO. | BUYER - GENERAL COMMENT (2025-12-01): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for value seasoning < 12 months and the higher appraised value versus the lower of the sales price was used cost breakdown provided). Comp factor: FICO.<br> BUYER - GENERAL COMMENT (2025-12-01): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for missing lease agreement-subject; recent renovation. Comp factor, FICO.<br> BUYER - GENERAL COMMENT (2025-12-01): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for missing lease agreement-subject; recent renovation. 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.: Address: XXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX<br> [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Address: XXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal and Inhouse review reflect electrical panel door is missing, dampness in basement, and missing water meter; however, water is on for XXXXXXXXXXXXXXXXX.<br> Appraisal reflects electrical panel covers for units 1 and 2 are missing and missing handrail on basement stairs for XXXXXXXXXXXXXXXXX. | REVIEWER - GENERAL COMMENT (2026-01-26): Seller comment-Regarding the missing handrails/electric panel door cover- VCC generally doesn't view these items as material to underwriting. Regarding the dampness (dampness in a corner, not standing water throughout the room) in the basement (XXXX), VCC did not view this as material as there was no leak observed and the building was cited to be structurally secure per the appraisal. Basement vacant and not used as a living space. Borrower is re-habing both of these properties (kitchen and bathrooms both completely re-done), so all updates are expected to be complete prior to tenants. Regarding the water meter at (XXXX), there isn't a water meter, but the water is on.<br> REVIEWER - GENERAL COMMENT (2026-01-27): Sellers comment-Regarding the missing handrails/electric panel door cover- VCC generally doesn't view these items as material to underwriting. Regarding the dampness (dampness in a corner, not standing water throughout the room) in the basement (XXXX), VCC did not view this as material as there was no leak observed and the building was cited to be structurally secure per the appraisal. Basement vacant and not used as a living space. Borrower is rehabing both of these properties (kitchen and bathrooms both completely re-done), so all updates are expected to be complete prior to tenants. Regarding the water meter at (XXXX), there isn't a water meter, but the water is on. | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100012 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100013 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | EOI reflects exclusion of wind/hail coverage.<br> Approved exception at origination for loan < $75k. Comp factor: LTV. | BUYER - GENERAL COMMENT (2025-12-01): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-02): Exception waived. Updated approval provided in trailing documents approving exception for exclusion of wind/hail coverage. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for loan < $75k. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100014 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for rural property. Comp factor: LTV.<br> Approved exception at origination for 100% vacancy/missing lease. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for rural property. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for 100% vacancy/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 | 2026-1-100015 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100016 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property<br> [2] Credit Documentation - Missing lease Agreement | Rural property.<br> 100% vacancy/missing lease on SFR refinance. | BUYER - GENERAL COMMENT (2025-12-01): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-02): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2025-12-01): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-02): 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 | 2026-1-100017 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100018 |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100019 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for Liability coverage < $300k. Comp factors, seasoned investor and re-established credit. | BUYER - GENERAL COMMENT (2025-12-01): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for Liability coverage < $300k. Comp factors, seasoned investor and re-established credit. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100020 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100021 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-11-21): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Below average condition with deferred maintenance and potential health and safety issues<br> Damaged siding, missing flooring, missing wood trim under a window, and broken blinds. <br> Appraisal review list PTD Install missing flooring, Support poles appear to be damaged and leaning on front porch, obtain structural cert by licensed professional, replace damaged/missing siding, subject exterior right wall appears to be bowed, and replace rotting wood exterior. No evidence aXX of these were completed. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-15): Seller commentary: XX.XX% LTV, appraisal made as-is and current property condition is reflected in the value/LTV. Per borrower LOE in file, cash-out proceeds will be used towards renovating the subject property, including but not limited to the cited issues from the appraisal. VCC hasn't confirmed the status of repairs at this point, but it is expected that the borrower will fulfill their obligation to repair the subject. | 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 | 2026-1-100022 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100023 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 3 | 2 | [2] General - FICO below 650<br> [2] General - The property is ineligible. | Approved exception at origination for FICO < 650. Comp factors: LTV and reserves.<br> Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: LTV and reserves. | REVIEWER - WAIVED COMMENT (2025-11-18): Approved exception at origination for FICO < 650. Comp factors: LTV and reserves.<br> REVIEWER - WAIVED COMMENT (2025-11-18): Approved exception at origination for override of statewide exclusion for traditional property type located in XX. Comp factors: LTV and reserves. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photos reflect electrical panel and junction box need to be wired. No proof of completion provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-14): Seller commentary: Purchase transaction. Retail property vacant at origination and borrower's business to occupy post-close. Updates in progress at the time of the appraisal, but VCC did not view as material in terms of underwriting as it is expected that the borrower will complete aXX necessary updates to the subject post-acquisition, especially given the owner-user nature of the property. | 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. |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100024 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Missing Hazard Insurance | Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-11-18): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100025 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] Miscellaneous - Credit Exception:<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement<br> [2] General - The property is ineligible. | Approved exception at origination for 2nd lien note term < 36 months and prepayment penalty of 60 months. Comp factors: reserves and FICO.<br> Approved exception at origination for credit report aged > 60 Days. Comp factor: reserves.<br> Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: FICO.<br> Approved exception at origination for 100% vacancy of subject. Comp factor: reserves and FICO.<br> Approved exception at origination for rural property. Comp factor: reserves and FICO. | REVIEWER - RE-GRADED COMMENT (2025-11-20): Approved exception at origination for 2nd lien note term < 36 months and prepayment penalty of 60 months. Comp factors: reserves and FICO.<br> REVIEWER - WAIVED COMMENT (2025-11-20): Approved exception at origination for credit report aged > 60 Days. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-11-20): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2025-11-20): Approved exception at origination for 100% vacancy of subject. Comp factor: reserves and FICO.<br> REVIEWER - WAIVED COMMENT (2025-11-20): Approved exception at origination for rural property. Comp factor: reserves and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100026 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor.<br> 100% vacancy per analyst review on refinance. | REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2025-12-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-02): Exception waived. Updated approval provided in trailing documents approving exception for missing lease/vacant 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 | 2026-1-100027 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for credit report aged > 60 days. Comp factor: LTV.<br> Missing lease agreement for unit 3R -19.1% vacant. | REVIEWER - RE-GRADED COMMENT (2025-11-19): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-12-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-02): Exception waived. Updated approval provided in trailing documents approving exception for missing lease/vacant property. Comp factors, LTV and FICO. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100028 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100029 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - FICO below 650<br> [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for FICO < 650. Comp factor: reserves.<br> Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II property type. Comp factor: reserves.<br> Approved exception at origination for incomplete VOR - primary; missing pay history receipts to support VOM summary from private landlord. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2025-11-18): Approved exception at origination for FICO < 650. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-11-18): Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II property type. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-11-18): Approved exception at origination for incomplete VOR - primary; missing pay history receipts to support VOM summary from private landlord. Comp factor: reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100030 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Miscellaneous - Credit Exception: | Approved exception at origination for business license < 2 years. Comp factors: Reserves and FICO. | REVIEWER - WAIVED COMMENT (2025-11-18): Approved exception at origination for business license < 2 years. Comp factors: Reserves and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100031 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for first time investor on owner-user traditional II property with LTV >65%. Comp factors: FICO and seasoned business.<br> 5% wind deductible is > $25k. | REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for first time investor on owner-user traditional II property with LTV >65%. Comp factors: FICO and seasoned business.<br> BUYER - GENERAL COMMENT (2025-12-05): Exception noted om uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-05): Exception waived. Updated approval provided in trailing documents approving exception for deductible. 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 | 2026-1-100032 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Application / Processing - Missing Document: Business P&L not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for DSCR < 1.0x on owner user traditional 2 refinance with loan > $500,000. Comp factors; reserves, and property condition which is unable to be validated as a non-quantifiable subjective trait.<br> Approved exception at origination for < 2 active major tradelines. Comp factors; reserves, and property condition which is unable to be validated as a non-quantifiable subjective trait.<br> Approved exception at origination for missing P&L. Comp factors; reserves, and property condition which is unable to be validated as a non-quantifiable subjective trait.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; reserves, and property condition which is unable to be validated as a non-quantifiable subjective trait. | REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for DSCR < 1.0x on owner user traditional 2 refinance with loan > $500,000. Comp factors; reserves, and property condition which is unable to be validated as a non-quantifiable subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for < 2 active major tradelines. Comp factors; reserves, and property condition which is unable to be validated as a non-quantifiable subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for missing P&L. Comp factors; reserves, and property condition which is unable to be validated as a non-quantifiable subjective trait.<br> REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; reserves, and property condition which is unable to be validated as a non-quantifiable subjective trait. | 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 | 2026-1-100033 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Asset Calculation / Analysis - Guideline Requirement: Available for Reserves discrepancy.: Calculated Available for Reserves of is less than Guideline Available for Reserves of .<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II purchase. Comp factor: FICO.<br> Missing three (3) months PI reserves required post-closing for first time investor.<br> Wind/hail deductible of 5% < $25,000. | BUYER - GENERAL COMMENT (2025-12-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II purchase. Comp factor: FICO.<br> BUYER - GENERAL COMMENT (2025-12-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-02): Exception waived. Updated approval provided in trailing documents approving exception missing reserve on a FTI. Comp factor, FICO.<br> BUYER - GENERAL COMMENT (2025-12-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-02): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100034 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - Debt service ratio issue<br> [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for seasoning < 12 months on borrower business entity. Comp factors: FICO.<br> Approved exception at origination for DSCR < 1.25x for investor traditional II purchase with loan > $500,000. Comp factors: Comp factors: FICO and seasoned business which is not supported as there is an exception for entity seasoning (as well as exception for FT investor).<br> Approved exception at origination for first time investor with LTV > 65% on investor traditional II purchase. Comp factors: FICO and seasoned business which is not supported as there is an exception for entity seasoning (as well as exception for FT investor).<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: FICO and seasoned business which is not supported as there is an exception for entity seasoning (as well as exception for FT investor). | BUYER - GENERAL COMMENT (2025-12-02): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for seasoning < 12 months on borrower business entity. Comp factors: FICO.<br> BUYER - GENERAL COMMENT (2025-12-02): Corrected UPloaded<br> REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for DSCR < 1.25x for investor traditional II purchase with loan > $500,000. Comp factors: Comp factors: FICO and seasoned business which is not supported as there is an exception for entity seasoning (as well as exception for FT investor).<br> BUYER - GENERAL COMMENT (2025-12-02): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for first time investor with LTV > 65% on investor traditional II purchase. Comp factors: FICO and seasoned business which is not supported as there is an exception for entity seasoning (as well as exception for FT investor).<br> REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: FICO and seasoned business which is not supported as there is an exception for entity seasoning (as well as exception for FT investor). | 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 | 2026-1-100035 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - Debt service ratio issue<br> [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for seasoning < 12 months for borrower entity. Comp factors: FICO and seasoned business which is not supported as there is a borrower entity seasoning exception and FT investor exception documented on the approval.<br> Approved exception at origination for DSCR < 1.20x for investor traditional 1 mixed use purchase with loan > $500,000. Comp factors: FICO and seasoned business which is not supported as there is a borrower entity seasoning exception and FT investor exception documented on the approval.<br> Approved exception at origination for first time investor with LTV > 65% on mixed use traditional I investor purchase. Comp factors: FICO and seasoned business which is not supported as there is a borrower entity seasoning exception and FT investor exception documented on the approval.<br> Approved exception at origination for missing VOR-primary; guarantor lies rent free. Comp factors: FICO and seasoned business which is not supported as there is a borrower entity seasoning exception and FT investor exception documented on the approval.<br> Approved exception at origination for missing leases on investor traditional 1 mixed use property with loan > $500k. Comp factors, FICO and seasoned business. | REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for seasoning < 12 months for borrower entity. Comp factors: FICO and seasoned business which is not supported as there is a borrower entity seasoning exception and FT investor exception documented on the approval.<br> REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for DSCR < 1.20x for investor traditional 1 mixed use purchase with loan > $500,000. Comp factors: FICO and seasoned business which is not supported as there is a borrower entity seasoning exception and FT investor exception documented on the approval.<br> REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for first time investor with LTV > 65% on mixed use traditional I investor purchase. Comp factors: FICO and seasoned business which is not supported as there is a borrower entity seasoning exception and FT investor exception documented on the approval.<br> REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for missing VOR-primary; guarantor lies rent free. Comp factors: FICO and seasoned business which is not supported as there is a borrower entity seasoning exception and FT investor exception documented on the approval.<br> BUYER - GENERAL COMMENT (2025-12-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-03): Approved exception at origination for missing leases on investor traditional 1 mixed use property with loan > $500k. 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 | 2026-1-100036 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100037 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for DSCR < 1.0x for owner user traditional 1 mixed use refinance with loan > $500k. Comp factor: seasoned business.<br> Approved exception at origination for incomplete VOM-subject missing several most recent months payment history . Comp factor: seasoned business. | BUYER - GENERAL COMMENT (2025-12-02): Corrected uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-03): Approved exception at origination for DSCR < 1.0x for owner user traditional 1 mixed use refinance with loan > $500k. Comp factor: seasoned business.<br> BUYER - GENERAL COMMENT (2025-12-02): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-03): Approved exception at origination for incomplete VOM-subject missing several most recent months payment history . Comp factor: seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100038 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for LTV > 75% on owner user traditional 1 mixed use purchase. Comp factors: FICO and reserves. | REVIEWER - WAIVED COMMENT (2025-11-21): Approved exception at origination for LTV > 75% on owner user traditional 1 mixed use purchase. 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 | 2026-1-100039 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for deferred maintenance > $25,000. Appraiser is considering the required water and sewage cost to hook up to the city (current has shared hook with adjacent property that had a common owner) as deferred maintenance. Comp factors: reserves and FICO. | REVIEWER - WAIVED COMMENT (2025-11-19): Approved exception at origination for deferred maintenance > $25,000. Comp factors: reserves and FICO.<br> REVIEWER - GENERAL COMMENT (2026-01-26): Seller comment-Purchase transaction. This property is in above average condition per the appraisal and no damages were reported. The deferred maintenance (considered in the value/ltv) is due to the required water and sewage cost to hook up to the city. At origination the property shared a water and sewer line with the adjacent property as they were under common ownership. VCC completed a 365 day holdback for $34,980 to cover the cost of connecting the subject to the town's water and sewer. The borrower is purchasing this office/warehouse property to operate their business out of. VCC expects the borrower to get the water/sewage transferred per the terms of their holdback agreement, and especially given the owner-user nature of the property. | 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 |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100040 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Incomplete VOM - subject; missing evidence of 12 months deposit receipts. | BUYER - GENERAL COMMENT (2025-12-02): Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-03): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOM. 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 | 2026-1-100041 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100042 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property | Approved exception at origination for subject property being 53.8% owner-occupied. Comp factors: LTV, DSCR, and guarantor support/reserves. | REVIEWER - WAIVED COMMENT (2025-11-20): Approved exception at origination for subject property being 53.8% owner-occupied. Comp factors: LTV, DSCR, and guarantor support/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.<br>The qualifying DSCR on the loan is greater than the guideline minimum. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100043 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Ineligible property<br> [2] General - Insufficient Hazard Insurance<br> [2] 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: LTV.<br> Approved exception at origination for override of statewide exclusion for 2-4 family property located in XX without UCC filings. Comp factor: LTV.<br> Wind deductible is > $25k.<br> Approved exception at origination for missing/incomplete VOM. Comp factors: LTV and seasoned investor<br> Approved exception at origination for missing leases on 2-4 family refinance. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-11-24): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-12-02): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-03): Approved exception at origination for override of statewide exclusion for 2-4 family property located in XX without UCC filings. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-12-02): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-03): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-11-24): Approved exception at origination for missing/incomplete VOM. Comp factors: LTV and seasoned investor<br> REVIEWER - WAIVED COMMENT (2025-11-24): Approved exception at origination for missing leases on 2-4 family refinance. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100044 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Deferred maintenance, kitchen wood floors in need of repairing/refinishing, peeling wallpaper in one bathroom, and ceiling of second floor has missing/water-stained tiles. | BUYER - GENERAL COMMENT (2025-12-02): Exception noted on uploaded approval for deferred maintenance<br> REVIEWER - GENERAL COMMENT (2025-12-03): Exception remains. No documents were uploaded.<br> BUYER - GENERAL COMMENT (2025-12-05): Exception noted on uploaded approval for deferred maintenance<br> REVIEWER - WAIVED COMMENT (2025-12-05): Exception waived. Updated approval provided in trailing documents approving exception for deferred maintenance. Comp factor, LTV. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. A |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100045 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100046 |  | XXXX | $XXX | XX | XX/XX/XXXX | 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 first time investor of 1-unit SFR purchase. Comp factors: FICO and LTV.<br> Proof of residency provided is expired. | REVIEWER - WAIVED COMMENT (2025-11-21): Approved exception at origination for first time investor of 1-unit SFR purchase. Comp factors: FICO and LTV.<br> BUYER - GENERAL COMMENT (2026-01-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-01-13): Exception waived. Updated approval provided in trailing documents approving exception for expired proof of residency. 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 | 2026-1-100047 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - The property is ineligible. | Approved exception at origination for rural property. Comp factors: LTV and DSCR. | REVIEWER - WAIVED COMMENT (2025-11-21): Approved exception at origination for rural property. 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 | 2026-1-100048 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy/missing lease. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-11-24): Approved exception at origination for 100% vacancy/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 | 2026-1-100049 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Credit Documentation - Missing lease Agreement<br> [2] General Appraisal Requirements - Subject is a refinance and property is listed for sale.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for 100% vacancy per appraisal/missing current lease (subsequently executed lease provided) Comp factors: seasoned investor and FICO.<br> Approved exception at origination for cash out on property held < 12 months using valuation exceeding original purchase price. Comp factors: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-11-21): Approved exception at origination for 100% vacancy per appraisal/missing current lease (subsequently executed lease provided) Comp factors: seasoned investor and FICO.<br> REVIEWER - WAIVED COMMENT (2025-11-24): Approved exception at origination for cash out on property held < 12 months using valuation exceeding original purchase price. Comp factors: seasoned investor and FICO. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing kitchen appliances (stove and refrigerator). File contains a LOE indicating intent to remedy (D0247) but no evidence of completion. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-14): Seller commentary: Per borrower LOE in file kitchen appliances would be installed post-close. While VCC has not confirmed the status of installation, it is expected that the borrower will fulfill their commitment so they can rent out the unit. Property condition considered in value/LTV. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100050 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Hurricane (wind) deductible > $25k.<br> 33% vacancy/ missing lease for 1 of 3 units being refinanced. | BUYER - GENERAL COMMENT (2025-12-08): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-09): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2025-12-08): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-09): Exception waived. Updated approval provided in trailing documents approving exception for missing lease/vacant. 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 | Bars on windows- there is a LOE in file (D0159) conveying borrower intent to remove but no evidence of completion. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-14): Seller commentary: XX.XX% LTV, property condition considered in value/LTV. Per borrower LOE bars would be removed and while VCC hasn't confirmed the status, it is expected that the borrower will fulfill their commitment to remove them. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100051 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] General - The property is ineligible. | Approved exception at origination for credit report aged > 60 days. Comp factor: LTV.<br> Approved exception at origination for rural property. Comp factors: LTV and DSCR. | REVIEWER - WAIVED COMMENT (2025-11-24): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-11-24): Approved exception at origination for rural property. Comp factors: LTV and DSCR. | 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 | 2026-1-100052 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing lease Agreement | 5% wind deductible is > $25k.<br> Approved exception at origination for credit report aged > 60 days. Comp factor; LTV<br> 23% vacancy/ missing lease for 1 of 4 units being refinanced. | BUYER - GENERAL COMMENT (2025-12-08): Excption noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-09): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-11-22): Approved exception at origination for credit report aged > 60 days. Comp factor; LTV<br> BUYER - GENERAL COMMENT (2025-12-08): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-09): Exception waived. Updated approval provided in trailing documents approving exception for missing lease/vacant. 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 | 2026-1-100053 |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Rate/Term |  | 3 | 1 |  |  |  | 3 | [3] AUS Discrepancy / Guidelines Discrepancy - Property is vacant | Approved exception at origination for 2 of 6 properties being vacant. Comp factor seasoned investor. | REVIEWER - WAIVED COMMENT (2025-12-05): Approved exception at origination for 2 of 6 properties being vacant. Comp factor seasoned investor. | 1 |  |  |  |  | Borrower's Experience/Track Record A |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100054 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Ineligible property<br> [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Rural property.<br> Approved exception at origination for credit report aged > 60 days. Comp factor: FICO.<br> Approved exception at origination for FTI with < 3 months P&I as reserves. Comp factor: FICO.<br> Approved exception at origination for incomplete VOR-primary; missing most recent monthly payment.. Comp factor: FICO. | BUYER - GENERAL COMMENT (2025-12-08): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2025-12-09): Exception remains. No exception for rural property listed on uploaded approval.<br> BUYER - GENERAL COMMENT (2025-12-12): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-12): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-11-24): Approved exception at origination for credit report aged > 60 days. Comp factor: FICO.<br> BUYER - GENERAL COMMENT (2025-12-08): the exception is for < 3 months reserves on a FT investor/buyer<br> REVIEWER - WAIVED COMMENT (2025-12-09): Approved exception at origination for FTI with < 3 months P&I as reserves. Comp factor: FICO.<br> REVIEWER - WAIVED COMMENT (2025-11-24): Approved exception at origination for incomplete VOR-primary; missing most recent monthly payment.. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100055 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100056 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100057 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor, seasoned investor.<br> Approved exception at origination for 100% vacancy/missing lease on refinance. Comp factor: seasoned investor. | BUYER - GENERAL COMMENT (2025-12-08): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-09): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-11-24): Approved exception at origination for 100% vacancy/missing lease on refinance. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100058 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor.<br> Approved exception at origination for rolling 60 days late on primary within 12 months. Comp factor: LTV.<br> Approved exception at origination for missing lease on refinance. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-11-24): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-11-24): Approved exception at origination for rolling 60 days late on primary within 12 months. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-11-24): Approved exception at origination for missing lease on refinance. Comp factors: LTV and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100059 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - LTV does not meet guidelines | Approved exception at origination for LTV >75% on SFR refinance. Comp factors: FICO and property condition. Unable to substantiate comp factor of property condition which is a non-quantitative trait. | REVIEWER - WAIVED COMMENT (2025-11-24): Approved exception at origination for LTV >75% on SFR refinance. Comp factors: FICO and property condition. Unable to substantiate comp factor of property condition which is a non-quantitative trait. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100060 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided) on 1-4 refinance. Comp factors: LTV and DSCR | REVIEWER - WAIVED COMMENT (2025-11-24): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided) on 1-4 refinance. 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 | 2026-1-100061 |  | XXXX | $XXX |  | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Unit owners policy reflects blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. | BUYER - GENERAL COMMENT (2025-12-08): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-09): Exception waived. Updated approval provided in trailing documents approving exception for blanket insurance. 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 | 2026-1-100062 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception art origination for missing special/broad form policy type. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-11-21): Approved exception art origination for missing special/broad form policy type. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100063 |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 1 |  |  |  | 3 | [3] AUS Discrepancy / Guidelines Discrepancy - Property is vacant<br> [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Address: XXXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for 1 of 6 properties being vacant. Comp factor seasoned investor.<br> Exterior siding falling off, this could result in water intrusion. In-house review has PTD repair of exterior siding. | REVIEWER - WAIVED COMMENT (2025-12-05): Approved exception at origination for 1 of 6 properties being vacant. Comp factor seasoned investor.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-15): Seller commentary: XX.XX% LTV. Current property condition considered in value/LTV. Real estate analyst called for UW PTD and while the status of the repair hasn't been confirmed, VCC expects the borrower to complete the repair. Given the low LTV on the loan, VCC felt comfortable proceeding. | 1 |  |  |  |  | Borrower's Experience/Track Record A |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100064 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for incomplete VOR-primary. Comp factors: seasoned business.<br> Approved exception at origination for 100% vacancy/missing lease. Comp factors: seasoned business.<br> Approved exception at origination for loan amount < $75,000. Comp factors: seasoned business. | BUYER - GENERAL COMMENT (2025-12-08): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-09): Approved exception at origination for incomplete VOR-primary. Comp factors: seasoned business.<br> BUYER - GENERAL COMMENT (2025-12-08): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-09): Approved exception at origination for 100% vacancy/missing lease. Comp factors: seasoned business.<br> BUYER - GENERAL COMMENT (2025-12-08): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-09): Approved exception at origination for loan amount < $75,000. Comp factors: seasoned business. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for Kitchen missing stove/oven. In-house review has PTD stove to be installed (not required in GA at time of origination). Comp factor, seasoned business. | BUYER - GENERAL COMMENT (2025-12-08): Exception noted on uploaded approval. The PTD requirement was waived by Sr. Management based on GA does not require landlords to provide a stove in rental properties.<br> REVIEWER - WAIVED COMMENT (2025-12-09): Approved exception at origination for Kitchen missing stove/oven. In-house review has PTD stove to be installed (not required in GA at time of origination). Comp factor, seasoned business. | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100065 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of$XX,XXXis less than guideline minimum loan amount of $75,000. | Approved exception at origination for rate and term refinance on property held < 12 months using VCC value versus original purchase price. Comp factors: seasoned investor and property condition. Unable to substantiate comp factor of property condition which is a non-quantitative trait.<br> Approved exception at origination for loan amount < $75,000. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-11-24): Approved exception at origination for rate and term refinance on property held < 12 months using VCC value versus original purchase price. Comp factors: seasoned investor and property condition. Unable to substantiate comp factor of property condition which is a non-quantitative trait.<br> REVIEWER - WAIVED COMMENT (2025-11-24): Approved exception at origination for loan amount < $75,000. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100066 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor: seasoned business.<br> Approved exception at origination for 'credit' (<2 active major tradelines). Comp factor: seasoned business.<br> Missing subject VOM for 2nd Open End Mortgage. | BUYER - GENERAL COMMENT (2025-12-08): Exception noted<br> REVIEWER - WAIVED COMMENT (2025-12-09): Approved exception at origination for FICO < 650. Comp factor: seasoned business.<br> BUYER - GENERAL COMMENT (2025-12-08): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-09): Approved exception at origination for 'credit' (<2 active major tradelines). Comp factor: seasoned business.<br> BUYER - GENERAL COMMENT (2025-12-08): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-09): Exception waived. Updated approval provided in trailing documents approving exception for missing VOM. Comp factor, seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100067 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Asset Calculation / Analysis - Guideline Requirement: Available for Reserves discrepancy.: Calculated Available for Reserves of is less than Guideline Available for Reserves of . | Approved exception at origination for 1) First Time Investor on 1 unit SFR and 2) FTI with LTV > 70%; Comp factors; FICO.<br> First Time investor with < 3 months P&I reserves. | BUYER - GENERAL COMMENT (2025-12-08): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-09): Approved exception at origination for 1) First Time Investor on 1 unit SFR and 2) FTI with LTV > 70%; Comp factors; FICO.<br> BUYER - GENERAL COMMENT (2025-12-08): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-09): Exception waived. Updated approval provided in trailing documents approving exception for no reserves for FTI. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100068 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXXis less than guideline minimum loan amount of $75,000.<br> [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for HOA master policy is missing unit number. Comp factor, reserves.<br> Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor: reserves.<br> Approved exception at origination for loan amount > $75,000. Comp factor: seasoned investor and other. Description of "other" comp factor not provided.<br> Approved exception at origination for cash out on property listed for sale within the last 6 months with prepayment penalty > 2 years. Comp factor, reserves. | BUYER - GENERAL COMMENT (2025-12-08): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-09): Approved exception at origination for HOA master policy is missing unit number. Comp factor, reserves.<br> Comment:<br> REVIEWER - WAIVED COMMENT (2025-11-24): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-11-24): Approved exception at origination for loan amount > $75,000. Comp factor: seasoned investor and other. Description of "other" comp factor not provided.<br> BUYER - GENERAL COMMENT (2025-12-08): Exception written<br> REVIEWER - WAIVED COMMENT (2025-12-09): Approved exception at origination for cash out on property listed for sale within the last 6 months with prepayment penalty > 2 years. Comp factor, reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100069 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Stairs to second floor missing handrails, Side entrance missing handrails and garage door is missing. LOI provided to repair the handrails for the second floor and side entrance; however, no proof provided that repairs were made. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-15): Seller commentary: Purchase transaction. Per borrower LOE the missing handrails would be installed in a timely manner post-close. VCC hasn't confirmed the status, but does expect the borrower to fulfill their obligation to complete the installations. | 1 |  |  |  |  | A |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100070 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided<br> [2] General - The property is ineligible. | Approved exception for First Time Investor on owner user traditional 1 mixed use with LTV >65%. Comp factor: FICO.<br> Missing BP disclosure for mixed use with individual borrower.<br> Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: FICO and reserves. | REVIEWER - WAIVED COMMENT (2025-11-21): Approved exception for First Time Investor on owner user traditional 1 mixed use with LTV >65%. Comp factor: FICO.<br> BUYER - GENERAL COMMENT (2026-01-06): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-01-06): Exception waived. Updated approval provided in trailing documents approving exception for missing BP disclosure. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-11-21): Approved exception at origination for override of statewide exclusion for traditional property type located in IL. 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 | 2026-1-100071 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<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 - Property has been listed for sale in the past 12 months. | Approved exception at origination for credit report pulled using incorrect date of birth. Comp factors: seasoned investor and seasoned business.<br> Approved exception for unpaid collection/ judgement > $25k on credit report. Comp factors: seasoned investor and seasoned business.<br> Approved exception for incomplete VOM-subject; missing monthly payment history (balloon note structure with regular payments not required). Comp factors: seasoned investor and seasoned business.<br> Approved exception at origination for 34% vacancy/ missing lease for 1 of 3 units. Comp factors: seasoned investor and seasoned business.<br> Approved exception for cash out on property listed within 6 months. Comp factors: seasoned investor and seasoned business. | REVIEWER - WAIVED COMMENT (2025-11-20): Approved exception at origination for credit report pulled using incorrect date of birth. Comp factors: seasoned investor and seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-11-20): Approved exception for unpaid collection/ judgement > $25k on credit report. Comp factors: seasoned investor and seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-11-20): Approved exception for incomplete VOM-subject; missing monthly payment history (balloon note structure with regular payments not required). Comp factors: seasoned investor and seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-11-20): Approved exception at origination for 34% vacancy/ missing lease for 1 of 3 units. Comp factors: seasoned investor and seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-11-20): Approved exception for cash out on property listed within 6 months. Comp factors: seasoned investor and seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100072 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for First Time Investor on investor traditional 1 mixed use with LTV >70%. Comp factor: reserves.<br> Approved exception at origination for Basic Form policy/coverage type. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-11-21): Approved exception at origination for First Time Investor on investor traditional 1 mixed use with LTV >70%. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-11-21): Approved exception at origination for Basic Form policy/coverage type. 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 | 2026-1-100073 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-11-24): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-11-24): Approved exception 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.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | In house review and appraisal indicate interior stairwell missing handrail, boarded basement windows, hanging wires at residential entrance, damaged wall heater, hanging smoke detector in residential unit, open wall exposed wiring above electrical panel in residential unit, and uncovered electrical panels. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-14): Seller commentary: XX.XX% LTV. VCC generally does not view missing the cited issues as material in terms of underwriting, especially given the low LTV on this loan. The appraiser didn't cite aXX major deferred maintenance but VCC does expect the borrower to complete aXX necessary repairs/updates to the 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. |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100074 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100075 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100076 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> Approved exception at origination for missing VOM-primary; mortgage held in spouse's name. Comp factors: LTV and seasoned business. | REVIEWER - WAIVED COMMENT (2025-11-21): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-11-21): Approved exception at origination for missing VOM-primary; mortgage held in spouse's name. Comp factors: LTV and seasoned business. | 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 | 2026-1-100077 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.20x for investor traditional I mixed use refinance with loan > $500,000. Comp factors: FICO and reserves. | REVIEWER - WAIVED COMMENT (2025-11-20): Approved exception at origination for DSCR < 1.20x for investor traditional I mixed use refinance with loan > $500,000. 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 | 2026-1-100078 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for 1)basic form policy/coverage type and 2)missing wind/hail coverage. Comp factors: seasoned investor and LTV. | REVIEWER - WAIVED COMMENT (2025-11-24): Approved exception at origination for 1)basic form policy/coverage type and 2)missing wind/hail coverage. Comp factors: seasoned investor and LTV. | 3 | [3] General - Subject is not in average or better condition.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> Fair | Approved exception at origination for $20k in deferred maintenance. Comp factor: LTV.<br> Mixed use property with the Retail units in average condition and the SFR in below average condition. SFR is missing floor coverings, rotted window sills to be replaced, significant peeling paint soffit, repair to exposed drain, mud room flooring repair. Combined costs estimated to cure the noted deficiencies is $20,000. | REVIEWER - WAIVED COMMENT (2025-11-24): Approved exception at origination for $20k in deferred maintenance. Comp factor: LTV. Mixed use property with the Retail units in average condition and the SFR in below average condition. SFR is missing floor coverings, rotted window sills to be replaced, significant peeling paint soffit, repair to exposed drain, mud room flooring repair. Combined costs estimated to cure the noted deficiencies is $20,000.<br> REVIEWER - GENERAL COMMENT (2026-01-26): Seller comment-XX.XX% LTV loan, current property condition is considered in the value/LTV. Per borrower LOE, they will be repairing the cited issues post-close. Property is habitable and while VCC hasn't confirmed the status of repairs, it's expected that the borrower will fulfill their commitment to complete repairs. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100079 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for basic form policy coverage type. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-11-20): Approved exception at origination for basic form policy coverage type. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100080 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for First Time Investor on owner user traditional 2 with LTV >65%. Comp factors: reserves and seasoned business. | REVIEWER - WAIVED COMMENT (2025-11-21): Approved exception at origination for First Time Investor on owner user traditional 2 with LTV >65%. 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 | 2026-1-100081 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Missing Hazard Insurance | Approved exception at origination for DSCR <1.0x for owner user traditional 2 property with loan > $750k. Comp factors: seasoned investor and reserves.<br> Approved exception at origination for premium not paid in full at closing- on payment plan, and waiver of insurance impounds. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-11-21): Approved exception at origination for DSCR <1.0x for owner user traditional 2 property with loan > $750k. Comp factors: seasoned investor and reserves.<br> BUYER - GENERAL COMMENT (2025-12-12): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-12): Approved exception at origination for premium not paid in full at closing- on payment plan, and waiver of insurance impounds. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100082 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100083 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100084 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; seasoned investor. | BUYER - GENERAL COMMENT (2025-12-09): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-09): 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 |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100085 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR <1.25x on investor traditional 2 refinance with loan> $500k. Comp factors: FICO and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-12-01): Approved exception at origination for DSCR <1.25x on investor traditional 2 refinance with loan> $500k. Comp factors: FICO and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100086 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.25x for investor traditional 2 refinance with loan > $500k. Comp factors: FICO and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-11-28): Approved exception at origination for DSCR < 1.25x for investor traditional 2 refinance with loan > $500k. Comp factors: FICO and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100087 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100088 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100089 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception: | Approved exception at origination for waiver of franchise agreement requirement (per Change Memo #2-1). Comp factors, FICO, principal's experience, and DSCR. | REVIEWER - WAIVED COMMENT (2025-11-21): Approved exception at origination for waiver of franchise agreement requirement (per Change Memo #2-1). Comp factors, FICO, principal's experience, and DSCR. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100090 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.15x. Comp factors: LTV, FICO, and guarantor support/liquidity/compaXX financial strength. | REVIEWER - WAIVED COMMENT (2025-11-21): Approved exception at origination for DSCR < 1.15x. Comp factors: LTV, FICO, and guarantor support/liquidity/compaXX 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 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 | 2026-1-100091 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100092 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for First time investor with LTV >70%. Comp factor, reserves. | REVIEWER - WAIVED COMMENT (2025-12-03): Approved exception at origination for First time investor with LTV >70%. Comp factor, reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100093 |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Ineligible property<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for cash out with less than 12 months value seasoning, used appraised value instead of original purchase price. Comp factors, seasoned investor.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned investor.<br> Approved exception at origination for missing lease/vacant property on a refinance. Comp factor, seasoned investor. | REVIEWER - WAIVED COMMENT (2025-12-03): Approved exception at origination for cash out with less than 12 months value seasoning, used appraised value instead of original purchase price. Comp factors, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-12-03): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned investor.<br> Comment:<br> REVIEWER - WAIVED COMMENT (2025-12-03): Approved exception at origination for missing lease/vacant property on a refinance. 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.: Address: XXXXXXXXX2 // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX<br> [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Address: XXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing handrail on front steps and basement window under porch is boarded up.<br> Electrical panel door setting on floor-installation of cover plate required and bedroom door needs to be hung. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-14): Seller commentary: VCC did not view as material in terms of underwriting; however, it is expected that the borrower will complete aXX necessary repairs/updates to the subject. Current property condition considered in value/LTV.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-14): Seller commentary: VCC did not view as material in terms of underwriting; however, it is expected that the borrower will complete aXX necessary repairs/updates to the subject. Current property condition considered in value/LTV. | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100094 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 1 |  |  |  | 3 | [3] General - Subject is not in average or better condition.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> C5<br> [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 | C5- fair/poor condition per appraisal with estimated cost to cure > $50k per supplemental addendum. Kitchen ceiling damage, bedroom ceiling damage, main bathroom shower not usable with mold, eave damage, and cellar floor covered in mud.<br> Kitchen ceiling damage, bedroom ceiling damage, main bathroom shower not usable with mold, eave damage, and cellar floor covered in mud. | REVIEWER - GENERAL COMMENT (2026-01-26): Seller comment-Seller commentary: XX.XX% LTV, appraisal made as-is and current property condition is considered in the value/LTV (including deferred maintenance). Ceiling damage cited (included in deferred maintenance), but no active leak and property/roof are structurally sound. Borrower submitted bids for mold remediation which were also considered in the value (this is included in the 46k deferred maintenance). Given the property condition VCC kept the LTV low. VCC expects the borrower to complete aXX necessary repairs/updates to the subject. Property is habitable and currently tenant occupied.<br> REVIEWER - GENERAL COMMENT (2026-01-26): Seller comment-Seller commentary: XX.XX% LTV, appraisal made as-is and current property condition is considered in the value/LTV (including deferred maintenance). Ceiling damage cited (included in deferred maintenance), but no active leak and property/roof are structurally sound. Borrower submitted bids for mold remediation which were also considered in the value (this is included in the 46k deferred maintenance). Given the property condition VCC kept the LTV low. VCC expects the borrower to complete aXX necessary repairs/updates to the subject. Property is habitable and currently tenant occupied. | 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 |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100095 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for expired credit report. Comp factor, LTV. | REVIEWER - WAIVED COMMENT (2025-11-28): Approved exception at origination for expired credit report. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100096 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines<br> [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] Credit Documentation - Missing Document: Credit Report not provided | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned business.<br> Approved exception at origination for unpaid collections/charge offs > $25,000. Comp factors: LTV and seasoned investor.<br> Approved exception at origination for > 1x30 days mortgage lates in the last 12 months. Comp factors: LTV and seasoned business.<br> Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and seasoned business. | REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned business<br> REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for unpaid collections/charge offs > $25,000. Comp factors: LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for > 1x30 days mortgage lates in the last 12 months. Comp factors: LTV and seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for credit report aged > 60 days. Comp factors: LTV 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.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects exposed electrical outlets, Interior window water damage, and missing prior light fixture or fan above a rusted curtain holder in the 2nd bathroom. Evidence of front walkway repair in file previously noted by appraiser. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-15): Seller commentary:XX.XX% LTV. Current property condition reflected in value/LTV. Property under renovation at the time of appraisal and a $22,000 cost-to-cure was factored in for the cosmetic repairs. The walkway presented as a H&S issue but the borrower provided proof of repair via photos. The status of the remaining updates has not been confirmed, but VCC expects the borrower to complete renovations. | 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. |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100097 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Guideline issue: Property type is not allowed per credit guidelines. | Approved exception at origination for rural property. Comp factor, LTV. | REVIEWER - WAIVED COMMENT (2025-11-28): Approved exception at origination for rural property. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100098 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] AUS Discrepancy / Guidelines Discrepancy - Loan amounts less than $75,000 are not permitted according to the guidelines<br> [2] Credit Documentation - Missing Document: Credit Report 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 FICO < 650. Comp factors, Strong Marketing Trends which cannot be substantiated, LTV.<br> Approved exception at origination for < 2 active open major tradelines. Comp factors, Strong Marketing Trends which cannot be substantiated, LTV.<br> Approved exception at origination for loan amount < $75,000. Comp factors, Strong Marketing Trends which cannot be substantiated, LTV.<br> Approved exception at origination for credit report expired. Comp factor, LTV.<br> Approved exception at origination for title seasoning less than 12 months. Comp factors, LTV and Seasoned Business. | REVIEWER - WAIVED COMMENT (2025-12-03): Approved exception at origination for FICO < 650. Comp factors, Strong Marketing Trends which cannot be substantiated, LTV.<br> Comment:<br> REVIEWER - WAIVED COMMENT (2025-12-03): Approved exception at origination for < 2 active open major tradelines. Comp factors, Strong Marketing Trends which cannot be substantiated, LTV.<br> REVIEWER - WAIVED COMMENT (2025-12-03): Approved exception at origination for loan amount < $75,000. Comp factors, Strong Marketing Trends which cannot be substantiated, LTV.<br> BUYER - GENERAL COMMENT (2025-12-10): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-10): Approved exception at origination for credit report expired. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-12-03): Approved exception at origination for title seasoning less than 12 months. Comp factors, LTV and Seasoned Business. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100099 |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | XXXXXXXXXXXXXX is < 500 square feet.<br> Approved exceptions at origination for 1) incomplete VOR-primary; partial pay history receipts to supplement VOM summary from private landlord, and 2) missing VOM-subject for 4 of 8 properties. Comp factors; LTV and FICO. | BUYER - GENERAL COMMENT (2025-12-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-10): Exception waived. Updated approval provided in trailing documents approving exception for property with < 500 square feet. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-12-03): Approved exceptions at origination for 1) incomplete VOR-primary; partial pay history receipts to supplement VOM summary from private landlord, and 2) missing VOM-subject for 4 of 8 properties. 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 | 2026-1-100100 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [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 Vacant property. Comp factors, Seasoned Investor and FICO.<br> Approved exception at origination for cash out with less than 12 months value seasoning, used appraised value instead of original purchase price. Comp factors, FICO and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-12-03): Approved exception at origination for Vacant property. Comp factors, Seasoned Investor and FICO.<br> REVIEWER - WAIVED COMMENT (2025-12-03): Approved exception at origination for cash out with less than 12 months value seasoning, used appraised value instead of original purchase price. Comp factors, FICO and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100101 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 1 |  |  |  | 3 | [3] AUS Discrepancy / Guidelines Discrepancy - Property is vacant | Approved exception at origination for vacant property. Comp factor seasoned investor and property condition which cannot be substantiated. | REVIEWER - WAIVED COMMENT (2025-12-03): Approved exception at origination for vacant property. Comp factor seasoned investor and property condition which cannot be substantiated. | 1 |  |  |  |  | Borrower's Experience/Track Record A |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100102 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy. Comp factor: Factor: LTV. | REVIEWER - WAIVED COMMENT (2025-12-01): Approved exception at origination for 100% vacancy. Comp factor: Factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100103 | XXXXXXXXXXX | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Miscellaneous - Credit Exception: | Approved exception at origination for collection accounts > $25,000. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for collection accounts > $25,000. Comp factor: LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Address: XXXXXXXXX XXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX<br> [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Address: XXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Property has foundation issues with soffit damage, several gaps at window with soffit damage, large obvious cracks in brick and mortar, damaged exterior storage closet door, and upstairs front right bedroom with utility sink installed in closet and bedroom setup as dining/kitchen. Hold back agreement in file for foundation and window panes only.<br> Appraiser noted overgrown vegetation by the roof which does appear to be causing some damage, front window needs repair, loose siding and trim, broken window pane, hole and peeling paint, missing light switch cover in the bathroom, cracked/damaged ceiling, and no permanent heat source. | REVIEWER - GENERAL COMMENT (2026-01-26): Seller Comment-Seller commentary: XX.XX% LTV. Property conditions considered in final value/LTV. Borrower is actively making updates to the subject properties (blanket loan) and per LOE would be using cashout proceeds towards making repairs. VCC completed a $37k, 90-day holdback, for the material repairs needed (XXXXXXXXX WINDOW PANE AND XXXXXXXXX - FOUNDATION) and otherwise expects the borrower to complete aXX necessary improvements to the properties. Properties are habitable, and will continue to be repaired. Regarding the foundation issues noted at XXXXXXXXX, The borrower provided an estimate from licensed compaXX for $24,000 The appraiser deducted the $24,000 cost to cure in the Quality of Construction. The foundation issue is impacting some of the windows as well, creating large gaps/cracks between the exterior frame and brick. VCC felt comfortable proceeding with the loan as the foundation issue was accounted for in the appraised value and is expected to be remedied within 90-days post-cose per the terms of the holdback agreement.<br> REVIEWER - GENERAL COMMENT (2026-01-26): Seller comment-Seller commentary: XX.XX% LTV. Property conditions considered in final value/LTV. Borrower is actively making updates to the subject properties (blanket loan) and per LOE would be using cashout proceeds towards making repairs. VCC completed a $37k, 90-day holdback, for the material repairs needed (XXXXXXXXX WINDOW PANE AND XXXXXXXXX - FOUNDATION) and otherwise expects the borrower to complete aXX necessary improvements to the properties. Properties are habitable, and will continue to be repaired. Regarding the foundation issues noted at XXXXXXXXX, The borrower provided an estimate from licensed compaXX for $24,000 The appraiser deducted the $24,000 cost to cure in the Quality of Construction. The foundation issue is impacting some of the windows as well, creating large gaps/cracks between the exterior frame and brick. VCC felt comfortable proceeding with the loan as the foundation issue was accounted for in the appraised value and is expected to be remedied within 90-days post-close per the terms of the holdback agreement. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100104 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - FICO below 650<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] General - Insufficient Hazard Insurance<br> [2] AUS Discrepancy / Guidelines Discrepancy - Loan amounts less than $75,000 are not permitted according to the guidelines<br> [2] General - Missing Document: Lease Agreement not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor, LTV.<br> No open tradelines reported on credit. Pay history for 1 loan in file.<br> Approved exception at origination for basic form policy type. Comp factor, LTV.<br> Approved exception at origination for loan amount < $75,000. Comp factor, LTV.<br> Approved exception at origination for vacant property on a refi. Comp factor LTV.<br> Missing VOM-subject. | BUYER - GENERAL COMMENT (2025-12-10): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-10): Approved exception at origination for FICO < 650. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2025-12-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-10): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2025-12-10): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-10): Approved exception at origination for basic form policy type. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-12-03): Approved exception at origination for loan amount < $75,000. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-12-03): Approved exception at origination for vacant property on a refi. Comp factor LTV.<br> BUYER - GENERAL COMMENT (2025-12-30): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing VOM. Comp factor, LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing electrical outlet covers in bathroom, missing tile in main bathroom (being renovated), incomplete shower enclosure in main bathroom, and missing stove in kitchen. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-15): Seller commentary: XX.XX% LTV, current property condition considered in value/LTV. Per borrower LOE in file cash-out proceeds will be used towards renovations for the subject property. Property under renovation at the time of origination, and while the status of repairs has not been confirmed, VCC expects that the borrower will fulfill their commitment to finish renovations. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100105 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property<br> [2] General - Missing Document: Comparable Rent Schedule not provided<br> [2] General - Missing Document: Lease Agreement not provided | Rural property.<br> Appraisal indicates schedule not provided due to property being rural with no rentals available for schedule.<br> Missing the lease agreement/vacant property on refinance. | BUYER - GENERAL COMMENT (2025-12-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-10): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, FICO.<br> BUYER - GENERAL COMMENT (2025-12-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-10): Exception waived. Updated approval provided in trailing documents approving exception for missing rental comps. Comp factor, FICO.<br> BUYER - GENERAL COMMENT (2025-12-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-10): Exception waived. Updated approval provided in trailing documents approving exception for missing lease/vacant property. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100106 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] General - LTV does not meet guidelines<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 Insurance premium not paid in full at closing; payment plan in place. Comp factor seasoned investor.<br> Approved exception at origination for cash out with less than 12 months value seasoning, using appraised value versus original purchase price (forced sale). Comp factors, reserves.<br> Approved exception at origination for lease missing tenant name and signature. Comp factor reserves.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, reserves. | REVIEWER - WAIVED COMMENT (2025-12-09): Approved exception at origination for Insurance premium not paid in full at closing; payment plan in place. Comp factor seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-12-09): Approved exception at origination for cash out with less than 12 months value seasoning, using appraised value versus original purchase price (forced sale). Comp factors, reserves.<br> REVIEWER - WAIVED COMMENT (2025-12-09): Approved exception at origination for lease missing tenant name and signature. Comp factor reserves.<br> REVIEWER - WAIVED COMMENT (2025-12-09): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, 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 | 2026-1-100107 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for missing lease/vacant on a refi. Comp factor, LTV. | BUYER - GENERAL COMMENT (2025-12-10): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-10): Approved exception at origination for missing lease/vacant on a refi. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100108 |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Blanket liability coverage without required endorsement for full coverage amount applicable to each covered location.<br> Approved exception at origination for 100% vacancy per appraisal for both units being refinanced (active lease provided for 1 of 2 and subsequently executed lease provided for the other). Comp factor: FICO. | BUYER - GENERAL COMMENT (2025-12-10): Blanket Policy Endorsement<br> REVIEWER - WAIVED COMMENT (2025-12-10): Exception waived. Updated approval provided in trailing documents approving exception for blanket insurance missing endorsement. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-12-04): Approved exception at origination for 100% vacancy per appraisal for both units being refinanced (active lease provided for 1 of 2 and subsequently executed lease provided for the other). Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100109 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for < 2 active major tradelines on credit report. Comp factor; FICO.<br> Incomplete VOR-primary; missing 12 months pay history receipts to supplement VOR summary from private landlord. | REVIEWER - WAIVED COMMENT (2025-12-04): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor; FICO.<br> BUYER - GENERAL COMMENT (2025-12-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-10): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOR-primary. Comp factor, FICO. | 2 | [2] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for health and safety issues noted on appraisal. 1 bathroom gutted and taken down to studs and missing bedroom flooring. Comp factor, signed hold back agreement and reflected on the HUD. | REVIEWER - WAIVED COMMENT (2025-12-04): Approved exception at origination for health and safety issues noted on appraisal. 1 bathroom gutted and taken down to studs and missing bedroom flooring. Comp factor, signed hold back agreement and reflected on the HUD.<br> REVIEWER - GENERAL COMMENT (2025-12-16): Regraded to 2/B due to holdback and the holdback agreement for the damage in the file.<br> REVIEWER - GENERAL COMMENT (2026-01-26): Seller comment-VCC completed a $10k, 90-day holdback to cover the rehab of the bathroom and to install bedroom carpet. Appraisal made as-is and current property condition is considered in value/LTV. | 1 |  |  |  |  | Evidence of Escrow Holdback in file.<br>The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | B |
| XXXX | XXXX | 2026-1-100110 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for Wind/Hail deductible 5%., Comp factor,FICO. | BUYER - GENERAL COMMENT (2025-12-17): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-18): Approved exception at origination for Wind/Hail deductible 5%., Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100111 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100112 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for basic form policy coverage type. Comp factor, LTV. | BUYER - GENERAL COMMENT (2025-12-10): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-10): Approved exception at origination for basic form policy coverage type. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100113 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100114 |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100115 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy/missing lease. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for 100% vacancy/missing lease. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100116 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 1 |  |  |  | 3 | [3] AUS Discrepancy / Guidelines Discrepancy - Property is vacant | Approved exception at origination for vacant property. Comp factor LTV and market trends which cannot be substantiated. | REVIEWER - WAIVED COMMENT (2025-12-03): Approved exception at origination for vacant property. Comp factor LTV and market trends which cannot be substantiated. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. A |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100117 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor, LTV. | BUYER - GENERAL COMMENT (2025-12-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-11): Approved exception at origination for loan amount < $75,000. Comp factor, LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | No kitchen appliances noted, appraiser states kitchen is not functional without a stove. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-15): Seller commentary: XX.XX% LTV, current property condition considered in value/LTV. Per borrower LOE in file, cash-out proceeds will be used towards making minor renovations and buying new kitchen appliances in preparation for the new tenants. VCC hasn't confirmed the status of repairs, but expects that the borrower will fulfill their obligation and bring the property to a rentable condition. | 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 | 2026-1-100118 |  | XXXX | $XXX |  | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] General - LTV does not meet guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Blanket liability coverage without required endorsement for full coverage amount applicable to each covered location (email from agent as EOI- ref D0397)<br> Approved exception at origination for LTV > 70% on loan with balance > $1,000,000. Comp factors: reserves, and seasoned investor.<br> Approved exception at origination for incomplete VOR-primary; missing 12 months pay history receipts to supplement VOR summary from private landlord. Comp factors: reserves, and seasoned investor. | BUYER - GENERAL COMMENT (2025-12-10): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-11): Exception waived. Updated approval provided in trailing documents approving exception for blanket insurance missing endorsement. Comp factor, FICO.<br> BUYER - GENERAL COMMENT (2025-12-10): Exception is valid. Per rate sheet Loans >1 MM max LTV is 70%<br> REVIEWER - WAIVED COMMENT (2025-12-11): Approved exception at origination for LTV > 70% on loan with balance > $1,000,000. Comp factors: reserves, and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-12-03): Approved exception at origination for incomplete VOR-primary; missing 12 months pay history receipts to supplement VOR summary from private landlord. Comp factors: reserves, and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100119 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100120 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photo shows the Electrical Panel is blocked by bed (was not able to inspect), missing handrail on front steps and side door steps. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-15): Seller commentary: Current property condition considered in value/LTV. Borrower is a seasoned investor and per LOE in file has stated that cash-out proceeds will be used towards updating the subject property. While VCC generally does not view missing handrails/electric panels as material in terms of underwriting it is expected that the borrower will complete aXX necessary updates to the subject property. | 1 |  |  |  |  | A |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100121 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> Incomplete verification from private lender, missing 12 months cancelled checks. | REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-12-11): Excption noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-11): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOM. 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 | Rear wood deck needs boards to be installed, fascia needs painting, overgrowth and downed fence, two bedrooms and one bath are incomplete: missing flooring, door and jamb, stairway, baseboard, window, and door trim not complete with bathroom gutted. No proof of completion provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-15): Seller commentary: XX.XX% LTV, current property condition considered in value/LTV. Per borrower LOE cash-out proceeds will be used towards renovating the subject property. Borrower has recently renovated the kitchen/roof/siding/windows, and was actively renovating the subject at the time of origination. The status of repairs has not been confirmed, but it is expected that the borrower will complete them. | 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 | 2026-1-100122 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines<br> [2] General - Ineligible property<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] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor, LTV and DCR.<br> Approved exception at origination for < 2 active open major tradelines. Comp factors LTV and DCR.<br> Approved exception at origination for Chargeoff >$25,000. Comp factor LTV and DCR.<br> Approved exception at origination for cash out with less than 12 months value seasoning, used appraised value instead of original purchase price. Comp factors, LTV and DCR.<br> Approved exception at origination for expired credit report; extension provided. Comp factor LTV and DCR.<br> Approved exception at origination for incomplete VOM-subject missing proof of payment. Comp factors, LTV and DCR.<br> Approved exception at origination for VOR-primary; Missing rating. Comp factors LTV and DCR. | REVIEWER - WAIVED COMMENT (2025-11-28): Approved exception at origination for FICO < 650. Comp factor, LTV and DCR.<br> REVIEWER - WAIVED COMMENT (2025-11-28): Approved exception at origination for < 2 active open major tradelines. Comp factors LTV and DCR.<br> REVIEWER - WAIVED COMMENT (2025-11-28): Approved exception at origination for Charge off >$25,000. Comp factor LTV and DCR.<br> REVIEWER - WAIVED COMMENT (2025-11-28): Approved exception at origination for cash out with less than 12 months value seasoning, used appraised value instead of original purchase price. Comp factors, LTV and DCR.<br> REVIEWER - WAIVED COMMENT (2025-11-28): Approved exception at origination for expired credit report; extension provided. Comp factor LTV and DCR.<br> REVIEWER - WAIVED COMMENT (2025-11-28): Approved exception at origination for incomplete VOM-subject missing proof of payment. Comp factors, LTV and DCR.<br> REVIEWER - WAIVED COMMENT (2025-11-28): Approved exception at origination for VOR-primary; Missing rating. Comp factors LTV and DCR. | 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 | 2026-1-100123 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for deferred maintenance > $25,000. Comp factor, Hold back Agreement signed for roof replacement.<br> 5% wind/hail deductible exceeds $25k.<br> Approved exception at origination for 48.5% vacancy per appraisal (subsequently executed MTM leases provided in file for 9 of 11 units). Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-12-03): Approved exception at origination for deferred maintenance > $25,000. Comp factor, Hold back Agreement signed for roof replacement.<br> BUYER - GENERAL COMMENT (2025-12-11): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-11): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-12-01): Approved exception at origination for 48.5% vacancy per appraisal (subsequently executed MTM leases provided in file for 9 of 11 units). Comp factor: LTV. | 2 | [2] General - Subject is not in average or better condition.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> Fair | Subject property in below average/fair condition. Condition is based on significant deferred maintenance such as roof and ceiling repairs need from storm damage. | REVIEWER - WAIVED COMMENT (2025-12-03): Approved exception at origination for property condition less than average. Comp factor, holdback for required repairs in file.<br> REVIEWER - GENERAL COMMENT (2025-12-16): Regraded due to holdback and the holdback agreement for the damage in the file. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Evidence of Escrow Holdback in file.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | B |
| XXXX | XXXX | 2026-1-100124 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Missing wind/hail coverage.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: FICO. | BUYER - GENERAL COMMENT (2025-12-11): Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-11): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-12-01): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100125 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Missing Document: Lease Agreement not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and reserves.<br> Approved exception at origination for 33% vacancy/ missing lease for 1 of 3 units being refinanced. Comp factors: seasoned investor and reserves.<br> Approved exceptions at origination for 1) Missing VOR-primary; borrower lives rent free and 2) incomplete VOM-subject: missing pay history receipts to supplement VOM summary from private lender. Comp factors: seasoned investor and reserves. | REVIEWER - WAIVED COMMENT (2025-11-29): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and reserves.<br> REVIEWER - WAIVED COMMENT (2025-11-29): Approved exception at origination for 33% vacancy/ missing lease for 1 of 3 units being refinanced. Comp factors: seasoned investor and reserves.<br> REVIEWER - WAIVED COMMENT (2025-11-29): Approved exceptions at origination for 1) Missing VOR-primary; borrower lives rent free and 2) incomplete VOM-subject: missing pay history receipts to supplement VOM summary from private lender. 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 | 2026-1-100126 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> Cash out on a property listed within recent 6 months. | REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-12-11): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-11): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100127 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Missing borrower name and unit number on master HOA policy. | REVIEWER - GENERAL COMMENT (2026-01-07): New exception as a result of master HOA policy provided. Client comment indicated an updated approval was provided approving this exception. No exception listed on the approval provided.<br> BUYER - GENERAL COMMENT (2026-01-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-01-13): Exception waived. Updated approval provided in trailing documents approving exception for HOA master policy not included address and borrower name. 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 | 2026-1-100128 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100129 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - LTV does not meet guidelines | Approved exception at origination for DSCR < 1.20x for investor traditional 1 mixed use refinance with loan > $750k. Comp factor: reserves.<br> Approved exception at origination for LTV > 70% of rate/term refinance of investor traditional 1 mixed use with loan amount > $1,000,000. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for DSCR < 1.20x for investor traditional 1 mixed use refinance with loan > $750k. Comp factor: reserves.<br> BUYER - GENERAL COMMENT (2025-12-11): Per VCC rate sheet there is a 5% LTV reduction for loan amount >1MM. Exception is valid<br> REVIEWER - WAIVED COMMENT (2025-12-11): Approved exception at origination for LTV > 70% of rate/term refinance of investor traditional 1 mixed use with loan amount > $1,000,000. 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 | 2026-1-100130 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Missing $2mm gen aggregate liability coverage. | BUYER - GENERAL COMMENT (2025-12-11): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-12): Exception waived. Updated approval provided in trailing documents approving exception for aggregate liability coverage. 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 | 2026-1-100131 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 3 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II. Comp factors: reserves and seasoned business.<br> HOA master policy is missing subject property address (Street number/unit). | REVIEWER - WAIVED COMMENT (2025-12-01): Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II. Comp factors: reserves and seasoned business.<br> BUYER - GENERAL COMMENT (2025-12-11): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-12): Exception waived. Updated approval provided in trailing documents approving exception for missing address and borrower's name on the master HOA insurance policy. Comp factor, FICO. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects damage to exterior wall and window due to a car crashing into the front wall. Estimated costs to cure $9,177. Seller indicated would pay for it before close. No proof of repair provided. | BUYER - GENERAL COMMENT (2025-12-11): Exception noted for deferred maintenance (appraisal states as deferred maintenance)<br> REVIEWER - WAIVED COMMENT (2025-12-12): Exception waived. Updated approval provided in trailing documents approving exception for broken window/front wall damage due to car crashing into front wall. Comp factor, FICO and appraiser calling it deferred maintenance. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100132 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception for missing VOR-primary; borrower lives rent free. Comp factors: FICO and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-11-29): Approved exception for missing VOR-primary; borrower lives rent free. Comp factors: FICO and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100133 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for First Time Investor on owner user traditional 2 with LTV > 65%. Comp factors: reserves and FICO. | REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for First Time Investor on owner user traditional 2 with LTV > 65%. Comp factors: reserves and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100134 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Missing EOI for liability coverage.<br> Approved exceptions at origination for 1) incomplete VOM- subject; missing pay history receipts to supplement VOM summary from private lender, and 2) missing VOR-primary; guarantor lives rent fee. Comp factors: FICO and seasoned business. | BUYER - GENERAL COMMENT (2025-12-30): uploaded confirmation from agent of 1 MM coverage. Also uploaded updated approval with exception noted for 1MM coverage and no aggregate<br> REVIEWER - WAIVED COMMENT (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing aggregate liability coverage amount. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-12-01): Approved exceptions at origination for 1) incomplete VOM- subject; missing pay history receipts to supplement VOM summary from private lender, and 2) missing VOR-primary; guarantor lives rent fee. 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 | 2026-1-100135 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] General - Insufficient Flood insurance<br> [2] General - Insufficient Flood insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for Credit (< 2 active major tradelines on credit report). Comp factors: LTV and reserves.<br> EOI for flood is missing lender as loss payee.<br> Flood Insurance $10k deductible is > 2% of coverage amount.<br> Missing VOR/VOM- primary; mortgage held in spouse's name.<br> Approved exception at origination for 51% vacancy/ missing leases. Comp factors: LTV and reserves. | REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for Credit (< 2 active major tradelines on credit report). Comp factors: LTV and reserves.<br> BUYER - GENERAL COMMENT (2025-12-30): Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing loss payee. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2025-12-11): Exception noted on uploaded approval for #1. Pending corrected policy for #2<br> BUYER - GENERAL COMMENT (2025-12-11): Exception noted on uploaded approval for #1. Pending #2<br> REVIEWER - WAIVED COMMENT (2025-12-12): Exception waived. Updated approval provided in trailing documents approving exception for flood insurance deductible. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2025-12-11): Exception noted om uploaded approval<br> REVIEWER - GENERAL COMMENT (2025-12-12): Exception remains. Updated approval reflects the exception as approved, but no comp factor provided.<br> BUYER - GENERAL COMMENT (2025-12-30): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR/VOM-primary. Comp factors, DSCR and LTV.<br> REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for 51% vacancy/ missing leases. Comp factors: LTV and reserves. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects 1 unit has been taken down to the studs (in shell condition). Estimated amount to complete $30,000. No proof of completion provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-15): Seller commentary: Appraisal made as-is and current property condition is reflected in the value/LTV. Property under renovation at the time of origination and borrower had permits posted in the window for the renovation of unit 202. Borrower recently renovated the other units and VCC expects them to complete the renovations (already underway) for unit 202. VCC did not view the active renovation as material to underwriting as the borrower is a seasoned investor with strong reserves and has been continuously renovating the subject property. | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The qualifying DSCR on the loan is greater than the guideline minimum. |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100136 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - The property is ineligible. | Incomplete VOR-primary, private party verification missing canceled checks.<br> Approved exception at origination for LTV > 70% on a Trad II. Comp factors, seasoned business and other (unable to determine other). | BUYER - GENERAL COMMENT (2025-12-11): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-12): Exception waived. Updated approval provided in trailing documents approving incomplete VOR-primary. Comp factor, seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-12-04): Approved exception at origination for LTV > 70% on a Trad II. Comp factors, seasoned business and other (unable to determine other). | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100137 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100138 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100139 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Hazard Insurance<br> [2] General - Property has been listed for sale in the past 12 months. | Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: LTV.<br> Cash out on property listed within recent 6 months. | REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-12-11): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-12): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100140 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for DSCR < 1.25x for investor traditional II refinance with loan > $500,000. Comp factor: LTV.<br> Approved exception at origination for Incomplete lease (not executed) on traditional 2 refinance with loan > $500k. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for DSCR < 1.25x for investor traditional II refinance with loan > $500,000. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for Incomplete subject lease (not executed) on traditional 2 refinance with loan > $500k. 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 | 2026-1-100141 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Ineligible property<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for override of statewide exclusion for traditional property type located in MI. Comp factor: reserves.<br> Approved exception at origination for incomplete VOR-primary; missing 12 months pay history receipts to supplement VOR summary from private landlord. Comp factor; reserves. | REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for override of statewide exclusion for traditional property type located in XX. Comp factor: reserves.<br> BUYER - GENERAL COMMENT (2025-12-11): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-12): Approved exception at origination for incomplete VOR-primary; missing 12 months pay history receipts to supplement VOR summary from private landlord. Comp factor; reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100142 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100143 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100144 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | 1) 7.5% wind deductible is > 5% and $25k, and 2) missing $2mm gen aggregate liability coverage.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; seasoned investor. | BUYER - GENERAL COMMENT (2025-12-11): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-12): Exception waived. Updated approval provided in trailing documents approving exception for deductible and missing 2mm aggregate liability. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100145 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for incomplete VOR- primary; missing most recent monthly pay history receipt. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception at origination for incomplete VOR- primary; missing most recent monthly pay history receipt. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100146 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Hazard Insurance | Premium not paid in full at closing- on payment plan. | BUYER - GENERAL COMMENT (2025-12-11): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-12): Exception waived. Updated approval provided in trailing documents approving exception for insurance on a payment plan. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100147 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOM-primary; recent acquisition. Comp factors: reserves and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-12-03): Approved exception at origination for missing VOM-primary; recent acquisition. Comp factors: reserves and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100148 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - AUS Findings: Reverified Investor qualifying total debt ratio discrepancy.: Calculated Reverified investor qualifying total debt ratio of exceeds AUS total debt ratio of .<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for DSCR < 1.0x for owner user traditional 2 refinance with loan > $500k. Comp factors: reserves and FICO.<br> 1) missing EOI for liability coverage and 2) 5% all perils deductible is > $10k. | REVIEWER - WAIVED COMMENT (2025-12-03): Approved exception at origination for DSCR < 1.0x for owner user traditional 2 refinance with loan > $500k. Comp factors: reserves and FICO.<br> BUYER - GENERAL COMMENT (2025-12-11): Exception noted on uploaded approval<br> BUYER - GENERAL COMMENT (2025-12-11): Please disregard. The document uploaded is for a different file.<br> REVIEWER - GENERAL COMMENT (2025-12-12): Exception remains. Disregarding document and sending back to client.<br> BUYER - GENERAL COMMENT (2025-12-30): Exception noted on uploaded approval<br> BUYER - GENERAL COMMENT (2025-12-30): Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO. Exception cleared for liability coverage. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100149 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Missing $2mm gen aggregate liability coverage.<br> Approved exception for loan < $100k on traditional property type. Comp factor: LTV. | BUYER - GENERAL COMMENT (2025-12-11): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-12): Exception waived. Updated approval provided in trailing documents approving exception for liability coverage. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-12-02): Approved exception for loan < $100k on traditional property type. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100150 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100151 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100152 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100153 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 1 |  |  |  | 3 | [3] AUS Discrepancy / Guidelines Discrepancy - Property is vacant | Approved exception at origination for vacant property on a refinance. Comp factor LTV and FICO. | REVIEWER - WAIVED COMMENT (2025-12-05): Approved exception at origination for vacant property on a refinance. Comp factor LTV and FICO. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. A |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100154 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Noted in the in-house review and visible in the appraisal pictures, furnace cover not installed and considered a safety issue. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-14): Seller commentary: Per borrower LOE cash-out proceeds will be used towards repairing/renovating the subject property. Per the appraisal photos, it appeared that the furnace cover was removed and placed to the side for photos, and was not cited as a health and safety item per the appraisal. VCC did not view as material in terms of underwriting, but it is expected that the borrower will complete aXX necessary repairs/updates to the subject property. | 1 |  |  |  |  | A |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100155 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Unit 2 bedroom ceiling damage due to water leak. Appraiser states that there was no apparent active leak noted. | REVIEWER - GENERAL COMMENT (2026-01-15): Exception remains. Comment updated to reflect actual damage and what the appraiser indicated.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-20): Seller commentary: Appraisal made as-is and current property condition considered in value/LTV. No active leak confirmed and VCC did not view the ceiling tile damage as material in terms of underwriting. It is VCC's expectation that the borrower will complete aXX necessary repairs/updates to the subject property.<br> REVIEWER - GENERAL COMMENT (2026-01-23): Comment: Unit 2 has water damaged ceiling tiles in one of the bedrooms. Appraiser states that there was no apparent active leak noted, the drop ceiling tiles are damaged. | 1 |  |  |  |  | A |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100156 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Hazard Insurance | Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2025-12-10): 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 | 2026-1-100157 | XXXXXXXXXXX | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - FICO below 650<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Miscellaneous - Reverification of rent is inconsistent with original VOR | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> .Approved exception at origination for 'Credit' (<2 active major tradelines on credit report). Comp factor: LTV.<br> Approved exception for missing VOR-primary; borrower lives rent free. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-12-10): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-12-10): .Approved exception at origination for 'Credit' (<2 active major tradelines on credit report). Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-12-10): Approved exception for missing VOR-primary; borrower 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.: Address: XXXXXXXXXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX<br> [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Address: XXXXXXXXXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing handrail on front steps with 4 or more risers.<br> Bars without quick release on 2nd floor bedroom window. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-14): Seller commentary: XX.XX% LTV. Current property condition considered in value/LTV. Front steps are four risers high and VCC generally doesn't view missing handrails as material in terms of underwriting. It is still expected that the borrower will make aXX necessary repairs/updates to the property.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-14): Seller commentary: XX.XX% LTV, property condition considered in value/LTV. VCC did not view as material in terms of underwriting, but it is expected that the borrower will complete aXX necessary updates/repairs to the subject property. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100158 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000.<br> [2] General Appraisal Requirements - Subject is a refinance and property is listed for sale.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for loan <$75,000. Comp factor; LTV.<br> Cash out on property listed within recent 6 months. | BUYER - GENERAL COMMENT (2025-12-12): Corrected Uploaded<br> REVIEWER - GENERAL COMMENT (2025-12-12): Exception remains. Uploaded approval did not provide a comp factor for this exception.<br> BUYER - GENERAL COMMENT (2025-12-30): Corrected uploaded<br> REVIEWER - GENERAL COMMENT (2025-12-31): Exception remains. Exception for loan amount does not have a comp factor.<br> BUYER - GENERAL COMMENT (2025-12-31): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-01-02): Approved exception at origination for loan <$75,000. Comp factor; LTV.<br> BUYER - GENERAL COMMENT (2025-12-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-12): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, LTV. | 2 | [2] General Appraisal Requirements - The appraisal revealed property damage. | Appraisal indicates dampness in basement without verified source. | BUYER - GENERAL COMMENT (2025-12-19): Corrected Appraisal uploaded<br> BUYER - GENERAL COMMENT (2025-12-19): Corrected UPloaded<br> REVIEWER - GENERAL COMMENT (2025-12-19): Exception remains. Pictures have been provided; however, damage remains.<br> REVIEWER - GENERAL COMMENT (2026-01-26): Seller comment-XX.XX% LTV, property condition considered in value/LTV. Dampness observed in basement, but no standing water/active leak cited. The appraiser didn't cite a cost-to-cure. While the source of the water was not confirmed, VCC did not view this as material in terms of underwriting, especially given the low LTV. Basement is not an occupied space in the property. It is expected that the borrower will complete aXX necessary updates/repairs to the property. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | B |
| XXXX | XXXX | 2026-1-100159 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - LTV does not meet guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for LTV > 70% on SFR purchase with loan > $1mm. Comp factors: reserves and FICO.<br> Approved exception at origination for incomplete VOM-primary; missing proof of payment for 1 of 12 most recent months. Comp factors: seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2025-12-10): Approved exception at origination for LTV > 70% on SFR purchase. Comp factors: reserves and FICO.<br> REVIEWER - WAIVED COMMENT (2025-12-10): Approved exception at origination for incomplete VOM-primary; missing proof of payment for 1 of 12 most recent months. Comp factors: seasoned investor and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100160 | XXXXXXXXXXX | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Missing Document: Lease Agreement not provided<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000.<br> [2] General - Property has been listed for sale in the past 12 months. | Missing lease for 1 of 2 units in 1 of 2 subject properties being refinanced. (missing 1 of 2 leases for XXXX)<br> Approved exception at origination for loan < $75k. Comp factor: LTV.<br> Cash out on property listed within 6 months (502 is currently listed for sale per appraisal. Listing cancellation not provided). | BUYER - GENERAL COMMENT (2025-12-19): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-19): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-12-10): Approved exception at origination for loan < $75k. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-12-19): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-19): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, LTV. | 3 | [3] General - Subject is not in average or better condition. | In-house appraisal review indicates property is in below average condition. This is a 1 unit SFR borrower is renting to 3 different parties. Per appraiser the living room and dining room have been enclosed and made into separate living quarters, doors were locked and appraiser was unable to view (borrower provided pictures). Finished basement was used as an efficiency apartment with partial bathroom located in the unfinished area not directly attached to the finished area, area considered a den and not an apartment. Exterior overgrowth needs removing, garage in disrepair, roof at end of expected life, and rear balconies/porch in need of wood replacement. | REVIEWER - GENERAL COMMENT (2026-01-26): Seller comment-Seller commentary: XX.XX% LTV, current property condition considered in value/LTV. Per borrower LOE, cash-out proceeds will be used towards renovating the subject properties. VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment. Regarding the living room/dining room - per the appraiser - these were made into bedrooms with doors, but are still considered a living room and dining room and not bedrooms officially. Regarding the vacant basement, this room is essentially a den with a wet bar (per appraiser), and if appliances (free standing electric range/refridgerator) removed a this is a room with a sink. The appraiser didn't cite aXXthing about missing permits or a cost to "convert" the property back to an SFR because the property is still an SFR. No major changes were made to the property, moreso to how the property is being used/rented. Not a code violation | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100161 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for missing HOA certification. Comp factor LTV.<br> 1) Owners Policy coverage has loss of use amount < 3 months and 2) Master HOA Policy is missing borrowers name and unit number. | REVIEWER - WAIVED COMMENT (2025-12-11): Approved exception at origination for missing HOA certification. Comp factor LTV.<br> BUYER - GENERAL COMMENT (2025-12-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-15): Exception waived. Updated approval provided in trailing documents approving exception for 1) loss of use coverage amount and 2) HOA master policy missing unit number and borrower name. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100162 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 1 |  |  |  | 2 | [2] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for missing handrail on rear exterior stairs, missing porch railing, damaged porch stairs, missing baluster for basement stairs, missing shower fixtures, and missing basement flooring. Comp factor, signed holdback agreement and reflected on final HUD. | REVIEWER - WAIVED COMMENT (2025-12-15): Approved exception at origination for missing handrail on rear exterior stairs, missing porch railing, damaged porch stairs, missing baluster for basement stairs, missing shower fixtures, and missing basement flooring. Comp factor, signed holdback agreement and reflected on final HUD.<br> REVIEWER - GENERAL COMMENT (2025-12-16): Regraded due to holdback and the holdback agreement for the damage in the file. | 1 |  |  |  |  | Evidence of Escrow Holdback in file. A |  |  |  |  | B |
| XXXX | XXXX | 2026-1-100163 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100164 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100165 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount <$75,000. Comp factor; LTV. | BUYER - GENERAL COMMENT (2025-12-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-15): Approved exception at origination for loan amount <$75,000. Comp factor; LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | 1) Exposed wiring/missing light fixture the appraiser considered this deferred maintenance due to the cost to cure and 2) Property is legal-non conforming (grandfathered use) and cannot be rebuilt if damaged or destroyed by more than 50%. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-15): Seller commentary: 50% LTV loan, current property condition considered in value/LTV. The cost-to-cure for the light fixture is $75 and not considered significant in the value. Per borrower LOE, cash-out proceeds will be used towards improvements at the subject property and VCC expects the borrower to fulfill that obligation. Given the low LTV, VCC did not consider the legal non-conforming nature of the property significant in terms of underwriting. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100166 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Miscellaneous - Credit Exception:<br> [2] General - FICO below 650<br> [2] General - Insufficient Hazard Insurance<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 credit report extension. Comp factors: LTV and seasoned investor.<br> Approved exception at origination for FICO below 650. Comp factors, LTV and Seasoned Investor.<br> Approved exception at origination for missing Wind and Hail coverage. Comp factor, seasoned investor.<br> Approved exception at origination for insurance premium on payment plan. Comp factor: Seasoned Investor.<br> Approved exception at origination for missing VOM on subject property. Comp factors; LTV and Seasoned Investor. | REVIEWER - WAIVED COMMENT (2025-12-11): Approved exception at origination for credit report extension. Comp factors: LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-12-11): Approved exception at origination for FICO below 650. Comp factors, LTV and Seasoned Investor.<br> REVIEWER - WAIVED COMMENT (2025-12-11): Approved exception at origination for missing Wind and Hail coverage. Comp factor, seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-12-11): Approved exception at origination for insurance premium on payment plan. Comp factor: Seasoned Investor.<br> REVIEWER - WAIVED COMMENT (2025-12-11): Approved exception at origination for missing VOM on subject property. Comp factors; LTV and Seasoned Investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100167 |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy/ missing lease for 1 of 3 subject properties being refinanced. Comp factor: FICO. | BUYER - GENERAL COMMENT (2025-12-19): Corrected on uploaded approval<br> REVIEWER - GENERAL COMMENT (2025-12-19): Exception remains. Approval provided does not provide a valid comp factor.<br> BUYER - GENERAL COMMENT (2025-12-30): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-31): Approved exception at origination for 100% vacancy/ missing lease for 1 of 3 subject properties being refinanced. 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 | 2026-1-100168 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100169 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor, LTV.<br> Approved exception at origination for missing VOM/primary residence. Comp factors; LTV. | REVIEWER - WAIVED COMMENT (2025-12-11): Approved exception at origination for FICO < 650. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-12-11): Approved exception at origination for missing VOM/primary residence. Comp factors; LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100170 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100171 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for FICO < 650. Comp factor: LTV.<br> Approved exception at origination for derogatory mortgage history; 2 x 30 within 12 months/subject. Comp factor: LTV.<br> Missing signed copy of Lease. | REVIEWER - WAIVED COMMENT (2025-12-11): Approved exception at origination for FICO < 650. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-12-11): Approved exception at origination for derogatory mortgage history; 2 x 30 within 12 months/subject. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2025-12-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-15): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV. | 2 | [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Windows/window frames are damaged, shower in one bathroom is unusable/shower floor missing, Fascia along the rear and a portion of the right side is missing or damaged, several areas where there is subsidence around slab and poses a potential structural concern as noted on the VCC appraisal review. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-15): Seller commentary: 56% LTV, current property condition considered in value/LTV. Per borrower LOE in file cash-out proceeds will be used towards renovations at the subject property. The cost-to-cure per the appraisal is $5800 and that was factored into the appraised value. Per the appraisal, the subject has been adequately maintained and is functional. VCC hasn't confirmed the status of repairs, but it is expected that the borrower will complete any necessary repairs to the subject. | 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 | 2026-1-100172 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100173 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] General - Insufficient Hazard Insurance | Approved exception at origination for loss of rent < 12 months. Comp factor, LTV.<br> Approved exception at origination for Unit owner's policy with liability coverage amount < $300,000. Comp factor; LTV. | BUYER - GENERAL COMMENT (2025-12-19): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-19): Approved exception at origination for loss of rent < 12 months. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-12-10): Approved exception at origination for liability coverage amount < $300,000. Comp factor; LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100174 |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $75k. Comp factor; seasoned investor. | BUYER - GENERAL COMMENT (2025-12-19): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-19): Approved exception at origination for loan < $75k. Comp factor; seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100175 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100176 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Credit Documentation - Missing lease Agreement | 100% vacancy/missing lease on SFR refinance. | BUYER - GENERAL COMMENT (2025-12-15): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-16): Exception waived. Updated approval provided in trailing documents approving exception for vacancy. 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 is in non-habitable condition- kitchen removed, missing bathroom door with estimated cost to cure of $22k. No holdback/escrow agreement in place. File contains a LOE (D0137) indicating borrower intent to remedy but no proof of completion. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-15): Seller commentary: 43.48% LTV, current property condition considered in value/LTV. Borrower actively renovating subject property at time of origination and per LOE in file all renovations would be completed 30 days post-close. VCC hasn't confirmed the status of repairs, but it is expected that the borrower will complete their renovations so they can rent the property. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100177 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property | Rural property. | BUYER - GENERAL COMMENT (2025-12-19): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-19): Exception cleared. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100178 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] General - Insufficient Hazard Insurance<br> [2] Application / Processing - Missing Document: Proof of Residency Status 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 factors: LTV and reserves.<br> All perils deductible of $7.5k is > 5% of coverage amount.<br> Approved exception at origination for missing visa/greencard for foreign national borrower. Comp factors: LTV and reserves.<br> Approved exception at origination for incomplete VOR-primary; missing most recent monthly pay history. Comp factors: LTV and reserves. | REVIEWER - WAIVED COMMENT (2025-12-11): Approved exception at origination for <2 active major tradelines. Comp factors: LTV and reserves.<br> BUYER - GENERAL COMMENT (2025-12-19): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-19): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-12-11): Approved exception at origination for missing greencard/visa for foreign national borrower. Comp factors: LTV and reserves.<br> REVIEWER - WAIVED COMMENT (2025-12-11): Approved exception at origination for incomplete VOR-primary; missing most recent monthly pay history. Comp factors: LTV and reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100179 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Missing lease on refinance- subject is listed as a ST rental. | BUYER - GENERAL COMMENT (2025-12-30): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-31): Exception waived. Updated approval provided approving exception for missing lease. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100180 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - LTV over 75% | Approved exception at origination for LTV >75% on rate/term refinance of SFR. Comp factor: FICO. | BUYER - GENERAL COMMENT (2025-12-30): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-31): Approved exception at origination for LTV >75% on rate/term refinance of SFR. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100181 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100182 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for FICO < 650. Comp factor; LTV.<br> Approved exception at origination for incomplete VOM; missing poay history receipt to support VOM summary from private lender. Comp factor; LTV.<br> Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor; LTV. | REVIEWER - WAIVED COMMENT (2025-12-10): Approved exception at origination for FICO < 650. Comp factor; LTV.<br> REVIEWER - WAIVED COMMENT (2025-12-10): Approved exception at origination for incomplete VOM; missing poay history receipt to support VOM summary from private lender. Comp factor; LTV.<br> REVIEWER - WAIVED COMMENT (2025-12-10): Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor; LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100183 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 1 |  |  |  | 2 | [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | In-house Appraisal Review has PTD obtain structural cert for the settlement cracking and bowing in foundation walls. No cert provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-15): Seller commentary: 44.05% LTV, current property condition considered in value/LTV. Given the low LTV, VCC UW did not deem the structural cert necessary. Per borrower LOE cash-out proceeds will be used towards renovating the subject and it is expected that they will complete any necessary repairs. | 1 |  |  |  |  | A |  |  |  |  | B |
| XXXX | XXXX | 2026-1-100184 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Application / Processing - Missing Document: Other not provided | Approved exception at origination for waiver of Standby credotor agreement/ subordination of SH debt for intercompaXX note (per CAM change memo #1) Comp factors: seasoned investor, reserves/liquidity, and LTV | REVIEWER - WAIVED COMMENT (2025-12-09): Approved exception at origination for waiver of Standby credotor agreement/ subordination of SH debt for intercompaXX note (per CAM change memo #1) Comp factors: seasoned investor, reserves/liquidity, and LTV | 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 | 2026-1-100185 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100186 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100187 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Ineligible property | Approved exception at origination for DSCR < 1.20x for investor traditional 1 purchase with loan > $750k. Comp factors: reserves and FICO.<br> Approved exception at origination for traditional 1 property located in XX with individual serving as borrower (UCC filing). Comp factors: reserves and FICO. | REVIEWER - WAIVED COMMENT (2025-12-08): Approved exception at origination for DSCR < 1.20x for investor traditional 1 purchase with loan > $750k. Comp factors: reserves and FICO.<br> REVIEWER - WAIVED COMMENT (2025-12-09): Approved exception at origination for traditional 1 property located in XX with individual serving as borrower (UCC filing). Comp factors: reserves and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100188 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100189 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Application / Processing - Missing Document: Verification of Down Payment Funds not provided | Approved exception at origination for first time Investor on owner user traditional 2 w/ith LTV > 65%. Comp factors: FICO and reserves.<br> $10k in gift funds represented on final settlement stmt 1) is not included in approval assets section, and 2) gift letter not in file. | REVIEWER - WAIVED COMMENT (2025-12-08): Approved exception at origination for first time Investor on owner user traditional 2 w/ith LTV > 65%. Comp factors: FICO and reserves.<br> BUYER - GENERAL COMMENT (2025-12-16): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2025-12-16): Exception remains. Approval provided had no change.<br> BUYER - GENERAL COMMENT (2025-12-30): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for gift funds missing gift letter. 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 | 2026-1-100190 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 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 (2025-12-04): 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 | 2026-1-100191 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines | Approved exception at origination for derogatory mortgage history; 9x30 & 1x60 days late within 24 months. Comp factors: LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-12-04): Approved exception at origination for derogatory mortgage history; 9x30 & 1x60 days late within 24 months. Comp factors: LTV and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100192 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Non-hurricane wind deductible of $25k exceeds 5% guideline threshold. | BUYER - GENERAL COMMENT (2025-12-16): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-16): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100193 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100194 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100195 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.25x for investor traditional 2 purchase with loan > $500k. Comp factors: reserves and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-12-08): Approved exception at origination for DSCR < 1.25x for investor traditional 2 purchase with loan > $500k. Comp factors: reserves and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100196 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Application / Processing - Missing Document: Proof of Residency Status not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception for <2 active major tradelines on credit report. Comp factor: reserves.<br> Approved exception at origination for foreign national borrower with expired visa. Comp factor: reserves.<br> Please verify if valid for traditional 1 mixed use with loan < $500k; Approved exception at origination for 42.9% vacancy/missing lease for commercial unit. Comp factor: reserves. | REVIEWER - WAIVED COMMENT (2025-12-04): Approved exception for <2 active major tradelines on credit report. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-12-04): Approved exception at origination for foreign national borrower with expired visa. Comp factor: reserves.<br> REVIEWER - WAIVED COMMENT (2025-12-04): Please verify if valid for traditional 1 mixed use with loan < $500k; Approved exception at origination for 42.9% vacancy/missing lease for commercial unit. 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 | 2026-1-100197 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 3 | [3] General - Ineligible property<br> [3] Application / Processing - Missing Document: Business Purpose Letter of Intent not provided<br> [3] Application / Processing - Missing Document: Non-Owner Occupancy Declaration not provided | Missing evidence property zoning has been updated to commercial/mixed use with proper permits for the 2nd floor/attic conversion to residential and back portion of first floor is permitted to be used as residential. \*\* Property is zoned as a single family residence with a homeowners exemption on property tax (exemption is only available on owner occupied single family homes). Property is in a commercial zoned area. Currently borrower is using the front first floor as a beauty salon with the back portion as her residence which is not permitted on commercial properties in the area. Residential units can only be on the upper levels of commercial properties. Also, the attic has been converted without permits as part of the personal residence.<br> Missing 1) Business Purpose Disclosure and 2) Business Purpose of Loan Certification for owner/user.<br> Missing Certification of Occupancy and Indemnity. | BUYER - GENERAL COMMENT (2026-01-20): Per appraisal - page 1 "The property being valued consists of a converted single-family residence to commercial retail/office use<br> located on the west side of XXXX XXXX in XXXX XXXX. It has a single tenant layout and<br> totals 950 square feet. The improvements were built in 1926 as a single-family home and have since<br> been converted/re-zoned to commercial use" and per appraisal page 25 "The most constrictive use of the subject as a vacant site is the zoning. The subject has a Neighborhood<br> Commercial zoning designation and Commercial general plan, which permits a variety of<br> retail/commercial and office uses. ", Per appraisal 26 ""As Improved", the existing improvements as a commercial retail/office building appear to represent the<br> highest and best use for the site. The existing improvements are legally conforming per the zoning and<br> physically possible having a considerable remaining economic life of 30 years. From a financial feasibility<br> standpoint, based on review of overall land values in the area, the improved value is still greater than<br> prevailing land value with the subject considered the provide maximum return to the property."<br> REVIEWER - GENERAL COMMENT (2026-01-21): Exception remains. Client provided justification for allowing financing on this property, does not clear the missing evidence of property zoning change or proper permits being provided.<br> BUYER - GENERAL COMMENT (2026-01-20): Per appraisal - page 1 "The property being valued consists of a converted single-family residence to commercial retail/office use<br> located on the west side of XXXX XXXX in XXXX XXXX. It has a single tenant layout and<br> totals 950 square feet. The improvements were built in 1926 as a single-family home and have since<br> been converted/re-zoned to commercial use" and per appraisal page 25 "The most constrictive use of the subject as a vacant site is the zoning. The subject has a Neighborhood<br> Commercial zoning designation and Commercial general plan, which permits a variety of<br> retail/commercial and office uses. ", Per appraisal 26 ""As Improved", the existing improvements as a commercial retail/office building appear to represent the<br> highest and best use for the site. The existing improvements are legally conforming per the zoning and<br> physically possible having a considerable remaining economic life of 30 years. From a financial feasibility<br> standpoint, based on review of overall land values in the area, the improved value is still greater than<br> prevailing land value with the subject considered the provide maximum return to the property."<br> REVIEWER - GENERAL COMMENT (2026-01-21): Exception remains. Borrower is using the property as their primary resident as well as business (mixed use), guidelines require that the borrower sign a Business Purpose Disclosure and Business Purpose of Loan Certification.<br> BUYER - GENERAL COMMENT (2026-01-20): Per appraisal - page 1 "The property being valued consists of a converted single-family residence to commercial retail/office use<br> located on the west side of XXXX XXXX in XXXX XXXX. It has a single tenant layout and<br> totals 950 square feet. The improvements were built in 1926 as a single-family home and have since<br> been converted/re-zoned to commercial use" and per appraisal page 25 "The most constrictive use of the subject as a vacant site is the zoning. The subject has a Neighborhood<br> Commercial zoning designation and Commercial general plan, which permits a variety of<br> retail/commercial and office uses. ", Per appraisal 26 ""As Improved", the existing improvements as a commercial retail/office building appear to represent the<br> highest and best use for the site. The existing improvements are legally conforming per the zoning and<br> physically possible having a considerable remaining economic life of 30 years. From a financial feasibility<br> standpoint, based on review of overall land values in the area, the improved value is still greater than<br> prevailing land value with the subject considered the provide maximum return to the property."<br> REVIEWER - GENERAL COMMENT (2026-01-21): Exception remains. Borrower is occupying the property as their primary residence and for their business (mixed use), loan is in the individuals name and guidelines require a Certificate of Occupancy and indemnity be completed and signed. | 1 |  |  |  | 1 |  |  |  |  | C |  |  |  |  | A C |
| XXXX | XXXX | 2026-1-100198 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines | Approved exception at origination for first time investor on owner user traditional 2 with LTV >65%. Comp factors; DSCR and FICO.<br> Approved exception at origination for < 2 active open major tradelines. Comp factors; DSCR and FICO. | BUYER - GENERAL COMMENT (2025-12-16): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-16): Approved exception at origination for first time investor on owner user traditional 2 with LTV >65%. Comp factors; DSCR and FICO.<br> BUYER - GENERAL COMMENT (2025-12-16): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-16): Approved exception at origination for < 2 active open major tradelines. Comp factors; DSCR and FICO. | 1 |  |  |  | 1 |  |  |  |  | The qualifying DSCR on the loan is greater than the guideline minimum.<br>The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100199 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<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 at origination for FICO <650. Comp factors: seasoned business and reserves.<br> Approved exception at origination for LTV >70% on owner user traditional 2 cash-out refinance. Comp factors: seasoned business and reserves.<br> Approved exception for missing VOR - primary; borrower lives rent free. Comp factors: seasoned business and reserves. | REVIEWER - WAIVED COMMENT (2025-12-04): Approved exception at origination for FICO <650. Comp factors: seasoned business and reserves.<br> REVIEWER - WAIVED COMMENT (2025-12-04): Approved exception at origination for LTV >70% on owner user traditional 2 cash-out refinance. Comp factors: seasoned business and reserves.<br> REVIEWER - WAIVED COMMENT (2025-12-04): Approved exception for missing VOR - primary; borrower lives rent free. Comp factors: seasoned business and reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100200 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Missing Hazard Insurance | Approved exception at origination for FICO < 650. Comp factors: DSCR and seasoned business.<br> Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factors, seasoned business and DCR. | REVIEWER - WAIVED COMMENT (2025-12-04): Approved exception at origination for FICO < 650. Comp factors: DSCR and seasoned business.<br> BUYER - GENERAL COMMENT (2025-12-30): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-31): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factors, seasoned business and DCR. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>The qualifying DSCR on the loan is greater than the guideline minimum. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100201 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: DSCR and FICO. | REVIEWER - WAIVED COMMENT (2025-12-08): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: DSCR and FICO. | 1 |  |  |  | 1 |  |  |  |  | The qualifying DSCR on the loan is greater than the guideline minimum.<br>The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100202 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower | Approved exception at origination for First Time Investor on investor traditional 2 w/ LTV greater or equal to 65%. Comp factor: reserves. | BUYER - GENERAL COMMENT (2025-12-16): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-16): Approved exception at origination for First Time Investor on investor traditional 2 w/ LTV greater or equal to 65%. Comp factor: reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100203 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Asset Calculation / Analysis - Guideline Requirement: Available for Reserves discrepancy.: Calculated Available for Reserves of is less than Guideline Available for Reserves of .<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | DSCR < 1.25x for investor traditional 2 purchase (not owner user, borrower occupancy < 51% and as investor purchase the $750k purchase exemption does not apply).<br> Approved exception at origination for first time investor on owner user traditional 2 with LTV > 65%. Comp factors: FICO and reserves which is not supported as verified post closing reserves are < required 3 months P&I for FT investor.<br> First time investor with post closing reserves < 3 mos P&I. (actual reserves of $6,708.36 equates to 1.43 months P&I).<br> Approved exception at origination for missing VOR-primary. guarantor lives rent free. Comp factors: FICO and reserves which is not supported as verified post closing reserves are < required 3 months P&I for FT investor.<br> Approved exception at origination for 50% vacancy/missing leases for both units. Comp factors: FICO and reserves which is not supported as verified post closing reserves are < required 3 months P&I for FT investor. | BUYER - GENERAL COMMENT (2025-12-16): Exception written<br> REVIEWER - WAIVED COMMENT (2025-12-16): Exception waived. Updated approval provided in trailing documents approving exception for DSCR. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-12-05): Approved exception at origination for first time investor on owner user traditional 2 with LTV > 65%. Comp factors: FICO and reserves which is not supported as verified post closing reserves are < required 3 months P&I for FT investor.<br> BUYER - GENERAL COMMENT (2025-12-16): Corrected Uplaoded<br> REVIEWER - WAIVED COMMENT (2025-12-16): Exception waived. Updated approval provided in trailing documents approving exception for insufficient reserves. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-12-05): Approved exception at origination for missing VOR-primary. guarantor lives rent free. Comp factors: FICO and reserves which is not supported as verified post closing reserves are < required 3 months P&I for FT investor.<br> REVIEWER - WAIVED COMMENT (2025-12-05): Approved exception at origination for 50% vacancy/missing leases for both units. Comp factors: FICO and reserves which is not supported as verified post closing reserves are < required 3 months P&I for FT investor. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100204 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for DSCR < 1.20x on investor traditional 1 refinance with loan > $500k. Comp factors: FICO and reserves.<br> Approved exception at origination for incomplete VOM-subject; missing 12 months pay history receipts to supplement VOM summary from private lender. Comp factors: FICO and reserves. | REVIEWER - WAIVED COMMENT (2025-12-08): Approved exception at origination for DSCR < 1.20x on investor traditional 1 refinance with loan > $500k. Comp factors: FICO and reserves.<br> REVIEWER - WAIVED COMMENT (2025-12-08): Approved exception at origination for incomplete VOM-subject; missing 12 months pay history receipts to supplement VOM summary from private lender. 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 | 2026-1-100205 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Hazard Insurance | Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-12-09): Approved exception at origination for premium not paid in full at closing- on payment plan. 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 | 2026-1-100206 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Liability coverage < required $1mm occ and $2mm gen aggregate coverage.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. | BUYER - GENERAL COMMENT (2025-12-16): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-16): Exception waived. Updated approval provided in trailing documents approving exception for missing aggregate liability. Comp factor, reserves.<br> REVIEWER - WAIVED COMMENT (2025-12-08): 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 | 2026-1-100207 |  | XXXX | $XXX |  | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance<br> [2] General - LTV does not meet guidelines<br> [2] Credit Documentation - Missing lease Agreement<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for DSCR < 1.20x for investor traditional 1 purchase with loan > $750k. Comp factor: seasoned investor.<br> Blanket liability without required endorsement for full coverage amount applicable to each covered location. (D0339)<br> Approved exception at origination for LTV > 70% on investor traditional 1 mixed use blanket purchase with balance > $1,000,000. Comp factor: seasoned investor.<br> Missing lease for 1 of 4 units in 1 of 2 subject properties (missing 4302).<br> Leases missing unit numbers (ex: D0076,82) | REVIEWER - WAIVED COMMENT (2025-12-09): Approved exception at origination for DSCR < 1.20x for investor traditional 1 purchase with loan > $750k. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2025-12-16): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-16): Exception waived. Updated approval provided in trailing documents approving exception for missing endorsement. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-12-09): Approved exception at origination for LTV > 70% on investor traditional 1 mixed use blanket purchase with balance > $1,000,000. Comp factor: seasoned investor.<br> BUYER - GENERAL COMMENT (2025-12-16): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-16): Exception waived. Updated approval provided in trailing documents approving exception for missing leases. Comp factor, FICO.<br> BUYER - GENERAL COMMENT (2025-12-16): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-16): Exception waived. Updated approval provided in trailing documents approving exception for leases missing unit numbers. 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 | 2026-1-100208 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100209 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Missing lease agreement-subject. Lease renewal approval from condo association provided (D0223). | BUYER - GENERAL COMMENT (2025-12-30): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100210 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100211 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | In-house review indicates property is below average condition; however, appraisal has C4 condition. Primary bathroom is incomplete with no shower, tub, or sink, missing flooring through out the home including the stairs, stairs appear to missing handrail (partially covered by a tarp), unfinished kitchen cabinets, and 2nd bathroom is unfinished-ceiling/walls taped and need finishing/painting , and floors to be installed. Appraiser estimates $20,000 to complete the home. Holdback agreement provided for $5,000 to install the main bathroom shower or tub and reflected on HUD, insufficient to complete all needed items. | REVIEWER - GENERAL COMMENT (2026-01-26): Seller comment-40% LTV, current property condition considered in value/LTV. VCC completed a 90-day $5,000 holdback at origination to cover the bathroom remodel. $1,850 has since been disbursed and that covered the plumbing, installation of sink/flooring and painting for the bathroom. Per borrower LOE, cash-out proceeds will be used to finish renovating the subject. Borrower is a seasoned investor and is actively renovating the subject and VCC expects them to complete renovations. Property vacant at origination | 1 |  |  |  |  | A |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100212 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Credit report reflects < 2 active major tradelines.<br> Approved exception at origination for 1) missing VOR-primary; guarantor lives rent free and 2) incomplete VOM-subject; missing 12 month payment receipts to supplement VOM summary from private lender. Comp factor :LTV. | BUYER - GENERAL COMMENT (2025-12-30): Exception noted om uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-31): Exception waived. Updated approval provided approving exception for < 2 major tradelines. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2025-12-15): Approved exception at origination for 1) missing VOR-primary; guarantor lives rent free and 2) incomplete VOM-subject; missing 12 month payment receipts to supplement VOM summary from private lender. 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 | 2026-1-100213 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 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 (2025-12-15): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100214 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $100k on traditional 2 property. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-12-15): Approved exception at origination for loan < $100k on traditional 2 property. Comp factor: LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100215 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Missing wind/hail coverage | BUYER - GENERAL COMMENT (2025-12-30): Excepetion noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. 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 | 2026-1-100216 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $500k. Comp factor: seasoned business.<br> Approved exception at origination for FICO < 650. Comp factor: seasoned business.<br> Approved exception at origination for chargeoff/collections > $25k Comp factor: seasoned business.<br> Approved exception at origination for missing VOR-primary. Comp factors: seasoned business and LTV. | REVIEWER - WAIVED COMMENT (2025-12-16): Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $500k. Comp factor: seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-12-16): Approved exception at origination for FICO < 650. Comp factor: seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-12-16): Approved exception at origination for chargeoff/collections > $25k Comp factor: seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-12-16): Approved exception at origination for missing VOR-primary. Comp factors: seasoned business 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 | 2026-1-100217 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100218 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Missing wind/hail coverage. | BUYER - GENERAL COMMENT (2025-12-30): Execption noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100219 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for DSCR <1.25x on investor traditional 2 refinance with loan > $750k. Comp factors: FICO and seasoned business.<br> Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: FICO and seasoned business.<br> Missing leases for Traditional 2 property with loan > $500k. (leases for 2 of 18 units provided). | REVIEWER - WAIVED COMMENT (2025-12-15): Approved exception at origination for DSCR <1.25x on investor traditional 2 refinance with loan > $750k. Comp factors: FICO and seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-12-15): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: FICO and seasoned business.<br> BUYER - GENERAL COMMENT (2025-12-30): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100220 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Ineligible property<br> [2] Application / Processing - Missing Document: Non-Owner Occupancy Declaration not provided | Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factor: LTV.<br> 1) Missing owner-occ BP cert for mixed use property occupied as primary residence. 2) All cert of NOO & indemnity in file are inaccurately completed and attest that the borrowers do not reside in subject as primary while identifying subject property as their primary. | BUYER - GENERAL COMMENT (2026-01-06): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-01-07): Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2026-01-14): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-01-14): Exception waived. Updated approval provided in trailing documents approving exception for BP cert on incorrect form. ; 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 | 2026-1-100221 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] General - Insufficient Hazard Insurance<br> [2] General - LTV does not meet guidelines<br> [2] General - Property has been listed for sale in the past 12 months.<br> [2] General - The property has been listed for sale in the last 12 months. | DCSR < 1.25x on investor traditional 2 with loan > $500k.<br> Approved exception at origination for 'Credit' (<2 active major tradelines on credit report). Comp factor: FICO.<br> Wind deductible of 2% is > $25k.<br> Approved exception at origination for LTV > 70% on cashout refinance of investor traditional 2. Comp factor: FICO.<br> Cash out on property listed within recent 6 months.<br> Missing cancelation of MLS listing. | BUYER - GENERAL COMMENT (2025-12-30): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for DCSR. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-12-15): Approved exception at origination for 'Credit' (<2 active major tradelines on credit report). Comp factor: FICO.<br> BUYER - GENERAL COMMENT (2025-12-30): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-12-15): Approved exception at origination for LTV > 70% on cashout refinance of investor traditional 2. Comp factor: FICO.<br> BUYER - GENERAL COMMENT (2025-12-30): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, FICO.<br> BUYER - GENERAL COMMENT (2025-12-30): Exception noted on uploaded approval for property being listed<br> REVIEWER - WAIVED COMMENT (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing cancelation of listing. Comp factor, FICO. | 3 | [3] General - Subject is not in average or better condition.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> Fair | Appraisal and in house review indicate property shows visible signs of wear, including ceiling water damage and cracks along the loading dock area. Borrower claims $190,000 of improvements were made within recent 3 years, no evidence of aXX improvements provided. | BUYER - GENERAL COMMENT (2025-12-30): Exception noted on uploaded approval<br> REVIEWER - GENERAL COMMENT (2025-12-31): Exception remains. Approval does not reference this exception.<br> BUYER - GENERAL COMMENT (2025-12-31): Exception noted om uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-01-02): Exception waived. Updated approval provided in trailing documents approving exception for property condition < average. Comp factor, FICO.<br> REVIEWER - GENERAL COMMENT (2026-01-26): Seller comment-Per appraisal, no deferred maintenance and property is in fair condition. Overall, the building is functional, with no active leaks, but would benefit from minor repairs and maintenance. VCC did not view as material in terms of underwriting, but does expect the borrower to complete aXX necessary repairs to the property. Property condition considered in value/LTV. | 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 | 2026-1-100222 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100223 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100224 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Missing leases on 2 family refinance. | BUYER - GENERAL COMMENT (2025-12-30): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing leases. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100225 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100226 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines | VOM-subject > 30 days late at closing/ pending notice of foreclosure (ref D0033, 0199) 5x late payments within 12 months (D0201). | BUYER - GENERAL COMMENT (2025-12-30): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for VOM. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100227 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] General - Missing Document: Lease Agreement not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor; seasoned investor.<br> Approved exception at origination for 100% vacancy/ missing lease for SFR refinance. Comp factor; seasoned investor.<br> Approved exception at origination for missing VOR-primary. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2025-12-22): Approved exception at origination for FICO < 650. Comp factor; seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-12-22): Approved exception at origination for 100% vacancy/ missing lease for SFR refinance. Comp factor; seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-12-22): Approved exception at origination for missing VOR-primary. Comp factor; seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100228 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100229 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Missing wind/hail coverage. | BUYER - GENERAL COMMENT (2025-12-31): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100230 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Missing VOR-primary; guarantor lives rent free. | BUYER - GENERAL COMMENT (2025-12-31): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR-primary. Comp factor, seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100231 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Application / Processing - Missing Document: HOA Questionnaire not provided | Approved exception at origination for missing HOA certificate. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2025-12-22): Approved exception at origination for missing HOA certificate. Comp factor; seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100232 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 100% vacancy/ missing lease for SFR refinance. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantifiable subjective factor. | REVIEWER - WAIVED COMMENT (2025-12-24): Approved exception at origination for 100% vacancy/ missing lease for SFR refinance. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantifiable subjective factor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100233 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factor; LTV. | BUYER - GENERAL COMMENT (2025-12-31): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2025-12-31): Approved exception at origination for FICO < 650. Comp factor; LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100234 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Missing evidence of liability coverage on the 3 additional vacant lots security by the Security Instrument. | BUYER - GENERAL COMMENT (2025-12-31): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing liability coverage. Comp factors, seasoned investor and FICO. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100235 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Missing Hazard Insurance<br> [2] Credit Documentation - Missing lease Agreement | 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 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-12-23): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-12-23): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). 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 | One bedroom is missing sheetrock on the ceiling, exposed insulation. Appraiser estimates cost to cure of $5,000. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-15): Seller commentary: 50% LTV, property condition considered in value/LTV. Cost-to-cure is within VCC's deferred maintenance guidelines (5% of the loan amount/20K). Bedroom with exposed insulation is not occupied and given the low LTV, VCC did not view as material in terms of underwriting. It is still expected that the borrower will complete any necessary repairs to the subject. Given the low LTV and that the borrower is a seasoned investor VCC felt comfortable proceeding. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100236 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factors: LTV, and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | REVIEWER - WAIVED COMMENT (2025-12-24): Approved exception at origination for FICO < 650. Comp factors: LTV, and marketing trends which is unable to be validated as a non-quantifiable subjective trait. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100237 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Credit Documentation - Missing lease Agreement<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXXis less than guideline minimum loan amount of $75,000. | Approved exception at origination for 100% vacancy per appraisal (active current lease provided in file). Comp factor: LTV.<br> Approved exception at origination for loan < $75k. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-12-23): Approved exception at origination for 100% vacancy per appraisal (active current lease provided in file). Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-12-23): Approved exception at origination for loan < $75k. Comp factor: LTV. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing functional rear egress and railing. (PTD conditions per analyst review with no evidence of completion provided in file.) | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-15): Seller commentary: 50% LTV, current property condition considered in value/LTV. While the status of repairs has not been confirmed, it is expected that the borrower will complete any necessary repairs to the subject property. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100238 |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for 100% vacancy/missing lease for 1 of 2 subject properties. Comp factors; LTV and seasoned investor. | REVIEWER - WAIVED COMMENT (2025-12-24): Approved exception at origination for 100% vacancy/missing lease for 1 of 2 subject properties. 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 | 2026-1-100239 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100240 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] General - Missing Hazard Insurance<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for first time investor on owner-user traditional 2 commercial condo with LTV > 65%. Comp factor: FICO<br> Missing HOA master policy.<br> Approved exception at origination for loan amount < $100,000. Comp factor: FICO. | REVIEWER - WAIVED COMMENT (2025-12-29): Approved exception at origination for first time investor on owner user traditional 2 commercial condo property. Comp factor: FICO<br> BUYER - GENERAL COMMENT (2025-12-31): Uploaded<br> REVIEWER - GENERAL COMMENT (2026-01-02): Exception remains. HOA master insurance policy provided is missing address and borrower name.<br> BUYER - GENERAL COMMENT (2026-01-06): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-01-07): Exception waived. Updated approval provided in trailing documents approving exception for master HOA policy missing address and borrower name. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-12-29): Approved exception at origination for loan amount < $75,000. Comp factor: FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100241 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Missing $2mm general aggregate liability coverage,<br> Approved exception at origination for 1) incomplete VOM-subject; < 12 months pay history receipts provided and missing VOM summary/processor cert from private lender. Comp factors: seasoned business and seasoned investor and 2) missing VOR-primary; guarantor lives rent free. Comp factors: seasoned investor, seasoned business, and re-established credit . | BUYER - GENERAL COMMENT (2025-12-31): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing aggregate liability amount. Comp factors, seasoned business and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2025-12-29): Approved exception at origination for 1) incomplete VOM-subject; < 12 months pay history receipts provided and missing VOM summary/processor cert from private lender. Comp factors: seasoned business and seasoned investor and 2) missing VOR-primary; guarantor lives rent free. Comp factors: seasoned investor, seasoned business, and re-established credit . | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100242 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] General - The property is ineligible. | Approved exception at origination for DSCR < 1.0x on owner-user traditional 2 refinance with loan > $500,000. Comp factor, seasoned business.<br> Property all perils deductible of $50k is > $10k guideline maximum.<br> Approved exception at origination for Credit report is aged > 60 days. Comp factor, seasoned business.<br> Approved exception at origination for missing VOR/VOM for primary residence. Comp factor, seasoned business.<br> Approved exception at origination for incomplete VOM-subject; missing deposit receipts (VOM and processor cert provided). Comp factors: seasoned business and "other" which UW is unable accurately interpret.<br> Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factor: seasoned business. | BUYER - GENERAL COMMENT (2025-12-31): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-01-02): Approved exception at origination for DSCR < 1.0x on owner-user traditional 2 refinance with loan > $500,000. Comp factor, seasoned business.<br> BUYER - GENERAL COMMENT (2025-12-31): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-01-02): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, seasoned business.<br> BUYER - GENERAL COMMENT (2025-12-31): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-01-02): Approved exception at origination for Credit report is aged > 60 days. Comp factor, seasoned business.<br> BUYER - GENERAL COMMENT (2025-12-31): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-01-02): Approved exception at origination for missing VOR/VOM for primary residence. Comp factor, seasoned business.<br> REVIEWER - WAIVED COMMENT (2025-12-29): Approved exception at origination for incomplete VOM-subject; missing deposit receipts (VOM and processor cert provided). Comp factors: seasoned business and "other" which UW is unable accurately interpret.<br> BUYER - GENERAL COMMENT (2025-12-31): Corrected UPloaded<br> REVIEWER - WAIVED COMMENT (2026-01-02): Approved exception at origination for override of statewide exclusion for traditional property type located in XX 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 | 2026-1-100243 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Missing Hazard Insurance<br> [2] Guideline Issue - Note loan amount is less than guideline minimum.: Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for missing borrowers name and address on HOA master insurance policy. Comp factor, FICO.<br> Approved exception at origination for loan < $100,000 on traditional property. Comp factors: FICO and reserves. | BUYER - GENERAL COMMENT (2026-01-12): Uploaded<br> BUYER - GENERAL COMMENT (2026-01-12): Exception noted on uploaded approval for missing borrower name and unit # on master policy<br> REVIEWER - WAIVED COMMENT (2026-01-13): Approved exception at origination for missing borrowers name and address on HOA master insurance policy. Comp factor, FICO.<br> REVIEWER - WAIVED COMMENT (2025-12-30): Approved exception at origination for loan < $100,000 on traditional property. 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 | 2026-1-100244 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] General - Insufficient Hazard Insurance<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for DSCR < 1.20x on investor Traditional 1 purchase with loan > $750,000. Comp factors; LTV and reserves.<br> Approved exceptions at origination for first time buyer(rents primary) and first time investor (on investor traditional 1 mixed use with loan > $1MM). Comp factors; reserves and LTV.<br> Approved exception at origination for < 2 active major tradelines on credit report. Comp factors; LTV and reserves.<br> Missing $2mm gen aggregate liability coverage.<br> Approved exception at origination for incomplete VOR-primary; missing pay history receipts to supplement VOR summary from private landlord (paid in cash). Comp factors; LTV and reserves.<br> Approved exception at origination for missing leases on investor traditional 1 with loan > $500k. Comp factors; reserves and LTV. | REVIEWER - WAIVED COMMENT (2026-01-02): Approved exception at origination for DSCR < 1.20x on investor Traditional 1 purchase with loan > $750,000. Comp factors; LTV and reserves.<br> REVIEWER - WAIVED COMMENT (2026-01-02): Approved exceptions at origination for first time buyer and first time investor (on investor traditional 1 mixed use with loan > $1MM). Comp factors; reserves and LTV.<br> REVIEWER - WAIVED COMMENT (2026-01-02): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors; LTV and reserves.<br> BUYER - GENERAL COMMENT (2026-01-06): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-01-07): Exception waived. Updated approval provided in trailing documents approving exception for missing 2mm aggregate liability coverage. Comp factor, reserves.<br> REVIEWER - WAIVED COMMENT (2026-01-02): Approved exception at origination for incomplete VOR-primary; missing pay history receipts to supplement VOR summary from private landlord (paid in cash). Comp factors; LTV and reserves.<br> REVIEWER - WAIVED COMMENT (2026-01-02): Approved exception at origination for missing leases on investor traditional 1 with loan > $500k. Comp factors; reserves and 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 | 2026-1-100245 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100246 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] Application / Processing - Missing Document: Proof of Residency Status not provided | Missing US bank stmt for foreign national borrower. | BUYER - GENERAL COMMENT (2025-12-31): Exception written<br> REVIEWER - WAIVED COMMENT (2026-01-02): Exception waived. Updated approval provided in trailing documents approving exception for missing bank statement. Comp factor, LTV. | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100247 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | 1) missing All perils deductible details, 2) wind deductible of 3% is > $25k ($25.5k) | BUYER - GENERAL COMMENT (2026-01-06): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-01-07): Exception waived. Updated approval provided in trailing documents approving exception for deductibles. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100248 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for 14.1% vacancy/missing leases on investor traditional 1 with loan > $500k. Comp factor: LTV. | REVIEWER - WAIVED COMMENT (2025-12-29): Approved exception at origination for 14.1% vacancy/missing leases on investor traditional 1 with loan > $500k. Comp factor: LTV. | 3 | [3] General - Subject is not in average or better condition.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> Fair<br> [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Subject property in fair/average condition. Appraisal reflects deferred maintenance issues, including multi-unit electrical meter bank showing significant rust and staining on exterior, and an interior commercial unit with water-stained acoustic drop ceilings indicating potential roof leaks or ventilation issues. No proof of repair was provided.<br> Appraisal reflects deferred maintenance issues, including multi-unit electrical meter bank showing significant rust and staining on exterior, and an interior commercial unit with water-stained acoustic drop ceilings indicating potential roof leaks or ventilation issues. No proof of repair was provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-15): Seller commentary: 49.11% LTV, current property condition considered in value/LTV. Per borrower LOE cash-out proceeds will be used towards renovating the subject property. Borrower is a seasoned investor who has owned the subject since 2002, and while VCC has not confirmed the status of repairs at this point, it is expected that the borrower will complete any necessary repairs/updates to the subject. No active leak/ventilation issues confirmed, and give the low LTV VCC felt comfortable proceeding.<br> BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-15): Seller commentary: 49.11% LTV, current property condition considered in value/LTV. Per borrower LOE cash-out proceeds will be used towards renovating the subject property. Borrower is a seasoned investor who has owned the subject since 2002, and while VCC has not confirmed the status of repairs at this point, it is expected that the borrower will complete any necessary repairs/updates to the subject. | 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 | 2026-1-100249 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100250 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue | Approved exception at origination for DSCR < 1.0x for owner user traditional 2 refinance with loan > $500,000. Comp factors: seasoned investor and seasoned business. | REVIEWER - WAIVED COMMENT (2025-12-29): Approved exception at origination for DSCR < 1.0x for owner user traditional 2 refinance with loan > $500,000. Comp factors: seasoned investor and seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100251 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100252 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - FICO below 650<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for DSCR < 1.20x on investor Traditional 1 multifamily refinance with loan > $750,000. Comp factor; seasoned investor and seasoned business.<br> Approved exception at origination for FICO < 650. Comp factors; seasoned investor and seasoned business.<br> Approved exception at origination for 23.8% vacancy/ missing leases on investor traditional 1 refinance with loan >$500k. Comp factor; seasoned investor and seasoned business. | REVIEWER - WAIVED COMMENT (2026-01-02): Approved exception at origination for DSCR < 1.20x on investor Traditional 1 multifamily refinance with loan > $750,000. Comp factors, seasoned investor and seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-01-02): Approved exception at origination for FICO < 650. Comp factors; seasoned investor and seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-01-02): Approved exception at origination for 23.8% vacancy/ missing leases on investor traditional 1 refinance with loan >$500k. Comp factor; seasoned investor and seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100253 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - Ineligible property<br> [2] General - Missing Hazard Insurance | Approved exception at origination for override of statewide exclusion for traditional property type located in IL . Comp factors; FICO, and reserves which is not supported as verified post closing reserves are < 1 month P&I.<br> Approved exception at origination for Insurance premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | REVIEWER - WAIVED COMMENT (2026-01-02): Approved exception at origination for override of statewide exclusion for traditional property type located in XX . Comp factors; FICO, and reserves which is not supported as verified post closing reserves are < 1 month P&I.<br> REVIEWER - WAIVED COMMENT (2026-01-02): Approved exception at origination for Insurance premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100254 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - Debt service ratio issue<br> [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] General - The property is ineligible. | Approved exception at origination for DSCR <1.00x on owner-user traditional 2 refinance with loan > $750k. Comp factors: seasoned business and FICO.<br> Approved exception at origination for credit report aged > 60 days. Comp factor: LTV.<br> Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factor; FICO. | REVIEWER - WAIVED COMMENT (2025-12-30): Approved exception at origination for DSCR <1.00x on owner-user traditional 2 refinance with loan > $750k. Comp factors: seasoned business and FICO.<br> REVIEWER - WAIVED COMMENT (2025-12-30): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2026-01-06): Corrected Uploaded<br> REVIEWER - GENERAL COMMENT (2026-01-07): Exception remains. Approval provided did not provide a comp factor for this exception.<br> BUYER - GENERAL COMMENT (2026-01-12): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-01-13): Approved exception at origination for override of statewide exclusion for traditional property type located in XX. Comp factor; FICO. | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photos reflect water stains on acoustic ceiling titles which could be an indication of roof damage or poor ventilation. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-15): Seller commentary: The appraisal did not cite this to be an issue and listed no significant items of deferred maintenance. VCC did not view this as material in terms of underwriting; however, it is expected that the borrower will complete aXX necessary repairs to the property. | 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 | 2026-1-100255 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Loan File - Missing Document: Hazard Insurance Policy not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for waiver of unit owners' walls-in coverage requirement. Comp factors, seasoned investor and reserves.<br> Approved exception at origination for incomplete VOM-primary; missing payment history receipts for 2 of most recent 12 months. Comp factors: seasoned investor and reserves. | BUYER - GENERAL COMMENT (2026-01-06): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-01-07): Approved exception at origination for waiver of unit owners' walls-in coverage requirement. Comp factors, seasoned investor and reserves.<br> REVIEWER - WAIVED COMMENT (2025-12-30): Approved exception at origination for incomplete VOM-primary; missing payment history receipts for 2 of most recent 12 months. Comp factors: seasoned investor and reserves. | 1 |  |  |  | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100256 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Debt service ratio issue<br> [2] General - FICO below 650<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for DSCR < 1.25x on an investor traditional 2 refinance with loan > $750,000. Comp factor: LTV.<br> Approved exception at origination for FICO < 650. Comp factor; LTV.<br> Approved exception at origination for missing VOR-primary. Comp factor: LTV.<br> Missing lease for 1 of 4 units being refinance in subject traditional 2 with loan > $500k (missing for 600 sf unit indicated as month to month). | REVIEWER - WAIVED COMMENT (2025-12-30): Approved exception at origination for DSCR < 1.25x on an investor traditional 2 refinance with loan > $750,000. Comp factor: LTV.<br> REVIEWER - WAIVED COMMENT (2025-12-30): Approved exception at origination for FICO < 650. Comp factor; LTV.<br> REVIEWER - WAIVED COMMENT (2025-12-30): Approved exception at origination for missing VOR-primary. Comp factor: LTV.<br> BUYER - GENERAL COMMENT (2026-01-06): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-01-07): Exception waived. Updated approval provided in trailing documents approving exception for missing leases. Comp factor, seasoned business. | 2 | [2] General Appraisal Requirements - The appraisal revealed property damage.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for One bathroom not functional with 1 compose toilet and sink. Comp factor, holdback agreement signed in file and holdback amount on HUD. | REVIEWER - WAIVED COMMENT (2026-01-02): Approved exception at origination for One bathroom not functional with 1 compose toilet and sink. Comp factor, holdback agreement signed in file and holdback amount on HUD.<br> REVIEWER - GENERAL COMMENT (2026-01-26): Seller comment-VCC completed a $65k, 90-day holdback for the following repairs: athroom - permit, removed shower tile floor, walls and ceiling to expose plumbing and drainage. New drain and water supply - new urinal and toilet. paint, relocate lighting, outlets and switches. New floor, walls for new tile. Toilet new doors, vanity, sink. New paint. Current property condition considered in value/LTV. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record<br>Evidence of Escrow Holdback in file.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | B |
| XXXX | XXXX | 2026-1-100257 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance<br> [2] Application / Processing - Missing Document: Missing Final 1003<br> [2] General - Missing Hazard Insurance | Approved exception at origination for basic form policy coverage type. Comp factor; seasoned investor.<br> Approved exception at origination for insurance premium not paid in full at closing; on payment plan. Comp factor; seasoned investor. | REVIEWER - WAIVED COMMENT (2026-01-02): Approved exception at origination for basic form policy coverage type. Comp factor; seasoned investor.<br> BUYER - GENERAL COMMENT (2026-01-20): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-01-20): Exception waived. Updated approval provided in trailing documents approving exception for missing signed final application. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2026-01-02): Approved exception at origination for insurance premium not paid in full at closing; on payment plan. Comp factor; seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100258 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100259 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100260 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing P&L | Missing complete 2023 bus tax return with all schedules and exhibits (document provided(D0217) is an 8 pg excerpt) | REVIEWER - WAIVED COMMENT (2026-01-15): Exception waived. Email approval provided in trailing documents approving exception for missing schedules to returns. Comp factors, LTV and experience. | 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 | 2026-1-100261 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for waiver of EPC-tenant lease requirement (Change memo #1 item 2). Comp factors: DSCR, LTV, and guarantor liquidity/net worth | BUYER - GENERAL COMMENT (2026-01-06): correct, approved exception.<br> REVIEWER - WAIVED COMMENT (2026-01-07): Approved exception at origination for waiver of EPC-tenant lease requirement (Change memo #1 item 2). Comp factors: DSCR, LTV, and guarantor liquidity/net worth | 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 | 2026-1-100262 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for waiver of rental verification requirement. (per Change Memo #1- item 1). Comp factors: LTV, DSCR | BUYER - GENERAL COMMENT (2026-01-06): Correct, approved exception.<br> REVIEWER - WAIVED COMMENT (2026-01-07): Approved exception at origination for waiver of rental verification requirement. (per Change Memo #1- item 1). Comp factors: LTV, 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 | 2026-1-100263 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100264 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100265 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100266 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for missing lease. Comp factor LTV. | REVIEWER - WAIVED COMMENT (2026-01-15): 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 | 2026-1-100267 |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [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. | 9 of 10 subject properties are rural properties<br> Missing leases/ vacancy on refinance. Missing lease agreements on 7 of the units across 10 properties.<br> Cash out on recently listed properties. | BUYER - GENERAL COMMENT (2026-01-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-01-13): Exception waived. Updated approval provided in trailing documents approving exception for rural properties. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2026-01-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-01-13): Exception waived. Updated approval provided in trailing documents approving exception for missing leases. Comp factor, LTV.<br> BUYER - GENERAL COMMENT (2026-01-12): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-01-13): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed properties. 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. | 2 of subject properties contain safety issues of boarded windows and rotted/missing fascia, damaged stairs and handrails. File contains a LOE indicating intent to repair (D0551) however no evidence of completion provided. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-20): Seller commentary: 46.78% LTV, appraisals all made as-is and current property conditions are reflected in the value/LOE. Given the low LTV, Per borrower LOE, cash-out proceeds will be used towards repairing the cited issues and while VCC hasn't confirmed the status of repairs, it is expected that the borrower will fulfill their commitment to repair. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100268 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Loan Amount below $250,000<br> [2] General - Missing Document: Lease Agreement not provided | Approved exception at origination for loan amount <$75,000. Comp factor LTV.<br> Approved exception at origination for missing lease. Comp factor LTV. | REVIEWER - WAIVED COMMENT (2026-01-14): LTV<br> REVIEWER - WAIVED COMMENT (2026-01-14): LTV | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100269 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 1 |  |  |  | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The drain line is broken and is overflowing and leaking. Mold is on outside window and near roof where siding is damaged and missing. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-20): Seller commentary: 50% LTV, appraisal made as-is and current property condition is considered in the value/LTV. The cost-to-cure per the appraisal is $5,000, which is within VCC's guideline allowance (5% of the loan amount, 20K). Per borrower LOE, cash-out proceeds to be used towards remediating the cited issues post-close. VCC has not confirmed the status of repairs, but expects the borrower to fulfill their commitment. | 1 |  |  |  |  | A |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100270 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors LTV. | REVIEWER - WAIVED COMMENT (2026-01-14): 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 | 2026-1-100271 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] General - Property has been listed for sale in the past 12 months. | Approved exception at origination for 1x 30 days late within 3 mos and 2x within 12 months on existing VCC loans. Comp factors: FICO and seasoned investor.<br> Approved exception at origination for cash out on property held < 12 months. Comp factors: FICO and seasoned investor. | REVIEWER - WAIVED COMMENT (2026-01-07): Approved exception at origination for 1x 30 days late within 3 mos and 2x within 12 months on existing VCC loans. Comp factors: FICO and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-01-07): Approved exception at origination for cash out on property held < 12 months. Comp factors: FICO and seasoned investor. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100272 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - FICO below 650<br> [2] General - Missing Document: Lease Agreement not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor LTV.<br> Approved exception at origination for missing VOM. Comp factors, seasoned investor. | REVIEWER - WAIVED COMMENT (2026-01-14): LTV<br> BUYER - GENERAL COMMENT (2026-01-16): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-01-16): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV.<br> REVIEWER - WAIVED COMMENT (2026-01-14): Seasoned investor | 3 | [3] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing handrail on back steps. | BUYER - OPEN - UNABLE TO CLEAR COMMENT (2026-01-20): Seller commentary: 65% LTV loan, property condition considered in value/LTV. VCC generally does not view missing handrails as material in terms of underwriting, but does expect the borrower to complete any necessary repairs/installations to the subject property. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100273 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 1 |  |  |  | 3 | [3] AUS Discrepancy / Guidelines Discrepancy - Property is vacant | Approved exception at origination for vacant property. Comp factor LTV and property condition which cannot be substantiated. | REVIEWER - WAIVED COMMENT (2026-01-13): Approved exception at origination for vacant property. Comp factor LTV and property condition which cannot be substantiated. | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. A |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100274 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Calculation / Analysis - Guideline Issue: Insufficient tradelines per credit guidelines<br> [2] General Appraisal Requirements - Subject is a refinance and property is listed for sale.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for FICO < 650. Comp factor, LTV.<br> Approved exception at origination for < 2 active open major tradelines. Comp factors, LTV.<br> Approved exception at origination for cash out with less than 12 months value seasoning. Comp factors LTV. | REVIEWER - WAIVED COMMENT (2026-01-14): LTV<br> REVIEWER - WAIVED COMMENT (2026-01-14): LTV<br> REVIEWER - WAIVED COMMENT (2026-01-14): LTV | 1 |  |  |  | 1 |  |  |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100275 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 1 |  |  |  | 3 | [3] AUS Discrepancy / Guidelines Discrepancy - Property is vacant | Approved exception at origination for vacant property. Comp factor seasoned investor. | REVIEWER - WAIVED COMMENT (2026-01-13): Approved exception at origination for vacant property. Comp factor seasoned investor. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record A |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100276 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100277 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory mortgage payments outside of credit guidelines<br> [2] General - Loan Amount below $250,000<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for FICO < 650. Comp factor LTV.<br> Approved exception at origination for Collection/Charge Off >$25,000. Comp factor, LTV..<br> Approved exception at origination for loan amount <$75,000. Comp factor DCR.<br> Approved exception at origination for missing VOR; guarantor lives rent free. Comp factors, LTV. | REVIEWER - WAIVED COMMENT (2026-01-14): LTV<br> BUYER - GENERAL COMMENT (2026-01-16): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-01-16): Approved exception at origination for Collection/Charge Off >$25,000. Comp factor, LTV..<br> REVIEWER - WAIVED COMMENT (2026-01-14): DCR<br> REVIEWER - WAIVED COMMENT (2026-01-26): Approved exception at origination for missing VOR; guarantor lives rent free. Comp factors, 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.<br>The qualifying DSCR on the loan is greater than the guideline minimum. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100278 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 1 |  |  |  | 3 | [3] AUS Discrepancy / Guidelines Discrepancy - Property is vacant | Approved exception at origination for vacant property. Comp factor LTV. | BUYER - GENERAL COMMENT (2026-01-15): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-01-16): Approved exception at origination for vacant property. 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. A |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100279 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing lease Agreement<br> [2] General Appraisal Requirements - Subject is a refinance and property is listed for sale.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for missing lease agreement. Comp factors, LTV and seasoned investor.<br> Approved exception at origination for active listing on subject property. Comp factor seasoned investor and LTV. | BUYER - GENERAL COMMENT (2026-01-14): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-01-14): Approved exception at origination for missing lease agreement. Comp factors, LTV and seasoned investor.<br> REVIEWER - WAIVED COMMENT (2026-01-13): Approved exception at origination for active listing on subject property. Comp factor seasoned investor and LTV. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100280 |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100281 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 2 | [2] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factor, seasoned business. | BUYER - GENERAL COMMENT (2026-01-14): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-01-15): Approved exception at origination for FICO < 650. Comp factor, seasoned business. | 3 | [3] AUS Discrepancy / Guidelines Discrepancy - Property is vacant | Approved exception at origination for vacant property. Comp factor seasoned business. | BUYER - GENERAL COMMENT (2026-01-14): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-01-15): Approved exception at origination for vacant property. Comp factor seasoned business. | 1 |  |  |  |  | Borrower has owned the subject property for at least 5 years.<br>Borrower's Experience/Track Record |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100282 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - LTV over 75% | Approved exception at origination for LTV >75% on a refinance. Comp factor FICO and reserves. | REVIEWER - WAIVED COMMENT (2026-01-13): Approved exception at origination for LTV >75% on a refinance. Comp factor 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 | 2026-1-100283 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 3 | 3 | [3] General - FICO below 650 | Approved exception at origination for FICO < 650. Comp factor, AA mortgage history. | BUYER - GENERAL COMMENT (2026-01-14): Corrected Uploaded<br> REVIEWER - GENERAL COMMENT (2026-01-15): Exception remains. Approval provided has a comp factor other. Unable determine what other is.<br> BUYER - GENERAL COMMENT (2026-01-16): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-01-16): Approved exception at origination for FICO < 650. Comp factor, AA mortgage history. | 1 |  |  |  | 1 |  |  |  |  | Borrower has a clean housing payment history |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100284 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Missing Document: Lease Agreement not provided | Missing lease agreement on a refinance. | BUYER - GENERAL COMMENT (2026-01-14): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-01-15): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, FICO. | 1 |  |  |  | 1 |  |  |  |  | The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100285 |  | XXXX | $XXX |  | XX/XX/XXXX | Purchase |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100286 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - LTV does not meet guidelines<br> [2] Credit Documentation - Missing lease Agreement | Approved exception at origination for LTV > 65% on a Foreign investor based on the original purchase price < 12 months prior. Comp factor, seasoned business.<br> Approved exception at origination for missing lease/vacant. Comp factor, seasoned business. | BUYER - GENERAL COMMENT (2026-01-16): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-01-16): Approved exception at origination for LTV > 65% on a Foreign investor based on the original purchase price < 12 months prior. Comp factor, seasoned business.<br> REVIEWER - WAIVED COMMENT (2026-01-16): Approved exception at origination for missing lease/vacant. Comp factor, seasoned business. | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100287 |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] General - Missing Document: Lease Agreement not provided: Address: XXXXXXXXXXXXXXXXXXXX<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 expired credit report. Comp factor, seasoned investor.<br> Approved exception at origination for missing lease on 1 of 2 units. Comp factor, seasoned investor.<br> Approved exception at origination for incomplete VOM; Missing evidence of payment. Comp factor, seasoned investor.<br> Approved exception at origination for cash out with < 12 months value seasoning using AP greater than PP. Comp factor, seasoned investor. | REVIEWER - WAIVED COMMENT (2026-01-14): Seasoned Investor<br> REVIEWER - WAIVED COMMENT (2026-01-14): Seasoned Investor<br> REVIEWER - WAIVED COMMENT (2026-01-14): Seasoned investor<br> REVIEWER - WAIVED COMMENT (2026-01-14): Seasoned Investor | 1 |  |  |  | 1 |  |  |  |  | Borrower's Experience/Track Record |  |  |  |  | A B |
| XXXX | XXXX | 2026-1-100288 |  | XXXX | $XXX |  | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 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<br> [2] General - The property has been listed for sale in the last 12 months. | Approved exception at origination for VOM form and certificate. Comp factor seasoned investor and FICO.<br> Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned investor and FICO.<br> Approved exception at origination for subject property listed for sale. Comp factor seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2026-01-14): Seasoned investor and FICO.<br> REVIEWER - WAIVED COMMENT (2026-01-14): Seasoned investor and FICO.<br> REVIEWER - WAIVED COMMENT (2026-01-14): Seasoned investor and FICO. | 3 | [3] AUS Discrepancy / Guidelines Discrepancy - Property is vacant | Approved exception at origination for vacant unit. Comp factor seasoned investor and FICO. | REVIEWER - WAIVED COMMENT (2026-01-14): Seasoned investor and FICO. | 1 |  |  |  |  | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. |  |  |  |  | C |
| XXXX | XXXX | 2026-1-100289 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines<br> [2] General - LTV does not meet guidelines | Approved exception at origination for unpaid collection > $25,000. Comp factors, reserves and LTV (LTV is not valid for FTI > 70%).<br> Approved exception at origination for First time investor with LTV >70% and purchase of a 1 unit SFR. Comp factor, reserves and LTV (LTV is not valid for a FTI and exception is for LTV). | REVIEWER - WAIVED COMMENT (2026-01-14): Approved exception at origination for unpaid collection > $25,000. Comp factors, reserves and LTV (LTV is not valid for FTI > 70%).<br> REVIEWER - WAIVED COMMENT (2026-01-14): Approved exception at origination for First time investor with LTV >70% and purchase of a 1 unit SFR. Comp factor, reserves and LTV (LTV is not valid for a FTI and exception is for LTV). | 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 | 2026-1-100290 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 3 | 3 | [3] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Missing cancelled check to support the VOR from a private party. | BUYER - GENERAL COMMENT (2026-01-15): Exception noted on uploaded approval<br> REVIEWER - WAIVED COMMENT (2026-01-16): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOM. Comp factor, AA credit history/ | 1 |  |  |  | 1 |  |  |  |  | Borrower has a clean housing payment history C |  |  |  |  | A C |
| XXXX | XXXX | 2026-1-100291 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] General - Insufficient Hazard Insurance | Approved exception at origination for basic form insurance. Comp factor, LTV. | BUYER - GENERAL COMMENT (2026-01-15): Corrected Uploaded<br> REVIEWER - WAIVED COMMENT (2026-01-16): Approved exception at origination for basic form insurance. 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 | 2026-1-100292 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 2 | 2 | [2] AUS Discrepancy / Guidelines Discrepancy - Guideline Issue: Ineligible borrower<br> [2] General - Loan Amount below $250,000<br> [2] Credit Documentation - Missing Document: Credit Report not provided<br> [2] Credit Documentation - Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided | Approved exception at origination for guarantor being added to entity < 3 months. Comp factors, FICO and LTV.<br> Approved exception at origination for loan amount <$75,000. Comp factor FICO and LTV.<br> Approved exception at origination for expired credit report. Comp factor FICO and LTV.<br> Approved exception at origination for missing VOM-primary; guarantor lives rent free. Comp factors, FICO and LTV. | BUYER - GENERAL COMMENT (2026-01-15): The exception is not citing reserves. The exception is citing that the guarantor was recently added as a member of the borrowing entity<br> REVIEWER - WAIVED COMMENT (2026-01-16): Approved exception at origination for guarantor being added to entity < 3 months. Comp factors, FICO and LTV.<br> REVIEWER - WAIVED COMMENT (2026-01-14): FICO and LTV.<br> REVIEWER - WAIVED COMMENT (2026-01-14): FICO and LTV.<br> REVIEWER - WAIVED COMMENT (2026-01-14): FICO and LTV. | 2 | [2] Property Eligibility - Site and Utilities - Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo.: Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for repairing sloping and potentially crumbling front steps-tripping hazard. Comp factor, holdback agreement in file and reflected on HUD. | REVIEWER - WAIVED COMMENT (2026-01-16): Approved exception at origination for repairing sloping and potentially crumbling front steps-tripping hazard. Comp factor, holdback agreement in file and reflected on HUD.<br> REVIEWER - GENERAL COMMENT (2026-01-26): Seller comment-VCC completed a $1,500.00, 90-day holdback to cover the repair of the steps. Current property condition considered in value/LTV. | 1 |  |  |  |  | Evidence of Escrow Holdback in file.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. B |  |  |  |  | B |
| XXXX | XXXX | 2026-1-100293 | XXXXXXXXXXX | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Rate/Term |  | 2 | 2 | [2] General - FICO below 650<br> [2] Credit Eligibility - Guideline Issue: Derogatory consumer credit outside of credit guidelines | Approved exception at origination for FICO < 650. Comp factor, LTV.<br> Approved exception at origination for Charge Off >$25,000. Comp factor LTV. | REVIEWER - WAIVED COMMENT (2026-01-14): LTV<br> REVIEWER - WAIVED COMMENT (2026-01-14): 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 | 2026-1-100294 |  | XXXX | $XXX | XX | XX/XX/XXXX | Refinance Cash-out - Other |  | 1 | 1 |  |  |  | 1 |  |  |  | 1 |  |  |  |  | A |  |  |  |  | A |
| XXXX | XXXX | 2026-1-100295 |  | XXXX | $XXX | XX | XX/XX/XXXX | Purchase |  | 2 | 2 | [2] Appraisal Documentation - Missing Document: Appraisal not provided | Approved exception at origination for appraisal aged > 6 months. Comp factors: DSCR, compaXX 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, compaXX financial strength, and Guarantor support/ liquidity. | 1 |  |  |  | 1 |  |  |  |  | The qualifying DSCR on the loan is greater than the guideline minimum. B |  |  |  |  | A B |

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## Exhibit 99.08

**Exhibit 99.08**

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vcc-abs15g.htm)

![](ex99_001.jpg)

**Exception Grades**

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| **AMC Loan ID** | **Customer Loan ID** | **EDGAR Loan ID** | **Investor Loan Number** | **Loan Exception ID** | **Exception ID** | **Exception Date** | **Exception Type** | **Exception Category** | **Exception Subcategory** | **15E Category** | **Exception** | **Exception Detail** | **Exception Information** | **Compensating Factors** | **Compensating Factor Information** | **Applying Party** | **Follow-up Comments** | **Cleared Date** | **Cured Date** | **Waived Date** | **Exception Level Grade** | **Note Date** | **Property State** | **Purpose** | **Exception Remediation** | **Compliance<br> Final Loan Grade** | **Originator QM ATR Status** | **TPR QM ATR Status** | **Is Curable** |
| XXXX | XXXX | 2026-1-100000 |  | 35008529 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Address: XXXXXXXXXXXXXXXX | Missing lease agreement for XXXXXXXXXXXXXXXX | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | The representative FICO score exceeds the guideline minimum by XX points.<br>Seasoned Investor | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-01): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factors, FICO and seasoned investor.<br>Buyer Comment (2025-12-01): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:27:40 PM | 2 B | XX/XX/XXXX |  | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100000 |  | 35020405 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Address: XXXXXXXXXXXXXXXX2 | Missing lease agreement for XXXX. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | The representative FICO score exceeds the guideline minimum by XX points.<br>Seasoned Investor | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-01): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factors, FICO and seasoned investor.<br>Buyer Comment (2025-12-01): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:28:40 PM | 2 B | XX/XX/XXXX |  | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100000 |  | 35020536 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Wind deductible > 5% for XXXX | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | The representative FICO score exceeds the guideline minimum by XX points.<br>Seasoned Investor | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-01): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factors, FICO and seasoned investor.<br>Buyer Comment (2025-12-01): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:29:16 PM | 2 B | XX/XX/XXXX |  | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100000 |  | 35020885 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOM-primary; recently purchased (HUD provided). Comp factors: FICO and seasoned investor. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | The representative FICO score exceeds the guideline minimum by XX points.<br>Seasoned Investor | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-19): Approved exception at origination for missing VOM-primary; recently purchased (HUD provided). Comp factors: FICO and seasoned investor. |  |  | XX/XX/XXXX 2:39:11 PM | 2 B | XX/XX/XXXX |  | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100001 |  | 35020078 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for title vesting for unit 3L and unit 2L < 12 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. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-19): Approved exception at origination for title vesting for unit 3L and unit 2L < 12 months. Comp factors LTV and FICO. |  |  | XX/XX/XXXX 1:14:58 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100001 |  | 35020089 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided |  | Approved exception at origination for missing HOA budget and P&L statement. Comp factors: LTV and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-19): Approved exception at origination for missing HOA budget and P&L statement. Comp factors: LTV and FICO. |  |  | XX/XX/XXXX 1:15:43 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100002 |  | 35001441 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Loan amounts less than $75,000 are not permitted according to the guidelines |  | Approved exception at origination for loan< $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 (2025-11-19): Approved exception at origination for loan< $75,000. Comp factor: LTV. |  |  | XX/XX/XXXX 10:03:37 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100002 |  | 35015967 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photos reflect missing balusters for basement stairs, basement shows evidence of water penetration, settlement and hydrostatic pressure and missing bathroom titles. |  |  |  | Buyer Comment (2026-01-14): Seller Commentary: 40% LTV. Current property condition considered in value/LTV. The appraiser didn't cite a cost for deferred maintenance or suspicion of structural damages, so VCC did not view the repairs as material in terms of underwriting. While the status of repairs hasn't been confirmed, it is expected that the borrower will make any necessary updates to the property. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100003 |  | 35014767 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM-subject; missing 1 of 12 months. Comp factors: FICO and seasoned investor. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | seasoned investor<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-19): Approved exception at origination for incomplete VOM-subject; missing 1 of 12 months. Comp factors: FICO and seasoned investor. |  |  | XX/XX/XXXX 8:08:33 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100003 |  | 35014804 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 75% on a 2 - 4 unit refinance. Comp factors: FICO and seasoned investor. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | seasoned investor<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-19): Approved exception at origination for LTV > 75% on a 2 - 4 unit refinance. Comp factors: FICO and seasoned investor. |  |  | XX/XX/XXXX 8:09:35 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100003 |  | 35015043 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for 1) guarantor < 12 months as a member of business entity, 2) subject property used as rehab facility and 3) lessee is a member of business entity. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-19): Approved exception at origination for 1) guarantor < 12 months as a member of business entity, 2) subject property used as rehab facility and 3) lessee is a member of business entity. Comp factor: FICO. |  |  | XX/XX/XXXX 8:12:15 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100005 |  | 35016291 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factors: reserves and seasoned investor. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Seasoned Investor | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-19): Approved exception at origination for loan amount < $75,000. Comp factors: reserves and seasoned investor. |  |  | XX/XX/XXXX 10:50:31 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100005 |  | 35016323 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOM - primary; rating on broker's expired credit report. Comp factors: reserves and seasoned investor. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Seasoned Investor | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-19): Approved exception at origination for missing VOM - primary; rating on broker's expired credit report. Comp factors: reserves and seasoned investor. |  |  | XX/XX/XXXX 10:53:16 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100006 |  | 35011090 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for missing lease. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-11-19): Approved exception at origination for missing lease. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 6:05:23 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100006 |  | 35011142 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for rural property. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-11-19): Approved exception at origination for rural property. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 6:03:51 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100006 |  | 35130353 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Exterior steps have wood rot, window wood rot, damaged exterior siding, and yard needs to be cleaned and negatively impacts marketability if property were to be sold. |  |  |  | Buyer Comment (2026-01-14): Current property condition considered in value/LTV. The total cost to cure provided in the appraisal is $3,500 which is within the VCC deferred maintenance guidelines (5% of the loan amount/20K), so VCC did not view as material in terms of underwriting. Per borrower LOE in file, cash-out proceeds will be used towards renovating/repairing the subject property, and while the status of repairs has not been confirmed, it is expected that the borrower will fulfill their obligation. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100007 |  | 35012041 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 90 days late on subject within 12 months- delinquent interest paid off at closing . Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-11-19): Approved exception at origination for 90 days late on subject within 12 months- delinquent interest paid off at closing . Comp factor: LTV. |  |  | XX/XX/XXXX 7:20:58 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100008 |  | 35001426 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved at origination for missing 1) borrower's name and 2) on payment plan. Comp factor, FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-01): Approved at origination for missing 1) borrower's name and 2) on payment plan. Comp factor, FICO.<br>Buyer Comment (2025-12-01): Exception noted on uploaded approval<br> Proof of ownership of entity named on insurance provided |  |  | XX/XX/XXXX 5:08:07 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100010 |  | 35022990 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: DCR. | The qualifying DSCR on the loan is greater than the guideline minimum. | The DSCR is greater than the minimum required. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-01): Approved exception at origination for FICO < 650. Comp factor: DCR.<br>Buyer Comment (2025-12-01): Corrected Uploaded |  |  | XX/XX/XXXX 5:13:26 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100010 |  | 35022991 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing VOR/VOM- primary; held in spouse's name per LOE in file. | The qualifying DSCR on the loan is greater than the guideline minimum. | The DSCR is greater than the minimum required. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-01): Exception waived. Updated approval provided in trailing documents approving exception for missing VOM/VOR-primary. Comp factor, DCR.<br>Buyer Comment (2025-12-01): Exception noted on uploaded approval |  |  | XX/XX/XXXX 5:14:17 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100010 |  | 35030241 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Address: XXXXXXXXXXXXXXXX// Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing steps and handrail for the back door. |  |  |  | Buyer Comment (2026-01-14): Seller commentary: 60.23% LTV. Per borrower LOE in file cash-out proceeds will be used towards repairing/renovating the subject. VCC hasn't confirmed the status of repairs, but it is expected that the borrower will fulfill their commitment. |  |  |  | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100011 |  | 35027139 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for value seasoning < 12 months and the higher appraised value versus the lower of the sales price was used cost breakdown provided). Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-02): Approved exception at origination for value seasoning < 12 months and the higher appraised value versus the lower of the sales price was used cost breakdown provided). Comp factor: FICO.<br>Buyer Comment (2025-12-01): Corrected Uploaded |  |  | XX/XX/XXXX 11:05:01 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100011 |  | 35027401 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Address: XXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects electrical panel covers for units 1 and 2 are missing and missing handrail on basement stairs for XXXXXXXXXXXXXXXXX. |  |  |  | Reviewer Comment (2026-01-27): Sellers comment-Regarding the missing handrails/electric panel door cover- VCC generally doesn't view these items as material to underwriting. Regarding the dampness (dampness in a corner, not standing water throughout the room) in the basement (XXXX), VCC did not view this as material as there was no leak observed and the building was cited to be structurally secure per the appraisal. Basement vacant and not used as a living space. Borrower is rehabing both of these properties (kitchen and bathrooms both completely re-done), so all updates are expected to be complete prior to tenants. Regarding the water meter at (XXXX), there isn't a water meter, but the water is on. |  |  |  | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100011 |  | 35027618 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Address: XXXXXXXXXXXXXXXX | Approved exception at origination for missing lease agreement-subject; recent renovation. Comp factor, FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-02): Approved exception at origination for missing lease agreement-subject; recent renovation. Comp factor, FICO.<br>Buyer Comment (2025-12-01): Corrected Uploaded |  |  | XX/XX/XXXX 11:04:36 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100011 |  | 35027622 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Address: XXXXXXXXXXXXXXXX | Approved exception at origination for missing lease agreement-subject; recent renovation. Comp factor, FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-02): Approved exception at origination for missing lease agreement-subject; recent renovation. Comp factor, FICO.<br>Buyer Comment (2025-12-01): Corrected Uploaded |  |  | XX/XX/XXXX 11:04:13 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100011 |  | 35027705 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Address: XXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal and Inhouse review reflect electrical panel door is missing, dampness in basement, and missing water meter; however, water is on for XXXXXXXXXXXXXXXXX. |  |  |  | Reviewer Comment (2026-01-26): Seller comment-Regarding the missing handrails/electric panel door cover- VCC generally doesn't view these items as material to underwriting. Regarding the dampness (dampness in a corner, not standing water throughout the room) in the basement (XXXX), VCC did not view this as material as there was no leak observed and the building was cited to be structurally secure per the appraisal. Basement vacant and not used as a living space. Borrower is re-habing both of these properties (kitchen and bathrooms both completely re-done), so all updates are expected to be complete prior to tenants. Regarding the water meter at (XXXX), there isn't a water meter, but the water is on. |  |  |  | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100013 |  | 35023011 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $75k. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2025-11-19): Approved exception at origination for loan < $75k. Comp factor: LTV. |  |  | XX/XX/XXXX 9:23:02 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100013 |  | 35023012 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | EOI reflects exclusion of wind/hail coverage. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2025-12-02): Exception waived. Updated approval provided in trailing documents approving exception for exclusion of wind/hail coverage. Comp factor, LTV.<br>Buyer Comment (2025-12-01): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:59:17 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100014 |  | 35011465 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-11-19): Approved exception at origination for 100% vacancy/missing lease. Comp factor: LTV. |  |  | XX/XX/XXXX 5:44:05 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100014 |  | 35022921 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for rural property. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-11-19): Approved exception at origination for rural property. Comp factor: LTV. |  |  | XX/XX/XXXX 5:45:40 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100016 |  | 35022968 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Rural property. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-02): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV.<br>Buyer Comment (2025-12-01): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:02:30 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100016 |  | 35022977 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | 100% vacancy/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 (2025-12-02): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV.<br>Buyer Comment (2025-12-01): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:01:41 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100019 |  | 35023017 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Liability coverage < $300k. Comp factors, seasoned investor and re-established credit. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-02): Approved exception at origination for Liability coverage < $300k. Comp factors, seasoned investor and re-established credit.<br>Buyer Comment (2025-12-01): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:07:18 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100021 |  | 35038300 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-21): Approved exception at origination for loan amount < $75,000. Comp factor: LTV. |  |  | XX/XX/XXXX 8:12:57 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100021 |  | 35038594 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Below average condition with deferred maintenance and potential health and safety issues<br> Damaged siding, missing flooring, missing wood trim under a window, and broken blinds. <br> Appraisal review list PTD Install missing flooring, Support poles appear to be damaged and leaning on front porch, obtain structural cert by licensed professional, replace damaged/missing siding, subject exterior right wall appears to be bowed, and replace rotting wood exterior. No evidence aXX of these were completed. |  |  |  | Buyer Comment (2026-01-15): Seller commentary: 50% LTV, appraisal made as-is and current property condition is reflected in the value/LTV. Per borrower LOE in file, cash-out proceeds will be used towards renovating the subject property, including but not limited to the cited issues from the appraisal. VCC hasn't confirmed the status of repairs at this point, but it is expected that the borrower will fulfill their obligation to repair the subject. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100023 |  | 34994650 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: LTV and reserves. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- LTV<br>CF_ reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-18): Approved exception at origination for FICO < 650. Comp factors: LTV and reserves. |  |  | XX/XX/XXXX 5:45:45 PM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100023 |  | 34994938 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: LTV and reserves. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- LTV<br>CF_ reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-18): Approved exception at origination for override of statewide exclusion for traditional property type located in XX. Comp factors: LTV and reserves. |  |  | XX/XX/XXXX 5:46:04 PM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100023 |  | 34994946 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photos reflect electrical panel and junction box need to be wired. No proof of completion provided. |  |  |  | Buyer Comment (2026-01-14): Seller commentary: Purchase transaction. Retail property vacant at origination and borrower's business to occupy post-close. Updates in progress at the time of the appraisal, but VCC did not view as material in terms of underwriting as it is expected that the borrower will complete aXX necessary updates to the subject post-acquisition, especially given the owner-user nature of the property. |  |  |  | 3 C | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100024 |  | 34995225 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-11-18): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. |  |  | XX/XX/XXXX 6:30:22 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100025 |  | 35026817 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-20): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: FICO. |  |  | XX/XX/XXXX 11:40:36 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100025 |  | 35026920 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for credit report aged > 60 Days. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-20): Approved exception at origination for credit report aged > 60 Days. Comp factor: reserves. |  |  | XX/XX/XXXX 11:41:13 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100025 |  | 35026933 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for 2nd lien note term < 36 months and prepayment penalty of 60 months. Comp factors: reserves and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-20): Approved exception at origination for 2nd lien note term < 36 months and prepayment penalty of 60 months. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 11:42:18 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100025 |  | 35028959 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy of subject. Comp factor: reserves and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-20): Approved exception at origination for 100% vacancy of subject. Comp factor: reserves and FICO. |  |  | XX/XX/XXXX 11:42:53 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100025 |  | 35029031 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. Comp factor: reserves and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-20): Approved exception at origination for rural property. Comp factor: reserves and FICO. |  |  | XX/XX/XXXX 11:43:16 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100026 |  | 35021259 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-11-19): Approved exception at origination for premium not paid in full at closing (on payment plan). Comp factor: seasoned investor. |  |  | XX/XX/XXXX 3:05:27 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100026 |  | 35021551 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | 100% vacancy per analyst review on refinance. | Borrower's Experience/Track Record | CF_ seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-12-02): Exception waived. Updated approval provided in trailing documents approving exception for missing lease/vacant property. Comp factor, seasoned business.<br>Buyer Comment (2025-12-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:30:04 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100027 |  | 35005597 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-19): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. |  |  | XX/XX/XXXX 6:49:02 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100027 |  | 35005651 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing lease agreement for unit 3R -19.1% vacant. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-02): Exception waived. Updated approval provided in trailing documents approving exception for missing lease/vacant property. Comp factors, LTV and FICO.<br>Buyer Comment (2025-12-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:45:24 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100029 |  | 35003597 | XXXX | XX/XX/XXXX | 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. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-11-18): Approved exception at origination for FICO < 650. Comp factor: reserves. |  |  | XX/XX/XXXX 7:15:04 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100029 |  | 35003610 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for incomplete VOR - primary; missing pay history receipts to support VOM summary from private landlord. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-11-18): Approved exception at origination for incomplete VOR - primary; missing pay history receipts to support VOM summary from private landlord. Comp factor: reserves. |  |  | XX/XX/XXXX 7:29:10 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100029 |  | 35003632 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II property type. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-11-18): Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II property type. Comp factor: reserves. |  |  | XX/XX/XXXX 7:32:08 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100030 |  | 35004606 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for business license < 2 years. Comp factors: Reserves and FICO. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-18): Approved exception at origination for business license < 2 years. Comp factors: Reserves and FICO. |  |  | XX/XX/XXXX 1:44:51 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100031 |  | 35007120 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor on owner-user traditional II property with LTV >65%. Comp factors: FICO and seasoned business. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | CF_ FICO<br>CF- seasoned business | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-19): Approved exception at origination for first time investor on owner-user traditional II property with LTV >65%. Comp factors: FICO and seasoned business. |  |  | XX/XX/XXXX 2:06:10 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100031 |  | 35020581 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | 5% wind deductible is > $25k. | The representative FICO score exceeds the guideline minimum by XX points. | CF_ FICO | SitusAMC,Originator | Reviewer Comment (2025-12-05): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO.<br>Buyer Comment (2025-12-05): Exception noted om uploaded approval |  |  | XX/XX/XXXX 5:21:51 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100032 |  | 35007754 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; reserves, and property condition which is unable to be validated as a non-quantifiable subjective trait. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-11-19): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors; reserves, and property condition which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 2:33:23 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100032 |  | 35007761 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines. Comp factors; reserves, and property condition which is unable to be validated as a non-quantifiable subjective trait. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-11-19): Approved exception at origination for < 2 active major tradelines. Comp factors; reserves, and property condition which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 2:32:47 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100032 |  | 35007776 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x on owner user traditional 2 refinance with loan > $500,000. Comp factors; reserves, and property condition which is unable to be validated as a non-quantifiable subjective trait. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-11-19): Approved exception at origination for DSCR < 1.0x on owner user traditional 2 refinance with loan > $500,000. Comp factors; reserves, and property condition which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 2:33:40 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100032 |  | 35020779 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Business P&L not provided |  | Approved exception at origination for missing P&L. Comp factors; reserves, and property condition which is unable to be validated as a non-quantifiable subjective trait. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-11-19): Approved exception at origination for missing P&L. Comp factors; reserves, and property condition which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 2:33:57 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100033 |  | 35005222 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II purchase. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-02): Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II purchase. Comp factor: FICO.<br>Buyer Comment (2025-12-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:53:54 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100033 |  | 35008531 | XXXX | XX/XX/XXXX | Credit | Asset | Asset Calculation / Analysis | Asset | Guideline Requirement: Available for Reserves discrepancy. | Calculated Available for Reserves of is less than Guideline Available for Reserves of . | Missing three (3) months PI reserves required post-closing for first time investor. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-02): Exception waived. Updated approval provided in trailing documents approving exception missing reserve on a FTI. Comp factor, FICO.<br>Buyer Comment (2025-12-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:56:14 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100033 |  | 35009807 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Wind/hail deductible of 5% < $25,000. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-02): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO.<br>Buyer Comment (2025-12-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:56:55 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100034 |  | 35003915 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x for investor traditional II purchase with loan > $500,000. Comp factors: Comp factors: FICO and seasoned business which is not supported as there is an exception for entity seasoning (as well as exception for FT investor). | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-02): Approved exception at origination for DSCR < 1.25x for investor traditional II purchase with loan > $500,000. Comp factors: Comp factors: FICO and seasoned business which is not supported as there is an exception for entity seasoning (as well as exception for FT investor).<br>Buyer Comment (2025-12-02): Corrected UPloaded |  |  | XX/XX/XXXX 3:29:48 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100034 |  | 35004064 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for seasoning < 12 months on borrower business entity. Comp factors: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-02): Approved exception at origination for seasoning < 12 months on borrower business entity. Comp factors: FICO.<br>Buyer Comment (2025-12-02): Corrected Uploaded |  |  | XX/XX/XXXX 3:30:50 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100034 |  | 35004114 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor with LTV > 65% on investor traditional II purchase. Comp factors: FICO and seasoned business which is not supported as there is an exception for entity seasoning (as well as exception for FT investor). | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-02): Approved exception at origination for first time investor with LTV > 65% on investor traditional II purchase. Comp factors: FICO and seasoned business which is not supported as there is an exception for entity seasoning (as well as exception for FT investor).<br>Buyer Comment (2025-12-02): Corrected Uploaded |  |  | XX/XX/XXXX 3:32:08 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100034 |  | 35006891 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: FICO and seasoned business which is not supported as there is an exception for entity seasoning (as well as exception for FT investor). | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-11-19): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: FICO and seasoned business which is not supported as there is an exception for entity seasoning (as well as exception for FT investor). |  |  | XX/XX/XXXX 1:07:53 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100035 |  | 35004835 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x for investor traditional 1 mixed use purchase with loan > $500,000. Comp factors: FICO and seasoned business which is not supported as there is a borrower entity seasoning exception and FT investor exception documented on the approval. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-11-19): Approved exception at origination for DSCR < 1.20x for investor traditional 1 mixed use purchase with loan > $500,000. Comp factors: FICO and seasoned business which is not supported as there is a borrower entity seasoning exception and FT investor exception documented on the approval. |  |  | XX/XX/XXXX 3:56:28 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100035 |  | 35005241 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor with LTV > 65% on mixed use traditional I investor purchase. Comp factors: FICO and seasoned business which is not supported as there is a borrower entity seasoning exception and FT investor exception documented on the approval. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-11-19): Approved exception at origination for first time investor with LTV > 65% on mixed use traditional I investor purchase. Comp factors: FICO and seasoned business which is not supported as there is a borrower entity seasoning exception and FT investor exception documented on the approval. |  |  | XX/XX/XXXX 3:56:02 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100035 |  | 35005299 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for seasoning < 12 months for borrower entity. Comp factors: FICO and seasoned business which is not supported as there is a borrower entity seasoning exception and FT investor exception documented on the approval. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-11-19): Approved exception at origination for seasoning < 12 months for borrower entity. Comp factors: FICO and seasoned business which is not supported as there is a borrower entity seasoning exception and FT investor exception documented on the approval. |  |  | XX/XX/XXXX 3:55:36 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100035 |  | 35005991 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lies rent free. Comp factors: FICO and seasoned business which is not supported as there is a borrower entity seasoning exception and FT investor exception documented on the approval. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-11-19): Approved exception at origination for missing VOR-primary; guarantor lies rent free. Comp factors: FICO and seasoned business which is not supported as there is a borrower entity seasoning exception and FT investor exception documented on the approval. |  |  | XX/XX/XXXX 3:55:11 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100035 |  | 35017035 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing leases on investor traditional 1 mixed use property with loan > $500k. Comp factors, FICO and seasoned business. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | CF- FICO<br>Seasoned business. | SitusAMC,Originator<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-03): Approved exception at origination for missing leases on investor traditional 1 mixed use property with loan > $500k. Comp factors, FICO and seasoned business.<br>Buyer Comment (2025-12-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:18:46 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100037 |  | 35006247 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM-subject missing several most recent months payment history . Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-03): Approved exception at origination for incomplete VOM-subject missing several most recent months payment history . Comp factor: seasoned business.<br>Buyer Comment (2025-12-02): Corrected Uploaded |  |  | XX/XX/XXXX 10:47:20 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100037 |  | 35006251 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x for owner user traditional 1 mixed use refinance with loan > $500k. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-03): Approved exception at origination for DSCR < 1.0x for owner user traditional 1 mixed use refinance with loan > $500k. Comp factor: seasoned business.<br>Buyer Comment (2025-12-02): Corrected uploaded |  |  | XX/XX/XXXX 10:47:39 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100038 |  | 35041854 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 75% on owner user traditional 1 mixed use purchase. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- FICO<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-21): Approved exception at origination for LTV > 75% on owner user traditional 1 mixed use purchase. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 4:21:36 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100039 |  | 35007129 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for deferred maintenance > $25,000. Appraiser is considering the required water and sewage cost to hook up to the city (current has shared hook with adjacent property that had a common owner) as deferred maintenance. Comp factors: reserves and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- FICO<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-26): Seller comment-Purchase transaction. This property is in above average condition per the appraisal and no damages were reported. The deferred maintenance (considered in the value/ltv) is due to the required water and sewage cost to hook up to the city. At origination the property shared a water and sewer line with the adjacent property as they were under common ownership. VCC completed a 365 day holdback for $34,980 to cover the cost of connecting the subject to the town's water and sewer. The borrower is purchasing this office/warehouse property to operate their business out of. VCC expects the borrower to get the water/sewage transferred per the terms of their holdback agreement, and especially given the owner-user nature of the property.<br>Reviewer Comment (2025-11-19): Approved exception at origination for deferred maintenance > $25,000. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 1:55:05 PM | 3 C | XX/XX/XXXX | XX | Purchase | C A | C |  |  | No |
| XXXX | XXXX | 2026-1-100040 |  | 35005815 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Incomplete VOM - subject; missing evidence of 12 months deposit receipts. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-03): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOM. Comp factor, FICO.<br>Buyer Comment (2025-12-02): Uploaded |  |  | XX/XX/XXXX 10:57:26 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100042 |  | 35010129 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for subject property being 53.8% owner-occupied. Comp factors: LTV, DSCR, and guarantor support/reserves. | 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.<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.<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 (2025-11-20): Approved exception at origination for subject property being 53.8% owner-occupied. Comp factors: LTV, DSCR, and guarantor support/reserves. |  |  | XX/XX/XXXX 12:44:42 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100043 |  | 35062530 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing leases on 2-4 family refinance. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-11-24): Approved exception at origination for missing leases on 2-4 family refinance. Comp factor: LTV. |  |  | XX/XX/XXXX 1:28:27 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100043 |  | 35065221 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-11-24): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 1:28:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100043 |  | 35065235 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing/incomplete VOM. Comp factors: LTV and seasoned investor | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | CF- LTV<br>CF-seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-24): Approved exception at origination for missing/incomplete VOM. Comp factors: LTV and seasoned investor |  |  | XX/XX/XXXX 1:29:38 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100043 |  | 35065246 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for override of statewide exclusion for 2-4 family property located in XX without UCC filings. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-03): Approved exception at origination for override of statewide exclusion for 2-4 family property located in XX without UCC filings. Comp factor: LTV.<br>Buyer Comment (2025-12-02): Corrected Uploaded |  |  | XX/XX/XXXX 10:59:55 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100043 |  | 35065367 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Wind deductible is > $25k. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-03): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV.<br>Buyer Comment (2025-12-02): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:00:48 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100044 |  | 35040847 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Deferred maintenance, kitchen wood floors in need of repairing/refinishing, peeling wallpaper in one bathroom, and ceiling of second floor has missing/water-stained tiles. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-05): Exception waived. Updated approval provided in trailing documents approving exception for deferred maintenance. Comp factor, LTV.<br>Buyer Comment (2025-12-05): Exception noted on uploaded approval for deferred maintenance<br>Reviewer Comment (2025-12-03): Exception remains. No documents were uploaded.<br>Buyer Comment (2025-12-02): Exception noted on uploaded approval for deferred maintenance |  |  | XX/XX/XXXX 5:26:00 PM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | 2026-1-100046 |  | 35034503 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Proof of Residency Status not provided |  | Proof of residency provided is expired. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-13): Exception waived. Updated approval provided in trailing documents approving exception for expired proof of residency. Comp factors, LTV and FICO.<br>Buyer Comment (2026-01-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:42:56 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100046 |  | 35040206 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor of 1-unit SFR purchase. Comp factors: FICO and LTV. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-21): Approved exception at origination for first time investor of 1-unit SFR purchase. Comp factors: FICO and LTV. |  |  | XX/XX/XXXX 11:03:07 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100047 |  | 35039332 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. Comp factors: LTV and DSCR. | 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 (2025-11-21): Approved exception at origination for rural property. Comp factors: LTV and DSCR. |  |  | XX/XX/XXXX 9:51:46 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100048 |  | 35058606 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-24): Approved exception at origination for 100% vacancy/missing lease. Comp factor: LTV. |  |  | XX/XX/XXXX 6:09:10 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100049 |  | 35055652 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal/missing current lease (subsequently executed lease provided) Comp factors: seasoned investor and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | CF- FICO<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-21): Approved exception at origination for 100% vacancy per appraisal/missing current lease (subsequently executed lease provided) Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 10:59:49 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100049 |  | 35063413 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing kitchen appliances (stove and refrigerator). File contains a LOE indicating intent to remedy (D0247) but no evidence of completion. |  |  |  | Buyer Comment (2026-01-14): Seller commentary: Per borrower LOE in file kitchen appliances would be installed post-close. While VCC has not confirmed the status of installation, it is expected that the borrower will fulfill their commitment so they can rent out the unit. Property condition considered in value/LTV. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100049 |  | 35063477 | XXXX | XX/XX/XXXX | Credit | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | Subject is a refinance and property is listed for sale. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for cash out on property held < 12 months using valuation exceeding original purchase price. Comp factors: seasoned investor and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | CF- FICO<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-24): Approved exception at origination for cash out on property held < 12 months using valuation exceeding original purchase price. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 10:35:45 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100050 |  | 35055588 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | 33% vacancy/ missing lease for 1 of 3 units being refinanced. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-09): Exception waived. Updated approval provided in trailing documents approving exception for missing lease/vacant. Comp factor, LTV.<br>Buyer Comment (2025-12-08): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:56:21 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100050 |  | 35055608 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Hurricane (wind) deductible > $25k. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-09): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV.<br>Buyer Comment (2025-12-08): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:55:31 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100050 |  | 35063687 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Bars on windows- there is a LOE in file (D0159) conveying borrower intent to remove but no evidence of completion. |  |  |  | Buyer Comment (2026-01-14): Seller commentary: 50% LTV, property condition considered in value/LTV. Per borrower LOE bars would be removed and while VCC hasn't confirmed the status, it is expected that the borrower will fulfill their commitment to remove them. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100051 |  | 35062684 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-24): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. |  |  | XX/XX/XXXX 9:32:49 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100051 |  | 35062695 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for rural property. Comp factors: LTV and 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. | 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. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-24): Approved exception at origination for rural property. Comp factors: LTV and DSCR. |  |  | XX/XX/XXXX 9:33:36 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100052 |  | 35055681 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factor; LTV | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-11-22): Approved exception at origination for credit report aged > 60 days. Comp factor; LTV |  |  | XX/XX/XXXX 12:06:17 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100052 |  | 35055682 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | 23% vacancy/ missing lease for 1 of 4 units being refinanced. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-09): Exception waived. Updated approval provided in trailing documents approving exception for missing lease/vacant. Comp factor, LTV.<br>Buyer Comment (2025-12-08): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:05:06 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100052 |  | 35055683 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | 5% wind deductible is > $25k. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-09): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV.<br>Buyer Comment (2025-12-08): Excption noted on uploaded approval |  |  | XX/XX/XXXX 11:01:29 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100053 |  | 35168242 | XXXX | XX/XX/XXXX | Property | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Property is vacant |  | Approved exception at origination for 2 of 6 properties being vacant. Comp factor seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-05): Approved exception at origination for 2 of 6 properties being vacant. Comp factor seasoned investor. |  |  | XX/XX/XXXX 12:59:28 PM | 3 C | XX/XX/XXXX |  | Refinance - Rate/Term | C A | C |  |  | No |
| XXXX | XXXX | 2026-1-100054 |  | 35066718 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Rural property. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-12): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, FICO.<br>Buyer Comment (2025-12-12): Corrected Uploaded<br>Reviewer Comment (2025-12-09): Exception remains. No exception for rural property listed on uploaded approval.<br>Buyer Comment (2025-12-08): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:16:36 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100054 |  | 35066922 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOR-primary; missing most recent monthly payment.. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-11-24): Approved exception at origination for incomplete VOR-primary; missing most recent monthly payment.. Comp factor: FICO. |  |  | XX/XX/XXXX 4:01:13 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100054 |  | 35066964 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-11-24): Approved exception at origination for credit report aged > 60 days. Comp factor: FICO. |  |  | XX/XX/XXXX 3:59:59 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100054 |  | 35066967 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Verification of Down Payment Funds not provided |  | Approved exception at origination for FTI with < 3 months P&I as reserves. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-09): Approved exception at origination for FTI with < 3 months P&I as reserves. Comp factor: FICO.<br>Buyer Comment (2025-12-08): the exception is for < 3 months reserves on a FT investor/buyer |  |  | XX/XX/XXXX 11:28:40 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100057 |  | 35067905 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease on refinance. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-11-24): Approved exception at origination for 100% vacancy/missing lease on refinance. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 5:08:14 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100057 |  | 35068023 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor, seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-12-09): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor, seasoned investor.<br>Buyer Comment (2025-12-08): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:41:46 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100058 |  | 35065523 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for rolling 60 days late on primary within 12 months. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-11-24): Approved exception at origination for rolling 60 days late on primary within 12 months. Comp factor: LTV. |  |  | XX/XX/XXXX 1:48:41 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100058 |  | 35065533 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease on refinance. Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | CF- LTV<br>CF- seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-24): Approved exception at origination for missing lease on refinance. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 1:49:03 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100058 |  | 35065536 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | CF- LTV<br>CF- seasoned investor. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-24): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 1:49:21 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100059 |  | 35065665 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV >75% on SFR refinance. Comp factors: FICO and property condition. Unable to substantiate comp factor of property condition which is a non-quantitative trait. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-24): Approved exception at origination for LTV >75% on SFR refinance. Comp factors: FICO and property condition. Unable to substantiate comp factor of property condition which is a non-quantitative trait. |  |  | XX/XX/XXXX 4:21:03 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100060 |  | 35066044 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided) on 1-4 refinance. Comp factors: LTV and DSCR | The qualifying DSCR on the loan is greater than the guideline minimum.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- DSCR<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-24): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided) on 1-4 refinance. Comp factors: LTV and DSCR |  |  | XX/XX/XXXX 2:58:28 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100061 |  | 35043707 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Unit owners policy reflects blanket liability coverage without required endorsement for full coverage amount applicable to each covered location. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-09): Exception waived. Updated approval provided in trailing documents approving exception for blanket insurance. Comp factor, reserves.<br>Buyer Comment (2025-12-08): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:52:20 AM | 2 B | XX/XX/XXXX |  | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100062 |  | 35041051 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception art origination for missing special/broad form policy type. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-21): Approved exception art origination for missing special/broad form policy type. Comp factor: FICO. |  |  | XX/XX/XXXX 12:28:02 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100063 |  | 35169564 | XXXX | XX/XX/XXXX | Property | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Property is vacant |  | Approved exception at origination for 1 of 6 properties being vacant. Comp factor seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-05): Approved exception at origination for 1 of 6 properties being vacant. Comp factor seasoned investor. |  |  | XX/XX/XXXX 2:13:57 PM | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | 2026-1-100063 |  | 35169707 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Address: XXXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Exterior siding falling off, this could result in water intrusion. In-house review has PTD repair of exterior siding. |  |  |  | Buyer Comment (2026-01-15): Seller commentary: 48.58% LTV. Current property condition considered in value/LTV. Real estate analyst called for UW PTD and while the status of the repair hasn't been confirmed, VCC expects the borrower to complete the repair. Given the low LTV on the loan, VCC felt comfortable proceeding. |  |  |  | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | 2026-1-100064 |  | 35056034 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOR-primary. Comp factors: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-09): Approved exception at origination for incomplete VOR-primary. Comp factors: seasoned business.<br>Buyer Comment (2025-12-08): Corrected Uploaded |  |  | XX/XX/XXXX 12:03:10 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100064 |  | 35059188 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factors: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-09): Approved exception at origination for loan amount < $75,000. Comp factors: seasoned business.<br>Buyer Comment (2025-12-08): Corrected Uploaded |  |  | XX/XX/XXXX 11:58:57 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100064 |  | 35059208 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease. Comp factors: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-09): Approved exception at origination for 100% vacancy/missing lease. Comp factors: seasoned business.<br>Buyer Comment (2025-12-08): Corrected Uploaded |  |  | XX/XX/XXXX 11:58:40 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100064 |  | 35064038 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for Kitchen missing stove/oven. In-house review has PTD stove to be installed (not required in GA at time of origination). Comp factor, seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-09): Approved exception at origination for Kitchen missing stove/oven. In-house review has PTD stove to be installed (not required in XX at time of origination). Comp factor, seasoned business.<br>Buyer Comment (2025-12-08): Exception noted on uploaded approval. The PTD requirement was waived by Sr. Management based on XX does not require landlords to provide a stove in rental properties. |  |  | XX/XX/XXXX 11:58:20 AM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100065 |  | 35063227 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of$XX,XXXis less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-24): Approved exception at origination for loan amount < $75,000. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:30:53 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100065 |  | 35063346 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for rate and term refinance on property held < 12 months using VCC value versus original purchase price. Comp factors: seasoned investor and property condition. Unable to substantiate comp factor of property condition which is a non-quantitative trait. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-24): Approved exception at origination for rate and term refinance on property held < 12 months using VCC value versus original purchase price. Comp factors: seasoned investor and property condition. Unable to substantiate comp factor of property condition which is a non-quantitative trait. |  |  | XX/XX/XXXX 12:30:12 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100066 |  | 35056168 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-09): Approved exception at origination for FICO < 650. Comp factor: seasoned business.<br>Buyer Comment (2025-12-08): Exception noted |  |  | XX/XX/XXXX 12:09:11 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100066 |  | 35056176 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing subject VOM for 2nd Open End Mortgage. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-09): Exception waived. Updated approval provided in trailing documents approving exception for missing VOM. Comp factor, seasoned business.<br>Buyer Comment (2025-12-08): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:11:01 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100066 |  | 35064848 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for 'credit' (<2 active major tradelines). Comp factor: seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-09): Approved exception at origination for 'credit' (<2 active major tradelines). Comp factor: seasoned business.<br>Buyer Comment (2025-12-08): Corrected Uploaded |  |  | XX/XX/XXXX 12:09:27 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100067 |  | 35055671 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for 1) First Time Investor on 1 unit SFR and 2) FTI with LTV > 70%; Comp factors; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-09): Approved exception at origination for 1) First Time Investor on 1 unit SFR and 2) FTI with LTV > 70%; Comp factors; FICO.<br>Buyer Comment (2025-12-08): Corrected Uploaded |  |  | XX/XX/XXXX 12:16:13 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100067 |  | 35055673 | XXXX | XX/XX/XXXX | Credit | Asset | Asset Calculation / Analysis | Asset | Guideline Requirement: Available for Reserves discrepancy. | Calculated Available for Reserves of is less than Guideline Available for Reserves of . | First Time investor with < 3 months P&I reserves. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-09): Exception waived. Updated approval provided in trailing documents approving exception for no reserves for FTI. Comp factor, FICO.<br>Buyer Comment (2025-12-08): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:15:01 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100068 |  | 35064890 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXXis less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount > $75,000. Comp factor: seasoned investor and other. Description of "other" comp factor not provided. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-24): Approved exception at origination for loan amount > $75,000. Comp factor: seasoned investor and other. Description of "other" comp factor not provided. |  |  | XX/XX/XXXX 4:30:46 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100068 |  | 35064924 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-24): Approved exception at origination for 100% vacancy/missing lease agreement. Comp factor: reserves. |  |  | XX/XX/XXXX 1:32:58 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100068 |  | 35065274 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Approved exception at origination for cash out on property listed for sale within the last 6 months with prepayment penalty > 2 years. Comp factor, reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-09): Approved exception at origination for cash out on property listed for sale within the last 6 months with prepayment penalty > 2 years. Comp factor, reserves.<br>Buyer Comment (2025-12-08): Exception written |  |  | XX/XX/XXXX 12:20:31 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100068 |  | 35065390 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for HOA master policy is missing unit number. Comp factor, reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-09): Approved exception at origination for HOA master policy is missing unit number. Comp factor, reserves.<br> Comment:<br>Buyer Comment (2025-12-08): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:20:58 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100069 |  | 35056148 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Stairs to second floor missing handrails, Side entrance missing handrails and garage door is missing. LOI provided to repair the handrails for the second floor and side entrance; however, no proof provided that repairs were made. |  |  |  | Buyer Comment (2026-01-15): Seller commentary: Purchase transaction. Per borrower LOE the missing handrails would be installed in a timely manner post-close. VCC hasn't confirmed the status, but does expect the borrower to fulfill their obligation to complete the installations. |  |  |  | 3 C | XX/XX/XXXX | XX | Purchase | C A | C |  |  | No |
| XXXX | XXXX | 2026-1-100070 |  | 35038613 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF_ FICO<br>CF_ reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-21): Approved exception at origination for override of statewide exclusion for traditional property type located in XX. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 12:40:47 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100070 |  | 35040915 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception for First Time Investor on owner user traditional 1 mixed use with LTV >65%. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF_ FICO | SitusAMC,Originator | Reviewer Comment (2025-11-21): Approved exception for First Time Investor on owner user traditional 1 mixed use with LTV >65%. Comp factor: FICO. |  |  | XX/XX/XXXX 12:41:04 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100070 |  | 35041237 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Business Purpose Letter of Intent not provided |  | Missing BP disclosure for mixed use with individual borrower. | The representative FICO score exceeds the guideline minimum by XX points. | CF_ FICO | SitusAMC,Originator | Reviewer Comment (2026-01-06): Exception waived. Updated approval provided in trailing documents approving exception for missing BP disclosure. Comp factor, FICO.<br>Buyer Comment (2026-01-06): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:31:01 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100071 |  | 35027915 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for credit report pulled using incorrect date of birth. Comp factors: seasoned investor and seasoned business. | Borrower's Experience/Track Record | CF- seasoned investor, seasoned business | SitusAMC,Originator | Reviewer Comment (2025-11-20): Approved exception at origination for credit report pulled using incorrect date of birth. Comp factors: seasoned investor and seasoned business. |  |  | XX/XX/XXXX 12:07:42 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100071 |  | 35027929 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception for incomplete VOM-subject; missing monthly payment history (balloon note structure with regular payments not required). Comp factors: seasoned investor and seasoned business. | Borrower's Experience/Track Record | CF- seasoned investor, seasoned business | SitusAMC,Originator | Reviewer Comment (2025-11-20): Approved exception for incomplete VOM-subject; missing monthly payment history (balloon note structure with regular payments not required). Comp factors: seasoned investor and seasoned business. |  |  | XX/XX/XXXX 12:07:24 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100071 |  | 35028413 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception for unpaid collection/ judgement > $25k on credit report. Comp factors: seasoned investor and seasoned business. | Borrower's Experience/Track Record | CF- seasoned investor, seasoned business | SitusAMC,Originator | Reviewer Comment (2025-11-20): Approved exception for unpaid collection/ judgement > $25k on credit report. Comp factors: seasoned investor and seasoned business. |  |  | XX/XX/XXXX 12:02:02 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100071 |  | 35029170 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 34% vacancy/ missing lease for 1 of 3 units. Comp factors: seasoned investor and seasoned business. | Borrower's Experience/Track Record | CF- seasoned investor, seasoned business | SitusAMC,Originator | Reviewer Comment (2025-11-20): Approved exception at origination for 34% vacancy/ missing lease for 1 of 3 units. Comp factors: seasoned investor and seasoned business. |  |  | XX/XX/XXXX 12:02:25 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100071 |  | 35029349 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Approved exception for cash out on property listed within 6 months. Comp factors: seasoned investor and seasoned business. | Borrower's Experience/Track Record | CF- seasoned investor, seasoned business | SitusAMC,Originator | Reviewer Comment (2025-11-20): Approved exception for cash out on property listed within 6 months. Comp factors: seasoned investor and seasoned business. |  |  | XX/XX/XXXX 12:06:38 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100072 |  | 35039560 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Basic Form policy/coverage type. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF_ FICO | SitusAMC,Originator | Reviewer Comment (2025-11-21): Approved exception at origination for Basic Form policy/coverage type. Comp factor: FICO. |  |  | XX/XX/XXXX 2:04:05 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100072 |  | 35041856 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for First Time Investor on investor traditional 1 mixed use with LTV >70%. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF_ reserves | SitusAMC,Originator | Reviewer Comment (2025-11-21): Approved exception at origination for First Time Investor on investor traditional 1 mixed use with LTV >70%. Comp factor: reserves. |  |  | XX/XX/XXXX 2:05:55 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100073 |  | 35062329 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-11-24): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 11:49:38 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100073 |  | 35062410 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-11-24): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: LTV. |  |  | XX/XX/XXXX 11:49:10 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100073 |  | 35065194 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | In house review and appraisal indicate interior stairwell missing handrail, boarded basement windows, hanging wires at residential entrance, damaged wall heater, hanging smoke detector in residential unit, open wall exposed wiring above electrical panel in residential unit, and uncovered electrical panels. |  |  |  | Buyer Comment (2026-01-14): Seller commentary: 45.45% LTV. VCC generally does not view missing the cited issues as material in terms of underwriting, especially given the low LTV on this loan. The appraiser didn't cite any major deferred maintenance but VCC does expect the borrower to complete any necessary repairs/updates to the subject property. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100076 |  | 35037623 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOM-primary; mortgage held in spouse's name. Comp factors: LTV and seasoned business. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | CF_ LTV<br>CF-seasoned business | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-21): Approved exception at origination for missing VOM-primary; mortgage held in spouse's name. Comp factors: LTV and seasoned business. |  |  | XX/XX/XXXX 11:12:29 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100076 |  | 35037646 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2025-11-21): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 11:12:43 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100077 |  | 35029012 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x for investor traditional I mixed use refinance with loan > $500,000. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | The representative FICO score exceeds the guideline minimum by XX points<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-20): Approved exception at origination for DSCR < 1.20x for investor traditional I mixed use refinance with loan > $500,000. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 2:27:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100078 |  | 35059586 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for 1)basic form policy/coverage type and 2)missing wind/hail coverage. Comp factors: seasoned investor and LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | CF- LTV<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-24): Approved exception at origination for 1)basic form policy/coverage type and 2)missing wind/hail coverage. Comp factors: seasoned investor and LTV. |  |  | XX/XX/XXXX 11:18:42 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100078 |  | 35064953 | XXXX | XX/XX/XXXX | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> Fair | Approved exception at origination for $20k in deferred maintenance. Comp factor: LTV.<br> Mixed use property with the Retail units in average condition and the SFR in below average condition. SFR is missing floor coverings, rotted window sills to be replaced, significant peeling paint soffit, repair to exposed drain, mud room flooring repair. Combined costs estimated to cure the noted deficiencies is $20,000. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2026-01-26): Seller comment-31.74% LTV loan, current property condition is considered in the value/LTV. Per borrower LOE, they will be repairing the cited issues post-close. Property is habitable and while VCC hasn't confirmed the status of repairs, it's expected that the borrower will fulfill their commitment to complete repairs.<br>Reviewer Comment (2025-11-24): Approved exception at origination for $20k in deferred maintenance. Comp factor: LTV. Mixed use property with the Retail units in average condition and the SFR in below average condition. SFR is missing floor coverings, rotted window sills to be replaced, significant peeling paint soffit, repair to exposed drain, mud room flooring repair. Combined costs estimated to cure the noted deficiencies is $20,000. |  |  | XX/XX/XXXX 12:46:24 PM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100079 |  | 35027701 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for basic form policy coverage type. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-20): Approved exception at origination for basic form policy coverage type. Comp factor: LTV. |  |  | XX/XX/XXXX 2:02:37 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100080 |  | 35041519 | XXXX | XX/XX/XXXX | 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: reserves and seasoned business. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>Borrower's Experience/Track Record | CF- reserves<br>CF_ seasoned business | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-21): Approved exception at origination for First Time Investor on owner user traditional 2 with LTV >65%. Comp factors: reserves and seasoned business. |  |  | XX/XX/XXXX 1:28:45 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100081 |  | 35038039 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR <1.0x for owner user traditional 2 property with loan > $750k. 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 has owned the subject property for at least 5 years. | CF_ reserves | SitusAMC,Originator<br>SitusAMC | Reviewer Comment (2025-11-21): Approved exception at origination for DSCR <1.0x for owner user traditional 2 property with loan > $750k. Comp factors: seasoned investor and reserves. |  |  | XX/XX/XXXX 11:59:40 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100081 |  | 35040501 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing- on payment plan, and waiver of insurance impounds. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-12): Approved exception at origination for premium not paid in full at closing- on payment plan, and waiver of insurance impounds. Comp factor: FICO.<br>Buyer Comment (2025-12-12): Corrected Uploaded |  |  | XX/XX/XXXX 4:23:58 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100084 |  | 35029824 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-09): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; seasoned investor.<br>Buyer Comment (2025-12-09): Corrected Uploaded |  |  | XX/XX/XXXX 4:54:03 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100085 |  | 35126131 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR <1.25x on investor traditional 2 refinance with loan> $500k. Comp factors: FICO and seasoned investor. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | CF- FICO<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-01): Approved exception at origination for DSCR <1.25x on investor traditional 2 refinance with loan> $500k. Comp factors: FICO and seasoned investor. |  |  | XX/XX/XXXX 9:51:29 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100086 |  | 35118103 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x for investor traditional 2 refinance with loan > $500k. Comp factors: FICO and seasoned investor. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Borrower's Experience/Track Record.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-28): Approved exception at origination for DSCR < 1.25x for investor traditional 2 refinance with loan > $500k. Comp factors: FICO and seasoned investor. |  |  | XX/XX/XXXX 4:42:15 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100089 |  | 35034384 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for waiver of franchise agreement requirement (per Change Memo #2-1). Comp factors, FICO, principal's experience, and DSCR. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | The DSCR is greater than the minimum required.<br>Borrower's Experience/Track Record.<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-21): Approved exception at origination for waiver of franchise agreement requirement (per Change Memo #2-1). Comp factors, FICO, principal's experience, and DSCR. |  |  | XX/XX/XXXX 1:20:13 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100090 |  | 35034466 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.15x. Comp factors: LTV, FICO, and guarantor support/liquidity/compaXX financial strength. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum.<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 (2025-11-21): Approved exception at origination for DSCR < 1.15x. Comp factors: LTV, FICO, and guarantor support/liquidity/compaXX financial strength. |  |  | XX/XX/XXXX 1:32:12 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100092 |  | 35122756 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for First time investor with LTV >70%. Comp factor, reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-03): Approved exception at origination for First time investor with LTV >70%. Comp factor, reserves. |  |  | XX/XX/XXXX 9:50:22 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100093 |  | 35128915 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-03): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned investor.<br> Comment: |  |  | XX/XX/XXXX 11:28:59 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100093 |  | 35128924 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for cash out with less than 12 months value seasoning, used appraised value instead of original purchase price. Comp factors, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-03): Approved exception at origination for cash out with less than 12 months value seasoning, used appraised value instead of original purchase price. Comp factors, seasoned investor. |  |  | XX/XX/XXXX 11:28:35 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100093 |  | 35152429 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease/vacant property on a refinance. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-03): Approved exception at origination for missing lease/vacant property on a refinance. Comp factor, seasoned investor. |  |  | XX/XX/XXXX 11:28:11 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100093 |  | 35152581 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Address: XXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Electrical panel door setting on floor-installation of cover plate required and bedroom door needs to be hung. |  |  |  | Buyer Comment (2026-01-14): Seller commentary: VCC did not view as material in terms of underwriting; however, it is expected that the borrower will complete aXX necessary repairs/updates to the subject. Current property condition considered in value/LTV. |  |  |  | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100093 |  | 35152646 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Address: XXXXXXXXX2 // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing handrail on front steps and basement window under porch is boarded up. |  |  |  | Buyer Comment (2026-01-14): Seller commentary: VCC did not view as material in terms of underwriting; however, it is expected that the borrower will complete aXX necessary repairs/updates to the subject. Current property condition considered in value/LTV. |  |  |  | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100094 |  | 35118887 | XXXX | XX/XX/XXXX | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> C5 | C5- fair/poor condition per appraisal with estimated cost to cure > $50k per supplemental addendum. Kitchen ceiling damage, bedroom ceiling damage, main bathroom shower not usable with mold, eave damage, and cellar floor covered in mud. |  |  |  | Reviewer Comment (2026-01-26): Seller comment-Seller commentary: 50% LTV, appraisal made as-is and current property condition is considered in the value/LTV (including deferred maintenance). Ceiling damage cited (included in deferred maintenance), but no active leak and property/roof are structurally sound. Borrower submitted bids for mold remediation which were also considered in the value (this is included in the 46k deferred maintenance). Given the property condition VCC kept the LTV low. VCC expects the borrower to complete any necessary repairs/updates to the subject. Property is habitable and currently tenant occupied. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | 2026-1-100094 |  | 35126706 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Kitchen ceiling damage, bedroom ceiling damage, main bathroom shower not usable with mold, eave damage, and cellar floor covered in mud. |  |  |  | Reviewer Comment (2026-01-26): Seller comment-Seller commentary: 50% LTV, appraisal made as-is and current property condition is considered in the value/LTV (including deferred maintenance). Ceiling damage cited (included in deferred maintenance), but no active leak and property/roof are structurally sound. Borrower submitted bids for mold remediation which were also considered in the value (this is included in the 46k deferred maintenance). Given the property condition VCC kept the LTV low. VCC expects the borrower to complete any necessary repairs/updates to the subject. Property is habitable and currently tenant occupied. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | 2026-1-100095 |  | 35121819 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for expired credit report. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-28): Approved exception at origination for expired credit report. Comp factor, LTV. |  |  | XX/XX/XXXX 2:07:53 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100096 |  | 35130333 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factors: 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>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-02): Approved exception at origination for credit report aged > 60 days. Comp factors: LTV and seasoned business. |  |  | XX/XX/XXXX 10:52:33 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100096 |  | 35130682 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects exposed electrical outlets, Interior window water damage, and missing prior light fixture or fan above a rusted curtain holder in the 2nd bathroom. Evidence of front walkway repair in file previously noted by appraiser. |  |  |  | Buyer Comment (2026-01-15): Seller commentary: 57.50% LTV. Current property condition reflected in value/LTV. Property under renovation at the time of appraisal and a $22,000 cost-to-cure was factored in for the cosmetic repairs. The walkway presented as a H&S issue but the borrower provided proof of repair via photos. The status of the remaining updates has not been confirmed, but VCC expects the borrower to complete renovations. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100096 |  | 35135831 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned business. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned Business<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-02): Approved exception at origination for FICO < 650. Comp factors: LTV and seasoned business |  |  | XX/XX/XXXX 10:54:09 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100096 |  | 35135857 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for > 1x30 days mortgage lates in the last 12 months. 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>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-02): Approved exception at origination for > 1x30 days mortgage lates in the last 12 months. Comp factors: LTV and seasoned business. |  |  | XX/XX/XXXX 10:55:17 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100096 |  | 35136050 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for unpaid collections/charge offs > $25,000. Comp factors: LTV and seasoned investor. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Seasoned Business<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-02): Approved exception at origination for unpaid collections/charge offs > $25,000. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 11:15:35 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100097 |  | 35122354 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Guideline issue: Property type is not allowed per credit guidelines. |  | Approved exception at origination for rural property. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-28): Approved exception at origination for rural property. Comp factor, LTV. |  |  | XX/XX/XXXX 3:20:58 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100098 |  | 35122723 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors, Strong Marketing Trends which cannot be substantiated, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-03): Approved exception at origination for FICO < 650. Comp factors, Strong Marketing Trends which cannot be substantiated, LTV.<br> Comment: |  |  | XX/XX/XXXX 12:18:20 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100098 |  | 35122724 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Loan amounts less than $75,000 are not permitted according to the guidelines |  | Approved exception at origination for loan amount < $75,000. Comp factors, Strong Marketing Trends which cannot be substantiated, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-03): Approved exception at origination for loan amount < $75,000. Comp factors, Strong Marketing Trends which cannot be substantiated, LTV. |  |  | XX/XX/XXXX 12:18:36 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100098 |  | 35122725 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active open major tradelines. Comp factors, Strong Marketing Trends which cannot be substantiated, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-03): Approved exception at origination for < 2 active open major tradelines. Comp factors, Strong Marketing Trends which cannot be substantiated, LTV. |  |  | XX/XX/XXXX 12:18:52 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100098 |  | 35122726 | XXXX | XX/XX/XXXX | 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 title seasoning less than 12 months. Comp factors, LTV and Seasoned Business. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-03): Approved exception at origination for title seasoning less than 12 months. Comp factors, LTV and Seasoned Business. |  |  | XX/XX/XXXX 12:19:06 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100098 |  | 35122727 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report expired. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-10): Approved exception at origination for credit report expired. Comp factor, LTV.<br>Buyer Comment (2025-12-10): Corrected Uploaded |  |  | XX/XX/XXXX 2:00:11 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100099 |  | 35157113 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exceptions at origination for 1) incomplete VOR-primary; partial pay history receipts to supplement VOM summary from private landlord, and 2) missing VOM-subject for 4 of 8 properties. Comp factors; LTV and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- FICO<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-03): Approved exceptions at origination for 1) incomplete VOR-primary; partial pay history receipts to supplement VOM summary from private landlord, and 2) missing VOM-subject for 4 of 8 properties. Comp factors; LTV and FICO. |  |  | XX/XX/XXXX 9:53:10 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100099 |  | 35170528 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | XXXXXXXXXXXXXX is < 500 square feet. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-10): Exception waived. Updated approval provided in trailing documents approving exception for property with < 500 square feet. Comp factor, LTV.<br>Buyer Comment (2025-12-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:28:23 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100100 |  | 35122758 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for Vacant property. Comp factors, Seasoned Investor and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-03): Approved exception at origination for Vacant property. Comp factors, Seasoned Investor and FICO. |  |  | XX/XX/XXXX 12:31:09 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100100 |  | 35122759 | XXXX | XX/XX/XXXX | 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 with less than 12 months value seasoning, used appraised value instead of original purchase price. Comp factors, FICO and seasoned investor. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-03): Approved exception at origination for cash out with less than 12 months value seasoning, used appraised value instead of original purchase price. Comp factors, FICO and seasoned investor. |  |  | XX/XX/XXXX 12:31:26 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100101 |  | 35133731 | XXXX | XX/XX/XXXX | Property | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Property is vacant |  | Approved exception at origination for vacant property. Comp factor seasoned investor and property condition which cannot be substantiated. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-03): Approved exception at origination for vacant property. Comp factor seasoned investor and property condition which cannot be substantiated. |  |  | XX/XX/XXXX 12:36:43 PM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | 2026-1-100102 |  | 35122729 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy. Comp factor: Factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-01): Approved exception at origination for 100% vacancy. Comp factor: Factor: LTV. |  |  | XX/XX/XXXX 2:13:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100103 |  | 35122860 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for collection accounts > $25,000. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-02): Approved exception at origination for collection accounts > $25,000. Comp factor: LTV. |  |  | XX/XX/XXXX 6:33:30 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100103 |  | 35133359 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Address: XXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraiser noted overgrown vegetation by the roof which does appear to be causing some damage, front window needs repair, loose siding and trim, broken window pane, hole and peeling paint, missing light switch cover in the bathroom, cracked/damaged ceiling, and no permanent heat source. |  |  |  | Reviewer Comment (2026-01-26): Seller comment-Seller commentary: 50% LTV. Property conditions considered in final value/LTV. Borrower is actively making updates to the subject properties (blanket loan) and per LOE would be using cashout proceeds towards making repairs. VCC completed a $37k, 90-day holdback, for the material repairs needed (XXXX) and otherwise expects the borrower to complete any necessary improvements to the properties. Properties are habitable, and will continue to be repaired. Regarding the foundation issues noted at XXXX The borrower provided an estimate from licensed company for $24,000 The appraiser deducted the $24,000 cost to cure in the Quality of Construction. The foundation issue is impacting some of the windows as well, creating large gaps/cracks between the exterior frame and brick. VCC felt comfortable proceeding with the loan as the foundation issue was accounted for in the appraised value and is expected to be remedied within 90-days post-close per the terms of the holdback agreement. |  |  |  | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100103 |  | 35498138 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Address: XXXXXXXXX XXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Property has foundation issues with soffit damage, several gaps at window with soffit damage, large obvious cracks in brick and mortar, damaged exterior storage closet door, and upstairs front right bedroom with utility sink installed in closet and bedroom setup as dining/kitchen. Hold back agreement in file for foundation and window panes only. |  |  |  | Reviewer Comment (2026-01-26): Seller Comment-Seller commentary: 50% LTV. Property conditions considered in final value/LTV. Borrower is actively making updates to the subject properties (blanket loan) and per LOE would be using cashout proceeds towards making repairs. VCC completed a $37k, 90-day holdback, for the material repairs needed (XXXX) and otherwise expects the borrower to complete any necessary improvements to the properties. Properties are habitable, and will continue to be repaired. Regarding the foundation issues noted at XXXX, The borrower provided an estimate from licensed company for $24,000 The appraiser deducted the $24,000 cost to cure in the Quality of Construction. The foundation issue is impacting some of the windows as well, creating large gaps/cracks between the exterior frame and brick. VCC felt comfortable proceeding with the loan as the foundation issue was accounted for in the appraised value and is expected to be remedied within 90-days post-cose per the terms of the holdback agreement. |  |  |  | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100104 |  | 35122732 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for vacant property on a refi. Comp factor LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-03): Approved exception at origination for vacant property on a refi. Comp factor LTV. |  |  | XX/XX/XXXX 2:12:34 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100104 |  | 35122741 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Loan amounts less than $75,000 are not permitted according to the guidelines |  | Approved exception at origination for loan amount < $75,000. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-03): Approved exception at origination for loan amount < $75,000. Comp factor, LTV. |  |  | XX/XX/XXXX 2:11:15 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100104 |  | 35122742 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-10): Approved exception at origination for FICO < 650. Comp factor, LTV.<br>Buyer Comment (2025-12-10): Corrected Uploaded |  |  | XX/XX/XXXX 2:37:57 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100104 |  | 35129507 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for basic form policy type. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-10): Approved exception at origination for basic form policy type. Comp factor, LTV.<br>Buyer Comment (2025-12-10): Corrected Uploaded |  |  | XX/XX/XXXX 2:38:29 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100104 |  | 35153674 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing electrical outlet covers in bathroom, missing tile in main bathroom (being renovated), incomplete shower enclosure in main bathroom, and missing stove in kitchen. |  |  |  | Buyer Comment (2026-01-15): Seller commentary: 54.94% LTV, current property condition considered in value/LTV. Per borrower LOE in file cash-out proceeds will be used towards renovations for the subject property. Property under renovation at the time of origination, and while the status of repairs has not been confirmed, VCC expects that the borrower will fulfill their commitment to finish renovations. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100104 |  | 35153734 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | No open tradelines reported on credit. Pay history for 1 loan in file. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-10): Exception waived. Updated approval provided in trailing documents approving exception for tradelines. Comp factor, LTV.<br>Buyer Comment (2025-12-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:39:19 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100104 |  | 35265160 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing VOM-subject. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing VOM. Comp factor, LTV.<br>Buyer Comment (2025-12-30): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:45:44 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100105 |  | 35122853 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Missing the lease agreement/vacant property on refinance. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-10): Exception waived. Updated approval provided in trailing documents approving exception for missing lease/vacant property. Comp factor, FICO.<br>Buyer Comment (2025-12-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:41:33 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100105 |  | 35153779 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Rural property. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-10): Exception waived. Updated approval provided in trailing documents approving exception for rural property. Comp factor, FICO.<br>Buyer Comment (2025-12-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:42:20 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100105 |  | 35153782 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Comparable Rent Schedule not provided |  | Appraisal indicates schedule not provided due to property being rural with no rentals available for schedule. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-10): Exception waived. Updated approval provided in trailing documents approving exception for missing rental comps. Comp factor, FICO.<br>Buyer Comment (2025-12-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:43:16 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100106 |  | 35169948 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-09): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, reserves. |  |  | XX/XX/XXXX 10:28:45 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100106 |  | 35169964 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Insurance premium not paid in full at closing; payment plan in place. Comp factor seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-09): Approved exception at origination for Insurance premium not paid in full at closing; payment plan in place. Comp factor seasoned investor. |  |  | XX/XX/XXXX 10:28:18 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100106 |  | 35169968 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for cash out with less than 12 months value seasoning, using appraised value versus original purchase price (forced sale). Comp factors, reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-09): Approved exception at origination for cash out with less than 12 months value seasoning, using appraised value versus original purchase price (forced sale). Comp factors, reserves. |  |  | XX/XX/XXXX 10:27:59 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100106 |  | 35169992 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for lease missing tenant name and signature. Comp factor reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-09): Approved exception at origination for lease missing tenant name and signature. Comp factor reserves. |  |  | XX/XX/XXXX 10:27:26 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100107 |  | 35122773 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for missing lease/vacant on a refi. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-10): Approved exception at origination for missing lease/vacant on a refi. Comp factor, LTV.<br>Buyer Comment (2025-12-10): Corrected Uploaded |  |  | XX/XX/XXXX 2:45:07 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100108 |  | 35153554 | XXXX | XX/XX/XXXX | 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. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-10): Exception waived. Updated approval provided in trailing documents approving exception for blanket insurance missing endorsement. Comp factor, FICO.<br>Buyer Comment (2025-12-10): Blanket Policy Endorsement |  |  | XX/XX/XXXX 3:06:57 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100108 |  | 35153615 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal for both units being refinanced (active lease provided for 1 of 2 and subsequently executed lease provided for the other). Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-04): Approved exception at origination for 100% vacancy per appraisal for both units being refinanced (active lease provided for 1 of 2 and subsequently executed lease provided for the other). Comp factor: FICO. |  |  | XX/XX/XXXX 11:56:14 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100109 |  | 35160957 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines on credit report. Comp factor; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-04): Approved exception at origination for < 2 active major tradelines on credit report. Comp factor; FICO. |  |  | XX/XX/XXXX 9:59:34 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | 2026-1-100109 |  | 35161767 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Incomplete VOR-primary; missing 12 months pay history receipts to supplement VOR summary from private landlord. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-10): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOR-primary. Comp factor, FICO.<br>Buyer Comment (2025-12-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:09:24 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | 2026-1-100109 |  | 35163016 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for health and safety issues noted on appraisal. 1 bathroom gutted and taken down to studs and missing bedroom flooring. Comp factor, signed hold back agreement and reflected on the HUD. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-26): Seller comment-VCC completed a $10k, 90-day holdback to cover the rehab of the bathroom and to install bedroom carpet. Appraisal made as-is and current property condition is considered in value/LTV.<br>Reviewer Comment (2025-12-16): Regraded to 2/B due to holdback and the holdback agreement for the damage in the file.<br>Reviewer Comment (2025-12-04): Approved exception at origination for health and safety issues noted on appraisal. 1 bathroom gutted and taken down to studs and missing bedroom flooring. Comp factor, signed hold back agreement and reflected on the HUD. |  |  | XX/XX/XXXX 12:13:20 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | 2026-1-100110 |  | 35183696 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Wind/Hail deductible 5%., Comp factor,FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-18): Approved exception at origination for Wind/Hail deductible 5%., Comp factor, FICO.<br>Buyer Comment (2025-12-17): Corrected Uploaded |  |  | XX/XX/XXXX 3:02:30 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100112 |  | 35133891 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for basic form policy coverage type. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-10): Approved exception at origination for basic form policy coverage type. Comp factor, LTV.<br>Buyer Comment (2025-12-10): Corrected Uploaded |  |  | XX/XX/XXXX 3:11:23 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100115 |  | 35130813 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/missing lease. Comp factor: seasoned investor. | Borrower's Experience/Track Record | Seasoned Investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-02): Approved exception at origination for 100% vacancy/missing lease. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 1:02:57 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100116 |  | 35133874 | XXXX | XX/XX/XXXX | Property | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Property is vacant |  | Approved exception at origination for vacant property. Comp factor LTV and market trends which cannot be substantiated. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-03): Approved exception at origination for vacant property. Comp factor LTV and market trends which cannot be substantiated. |  |  | XX/XX/XXXX 5:18:41 PM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | 2026-1-100117 |  | 35133666 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | No kitchen appliances noted, appraiser states kitchen is not functional without a stove. |  |  |  | Buyer Comment (2026-01-15): Seller commentary: 50% LTV, current property condition considered in value/LTV. Per borrower LOE in file, cash-out proceeds will be used towards making minor renovations and buying new kitchen appliances in preparation for the new tenants. VCC hasn't confirmed the status of repairs, but expects that the borrower will fulfill their obligation and bring the property to a rentable condition. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100117 |  | 35133707 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $75,000. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-11): Approved exception at origination for loan amount < $75,000. Comp factor, LTV.<br>Buyer Comment (2025-12-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:04:26 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100118 |  | 35153780 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOR-primary; missing 12 months pay history receipts to supplement VOR summary from private landlord. Comp factors: reserves, and seasoned investor. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- seasoned investor<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-03): Approved exception at origination for incomplete VOR-primary; missing 12 months pay history receipts to supplement VOR summary from private landlord. Comp factors: reserves, and seasoned investor. |  |  | XX/XX/XXXX 2:43:44 PM | 2 B | XX/XX/XXXX |  | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100118 |  | 35153783 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 70% on loan with balance > $1,000,000. Comp factors: reserves, and seasoned investor. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- seasoned investor<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-11): Approved exception at origination for LTV > 70% on loan with balance > $1,000,000. Comp factors: reserves, and seasoned investor.<br>Buyer Comment (2025-12-10): Exception is valid. Per rate sheet Loans >1 MM max LTV is 70% |  |  | XX/XX/XXXX 10:05:59 AM | 2 B | XX/XX/XXXX |  | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100118 |  | 35154024 | XXXX | XX/XX/XXXX | 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 (email from agent as EOI- ref D0397) | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-11): Exception waived. Updated approval provided in trailing documents approving exception for blanket insurance missing endorsement. Comp factor, FICO.<br>Buyer Comment (2025-12-10): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:08:09 AM | 2 B | XX/XX/XXXX |  | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100120 |  | 35129489 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photo shows the Electrical Panel is blocked by bed (was not able to inspect), missing handrail on front steps and side door steps. |  |  |  | Buyer Comment (2026-01-15): Seller commentary: Current property condition considered in value/LTV. Borrower is a seasoned investor and per LOE in file has stated that cash-out proceeds will be used towards updating the subject property. While VCC generally does not view missing handrails/electric panels as material in terms of underwriting it is expected that the borrower will complete aXX necessary updates to the subject property. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | 2026-1-100121 |  | 35129782 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Rear wood deck needs boards to be installed, fascia needs painting, overgrowth and downed fence, two bedrooms and one bath are incomplete: missing flooring, door and jamb, stairway, baseboard, window, and door trim not complete with bathroom gutted. No proof of completion provided. |  |  |  | Buyer Comment (2026-01-15): Seller commentary: 65% LTV, current property condition considered in value/LTV. Per borrower LOE cash-out proceeds will be used towards renovating the subject property. Borrower has recently renovated the kitchen/roof/siding/windows, and was actively renovating the subject at the time of origination. The status of repairs has not been confirmed, but it is expected that the borrower will complete them. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100121 |  | 35129808 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-02): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 9:35:57 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100121 |  | 35134774 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Incomplete verification from private lender, missing 12 months cancelled checks. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-11): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOM. Comp factor, LTV.<br>Buyer Comment (2025-12-11): Excption noted on uploaded approval |  |  | XX/XX/XXXX 12:30:09 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100122 |  | 35119334 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for VOR-primary; Missing rating. 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 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. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-28): Approved exception at origination for VOR-primary; Missing rating. Comp factors LTV and DCR. |  |  | XX/XX/XXXX 3:35:02 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100122 |  | 35119364 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active open major tradelines. Comp factors 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 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. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-28): Approved exception at origination for < 2 active open major tradelines. Comp factors LTV and DCR. |  |  | XX/XX/XXXX 3:35:21 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100122 |  | 35119381 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for expired credit report; extension provided. 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 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. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-28): Approved exception at origination for expired credit report; extension provided. Comp factor LTV and DCR. |  |  | XX/XX/XXXX 3:35:37 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100122 |  | 35119403 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor, LTV and 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 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. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-28): Approved exception at origination for FICO < 650. Comp factor, LTV and DCR. |  |  | XX/XX/XXXX 3:35:54 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100122 |  | 35119421 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for Chargeoff >$25,000. 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 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. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-28): Approved exception at origination for Charge off >$25,000. Comp factor LTV and DCR. |  |  | XX/XX/XXXX 3:36:17 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100122 |  | 35119429 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for cash out with less than 12 months value seasoning, used appraised value instead of original purchase price. 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 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. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-28): Approved exception at origination for cash out with less than 12 months value seasoning, used appraised value instead of original purchase price. Comp factors, LTV and DCR. |  |  | XX/XX/XXXX 3:36:40 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100122 |  | 35119438 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM-subject missing proof of payment. 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 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. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-11-28): Approved exception at origination for incomplete VOM-subject missing proof of payment. Comp factors, LTV and DCR. |  |  | XX/XX/XXXX 3:36:59 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100123 |  | 35124984 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 48.5% vacancy per appraisal (subsequently executed MTM leases provided in file for 9 of 11 units). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-01): Approved exception at origination for 48.5% vacancy per appraisal (subsequently executed MTM leases provided in file for 9 of 11 units). Comp factor: LTV. |  |  | XX/XX/XXXX 1:38:57 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | 2026-1-100123 |  | 35125637 | XXXX | XX/XX/XXXX | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> Fair | Subject property in below average/fair condition. Condition is based on significant deferred maintenance such as roof and ceiling repairs need from storm damage. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file covering items listed in appraisal. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-16): Regraded due to holdback and the holdback agreement for the damage in the file.<br>Reviewer Comment (2025-12-03): Approved exception at origination for property condition less than average. Comp factor, holdback for required repairs in file. |  |  | XX/XX/XXXX 3:20:28 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | 2026-1-100123 |  | 35128719 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | 5% wind/hail deductible exceeds $25k. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-11): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV.<br>Buyer Comment (2025-12-11): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:31:59 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | 2026-1-100123 |  | 35128933 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for deferred maintenance > $25,000. Comp factor, Hold back Agreement signed for roof replacement. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file covering items listed in appraisal. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-03): Approved exception at origination for deferred maintenance > $25,000. Comp factor, Hold back Agreement signed for roof replacement. |  |  | XX/XX/XXXX 3:19:34 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | 2026-1-100124 |  | 35129717 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-01): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: FICO. |  |  | XX/XX/XXXX 3:31:23 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100124 |  | 35129809 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing wind/hail coverage. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-11): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor, FICO.<br>Buyer Comment (2025-12-11): Uploaded |  |  | XX/XX/XXXX 12:33:50 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100125 |  | 35118567 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: seasoned investor and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- seasoned investor<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-29): Approved exception at origination for FICO < 650. Comp factors: seasoned investor and reserves. |  |  | XX/XX/XXXX 1:45:44 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100125 |  | 35118572 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exceptions at origination for 1) Missing VOR-primary; borrower lives rent free and 2) incomplete VOM-subject: missing pay history receipts to supplement VOM summary from private lender. Comp factors: seasoned investor and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- seasoned investor<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-29): Approved exceptions at origination for 1) Missing VOR-primary; borrower lives rent free and 2) incomplete VOM-subject: missing pay history receipts to supplement VOM summary from private lender. Comp factors: seasoned investor and reserves. |  |  | XX/XX/XXXX 1:45:30 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100125 |  | 35118594 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 33% vacancy/ missing lease for 1 of 3 units being refinanced. Comp factors: seasoned investor and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- seasoned investor<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-29): Approved exception at origination for 33% vacancy/ missing lease for 1 of 3 units being refinanced. Comp factors: seasoned investor and reserves. |  |  | XX/XX/XXXX 1:46:02 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100126 |  | 35133855 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-02): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 10:22:25 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100126 |  | 35133863 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Cash out on a property listed within recent 6 months. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-11): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, LTV.<br>Buyer Comment (2025-12-11): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:37:43 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100127 |  | 35359809 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing borrower name and unit number on master HOA policy. | 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 (2026-01-13): Exception waived. Updated approval provided in trailing documents approving exception for HOA master policy not included address and borrower name. Comp factor, LTV.<br>Buyer Comment (2026-01-12): Exception noted on uploaded approval<br>Reviewer Comment (2026-01-07): New exception as a result of master HOA policy provided. Client comment indicated an updated approval was provided approving this exception. No exception listed on the approval provided. |  |  | XX/XX/XXXX 2:46:05 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100129 |  | 35128421 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 70% of rate/term refinance of investor traditional 1 mixed use with loan amount > $1,000,000. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-12-11): Approved exception at origination for LTV > 70% of rate/term refinance of investor traditional 1 mixed use with loan amount > $1,000,000. Comp factor: reserves.<br>Buyer Comment (2025-12-11): Per VCC rate sheet there is a 5% LTV reduction for loan amount >1MM. Exception is valid |  |  | XX/XX/XXXX 3:03:38 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100129 |  | 35128425 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x for investor traditional 1 mixed use refinance with loan > $750k. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-12-02): Approved exception at origination for DSCR < 1.20x for investor traditional 1 mixed use refinance with loan > $750k. Comp factor: reserves. |  |  | XX/XX/XXXX 5:52:01 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100130 |  | 35129128 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing $2mm gen aggregate liability coverage. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-12): Exception waived. Updated approval provided in trailing documents approving exception for aggregate liability coverage. Comp factors, LTV and FICO.<br>Buyer Comment (2025-12-11): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:53:10 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100131 |  | 35125755 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II. 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. | CF- seasoned business.<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-01): Approved exception at origination for first time investor with LTV > 65% on owner-user traditional II. Comp factors: reserves and seasoned business. |  |  | XX/XX/XXXX 4:41:05 PM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100131 |  | 35125939 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | HOA master policy is missing subject property address (Street number/unit). | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-12): Exception waived. Updated approval provided in trailing documents approving exception for missing address and borrower's name on the master HOA insurance policy. Comp factor, FICO.<br>Buyer Comment (2025-12-11): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:56:21 AM | 2 B | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100131 |  | 35126090 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects damage to exterior wall and window due to a car crashing into the front wall. Estimated costs to cure $9,177. Seller indicated would pay for it before close. No proof of repair provided. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-12): Exception waived. Updated approval provided in trailing documents approving exception for broken window/front wall damage due to car crashing into front wall. Comp factor, FICO and appraiser calling it deferred maintenance.<br>Buyer Comment (2025-12-11): Exception noted for deferred maintenance (appraisal states as deferred maintenance) |  |  | XX/XX/XXXX 10:07:33 AM | 3 C | XX/XX/XXXX | XX | Purchase | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100132 |  | 35121122 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception for missing VOR-primary; borrower lives rent free. Comp factors: FICO and seasoned investor. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- seasoned investor<br>CF_ FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-11-29): Approved exception for missing VOR-primary; borrower lives rent free. Comp factors: FICO and seasoned investor. |  |  | XX/XX/XXXX 2:39:24 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100133 |  | 35127124 | XXXX | XX/XX/XXXX | 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: reserves and FICO. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- reserves<br>CF- FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-02): Approved exception at origination for First Time Investor on owner user traditional 2 with LTV > 65%. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 12:39:41 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100134 |  | 35126678 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exceptions at origination for 1) incomplete VOM- subject; missing pay history receipts to supplement VOM summary from private lender, and 2) missing VOR-primary; guarantor lives rent fee. Comp factors: FICO and seasoned business. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | CF_ FICO<br>CF_ seasoned business. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-01): Approved exceptions at origination for 1) incomplete VOM- subject; missing pay history receipts to supplement VOM summary from private lender, and 2) missing VOR-primary; guarantor lives rent fee. Comp factors: FICO and seasoned business. |  |  | XX/XX/XXXX 11:29:07 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100134 |  | 35131080 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing EOI for liability coverage. | The representative FICO score exceeds the guideline minimum by XX points. | CF_ FICO | SitusAMC,Originator | Reviewer Comment (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing aggregate liability coverage amount. Comp factor, FICO.<br>Buyer Comment (2025-12-30): uploaded confirmation from agent of 1 MM coverage. Also uploaded updated approval with exception noted for 1MM coverage and no aggregate |  |  | XX/XX/XXXX 9:51:37 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100135 |  | 35126865 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 51% vacancy/ missing leases. Comp factors: LTV and reserves. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- LTV<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-02): Approved exception at origination for 51% vacancy/ missing leases. Comp factors: LTV and reserves. |  |  | XX/XX/XXXX 10:19:14 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100135 |  | 35126909 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for Credit (< 2 active major tradelines on credit report). Comp factors: LTV and reserves. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- LTV<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-02): Approved exception at origination for Credit (< 2 active major tradelines on credit report). Comp factors: LTV and reserves. |  |  | XX/XX/XXXX 10:17:14 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100135 |  | 35127110 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Flood insurance |  | Flood Insurance $10k deductible is > 2% of coverage amount. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-12): Exception waived. Updated approval provided in trailing documents approving exception for flood insurance deductible. Comp factor, LTV.<br>Buyer Comment (2025-12-11): Exception noted on uploaded approval for #1. Pending #2<br>Buyer Comment (2025-12-11): Exception noted on uploaded approval for #1. Pending corrected policy for #2 |  |  | XX/XX/XXXX 10:12:27 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100135 |  | 35127623 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects 1 unit has been taken down to the studs (in shell condition). Estimated amount to complete $30,000. No proof of completion provided. |  |  |  | Buyer Comment (2026-01-15): Seller commentary: Appraisal made as-is and current property condition is reflected in the value/LTV. Property under renovation at the time of origination and borrower had permits posted in the window for the renovation of unit 202. Borrower recently renovated the other units and VCC expects them to complete the renovations (already underway) for unit XXX. VCC did not view the active renovation as material to underwriting as the borrower is a seasoned investor with strong reserves and has been continuously renovating the subject property. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100135 |  | 35127641 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing VOR/VOM- primary; mortgage held in spouse's name. | 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>The DSCR is greater than the minimum required. | SitusAMC,Originator<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR/VOM-primary. Comp factors, DSCR and LTV.<br>Buyer Comment (2025-12-30): Corrected Uploaded<br>Reviewer Comment (2025-12-12): Exception remains. Updated approval reflects the exception as approved, but no comp factor provided.<br>Buyer Comment (2025-12-11): Exception noted om uploaded approval |  |  | XX/XX/XXXX 9:55:33 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100135 |  | 35219834 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Flood insurance |  | EOI for flood is missing lender as loss payee. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing loss payee. Comp factor, LTV.<br>Buyer Comment (2025-12-30): Uploaded |  |  | XX/XX/XXXX 9:54:33 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100136 |  | 35163113 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for LTV > 70% on a Trad II. Comp factors, seasoned business and other (unable to determine other). | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-04): Approved exception at origination for LTV > 70% on a Trad II. Comp factors, seasoned business and other (unable to determine other). |  |  | XX/XX/XXXX 1:06:07 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100136 |  | 35163255 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Incomplete VOR-primary, private party verification missing canceled checks. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-12): Exception waived. Updated approval provided in trailing documents approving incomplete VOR-primary. Comp factor, seasoned business.<br>Buyer Comment (2025-12-11): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:16:50 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100139 |  | 35126283 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2025-12-02): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: LTV. |  |  | XX/XX/XXXX 9:58:54 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100139 |  | 35134705 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Cash out on property listed within recent 6 months. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2025-12-12): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, LTV.<br>Buyer Comment (2025-12-11): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:46:11 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100140 |  | 35127771 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x for investor traditional II refinance with loan > $500,000. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2025-12-02): Approved exception at origination for DSCR < 1.25x for investor traditional II refinance with loan > $500,000. Comp factor: LTV. |  |  | XX/XX/XXXX 4:03:37 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100140 |  | 35127813 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for Incomplete lease (not executed) on traditional 2 refinance with loan > $500k. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2025-12-02): Approved exception at origination for Incomplete subject lease (not executed) on traditional 2 refinance with loan > $500k. Comp factor: LTV. |  |  | XX/XX/XXXX 4:03:18 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100141 |  | 35133388 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOR-primary; missing 12 months pay history receipts to supplement VOR summary from private landlord. Comp factor; reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-12-12): Approved exception at origination for incomplete VOR-primary; missing 12 months pay history receipts to supplement VOR summary from private landlord. Comp factor; reserves.<br>Buyer Comment (2025-12-11): Corrected Uploaded |  |  | XX/XX/XXXX 12:51:08 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100141 |  | 35147458 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for override of statewide exclusion for traditional property type located in XX. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-12-02): Approved exception at origination for override of statewide exclusion for traditional property type located in XX. Comp factor: reserves. |  |  | XX/XX/XXXX 10:05:47 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100144 |  | 35127528 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-12-02): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 12:49:54 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100144 |  | 35137137 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | 1) 7.5% wind deductible is > 5% and $25k, and 2) missing $2mm gen aggregate liability coverage. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-12-12): Exception waived. Updated approval provided in trailing documents approving exception for deductible and missing 2mm aggregate liability. Comp factor, seasoned investor.<br>Buyer Comment (2025-12-11): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:11:03 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100145 |  | 35134658 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOR- primary; missing most recent monthly pay history receipt. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-02): Approved exception at origination for incomplete VOR- primary; missing most recent monthly pay history receipt. Comp factor: FICO. |  |  | XX/XX/XXXX 11:25:05 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100146 |  | 35154086 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Premium not paid in full at closing- on payment plan. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-12): Exception waived. Updated approval provided in trailing documents approving exception for insurance on a payment plan. Comp factor, LTV.<br>Buyer Comment (2025-12-11): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:23:19 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100147 |  | 35135752 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOM-primary; recent acquisition. Comp factors: reserves and seasoned investor. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- seasoned investor<br>CF- reserves. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-03): Approved exception at origination for missing VOM-primary; recent acquisition. Comp factors: reserves and seasoned investor. |  |  | XX/XX/XXXX 9:52:57 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100148 |  | 35136026 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | 1) missing EOI for liability coverage and 2) 5% all perils deductible is > $10k. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO. Exception cleared for liability coverage.<br>Buyer Comment (2025-12-30): Uploaded<br>Buyer Comment (2025-12-30): Exception noted on uploaded approval<br>Reviewer Comment (2025-12-12): Exception remains. Disregarding document and sending back to client.<br>Buyer Comment (2025-12-11): Please disregard. The document uploaded is for a different file.<br>Buyer Comment (2025-12-11): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:43:20 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100148 |  | 35136263 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Credit | AUS Findings: Reverified Investor qualifying total debt ratio discrepancy. | Calculated Reverified investor qualifying total debt ratio of exceeds AUS total debt ratio of . | Approved exception at origination for DSCR < 1.0x for owner user traditional 2 refinance with loan > $500k. Comp factors: reserves and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- FICO<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-03): Approved exception at origination for DSCR < 1.0x for owner user traditional 2 refinance with loan > $500k. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 11:09:34 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100149 |  | 35133584 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception for loan < $100k on traditional property type. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-02): Approved exception for loan < $100k on traditional property type. Comp factor: LTV. |  |  | XX/XX/XXXX 7:18:53 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100149 |  | 35147451 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing $2mm gen aggregate liability coverage. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-12): Exception waived. Updated approval provided in trailing documents approving exception for liability coverage. Comp factor, LTV.<br>Buyer Comment (2025-12-11): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:18:43 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100153 |  | 35162732 | XXXX | XX/XX/XXXX | Property | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Property is vacant |  | Approved exception at origination for vacant property on a refinance. Comp factor LTV and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-05): Approved exception at origination for vacant property on a refinance. Comp factor LTV and FICO. |  |  | XX/XX/XXXX 1:27:05 PM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | 2026-1-100154 |  | 35198283 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Noted in the in-house review and visible in the appraisal pictures, furnace cover not installed and considered a safety issue. |  |  |  | Buyer Comment (2026-01-14): Seller commentary: Per borrower LOE cash-out proceeds will be used towards repairing/renovating the subject property. Per the appraisal photos, it appeared that the furnace cover was removed and placed to the side for photos, and was not cited as a health and safety item per the appraisal. VCC did not view as material in terms of underwriting, but it is expected that the borrower will complete aXX necessary repairs/updates to the subject property. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | 2026-1-100155 |  | 35198317 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Unit 2 bedroom ceiling damage due to water leak. Appraiser states that there was no apparent active leak noted. |  |  |  | Reviewer Comment (2026-01-23): Comment: Unit 2 has water damaged ceiling tiles in one of the bedrooms. Appraiser states that there was no apparent active leak noted, the drop ceiling tiles are damaged.<br>Buyer Comment (2026-01-20): Seller commentary: Appraisal made as-is and current property condition considered in value/LTV. No active leak confirmed and VCC did not view the ceiling tile damage as material in terms of underwriting. It is VCC's expectation that the borrower will complete aXX necessary repairs/updates to the subject property.<br>Reviewer Comment (2026-01-15): Exception remains. Comment updated to reflect actual damage and what the appraiser indicated. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Rate/Term | C A | C |  |  | No |
| XXXX | XXXX | 2026-1-100156 |  | 35198643 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-12-10): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 10:43:42 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100157 |  | 35195966 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-10): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 10:23:09 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100157 |  | 35195977 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Credit | Reverification of rent is inconsistent with original VOR |  | Approved exception for missing VOR-primary; borrower lives rent free. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-10): Approved exception for missing VOR-primary; borrower lives rent free. Comp factor: LTV. |  |  | XX/XX/XXXX 10:22:59 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100157 |  | 35198603 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | .Approved exception at origination for 'Credit' (<2 active major tradelines on credit report). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-10): .Approved exception at origination for 'Credit' (<2 active major tradelines on credit report). Comp factor: LTV. |  |  | XX/XX/XXXX 10:23:22 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100157 |  | 35220495 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Address: XXXXXXXXXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Bars without quick release on 2nd floor bedroom window. |  |  |  | Buyer Comment (2026-01-14): Seller commentary: 53.48% LTV, property condition considered in value/LTV. VCC did not view as material in terms of underwriting, but it is expected that the borrower will complete any necessary updates/repairs to the subject property. |  |  |  | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100157 |  | 35220622 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Address: XXXXXXXXXXXXXXXXXXXXXXX // Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing handrail on front steps with 4 or more risers. |  |  |  | Buyer Comment (2026-01-14): Seller commentary: 53.48% LTV. Current property condition considered in value/LTV. Front steps are four risers high and VCC generally doesn't view missing handrails as material in terms of underwriting. It is still expected that the borrower will make any necessary repairs/updates to the property. |  |  |  | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100158 |  | 35194796 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan <$75,000. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-02): Approved exception at origination for loan <$75,000. Comp factor; LTV.<br>Buyer Comment (2025-12-31): Corrected Uploaded<br>Reviewer Comment (2025-12-31): Exception remains. Exception for loan amount does not have a comp factor.<br>Buyer Comment (2025-12-30): Corrected uploaded<br>Reviewer Comment (2025-12-12): Exception remains. Uploaded approval did not provide a comp factor for this exception.<br>Buyer Comment (2025-12-12): Corrected Uploaded |  |  | XX/XX/XXXX 9:19:41 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | 2026-1-100158 |  | 35202675 | XXXX | XX/XX/XXXX | Credit | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | Subject is a refinance and property is listed for sale. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Cash out on property listed within recent 6 months. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-12): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, LTV.<br>Buyer Comment (2025-12-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:45:13 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | 2026-1-100158 |  | 35202730 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | The appraisal revealed property damage. |  | Appraisal indicates dampness in basement without verified source. |  |  |  | Reviewer Comment (2026-01-26): Seller comment-50% LTV, property condition considered in value/LTV. Dampness observed in basement, but no standing water/active leak cited. The appraiser didn't cite a cost-to-cure. While the source of the water was not confirmed, VCC did not view this as material in terms of underwriting, especially given the low LTV. Basement is not an occupied space in the property. It is expected that the borrower will complete any necessary updates/repairs to the property.<br>Reviewer Comment (2025-12-19): Exception remains. Pictures have been provided; however, damage remains.<br>Buyer Comment (2025-12-19): Corrected UPloaded<br>Buyer Comment (2025-12-19): Corrected Appraisal uploaded |  |  |  | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | 2026-1-100159 |  | 35174388 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM-primary; missing proof of payment for 1 of 12 most recent months. Comp factors: seasoned investor and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | CF- FICO<br>CF- seasoned investor | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-10): Approved exception at origination for incomplete VOM-primary; missing proof of payment for 1 of 12 most recent months. Comp factors: seasoned investor and FICO. |  |  | XX/XX/XXXX 12:38:42 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100159 |  | 35195566 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 70% on SFR purchase with loan > $1mm. Comp factors: reserves and FICO. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- reserves<br>CF- FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-10): Approved exception at origination for LTV > 70% on SFR purchase. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 12:39:02 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100160 |  | 35191964 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Missing lease for 1 of 2 units in 1 of 2 subject properties being refinanced. (missing 1 of 2 leases for XXXX) | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-19): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV.<br>Buyer Comment (2025-12-19): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:42:12 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100160 |  | 35191966 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $75k. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-10): Approved exception at origination for loan < $75k. Comp factor: LTV. |  |  | XX/XX/XXXX 6:28:41 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100160 |  | 35198542 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Cash out on property listed within 6 months (XXX is currently listed for sale per appraisal. Listing cancellation not provided). | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-19): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, LTV.<br>Buyer Comment (2025-12-19): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:43:23 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100160 |  | 35220941 | XXXX | XX/XX/XXXX | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. |  | In-house appraisal review indicates property is in below average condition. This is a 1 unit SFR borrower is renting to 3 different parties. Per appraiser the living room and dining room have been enclosed and made into separate living quarters, doors were locked and appraiser was unable to view (borrower provided pictures). Finished basement was used as an efficiency apartment with partial bathroom located in the unfinished area not directly attached to the finished area, area considered a den and not an apartment. Exterior overgrowth needs removing, garage in disrepair, roof at end of expected life, and rear balconies/porch in need of wood replacement. |  |  |  | Reviewer Comment (2026-01-26): Seller comment-Seller commentary: 65% LTV, current property condition considered in value/LTV. Per borrower LOE, cash-out proceeds will be used towards renovating the subject properties. VCC hasn't confirmed the status of repairs, but expects the borrower to fulfill their commitment. Regarding the living room/dining room - per the appraiser - these were made into bedrooms with doors, but are still considered a living room and dining room and not bedrooms officially. Regarding the vacant basement, this room is essentially a den with a wet bar (per appraiser), and if appliances (free standing electric range/refridgerator) removed a this is a room with a sink. The appraiser didn't cite anything about missing permits or a cost to "convert" the property back to an SFR because the property is still an SFR. No major changes were made to the property, moreso to how the property is being used/rented. Not a code violation |  |  |  | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100161 |  | 35183576 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for missing HOA certification. Comp factor LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-11): Approved exception at origination for missing HOA certification. Comp factor LTV. |  |  | XX/XX/XXXX 11:41:19 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100161 |  | 35203290 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | 1) Owners Policy coverage has loss of use amount < 3 months and 2) Master HOA Policy is missing borrowers name and unit number. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-15): Exception waived. Updated approval provided in trailing documents approving exception for 1) loss of use coverage amount and 2) HOA master policy missing unit number and borrower name. Comp factor, LTV.<br>Buyer Comment (2025-12-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:15:51 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100162 |  | 35197523 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for missing handrail on rear exterior stairs, missing porch railing, damaged porch stairs, missing baluster for basement stairs, missing shower fixtures, and missing basement flooring. Comp factor, signed holdback agreement and reflected on final HUD. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-16): Regraded due to holdback and the holdback agreement for the damage in the file.<br>Reviewer Comment (2025-12-15): Approved exception at origination for missing handrail on rear exterior stairs, missing porch railing, damaged porch stairs, missing baluster for basement stairs, missing shower fixtures, and missing basement flooring. Comp factor, signed holdback agreement and reflected on final HUD. |  |  | XX/XX/XXXX 10:22:09 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B A | B |  |  | No |
| XXXX | XXXX | 2026-1-100165 |  | 35194227 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount <$75,000. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-15): Approved exception at origination for loan amount <$75,000. Comp factor; LTV.<br>Buyer Comment (2025-12-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:28:03 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100165 |  | 35203396 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | 1) Exposed wiring/missing light fixture the appraiser considered this deferred maintenance due to the cost to cure and 2) Property is legal-non conforming (grandfathered use) and cannot be rebuilt if damaged or destroyed by more than 50%. |  |  |  | Buyer Comment (2026-01-15): Seller commentary: 50% LTV loan, current property condition considered in value/LTV. The cost-to-cure for the light fixture is $75 and not considered significant in the value. Per borrower LOE, cash-out proceeds will be used towards improvements at the subject property and VCC expects the borrower to fulfill that obligation. Given the low LTV, VCC did not consider the legal non-conforming nature of the property significant in terms of underwriting. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100166 |  | 35185614 | XXXX | XX/XX/XXXX | Credit | Credit | Miscellaneous | Guideline | Credit Exception: |  | Approved exception at origination for credit report extension. Comp factors: LTV and seasoned investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-11): Approved exception at origination for credit report extension. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 12:51:00 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100166 |  | 35185618 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO below 650. Comp factors, LTV and Seasoned Investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-11): Approved exception at origination for FICO below 650. Comp factors, LTV and Seasoned Investor. |  |  | XX/XX/XXXX 12:50:43 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100166 |  | 35185624 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOM on subject property. Comp factors; LTV and Seasoned Investor. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-11): Approved exception at origination for missing VOM on subject property. Comp factors; LTV and Seasoned Investor. |  |  | XX/XX/XXXX 12:50:23 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100166 |  | 35185633 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for insurance premium on payment plan. Comp factor: Seasoned Investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-11): Approved exception at origination for insurance premium on payment plan. Comp factor: Seasoned Investor. |  |  | XX/XX/XXXX 12:50:04 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100166 |  | 35192654 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for missing Wind and Hail coverage. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-11): Approved exception at origination for missing Wind and Hail coverage. Comp factor, seasoned investor. |  |  | XX/XX/XXXX 12:49:44 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100167 |  | 35192555 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/ missing lease for 1 of 3 subject properties being refinanced. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-31): Approved exception at origination for 100% vacancy/ missing lease for 1 of 3 subject properties being refinanced. Comp factor: FICO.<br>Buyer Comment (2025-12-30): Corrected Uploaded<br>Reviewer Comment (2025-12-19): Exception remains. Approval provided does not provide a valid comp factor.<br>Buyer Comment (2025-12-19): Corrected on uploaded approval |  |  | XX/XX/XXXX 10:03:28 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100169 |  | 35184875 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-11): Approved exception at origination for FICO < 650. Comp factor, LTV. |  |  | XX/XX/XXXX 1:05:13 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100169 |  | 35184904 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOM/primary residence. 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 (2025-12-11): Approved exception at origination for missing VOM/primary residence. Comp factors; LTV. |  |  | XX/XX/XXXX 1:05:29 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100171 |  | 35175609 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing signed copy of Lease. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-15): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV.<br>Buyer Comment (2025-12-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:45:21 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | 2026-1-100171 |  | 35175630 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-11): Approved exception at origination for FICO < 650. Comp factor: LTV. |  |  | XX/XX/XXXX 1:53:50 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | 2026-1-100171 |  | 35175644 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for derogatory mortgage history; 2 x 30 within 12 months/subject. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-11): Approved exception at origination for derogatory mortgage history; 2 x 30 within 12 months/subject. Comp factor: LTV. |  |  | XX/XX/XXXX 1:54:10 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | 2026-1-100171 |  | 35175808 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | The appraisal revealed property damage. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Windows/window frames are damaged, shower in one bathroom is unusable/shower floor missing, Fascia along the rear and a portion of the right side is missing or damaged, several areas where there is subsidence around slab and poses a potential structural concern as noted on the VCC appraisal review. |  |  |  | Buyer Comment (2026-01-15): Seller commentary: 56% LTV, current property condition considered in value/LTV. Per borrower LOE in file cash-out proceeds will be used towards renovations at the subject property. The cost-to-cure per the appraisal is $5800 and that was factored into the appraised value. Per the appraisal, the subject has been adequately maintained and is functional. VCC hasn't confirmed the status of repairs, but it is expected that the borrower will complete any necessary repairs to the subject. |  |  |  | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | 2026-1-100173 |  | 35176413 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for Unit owner's policy with liability coverage amount < $300,000. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-10): Approved exception at origination for liability coverage amount < $300,000. Comp factor; LTV. |  |  | XX/XX/XXXX 3:00:26 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100173 |  | 35197560 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for loss of rent < 12 months. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-19): Approved exception at origination for loss of rent < 12 months. Comp factor, LTV.<br>Buyer Comment (2025-12-19): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:12:05 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100174 |  | 35194219 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $75k. Comp factor; seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-19): Approved exception at origination for loan < $75k. Comp factor; seasoned investor.<br>Buyer Comment (2025-12-19): Corrected Uploaded |  |  | XX/XX/XXXX 3:15:33 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100176 |  | 35196102 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | 100% vacancy/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 (2025-12-16): Exception waived. Updated approval provided in trailing documents approving exception for vacancy. Comp factor, LTV.<br>Buyer Comment (2025-12-15): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:14:12 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100176 |  | 35196184 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. |  | Subject is in non-habitable condition- kitchen removed, missing bathroom door with estimated cost to cure of $22k. No holdback/escrow agreement in place. File contains a LOE (D0137) indicating borrower intent to remedy but no proof of completion. |  |  |  | Buyer Comment (2026-01-15): Seller commentary: 43.48% LTV, current property condition considered in value/LTV. Borrower actively renovating subject property at time of origination and per LOE in file all renovations would be completed 30 days post-close. VCC hasn't confirmed the status of repairs, but it is expected that the borrower will complete their renovations so they can rent the property. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100177 |  | 35195451 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Rural property. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-19): Exception cleared. Updated approval provided in trailing documents approving exception for rural property. Comp factor, LTV.<br>Buyer Comment (2025-12-19): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:34:33 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100178 |  | 35201000 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for <2 active major tradelines. Comp factors: LTV and reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- reserves<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-11): Approved exception at origination for <2 active major tradelines. Comp factors: LTV and reserves. |  |  | XX/XX/XXXX 9:29:14 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100178 |  | 35201185 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOR-primary; missing most recent monthly pay history. Comp factors: LTV and reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- reserves<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-11): Approved exception at origination for incomplete VOR-primary; missing most recent monthly pay history. Comp factors: LTV and reserves. |  |  | XX/XX/XXXX 9:30:06 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100178 |  | 35202066 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Proof of Residency Status not provided |  | Approved exception at origination for missing visa/greencard for foreign national borrower. Comp factors: LTV and reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- reserves<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-11): Approved exception at origination for missing greencard/visa for foreign national borrower. Comp factors: LTV and reserves. |  |  | XX/XX/XXXX 9:42:42 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100178 |  | 35202256 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | All perils deductible of $7.5k is > 5% of coverage amount. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-19): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV.<br>Buyer Comment (2025-12-19): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:06:11 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100179 |  | 35195245 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing lease on refinance- subject is listed as a ST rental. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-31): Exception waived. Updated approval provided approving exception for missing lease. Comp factor, seasoned investor.<br>Buyer Comment (2025-12-30): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:07:57 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100180 |  | 35183116 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV over 75% |  | Approved exception at origination for LTV >75% on rate/term refinance of SFR. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-31): Approved exception at origination for LTV >75% on rate/term refinance of SFR. Comp factor: FICO.<br>Buyer Comment (2025-12-30): Corrected Uploaded |  |  | XX/XX/XXXX 10:09:53 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100182 |  | 35175316 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2025-12-10): Approved exception at origination for FICO < 650. Comp factor; LTV. |  |  | XX/XX/XXXX 2:13:10 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100182 |  | 35175323 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM; missing poay history receipt to support VOM summary from private lender. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2025-12-10): Approved exception at origination for incomplete VOM; missing poay history receipt to support VOM summary from private lender. Comp factor; LTV. |  |  | XX/XX/XXXX 2:13:23 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100182 |  | 35196552 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2025-12-10): Approved exception at origination for 100% vacancy/ missing lease on SFR refinance. Comp factor; LTV. |  |  | XX/XX/XXXX 2:13:36 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100183 |  | 35221114 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | The appraisal revealed property damage. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | In-house Appraisal Review has PTD obtain structural cert for the settlement cracking and bowing in foundation walls. No cert provided. |  |  |  | Buyer Comment (2026-01-15): Seller commentary: XX.XX% LTV, current property condition considered in value/LTV. Given the low LTV, VCC UW did not deem the structural cert necessary. Per borrower LOE cash-out proceeds will be used towards renovating the subject and it is expected that they will complete aXX necessary repairs. |  |  |  | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B A | B |  |  | No |
| XXXX | XXXX | 2026-1-100184 |  | 35184481 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Missing Document | Missing Document: Other not provided |  | Approved exception at origination for waiver of Standby credotor agreement/ subordination of SH debt for intercompaXX note (per CAM change memo #1) Comp factors: seasoned investor, reserves/liquidity, and LTV | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- seasoned investor/seasoned business.<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-09): Approved exception at origination for waiver of Standby credotor agreement/ subordination of SH debt for intercompaXX note (per CAM change memo #1) Comp factors: seasoned investor, reserves/liquidity, and LTV |  |  | XX/XX/XXXX 1:33:33 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100187 |  | 35173311 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x for investor traditional 1 purchase with loan > $750k. Comp factors: reserves and FICO. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- reserves<br>CF- FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-08): Approved exception at origination for DSCR < 1.20x for investor traditional 1 purchase with loan > $750k. Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 6:56:28 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100187 |  | 35180763 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for traditional 1 property located in XX with individual serving as borrower (UCC filing). Comp factors: reserves and FICO. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months.<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- reserves<br>CF- FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-09): Approved exception at origination for traditional 1 property located in XX with individual serving as borrower (UCC filing). Comp factors: reserves and FICO. |  |  | XX/XX/XXXX 10:46:02 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100189 |  | 35167114 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time Investor on owner user traditional 2 w/ith LTV > 65%. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- FICO<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-08): Approved exception at origination for first time Investor on owner user traditional 2 w/ith LTV > 65%. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 11:23:30 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100189 |  | 35174965 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Verification of Down Payment Funds not provided |  | $10k in gift funds represented on final settlement stmt 1) is not included in approval assets section, and 2) gift letter not in file. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for gift funds missing gift letter. Comp factor, FICO.<br>Buyer Comment (2025-12-30): Corrected Uploaded<br>Reviewer Comment (2025-12-16): Exception remains. Approval provided had no change.<br>Buyer Comment (2025-12-16): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:12:33 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100190 |  | 35161808 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-04): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: FICO. |  |  | XX/XX/XXXX 10:04:05 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100191 |  | 35161841 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for derogatory mortgage history; 9x30 & 1x60 days late within 24 months. Comp factors: LTV and seasoned investor. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- seasoned investor<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-04): Approved exception at origination for derogatory mortgage history; 9x30 & 1x60 days late within 24 months. Comp factors: LTV and seasoned investor. |  |  | XX/XX/XXXX 3:54:56 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100192 |  | 35162411 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Non-hurricane wind deductible of $25k exceeds 5% guideline threshold. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-16): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, LTV.<br>Buyer Comment (2025-12-16): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:04:22 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100195 |  | 35169014 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x for investor traditional 2 purchase with loan > $500k. Comp factors: reserves and seasoned investor. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF_ seasoned investor<br>CF_ reserves. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-08): Approved exception at origination for DSCR < 1.25x for investor traditional 2 purchase with loan > $500k. Comp factors: reserves and seasoned investor. |  |  | XX/XX/XXXX 4:16:08 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100196 |  | 35163313 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception 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. | CF- reserves. | SitusAMC,Originator | Reviewer Comment (2025-12-04): Approved exception for <2 active major tradelines on credit report. Comp factor: reserves. |  |  | XX/XX/XXXX 6:10:15 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100196 |  | 35163315 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Please verify if valid for traditional 1 mixed use with loan < $500k; Approved exception at origination for 42.9% vacancy/missing lease for commercial unit. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves. | SitusAMC,Originator | Reviewer Comment (2025-12-04): Please verify if valid for traditional 1 mixed use with loan < $500k; Approved exception at origination for 42.9% vacancy/missing lease for commercial unit. Comp factor: reserves. |  |  | XX/XX/XXXX 6:14:17 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100196 |  | 35164894 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Proof of Residency Status not provided |  | Approved exception at origination for foreign national borrower with expired visa. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves. | SitusAMC,Originator | Reviewer Comment (2025-12-04): Approved exception at origination for foreign national borrower with expired visa. Comp factor: reserves. |  |  | XX/XX/XXXX 6:14:52 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100197 |  | 35164542 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Missing evidence property zoning has been updated to commercial/mixed use with proper permits for the 2nd floor/attic conversion to residential and back portion of first floor is permitted to be used as residential. \*\* Property is zoned as a single family residence with a homeowners exemption on property tax (exemption is only available on owner occupied single family homes). Property is in a commercial zoned area. Currently borrower is using the front first floor as a beauty salon with the back portion as her residence which is not permitted on commercial properties in the area. Residential units can only be on the upper levels of commercial properties. Also, the attic has been converted without permits as part of the personal residence. |  |  |  | Reviewer Comment (2026-01-21): Exception remains. Client provided justification for allowing financing on this property, does not clear the missing evidence of property zoning change or proper permits being provided.<br>Buyer Comment (2026-01-20): Per appraisal - page 1 "The property being valued consists of a converted single-family residence to commercial retail/office use<br> located on the west side of XXXX XXXX in XXXX XXXX. It has a single tenant layout and<br> totals 950 square feet. The improvements were built in 1926 as a single-family home and have since<br> been converted/re-zoned to commercial use" and per appraisal page 25 "The most constrictive use of the subject as a vacant site is the zoning. The subject has a Neighborhood<br> Commercial zoning designation and Commercial general plan, which permits a variety of<br> retail/commercial and office uses. ", Per appraisal 26 ""As Improved", the existing improvements as a commercial retail/office building appear to represent the<br> highest and best use for the site. The existing improvements are legally conforming per the zoning and<br> physically possible having a considerable remaining economic life of 30 years. From a financial feasibility<br> standpoint, based on review of overall land values in the area, the improved value is still greater than<br> prevailing land value with the subject considered the provide maximum return to the property." |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C | A |  |  | No |
| XXXX | XXXX | 2026-1-100197 |  | 35164763 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Business Purpose Letter of Intent not provided |  | Missing 1) Business Purpose Disclosure and 2) Business Purpose of Loan Certification for owner/user. |  |  |  | Reviewer Comment (2026-01-21): Exception remains. Borrower is using the property as their primary resident as well as business (mixed use), guidelines require that the borrower sign a Business Purpose Disclosure and Business Purpose of Loan Certification.<br>Buyer Comment (2026-01-20): Per appraisal - page 1 "The property being valued consists of a converted single-family residence to commercial retail/office use<br> located on the west side of XXXX XXXX in XXXX XXXX. It has a single tenant layout and<br> totals 950 square feet. The improvements were built in 1926 as a single-family home and have since<br> been converted/re-zoned to commercial use" and per appraisal page 25 "The most constrictive use of the subject as a vacant site is the zoning. The subject has a Neighborhood<br> Commercial zoning designation and Commercial general plan, which permits a variety of<br> retail/commercial and office uses. ", Per appraisal 26 ""As Improved", the existing improvements as a commercial retail/office building appear to represent the<br> highest and best use for the site. The existing improvements are legally conforming per the zoning and<br> physically possible having a considerable remaining economic life of 30 years. From a financial feasibility<br> standpoint, based on review of overall land values in the area, the improved value is still greater than<br> prevailing land value with the subject considered the provide maximum return to the property." |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C | A |  |  | No |
| XXXX | XXXX | 2026-1-100197 |  | 35164770 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Non-Owner Occupancy Declaration not provided |  | Missing Certification of Occupancy and Indemnity. |  |  |  | Reviewer Comment (2026-01-21): Exception remains. Borrower is occupying the property as their primary residence and for their business (mixed use), loan is in the individuals name and guidelines require a Certificate of Occupancy and indemnity be completed and signed.<br>Buyer Comment (2026-01-20): Per appraisal - page 1 "The property being valued consists of a converted single-family residence to commercial retail/office use<br> located on the west side of XXXX XXXX in XXXX XXXX. It has a single tenant layout and<br> totals 950 square feet. The improvements were built in 1926 as a single-family home and have since<br> been converted/re-zoned to commercial use" and per appraisal page 25 "The most constrictive use of the subject as a vacant site is the zoning. The subject has a Neighborhood<br> Commercial zoning designation and Commercial general plan, which permits a variety of<br> retail/commercial and office uses. ", Per appraisal 26 ""As Improved", the existing improvements as a commercial retail/office building appear to represent the<br> highest and best use for the site. The existing improvements are legally conforming per the zoning and<br> physically possible having a considerable remaining economic life of 30 years. From a financial feasibility<br> standpoint, based on review of overall land values in the area, the improved value is still greater than<br> prevailing land value with the subject considered the provide maximum return to the property." |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C | A |  |  | No |
| XXXX | XXXX | 2026-1-100198 |  | 35154306 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active open major tradelines. Comp factors; DSCR and FICO. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- DSCR<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-16): Approved exception at origination for < 2 active open major tradelines. Comp factors; DSCR and FICO.<br>Buyer Comment (2025-12-16): Corrected Uploaded |  |  | XX/XX/XXXX 1:48:12 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100198 |  | 35155936 | XXXX | XX/XX/XXXX | 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; DSCR and FICO. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- DSCR<br>The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-16): Approved exception at origination for first time investor on owner user traditional 2 with LTV >65%. Comp factors; DSCR and FICO.<br>Buyer Comment (2025-12-16): Corrected Uploaded |  |  | XX/XX/XXXX 1:49:22 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100199 |  | 35160810 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO <650. Comp factors: seasoned business and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- seasoned investor.<br>CF- reserves. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-04): Approved exception at origination for FICO <650. Comp factors: seasoned business and reserves. |  |  | XX/XX/XXXX 2:11:57 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100199 |  | 35160813 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV >70% on owner user traditional 2 cash-out refinance. Comp factors: seasoned business and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- seasoned investor.<br>CF- reserves. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-04): Approved exception at origination for LTV >70% on owner user traditional 2 cash-out refinance. Comp factors: seasoned business and reserves. |  |  | XX/XX/XXXX 2:44:49 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100199 |  | 35160829 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception for missing VOR - primary; borrower lives rent free. Comp factors: seasoned business and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- seasoned investor.<br>CF- reserves. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-04): Approved exception for missing VOR - primary; borrower lives rent free. Comp factors: seasoned business and reserves. |  |  | XX/XX/XXXX 2:45:06 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100200 |  | 35164612 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: DSCR and seasoned business. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>Borrower's Experience/Track Record | CF- DSCR<br>CF- seasoned business | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-04): Approved exception at origination for FICO < 650. Comp factors: DSCR and seasoned business. |  |  | XX/XX/XXXX 4:17:50 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100200 |  | 35164805 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factors, seasoned business and DCR. | The qualifying DSCR on the loan is greater than the guideline minimum.<br>Borrower's Experience/Track Record | CF- DSCR<br>CF- seasoned business | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-31): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factors, seasoned business and DCR.<br>Buyer Comment (2025-12-30): Corrected Uploaded |  |  | XX/XX/XXXX 10:18:00 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100201 |  | 35168522 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: DSCR and FICO. | The representative FICO score exceeds the guideline minimum by XX points.<br>The qualifying DSCR on the loan is greater than the guideline minimum. | CF_ FICO<br>CF- DSCR | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-08): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors: DSCR and FICO. |  |  | XX/XX/XXXX 4:06:55 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100202 |  | 35169358 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for First Time Investor on investor traditional 2 w/ LTV greater or equal to 65%. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-16): Approved exception at origination for First Time Investor on investor traditional 2 w/ LTV greater or equal to 65%. Comp factor: reserves.<br>Buyer Comment (2025-12-16): Corrected Uploaded |  |  | XX/XX/XXXX 1:57:52 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100203 |  | 35162720 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary. guarantor lives rent free. Comp factors: FICO and reserves which is not supported as verified post closing reserves are < required 3 months P&I for FT investor. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-05): Approved exception at origination for missing VOR-primary. guarantor lives rent free. Comp factors: FICO and reserves which is not supported as verified post closing reserves are < required 3 months P&I for FT investor. |  |  | XX/XX/XXXX 11:39:49 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100203 |  | 35162723 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 50% vacancy/missing leases for both units. Comp factors: FICO and reserves which is not supported as verified post closing reserves are < required 3 months P&I for FT investor. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-05): Approved exception at origination for 50% vacancy/missing leases for both units. Comp factors: FICO and reserves which is not supported as verified post closing reserves are < required 3 months P&I for FT investor. |  |  | XX/XX/XXXX 11:44:25 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100203 |  | 35164833 | XXXX | XX/XX/XXXX | 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: FICO and reserves which is not supported as verified post closing reserves are < required 3 months P&I for FT investor. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-05): Approved exception at origination for first time investor on owner user traditional 2 with LTV > 65%. Comp factors: FICO and reserves which is not supported as verified post closing reserves are < required 3 months P&I for FT investor. |  |  | XX/XX/XXXX 11:40:24 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100203 |  | 35164870 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | DSCR < 1.25x for investor traditional 2 purchase (not owner user, borrower occupancy < 51% and as investor purchase the $750k purchase exemption does not apply). | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-16): Exception waived. Updated approval provided in trailing documents approving exception for DSCR. Comp factor, FICO.<br>Buyer Comment (2025-12-16): Exception written |  |  | XX/XX/XXXX 3:26:00 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100203 |  | 35164886 | XXXX | XX/XX/XXXX | Credit | Asset | Asset Calculation / Analysis | Asset | Guideline Requirement: Available for Reserves discrepancy. | Calculated Available for Reserves of is less than Guideline Available for Reserves of . | First time investor with post closing reserves < 3 mos P&I. (actual reserves of $6,708.36 equates to 1.43 months P&I). | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-16): Exception waived. Updated approval provided in trailing documents approving exception for insufficient reserves. Comp factor, FICO.<br>Buyer Comment (2025-12-16): Corrected Uplaoded |  |  | XX/XX/XXXX 3:28:44 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100204 |  | 35167465 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x on investor traditional 1 refinance with loan > $500k. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- FICO<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-08): Approved exception at origination for DSCR < 1.20x on investor traditional 1 refinance with loan > $500k. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 1:16:03 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100204 |  | 35167479 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM-subject; missing 12 months pay history receipts to supplement VOM summary from private lender. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- FICO<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-08): Approved exception at origination for incomplete VOM-subject; missing 12 months pay history receipts to supplement VOM summary from private lender. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 1:15:48 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100205 |  | 35184880 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-09): Approved exception at origination for premium not paid in full at closing- on payment plan. Comp factor: LTV. |  |  | XX/XX/XXXX 12:44:42 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100206 |  | 35167906 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-12-08): Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factor: reserves. |  |  | XX/XX/XXXX 2:57:06 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100206 |  | 35176204 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Liability coverage < required $1mm occ and $2mm gen aggregate coverage. | Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- reserves | SitusAMC,Originator | Reviewer Comment (2025-12-16): Exception waived. Updated approval provided in trailing documents approving exception for missing aggregate liability. Comp factor, reserves.<br>Buyer Comment (2025-12-16): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:36:15 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100207 |  | 35184475 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 70% on investor traditional 1 mixed use blanket purchase with balance > $1,000,000. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-12-09): Approved exception at origination for LTV > 70% on investor traditional 1 mixed use blanket purchase with balance > $1,000,000. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 3:36:10 PM | 2 B | XX/XX/XXXX |  | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100207 |  | 35184486 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x for investor traditional 1 purchase with loan > $750k. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-12-09): Approved exception at origination for DSCR < 1.20x for investor traditional 1 purchase with loan > $750k. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 1:06:38 PM | 2 B | XX/XX/XXXX |  | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100207 |  | 35185744 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Blanket liability without required endorsement for full coverage amount applicable to each covered location. (D0339) | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-16): Exception waived. Updated approval provided in trailing documents approving exception for missing endorsement. Comp factor, FICO.<br>Buyer Comment (2025-12-16): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:47:11 PM | 2 B | XX/XX/XXXX |  | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100207 |  | 35187580 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Leases missing unit numbers (ex: D0076,82) | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-16): Exception waived. Updated approval provided in trailing documents approving exception for leases missing unit numbers. Comp factor, FICO.<br>Buyer Comment (2025-12-16): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:47:54 PM | 2 B | XX/XX/XXXX |  | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100207 |  | 35187647 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing lease for 1 of 4 units in 1 of 2 subject properties (missing 4302). | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-16): Exception waived. Updated approval provided in trailing documents approving exception for missing leases. Comp factor, FICO.<br>Buyer Comment (2025-12-16): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:48:48 PM | 2 B | XX/XX/XXXX |  | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100209 |  | 35234287 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing lease agreement-subject. Lease renewal approval from condo association provided (D0223). | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, seasoned investor.<br>Buyer Comment (2025-12-30): Exception noted on uploaded approval |  |  | XX/XX/XXXX 10:26:40 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100211 |  | 35246414 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | In-house review indicates property is below average condition; however, appraisal has C4 condition. Primary bathroom is incomplete with no shower, tub, or sink, missing flooring through out the home including the stairs, stairs appear to missing handrail (partially covered by a tarp), unfinished kitchen cabinets, and 2nd bathroom is unfinished-ceiling/walls taped and need finishing/painting , and floors to be installed. Appraiser estimates $20,000 to complete the home. Holdback agreement provided for $5,000 to install the main bathroom shower or tub and reflected on HUD, insufficient to complete all needed items. |  |  |  | Reviewer Comment (2026-01-26): Seller comment-XX% LTV, current property condition considered in value/LTV. VCC completed a 90-day $5,000 holdback at origination to cover the bathroom remodel. $1,850 has since been disbursed and that covered the plumbing, installation of sink/flooring and painting for the bathroom. Per borrower LOE, cash-out proceeds will be used to finish renovating the subject. Borrower is a seasoned investor and is actively renovating the subject and VCC expects them to complete renovations. Property vacant at origination |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | 2026-1-100212 |  | 35233786 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for 1) missing VOR-primary; guarantor lives rent free and 2) incomplete VOM-subject; missing 12 month payment receipts to supplement VOM summary from private lender. Comp factor :LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-15): Approved exception at origination for 1) missing VOR-primary; guarantor lives rent free and 2) incomplete VOM-subject; missing 12 month payment receipts to supplement VOM summary from private lender. Comp factor :LTV. |  |  | XX/XX/XXXX 9:09:01 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100212 |  | 35233950 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Credit report reflects < 2 active major tradelines. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-31): Exception waived. Updated approval provided approving exception for < 2 major tradelines. Comp factor, LTV.<br>Buyer Comment (2025-12-30): Exception noted om uploaded approval |  |  | XX/XX/XXXX 11:28:34 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100213 |  | 35235833 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-15): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. |  |  | XX/XX/XXXX 10:38:31 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100214 |  | 35234579 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $100k on traditional 2 property. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF: LTV | SitusAMC,Originator | Reviewer Comment (2025-12-15): Approved exception at origination for loan < $100k on traditional 2 property. Comp factor: LTV. |  |  | XX/XX/XXXX 2:16:15 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100215 |  | 35241035 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing wind/hail coverage | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor, FICO.<br>Buyer Comment (2025-12-30): Excepetion noted on uploaded approval |  |  | XX/XX/XXXX 11:32:09 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100216 |  | 35243511 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary. Comp factors: seasoned business and LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- seasoned business<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-16): Approved exception at origination for missing VOR-primary. Comp factors: seasoned business and LTV. |  |  | XX/XX/XXXX 10:01:45 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100216 |  | 35243527 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for chargeoff/collections > $25k Comp factor: seasoned business. | Borrower's Experience/Track Record | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2025-12-16): Approved exception at origination for chargeoff/collections > $25k Comp factor: seasoned business. |  |  | XX/XX/XXXX 9:48:44 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100216 |  | 35243537 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $500k. Comp factor: seasoned business. | Borrower's Experience/Track Record | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2025-12-16): Approved exception at origination for DSCR < 1.25x on investor traditional 2 refinance with loan > $500k. Comp factor: seasoned business. |  |  | XX/XX/XXXX 9:49:30 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100216 |  | 35245639 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor: seasoned business. | Borrower's Experience/Track Record | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2025-12-16): Approved exception at origination for FICO < 650. Comp factor: seasoned business. |  |  | XX/XX/XXXX 9:50:00 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100218 |  | 35238184 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing wind/hail coverage. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor, LTV.<br>Buyer Comment (2025-12-30): Execption noted on uploaded approval |  |  | XX/XX/XXXX 11:34:19 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100219 |  | 35234114 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR <1.25x on investor traditional 2 refinance with loan > $750k. Comp factors: FICO and seasoned business. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | CF_ seasoned business<br>CF- FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-15): Approved exception at origination for DSCR <1.25x on investor traditional 2 refinance with loan > $750k. Comp factors: FICO and seasoned business. |  |  | XX/XX/XXXX 12:44:11 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100219 |  | 35234121 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: FICO and seasoned business. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | CF_ seasoned business<br>CF- FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-15): Approved exception for missing VOR-primary; guarantor lives rent free. Comp factor: FICO and seasoned business. |  |  | XX/XX/XXXX 12:44:23 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100219 |  | 35234198 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing leases for Traditional 2 property with loan > $500k. (leases for 2 of 18 units provided). | Borrower's Experience/Track Record | CF_ seasoned business | SitusAMC,Originator | Reviewer Comment (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, seasoned investor.<br>Buyer Comment (2025-12-30): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:37:58 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100220 |  | 35235745 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for override of statewide exclusion for traditional property type located in XX. 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 (2026-01-07): Approved exception at origination for override of statewide exclusion for traditional property type located in XX. Comp factor: LTV.<br>Buyer Comment (2026-01-06): Corrected Uploaded |  |  | XX/XX/XXXX 3:59:26 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100220 |  | 35235991 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Non-Owner Occupancy Declaration not provided |  | 1) Missing owner-occ BP cert for mixed use property occupied as primary residence. 2) All cert of NOO & indemnity in file are inaccurately completed and attest that the borrowers do not reside in subject as primary while identifying subject property as their primary. | 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 (2026-01-14): Exception waived. Updated approval provided in trailing documents approving exception for BP cert on incorrect form. ; Comp factor, LTV.<br>Buyer Comment (2026-01-14): Exception noted on uploaded approval |  |  | XX/XX/XXXX 8:58:49 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100221 |  | 35236246 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Missing cancelation of MLS listing. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing cancelation of listing. Comp factor, FICO.<br>Buyer Comment (2025-12-30): Exception noted on uploaded approval for property being listed |  |  | XX/XX/XXXX 11:44:43 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100221 |  | 35238439 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 70% on cashout refinance of investor traditional 2. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-15): Approved exception at origination for LTV > 70% on cashout refinance of investor traditional 2. Comp factor: FICO. |  |  | XX/XX/XXXX 3:27:43 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100221 |  | 35238487 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | DCSR < 1.25x on investor traditional 2 with loan > $500k. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for DCSR. Comp factor, FICO.<br>Buyer Comment (2025-12-30): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:43:49 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100221 |  | 35238533 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for 'Credit' (<2 active major tradelines on credit report). Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-15): Approved exception at origination for 'Credit' (<2 active major tradelines on credit report). Comp factor: FICO. |  |  | XX/XX/XXXX 3:36:19 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100221 |  | 35238542 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Wind deductible of 2% is > $25k. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, FICO.<br>Buyer Comment (2025-12-30): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:42:59 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100221 |  | 35245847 | XXXX | XX/XX/XXXX | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> Fair | Appraisal and in house review indicate property shows visible signs of wear, including ceiling water damage and cracks along the loading dock area. Borrower claims $190,000 of improvements were made within recent 3 years, no evidence of aXX improvements provided. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-01-26): Seller comment-Per appraisal, no deferred maintenance and property is in fair condition. Overall, the building is functional, with no active leaks, but would benefit from minor repairs and maintenance. VCC did not view as material in terms of underwriting, but does expect the borrower to complete aXX necessary repairs to the property. Property condition considered in value/LTV.<br>Reviewer Comment (2026-01-02): Exception waived. Updated approval provided in trailing documents approving exception for property condition < average. Comp factor, FICO.<br>Buyer Comment (2025-12-31): Exception noted om uploaded approval<br>Reviewer Comment (2025-12-31): Exception remains. Approval does not reference this exception.<br>Buyer Comment (2025-12-30): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:21:57 AM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100221 |  | 35245857 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Cash out on property listed within recent 6 months. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed property. Comp factor, FICO.<br>Buyer Comment (2025-12-30): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:40:51 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100224 |  | 35290332 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Missing leases on 2 family refinance. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing leases. Comp factor, LTV.<br>Buyer Comment (2025-12-30): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:48:23 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100226 |  | 35301419 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | VOM-subject > 30 days late at closing/ pending notice of foreclosure (ref D0033, 0199) 5x late payments within 12 months (D0201). | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for VOM. Comp factor, LTV.<br>Buyer Comment (2025-12-30): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:51:43 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100227 |  | 35289682 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy/ missing lease for SFR refinance. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-12-22): Approved exception at origination for 100% vacancy/ missing lease for SFR refinance. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 2:06:42 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100227 |  | 35289684 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-12-22): Approved exception at origination for missing VOR-primary. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 2:06:56 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100227 |  | 35289690 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-12-22): Approved exception at origination for FICO < 650. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 2:07:12 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100229 |  | 35291560 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing wind/hail coverage. | The representative FICO score exceeds the guideline minimum by XX points. | The representative FICO score exceeds the guideline minimum by XX points. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing wind/hail coverage. Comp factor, FICO.<br>Buyer Comment (2025-12-31): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:54:41 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100230 |  | 35301194 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing VOR-primary; guarantor lives rent free. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing VOR-primary. Comp factor, seasoned investor.<br>Buyer Comment (2025-12-31): Exception noted on uploaded approval |  |  | XX/XX/XXXX 11:57:44 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100231 |  | 35289219 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: HOA Questionnaire not provided |  | Approved exception at origination for missing HOA certificate. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2025-12-22): Approved exception at origination for missing HOA certificate. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 1:22:08 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100232 |  | 35306780 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy/ missing lease for SFR refinance. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantifiable subjective factor. | Borrower's Experience/Track Record | CF- seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-12-24): Approved exception at origination for 100% vacancy/ missing lease for SFR refinance. Comp factors: seasoned investor and property condition which is unable to be validated as a non-quantifiable subjective factor. |  |  | XX/XX/XXXX 2:28:59 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100233 |  | 35300382 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-31): Approved exception at origination for FICO < 650. Comp factor; LTV.<br>Buyer Comment (2025-12-31): Corrected Uploaded |  |  | XX/XX/XXXX 3:39:58 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100234 |  | 35306172 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing evidence of liability coverage on the 3 additional vacant lots security by the Security Instrument. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing liability coverage. Comp factors, seasoned investor and FICO.<br>Buyer Comment (2025-12-31): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:43:24 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100235 |  | 35301717 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-23): Approved exception at origination for 100% vacancy per appraisal (subsequently executed lease provided in file). Comp factor: LTV. |  |  | XX/XX/XXXX 4:00:58 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100235 |  | 35301725 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor. | SitusAMC,Originator | Reviewer Comment (2025-12-23): Approved exception at origination for premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 4:01:15 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100235 |  | 35306851 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | One bedroom is missing sheetrock on the ceiling, exposed insulation. Appraiser estimates cost to cure of $5,000. |  |  |  | Buyer Comment (2026-01-15): Seller commentary: 50% LTV, property condition considered in value/LTV. Cost-to-cure is within VCC's deferred maintenance guidelines (5% of the loan amount/20K). Bedroom with exposed insulation is not occupied and given the low LTV, VCC did not view as material in terms of underwriting. It is still expected that the borrower will complete any necessary repairs to the subject. Given the low LTV and that the borrower is a seasoned investor VCC felt comfortable proceeding. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100236 |  | 35305830 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors: LTV, and 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 (2025-12-24): Approved exception at origination for FICO < 650. Comp factors: LTV, and marketing trends which is unable to be validated as a non-quantifiable subjective trait. |  |  | XX/XX/XXXX 12:25:06 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100237 |  | 35292437 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 100% vacancy per appraisal (active current lease provided in file). Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-23): Approved exception at origination for 100% vacancy per appraisal (active current lease provided in file). Comp factor: LTV. |  |  | XX/XX/XXXX 9:56:19 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100237 |  | 35296887 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing functional rear egress and railing. (PTD conditions per analyst review with no evidence of completion provided in file.) |  |  |  | Buyer Comment (2026-01-15): Seller commentary: 50% LTV, current property condition considered in value/LTV. While the status of repairs has not been confirmed, it is expected that the borrower will complete any necessary repairs to the subject property. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100237 |  | 35297175 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXXis less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $75k. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-23): Approved exception at origination for loan < $75k. Comp factor: LTV. |  |  | XX/XX/XXXX 9:57:04 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100238 |  | 35306693 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for 100% vacancy/missing lease for 1 of 2 subject properties. Comp factors; LTV and seasoned investor. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ seasoned investor<br>CF- LTV | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-24): Approved exception at origination for 100% vacancy/missing lease for 1 of 2 subject properties. Comp factors; LTV and seasoned investor. |  |  | XX/XX/XXXX 2:05:35 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100240 |  | 35313032 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan amount < $100,000. Comp factor: FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-29): Approved exception at origination for loan amount < $75,000. Comp factor: FICO. |  |  | XX/XX/XXXX 11:21:34 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100240 |  | 35313046 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for first time investor on owner-user traditional 2 commercial condo with LTV > 65%. Comp factor: FICO | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2025-12-29): Approved exception at origination for first time investor on owner user traditional 2 commercial condo property. Comp factor: FICO |  |  | XX/XX/XXXX 11:22:17 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100240 |  | 35313148 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Missing HOA master policy. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-01-07): Exception waived. Updated approval provided in trailing documents approving exception for master HOA policy missing address and borrower name. Comp factor, FICO.<br>Buyer Comment (2026-01-06): Exception noted on uploaded approval<br>Reviewer Comment (2026-01-02): Exception remains. HOA master insurance policy provided is missing address and borrower name.<br>Buyer Comment (2025-12-31): Uploaded |  |  | XX/XX/XXXX 4:02:03 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100241 |  | 35312952 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for 1) incomplete VOM-subject; < 12 months pay history receipts provided and missing VOM summary/processor cert from private lender. Comp factors: seasoned business and seasoned investor and 2) missing VOR-primary; guarantor lives rent free. Comp factors: seasoned investor, seasoned business, and re-established credit . | Borrower's Experience/Track Record | CF_ seasoned investor, seasoned business | SitusAMC,Originator | Reviewer Comment (2025-12-29): Approved exception at origination for 1) incomplete VOM-subject; < 12 months pay history receipts provided and missing VOM summary/processor cert from private lender. Comp factors: seasoned business and seasoned investor and 2) missing VOR-primary; guarantor lives rent free. Comp factors: seasoned investor, seasoned business, and re-established credit . |  |  | XX/XX/XXXX 10:14:35 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100241 |  | 35313911 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing $2mm general aggregate liability coverage, | Borrower's Experience/Track Record | CF_ seasoned investor, seasoned business | SitusAMC,Originator | Reviewer Comment (2025-12-31): Exception waived. Updated approval provided in trailing documents approving exception for missing aggregate liability amount. Comp factors, seasoned business and seasoned investor.<br>Buyer Comment (2025-12-31): Exception noted on uploaded approval |  |  | XX/XX/XXXX 3:51:38 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100242 |  | 35313476 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x on owner-user traditional 2 refinance with loan > $500,000. Comp factor, seasoned business. | Borrower's Experience/Track Record | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2026-01-02): Approved exception at origination for DSCR < 1.0x on owner-user traditional 2 refinance with loan > $500,000. Comp factor, seasoned business.<br>Buyer Comment (2025-12-31): Corrected Uploaded |  |  | XX/XX/XXXX 9:12:35 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100242 |  | 35313540 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM-subject; missing deposit receipts (VOM and processor cert provided). Comp factors: seasoned business and "other" which UW is unable accurately interpret. | Borrower's Experience/Track Record | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2025-12-29): Approved exception at origination for incomplete VOM-subject; missing deposit receipts (VOM and processor cert provided). Comp factors: seasoned business and "other" which UW is unable accurately interpret. |  |  | XX/XX/XXXX 2:02:37 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100242 |  | 35313696 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for Credit report is aged > 60 days. Comp factor, seasoned business. | Borrower's Experience/Track Record | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2026-01-02): Approved exception at origination for Credit report is aged > 60 days. Comp factor, seasoned business.<br>Buyer Comment (2025-12-31): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:13:29 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100242 |  | 35313734 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Property all perils deductible of $50k is > $10k guideline maximum. | Borrower's Experience/Track Record | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2026-01-02): Exception waived. Updated approval provided in trailing documents approving exception for deductible. Comp factor, seasoned business.<br>Buyer Comment (2025-12-31): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:14:12 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100242 |  | 35313933 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR/VOM for primary residence. Comp factor, seasoned business. | Borrower's Experience/Track Record | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2026-01-02): Approved exception at origination for missing VOR/VOM for primary residence. Comp factor, seasoned business.<br>Buyer Comment (2025-12-31): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:14:58 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100242 |  | 35313954 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion for traditional property type located in XX. Comp factor: seasoned business. | Borrower's Experience/Track Record | CF- seasoned business | SitusAMC,Originator | Reviewer Comment (2026-01-02): Approved exception at origination for override of statewide exclusion for traditional property type located in XX. Comp factor: seasoned business.<br>Buyer Comment (2025-12-31): Corrected UPloaded |  |  | XX/XX/XXXX 9:15:38 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100243 |  | 35318726 | XXXX | XX/XX/XXXX | Credit | Guideline | Guideline Issue | Guideline | Note loan amount is less than guideline minimum. | Note loan amount of $XX,XXX is less than guideline minimum loan amount of $75,000. | Approved exception at origination for loan < $100,000 on traditional property. Comp factors: FICO and reserves. | The representative FICO score exceeds the guideline minimum by XX points.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- FICO<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-30): Approved exception at origination for loan < $100,000 on traditional property. Comp factors: FICO and reserves. |  |  | XX/XX/XXXX 4:32:24 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100243 |  | 35318990 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for missing borrowers name and address on HOA master insurance policy. Comp factor, FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-01-13): Approved exception at origination for missing borrowers name and address on HOA master insurance policy. Comp factor, FICO.<br>Buyer Comment (2026-01-12): Exception noted on uploaded approval for missing borrower name and unit # on master policy<br>Buyer Comment (2026-01-12): Uploaded |  |  | XX/XX/XXXX 4:24:10 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100244 |  | 35336969 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active major tradelines on credit report. Comp factors; 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 (2026-01-02): Approved exception at origination for < 2 active major tradelines on credit report. Comp factors; LTV and reserves. |  |  | XX/XX/XXXX 11:40:57 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100244 |  | 35336973 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOR-primary; missing pay history receipts to supplement VOR summary from private landlord (paid in cash). 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 (2026-01-02): Approved exception at origination for incomplete VOR-primary; missing pay history receipts to supplement VOR summary from private landlord (paid in cash). Comp factors; LTV and reserves. |  |  | XX/XX/XXXX 11:42:20 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100244 |  | 35336975 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing leases on investor traditional 1 with loan > $500k. Comp factors; 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. | CF- LTV<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-02): Approved exception at origination for missing leases on investor traditional 1 with loan > $500k. Comp factors; reserves and LTV. |  |  | XX/XX/XXXX 11:42:36 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100244 |  | 35336984 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x on investor Traditional 1 purchase with loan > $750,000. Comp factors; LTV and reserves. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- LTV<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-02): Approved exception at origination for DSCR < 1.20x on investor Traditional 1 purchase with loan > $750,000. Comp factors; LTV and reserves. |  |  | XX/XX/XXXX 11:46:04 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100244 |  | 35337959 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exceptions at origination for first time buyer(rents primary) and first time investor (on investor traditional 1 mixed use with loan > $1MM). Comp factors; 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. | CF- LTV<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-02): Approved exceptions at origination for first time buyer and first time investor (on investor traditional 1 mixed use with loan > $1MM). Comp factors; reserves and LTV. |  |  | XX/XX/XXXX 11:46:19 AM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100244 |  | 35338061 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Missing $2mm gen aggregate liability coverage. | 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 (2026-01-07): Exception waived. Updated approval provided in trailing documents approving exception for missing 2mm aggregate liability coverage. Comp factor, reserves.<br>Buyer Comment (2026-01-06): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:04:51 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100246 |  | 35320391 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Proof of Residency Status not provided |  | Missing US bank stmt for foreign national borrower. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2026-01-02): Exception waived. Updated approval provided in trailing documents approving exception for missing bank statement. Comp factor, LTV.<br>Buyer Comment (2025-12-31): Exception written |  |  | XX/XX/XXXX 9:27:09 AM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100247 |  | 35338469 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | 1) missing All perils deductible details, 2) wind deductible of 3% is > $25k ($25.5k) | The representative FICO score exceeds the guideline minimum by XX points. | FICO | SitusAMC,Originator | Reviewer Comment (2026-01-07): Exception waived. Updated approval provided in trailing documents approving exception for deductibles. Comp factor, FICO.<br>Buyer Comment (2026-01-06): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:29:54 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100248 |  | 35314643 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 14.1% vacancy/missing leases on investor traditional 1 with loan > $500k. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2025-12-29): Approved exception at origination for 14.1% vacancy/missing leases on investor traditional 1 with loan > $500k. Comp factor: LTV. |  |  | XX/XX/XXXX 6:22:52 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100248 |  | 35314853 | XXXX | XX/XX/XXXX | Property | Collateral | General | Appraisal Reconciliation | Subject is not in average or better condition. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX Property Condition:<br> Fair | Subject property in fair/average condition. Appraisal reflects deferred maintenance issues, including multi-unit electrical meter bank showing significant rust and staining on exterior, and an interior commercial unit with water-stained acoustic drop ceilings indicating potential roof leaks or ventilation issues. No proof of repair was provided. |  |  |  | Buyer Comment (2026-01-15): Seller commentary: 49.11% LTV, current property condition considered in value/LTV. Per borrower LOE cash-out proceeds will be used towards renovating the subject property. Borrower is a seasoned investor who has owned the subject since XXXX, and while VCC has not confirmed the status of repairs at this point, it is expected that the borrower will complete any necessary repairs/updates to the subject. No active leak/ventilation issues confirmed, and give the low LTV VCC felt comfortable proceeding. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100248 |  | 35314871 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal reflects deferred maintenance issues, including multi-unit electrical meter bank showing significant rust and staining on exterior, and an interior commercial unit with water-stained acoustic drop ceilings indicating potential roof leaks or ventilation issues. No proof of repair was provided. |  |  |  | Buyer Comment (2026-01-15): Seller commentary: 49.11% LTV, current property condition considered in value/LTV. Per borrower LOE cash-out proceeds will be used towards renovating the subject property. Borrower is a seasoned investor who has owned the subject since 2002, and while VCC has not confirmed the status of repairs at this point, it is expected that the borrower will complete any necessary repairs/updates to the subject. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100250 |  | 35314267 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.0x for owner user traditional 2 refinance with loan > $500,000. Comp factors: seasoned investor and seasoned business. | Borrower's Experience/Track Record | CF- seasoned investor, seasoned business. | SitusAMC,Originator | Reviewer Comment (2025-12-29): Approved exception at origination for DSCR < 1.0x for owner user traditional 2 refinance with loan > $500,000. Comp factors: seasoned investor and seasoned business. |  |  | XX/XX/XXXX 5:57:55 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100252 |  | 35338600 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.20x on investor Traditional 1 multifamily refinance with loan > $750,000. Comp factor; seasoned investor and seasoned business. | Borrower's Experience/Track Record | CF_ seasoned investor, seasoned business. | SitusAMC,Originator | Reviewer Comment (2026-01-02): Approved exception at origination for DSCR < 1.20x on investor Traditional 1 multifamily refinance with loan > $750,000. Comp factors, seasoned investor and seasoned business. |  |  | XX/XX/XXXX 4:23:50 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100252 |  | 35338605 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factors; seasoned investor and seasoned business. | Borrower's Experience/Track Record | CF_ seasoned investor, seasoned business. | SitusAMC,Originator | Reviewer Comment (2026-01-02): Approved exception at origination for FICO < 650. Comp factors; seasoned investor and seasoned business. |  |  | XX/XX/XXXX 4:28:43 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100252 |  | 35339504 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for 23.8% vacancy/ missing leases on investor traditional 1 refinance with loan >$500k. Comp factor; seasoned investor and seasoned business. | Borrower's Experience/Track Record | CF_ seasoned investor, seasoned business. | SitusAMC,Originator | Reviewer Comment (2026-01-02): Approved exception at origination for 23.8% vacancy/ missing leases on investor traditional 1 refinance with loan >$500k. Comp factor; seasoned investor and seasoned business. |  |  | XX/XX/XXXX 4:28:05 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100253 |  | 35338942 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | Approved exception at origination for override of statewide exclusion for traditional property type located in XX . Comp factors; FICO, and reserves which is not supported as verified post closing reserves are < 1 month P&I. | The representative FICO score exceeds the guideline minimum by XX points. | CF_ FICO | SitusAMC,Originator | Reviewer Comment (2026-01-02): Approved exception at origination for override of statewide exclusion for traditional property type located in XX . Comp factors; FICO, and reserves which is not supported as verified post closing reserves are < 1 month P&I. |  |  | XX/XX/XXXX 5:25:15 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100253 |  | 35338981 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for Insurance 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 (2026-01-02): Approved exception at origination for Insurance premium not paid in full at closing; on payment plan. Comp factor: seasoned investor. |  |  | XX/XX/XXXX 3:01:02 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100254 |  | 35319272 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR <1.00x on owner-user traditional 2 refinance with loan > $750k. Comp factors: seasoned business and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | CF_ seasoned business<br>CF- FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-30): Approved exception at origination for DSCR <1.00x on owner-user traditional 2 refinance with loan > $750k. Comp factors: seasoned business and FICO. |  |  | XX/XX/XXXX 6:04:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100254 |  | 35319284 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF_ LTV | SitusAMC,Originator | Reviewer Comment (2025-12-30): Approved exception at origination for credit report aged > 60 days. Comp factor: LTV. |  |  | XX/XX/XXXX 6:05:32 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100254 |  | 35319406 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property is ineligible. |  | Approved exception at origination for override of statewide exclusion for traditional property type located in XX. Comp factor; FICO. | The representative FICO score exceeds the guideline minimum by XX points. | CF- FICO | SitusAMC,Originator | Reviewer Comment (2026-01-13): Approved exception at origination for override of statewide exclusion for traditional property type located in IL. Comp factor; FICO.<br>Buyer Comment (2026-01-12): Corrected Uploaded<br>Reviewer Comment (2026-01-07): Exception remains. Approval provided did not provide a comp factor for this exception.<br>Buyer Comment (2026-01-06): Corrected Uploaded |  |  | XX/XX/XXXX 2:50:34 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100254 |  | 35319415 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Appraisal photos reflect water stains on acoustic ceiling titles which could be an indication of roof damage or poor ventilation. |  |  |  | Buyer Comment (2026-01-15): Seller commentary: The appraisal did not cite this to be an issue and listed no significant items of deferred maintenance. VCC did not view this as material in terms of underwriting; however, it is expected that the borrower will complete aXX necessary repairs to the property. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100255 |  | 35319740 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM-primary; missing payment history receipts for 2 of most recent 12 months. Comp factors: seasoned investor and reserves. | Borrower's Experience/Track Record<br>Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by XX months. | CF- seasoned investor<br>CF- reserves | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2025-12-30): Approved exception at origination for incomplete VOM-primary; missing payment history receipts for 2 of most recent 12 months. Comp factors: seasoned investor and reserves. |  |  | XX/XX/XXXX 7:30:02 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100255 |  | 35321877 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Loan File | Missing Document | Missing Document: Hazard Insurance Policy not provided |  | Approved exception at origination for waiver of unit owners' walls-in coverage requirement. 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 (2026-01-07): Approved exception at origination for waiver of unit owners' walls-in coverage requirement. Comp factors, seasoned investor and reserves.<br>Buyer Comment (2026-01-06): Corrected Uploaded |  |  | XX/XX/XXXX 4:39:33 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100256 |  | 35317713 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor; LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-30): Approved exception at origination for FICO < 650. Comp factor; LTV. |  |  | XX/XX/XXXX 2:14:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | 2026-1-100256 |  | 35317731 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Debt service ratio issue |  | Approved exception at origination for DSCR < 1.25x on an investor traditional 2 refinance with loan > $750,000. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-30): Approved exception at origination for DSCR < 1.25x on an investor traditional 2 refinance with loan > $750,000. Comp factor: LTV. |  |  | XX/XX/XXXX 2:15:36 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | 2026-1-100256 |  | 35317733 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary. Comp factor: LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | CF- LTV | SitusAMC,Originator | Reviewer Comment (2025-12-30): Approved exception at origination for missing VOR-primary. Comp factor: LTV. |  |  | XX/XX/XXXX 3:07:31 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | 2026-1-100256 |  | 35317921 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing lease for 1 of 4 units being refinance in subject traditional 2 with loan > $500k (missing for 600 sf unit indicated as month to month). | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-07): Exception waived. Updated approval provided in trailing documents approving exception for missing leases. Comp factor, seasoned business.<br>Buyer Comment (2026-01-06): Exception noted on uploaded approval |  |  | XX/XX/XXXX 4:43:06 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | 2026-1-100256 |  | 35337686 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | The appraisal revealed property damage. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for One bathroom not functional with 1 compose toilet and sink. Comp factor, holdback agreement signed in file and holdback amount on HUD. | Evidence of Escrow Holdback in file. | Escrow Holdback Agreement is present in the file, specifically related to repairs, and reflected on the closing statement. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-26): Seller comment-VCC completed a $65k, 90-day holdback for the following repairs: athroom - permit, removed shower tile floor, walls and ceiling to expose plumbing and drainage. New drain and water supply - new urinal and toilet. paint, relocate lighting, outlets and switches. New floor, walls for new tile. Toilet new doors, vanity, sink. New paint. Current property condition considered in value/LTV.<br>Reviewer Comment (2026-01-02): Approved exception at origination for One bathroom not functional with 1 compose toilet and sink. Comp factor, holdback agreement signed in file and holdback amount on HUD. |  |  | XX/XX/XXXX 10:23:39 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | 2026-1-100257 |  | 35338644 | XXXX | XX/XX/XXXX | Credit | Loan Package Documentation | Application / Processing | Loan Package Documentation | Missing Document: Missing Final 1003 |  |  | 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): Exception waived. Updated approval provided in trailing documents approving exception for missing signed final application. Comp factor, LTV.<br>Buyer Comment (2026-01-20): Exception noted on uploaded approval |  |  | XX/XX/XXXX 12:00:01 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100257 |  | 35338727 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for basic form policy coverage type. Comp factor; seasoned investor. | Borrower's Experience/Track Record | CF- seasoned investor | SitusAMC,Originator | Reviewer Comment (2026-01-02): Approved exception at origination for basic form policy coverage type. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 5:10:17 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100257 |  | 35339804 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing Hazard Insurance |  | Approved exception at origination for insurance 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 (2026-01-02): Approved exception at origination for insurance premium not paid in full at closing; on payment plan. Comp factor; seasoned investor. |  |  | XX/XX/XXXX 5:13:05 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100260 |  | 35325291 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Missing P&L |  | Missing complete 2023 bus tax return with all schedules and exhibits (document provided(D0217) is an 8 pg excerpt) | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-15): Exception waived. Email approval provided in trailing documents approving exception for missing schedules to returns. Comp factors, LTV and experience. |  |  | XX/XX/XXXX 3:12:17 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100261 |  | 35319393 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for waiver of EPC-tenant lease requirement (Change memo #1 item 2). Comp factors: DSCR, LTV, and guarantor liquidity/net worth | 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 (2026-01-07): Approved exception at origination for waiver of EPC-tenant lease requirement (Change memo #1 item 2). Comp factors: DSCR, LTV, and guarantor liquidity/net worth<br>Buyer Comment (2026-01-06): correct, approved exception. |  |  | XX/XX/XXXX 3:56:03 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100262 |  | 35321890 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for waiver of rental verification requirement. (per Change Memo #1- item 1). Comp factors: LTV, 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- LTV. | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-07): Approved exception at origination for waiver of rental verification requirement. (per Change Memo #1- item 1). Comp factors: LTV, DSCR<br>Buyer Comment (2026-01-06): Correct, approved exception. |  |  | XX/XX/XXXX 5:44:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100266 |  | 35486310 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for missing lease. Comp factor LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-15): LTV |  |  | XX/XX/XXXX 8:08:48 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100267 |  | 35353068 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. |  | 2 of subject properties contain safety issues of boarded windows and rotted/missing fascia, damaged stairs and handrails. File contains a LOE indicating intent to repair (D0551) however no evidence of completion provided. |  |  |  | Buyer Comment (2026-01-20): Seller commentary: 46.78% LTV, appraisals all made as-is and current property conditions are reflected in the value/LOE. Given the low LTV, Per borrower LOE, cash-out proceeds will be used towards repairing the cited issues and while VCC hasn't confirmed the status of repairs, it is expected that the borrower will fulfill their commitment to repair. |  |  |  | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100267 |  | 35353138 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Ineligible property |  | 9 of 10 subject properties are rural properties | 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 (2026-01-13): Exception waived. Updated approval provided in trailing documents approving exception for rural properties. Comp factor, LTV.<br>Buyer Comment (2026-01-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:55:46 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100267 |  | 35353144 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Missing leases/ vacancy on refinance. Missing lease agreements on 7 of the units across 10 properties. | 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 (2026-01-13): Exception waived. Updated approval provided in trailing documents approving exception for missing leases. Comp factor, LTV.<br>Buyer Comment (2026-01-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:56:25 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100267 |  | 35353357 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Cash out on recently listed properties. | 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 (2026-01-13): Exception waived. Updated approval provided in trailing documents approving exception for cash out on recently listed properties. Comp factor, LTV.<br>Buyer Comment (2026-01-12): Exception noted on uploaded approval |  |  | XX/XX/XXXX 2:57:11 PM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100268 |  | 35479817 | XXXX | XX/XX/XXXX | 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. | 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 (2026-01-14): LTV |  |  | XX/XX/XXXX 1:57:49 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100268 |  | 35479820 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Approved exception at origination for missing lease. Comp factor LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-14): LTV |  |  | XX/XX/XXXX 1:58:02 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100269 |  | 35351070 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | The drain line is broken and is overflowing and leaking. Mold is on outside window and near roof where siding is damaged and missing. |  |  |  | Buyer Comment (2026-01-20): Seller commentary: 50% LTV, appraisal made as-is and current property condition is considered in the value/LTV. The cost-to-cure per the appraisal is $5,000, which is within VCC's guideline allowance (5% of the loan amount, XXK). Per borrower LOE, cash-out proceeds to be used towards remediating the cited issues post-close. VCC has not confirmed the status of repairs, but expects the borrower to fulfill their commitment. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | 2026-1-100270 |  | 35480626 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum.<br>Borrower has owned the subject property for at least 5 years. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC | Reviewer Comment (2026-01-14): LTV |  |  | XX/XX/XXXX 3:28:22 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100271 |  | 35359513 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Approved exception at origination for cash out on property held < 12 months. Comp factors: FICO and seasoned investor. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- seasoned investor<br>CF- FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-07): Approved exception at origination for cash out on property held < 12 months. Comp factors: FICO and seasoned investor. |  |  | XX/XX/XXXX 4:11:31 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100271 |  | 35359616 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for 1x 30 days late within 3 mos and 2x within 12 months on existing VCC loans. Comp factors: FICO and seasoned investor. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | CF- seasoned investor<br>CF- FICO | SitusAMC,Originator<br>SitusAMC,Originator | Reviewer Comment (2026-01-07): Approved exception at origination for 1x 30 days late within 3 mos and 2x within 12 months on existing VCC loans. Comp factors: FICO and seasoned investor. |  |  | XX/XX/XXXX 4:12:40 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100272 |  | 35393815 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOM. Comp factors, seasoned investor. | Borrower's Experience/Track Record | Seasoned investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-14): Seasoned investor |  |  | XX/XX/XXXX 8:31:01 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100272 |  | 35393816 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-14): LTV |  |  | XX/XX/XXXX 8:31:12 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100272 |  | 35393854 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Missing handrail on back steps. |  |  |  | Buyer Comment (2026-01-20): Seller commentary: 65% LTV loan, property condition considered in value/LTV. VCC generally does not view missing handrails as material in terms of underwriting, but does expect the borrower to complete any necessary repairs/installations to the subject property. |  |  |  | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100272 |  | 35484172 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  |  | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-16): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, LTV.<br>Buyer Comment (2026-01-16): Exception noted on uploaded approval |  |  | XX/XX/XXXX 8:41:54 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100273 |  | 35470552 | XXXX | XX/XX/XXXX | Property | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Property is vacant |  | Approved exception at origination for vacant property. Comp factor LTV and property condition which cannot be substantiated. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-13): Approved exception at origination for vacant property. Comp factor LTV and property condition which cannot be substantiated. |  |  | XX/XX/XXXX 5:19:43 PM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | 2026-1-100274 |  | 35393093 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-14): LTV |  |  | XX/XX/XXXX 4:25:35 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100274 |  | 35393631 | XXXX | XX/XX/XXXX | Credit | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | Subject is a refinance and property is listed for sale. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for cash out with less than 12 months value seasoning. 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 (2026-01-14): LTV |  |  | XX/XX/XXXX 4:25:17 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100274 |  | 35481134 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Calculation / Analysis | Credit | Guideline Issue: Insufficient tradelines per credit guidelines |  | Approved exception at origination for < 2 active open major tradelines. Comp factors, 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 (2026-01-14): LTV |  |  | XX/XX/XXXX 4:25:09 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100275 |  | 35470841 | XXXX | XX/XX/XXXX | Property | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Property is vacant |  | Approved exception at origination for vacant property. Comp factor seasoned investor. | Borrower's Experience/Track Record | Borrower's Experience/Track Record. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-13): Approved exception at origination for vacant property. Comp factor seasoned investor. |  |  | XX/XX/XXXX 5:26:14 PM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | 2026-1-100277 |  | 35444216 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-14): LTV |  |  | XX/XX/XXXX 9:02:44 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100277 |  | 35484181 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Guideline | Guideline Issue: Derogatory mortgage payments outside of credit guidelines |  | Approved exception at origination for Collection/Charge Off >$25,000. 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 (2026-01-16): Approved exception at origination for Collection/Charge Off >$25,000. Comp factor, LTV..<br>Buyer Comment (2026-01-16): Corrected Uploaded |  |  | XX/XX/XXXX 8:45:58 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100277 |  | 35484183 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Loan Amount below $250,000 |  | Approved exception at origination for loan amount <$75,000. Comp factor DCR. | The qualifying DSCR on the loan is greater than the guideline minimum. | The DSCR is greater than the minimum required. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-14): DCR |  |  | XX/XX/XXXX 9:02:58 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100277 |  | 35484184 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR; guarantor lives rent free. 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 (2026-01-26): Approved exception at origination for missing VOR; guarantor lives rent free. Comp factors, LTV. |  |  | XX/XX/XXXX 9:35:46 AM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100278 |  | 35480131 | XXXX | XX/XX/XXXX | Property | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Property is vacant |  | Approved exception at origination for vacant property. Comp factor LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-16): Approved exception at origination for vacant property. Comp factor LTV.<br>Buyer Comment (2026-01-15): Corrected Uploaded |  |  | XX/XX/XXXX 1:26:12 PM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C A | C |  |  | No |
| XXXX | XXXX | 2026-1-100279 |  | 35360193 | XXXX | XX/XX/XXXX | Credit | Property - Appraisal | General Appraisal Requirements | Property - Appraisal | Subject is a refinance and property is listed for sale. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for active listing on subject property. Comp factor seasoned investor and LTV. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Borrower's Experience/Track Record.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-13): Approved exception at origination for active listing on subject property. Comp factor seasoned investor and LTV. |  |  | XX/XX/XXXX 5:46:31 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100279 |  | 35472034 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease agreement. Comp factors, LTV and seasoned investor. | Borrower's Experience/Track Record<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | Borrower's Experience/Track Record.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-14): Approved exception at origination for missing lease agreement. Comp factors, LTV and seasoned investor.<br>Buyer Comment (2026-01-14): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:04:51 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100281 |  | 35472885 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor, seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-15): Approved exception at origination for FICO < 650. Comp factor, seasoned business.<br>Buyer Comment (2026-01-14): Corrected Uploaded |  |  | XX/XX/XXXX 9:35:56 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100281 |  | 35472909 | XXXX | XX/XX/XXXX | Property | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Property is vacant |  | Approved exception at origination for vacant property. Comp factor seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-15): Approved exception at origination for vacant property. Comp factor seasoned business.<br>Buyer Comment (2026-01-14): Corrected Uploaded |  |  | XX/XX/XXXX 9:36:13 PM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100282 |  | 35361173 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV over 75% |  | Approved exception at origination for LTV >75% on a refinance. Comp factor 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 (2026-01-13): Approved exception at origination for LTV >75% on a refinance. Comp factor FICO and reserves. |  |  | XX/XX/XXXX 7:19:45 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100283 |  | 35473653 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor, AA mortgage history. | Borrower has a clean housing payment history | AA Mortgage history. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-16): Approved exception at origination for FICO < 650. Comp factor, AA mortgage history.<br>Buyer Comment (2026-01-16): Corrected Uploaded<br>Reviewer Comment (2026-01-15): Exception remains. Approval provided has a comp factor other. Unable determine what other is.<br>Buyer Comment (2026-01-14): Corrected Uploaded |  |  | XX/XX/XXXX 8:49:33 PM | 3 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100284 |  | 35473708 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided |  | Missing lease agreement on a refinance. | 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 (2026-01-15): Exception waived. Updated approval provided in trailing documents approving exception for missing lease. Comp factor, FICO.<br>Buyer Comment (2026-01-14): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:46:41 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100286 |  | 35477371 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for LTV > 65% on a Foreign investor based on the original purchase price < 12 months prior. Comp factor, seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-16): Approved exception at origination for LTV > 65% on a Foreign investor based on the original purchase price < 12 months prior. Comp factor, seasoned business.<br>Buyer Comment (2026-01-16): Exception noted on uploaded approval |  |  | XX/XX/XXXX 9:03:44 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100286 |  | 35513899 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Credit | Missing lease Agreement |  | Approved exception at origination for missing lease/vacant. Comp factor, seasoned business. | Borrower's Experience/Track Record | Seasoned business. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-16): Approved exception at origination for missing lease/vacant. Comp factor, seasoned business. |  |  | XX/XX/XXXX 9:04:01 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100287 |  | 35477961 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for incomplete VOM; Missing evidence of payment. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Seasoned investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-14): Seasoned investor |  |  | XX/XX/XXXX 10:00:53 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100287 |  | 35477967 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for expired credit report. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Seasoned investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-14): Seasoned Investor |  |  | XX/XX/XXXX 10:02:57 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100287 |  | 35478156 | XXXX | XX/XX/XXXX | Credit | Missing Document | General | Missing Document | Missing Document: Lease Agreement not provided | Address: XXXXXXXXXXXXXXXXXXXX | Approved exception at origination for missing lease on 1 of 2 units. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Seasoned investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-14): Seasoned Investor |  |  | XX/XX/XXXX 10:03:14 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100287 |  | 35478170 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Property has been listed for sale in the past 12 months. |  | Approved exception at origination for cash out with < 12 months value seasoning using AP greater than PP. Comp factor, seasoned investor. | Borrower's Experience/Track Record | Seasoned investor | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-14): Seasoned Investor |  |  | XX/XX/XXXX 10:03:30 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100288 |  | 35478575 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOR-primary; guarantor lives rent free. Comp factors, seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned investor<br>The representative FICO score exceeds the guideline minimum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-14): Seasoned investor and FICO. |  |  | XX/XX/XXXX 11:03:43 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100288 |  | 35478580 | XXXX | XX/XX/XXXX | Property | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Property is vacant |  | Approved exception at origination for vacant unit. Comp factor seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned investor<br>The representative FICO score exceeds the guideline minimum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-14): Seasoned investor and FICO. |  |  | XX/XX/XXXX 11:03:53 AM | 3 C | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100288 |  | 35478586 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for VOM form and certificate. Comp factor seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned investor<br>The representative FICO score exceeds the guideline minimum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-14): Seasoned investor and FICO. |  |  | XX/XX/XXXX 11:04:00 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100288 |  | 35478748 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | The property has been listed for sale in the last 12 months. |  | Approved exception at origination for subject property listed for sale. Comp factor seasoned investor and FICO. | Borrower's Experience/Track Record<br>The representative FICO score exceeds the guideline minimum by XX points. | Seasoned investor<br>The representative FICO score exceeds the guideline minimum. | SitusAMC,Originator Pre-Close<br>SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-14): Seasoned investor and FICO. |  |  | XX/XX/XXXX 11:04:07 AM | 2 B | XX/XX/XXXX |  | Refinance - Cash-out - Other | C B | C |  |  | No |
| XXXX | XXXX | 2026-1-100289 |  | 35479119 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | LTV does not meet guidelines |  | Approved exception at origination for First time investor with LTV >70% and purchase of a 1 unit SFR. Comp factor, reserves and LTV (LTV is not valid for a FTI and exception is for LTV). | 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 (2026-01-14): Approved exception at origination for First time investor with LTV >70% and purchase of a 1 unit SFR. Comp factor, reserves and LTV (LTV is not valid for a FTI and exception is for LTV). |  |  | XX/XX/XXXX 2:35:27 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100289 |  | 35480042 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for unpaid collection > $25,000. Comp factors, reserves and LTV (LTV is not valid for FTI > 70%). | 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 (2026-01-14): Approved exception at origination for unpaid collection > $25,000. Comp factors, reserves and LTV (LTV is not valid for FTI > 70%). |  |  | XX/XX/XXXX 2:35:11 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100290 |  | 35481443 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Missing cancelled check to support the VOR from a private party. | Borrower has a clean housing payment history | //AA credit history. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-16): Exception waived. Updated approval provided in trailing documents approving exception for incomplete VOM. Comp factor, AA credit history/<br>Buyer Comment (2026-01-15): Exception noted on uploaded approval |  |  | XX/XX/XXXX 1:46:21 PM | 3 C | XX/XX/XXXX | XX | Refinance - Cash-out - Other | C | A |  |  | No |
| XXXX | XXXX | 2026-1-100291 |  | 35481388 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Insufficient Hazard Insurance |  | Approved exception at origination for basic form insurance. 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 (2026-01-16): Approved exception at origination for basic form insurance. Comp factor, LTV.<br>Buyer Comment (2026-01-15): Corrected Uploaded |  |  | XX/XX/XXXX 1:50:12 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100292 |  | 35383462 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Guideline | Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided |  | Approved exception at origination for missing VOM-primary; guarantor lives rent free. Comp factors, FICO and LTV. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | The representative FICO score exceeds the guideline minimum.<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 (2026-01-14): FICO and LTV. |  |  | XX/XX/XXXX 12:26:56 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | 2026-1-100292 |  | 35479292 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Documentation | Missing Document | Missing Document: Credit Report not provided |  | Approved exception at origination for expired credit report. Comp factor FICO and LTV. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | The representative FICO score exceeds the guideline minimum.<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 (2026-01-14): FICO and LTV. |  |  | XX/XX/XXXX 12:26:48 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | 2026-1-100292 |  | 35479294 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | Loan Amount below $250,000 |  | Approved exception at origination for loan amount <$75,000. Comp factor FICO and LTV. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | The representative FICO score exceeds the guideline minimum.<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 (2026-01-14): FICO and LTV. |  |  | XX/XX/XXXX 12:26:43 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | 2026-1-100292 |  | 35479591 | XXXX | XX/XX/XXXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Credit | Guideline Issue: Ineligible borrower |  | Approved exception at origination for guarantor being added to entity < 3 months. Comp factors, FICO and LTV. | The representative FICO score exceeds the guideline minimum by XX points.<br>The Loan to Value (LTV) on the loan is less than the guideline maximum. | The representative FICO score exceeds the guideline minimum.<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 (2026-01-16): Approved exception at origination for guarantor being added to entity < 3 months. Comp factors, FICO and LTV.<br>Buyer Comment (2026-01-15): The exception is not citing reserves. The exception is citing that the guarantor was recently added as a member of the borrowing entity |  |  | XX/XX/XXXX 2:14:38 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | 2026-1-100292 |  | 35506559 | XXXX | XX/XX/XXXX | Property | Property - Appraisal | Property Eligibility - Site and Utilities | Property - Appraisal | Subject property contains apparent environmental, health and/or safety problems notated by appraiser or visible on photo. | Valuation Type: Appraisal / Valuation Report Date: XX/XX/XXXX | Approved exception at origination for repairing sloping and potentially crumbling front steps-tripping hazard. Comp factor, holdback agreement in file and reflected on HUD. | Evidence of Escrow Holdback in file. | Signed Escrow Holdback Agreement is present in the file, specifically related to repairs or property condition, and reflected on the closing statement. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-26): Seller comment-VCC completed a $1,500.00, 90-day holdback to cover the repair of the steps. Current property condition considered in value/LTV.<br>Reviewer Comment (2026-01-16): Approved exception at origination for repairing sloping and potentially crumbling front steps-tripping hazard. Comp factor, holdback agreement in file and reflected on HUD. |  |  | XX/XX/XXXX 2:14:11 PM | 2 B | XX/XX/XXXX | XX | Refinance - Cash-out - Other | B | B |  |  | No |
| XXXX | XXXX | 2026-1-100293 |  | 35479403 | XXXX | XX/XX/XXXX | Credit | Small Balance Commercial | General | Small Balance Commercial | FICO below 650 |  | Approved exception at origination for FICO < 650. Comp factor, LTV. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | The Loan to Value (LTV) on the loan is less than the guideline maximum. | SitusAMC,Originator Pre-Close | Reviewer Comment (2026-01-14): LTV |  |  | XX/XX/XXXX 1:08:12 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100293 |  | 35479413 | XXXX | XX/XX/XXXX | Credit | Credit | Credit Eligibility | Credit | Guideline Issue: Derogatory consumer credit outside of credit guidelines |  | Approved exception at origination for Charge Off >$25,000. 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 (2026-01-14): LTV |  |  | XX/XX/XXXX 1:07:56 PM | 2 B | XX/XX/XXXX | XX | Refinance - Rate/Term | B | A |  |  | No |
| XXXX | XXXX | 2026-1-100295 |  | 35352584 | XXXX | XX/XX/XXXX | Credit | Property - Appraisal | Appraisal Documentation | Property - Appraisal | Missing Document: Appraisal not provided |  | Approved exception at origination for appraisal aged > 6 months. Comp factors: DSCR, compaXX 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, compaXX financial strength, and Guarantor support/ liquidity.<br>Buyer Comment (2026-01-13): Correct, approved exception. |  |  | XX/XX/XXXX 5:10:22 PM | 2 B | XX/XX/XXXX | XX | Purchase | B | A |  |  | No |

---

## Exhibit 99.09

**Exhibit 99.09**

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vcc-abs15g.htm)

![](st-01.jpg)

<br>VCC 2026-1<br>Velocity Commercial Capital, LLC<br>

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Opus Capital Markets Consultants, LLC
300 Tri-State International – Suite 320 \| Lincolnshire, IL 60069 \| www.opuscmc.com \| 224.632.1300<br>

**Executive Narrative**

**January 27, 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 (478) 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 Four Hundred Seventy-Eight (478) loans representing Five Hundred Twenty-One (521) 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;1 | &nbsp;&nbsp;4 | &nbsp;&nbsp;0 |

---

As detailed herein, the pool contains 115 small balance commercial loans and 363 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 August 21, 2025 through January 20, 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:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Review Population** | &nbsp;&nbsp;**Pool Population** | &nbsp;&nbsp;**% Population Reviewed** |
| &nbsp;&nbsp;Small Bal CRE | &nbsp;&nbsp;68 | &nbsp;&nbsp;115 | &nbsp;&nbsp;59.13% |
| &nbsp;&nbsp;Investor 1-4 Family | &nbsp;&nbsp;171 | &nbsp;&nbsp;363 | &nbsp;&nbsp;47.11% |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**239** | &nbsp;&nbsp;**478** | &nbsp;&nbsp;**50.00%** |

---

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

![](ex99_003.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Review** | &nbsp;&nbsp;**Property Type** | &nbsp;&nbsp;**Review Population** | &nbsp;&nbsp;**Pool Population** | &nbsp;&nbsp;**% Population Reviewed** |
| &nbsp;&nbsp;Non-Owner Occupancy ("NOO") | &nbsp;&nbsp;Investor 1-4 Family (not included in Guideline Review | &nbsp;&nbsp;192 | &nbsp;&nbsp;363 | &nbsp;&nbsp;52.89% |
| &nbsp;&nbsp;**Total NOO Review** |  | &nbsp;&nbsp;**192** | &nbsp;&nbsp;**363** | &nbsp;&nbsp;**52.89%** |

---

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 171 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

Loan characteristics

DSCR (if applicable)

LTV/CLTV/HTLTV

Representative credit score,

Asset reserves

Property type

Property usage

Occupancy

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Loan File Documentation**

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

1008

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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&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**

* The Consultant shall verify that the property
is reported to be in average or better condition

* If the property is identified as being
in below average or worse condition, a Finding shall be issued

**Property Damage Evaluation**

* The Consultant shall review the Appraiser's
comments and photos to determine if any significant damage is present

* 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**

* Key Safety Aspects

Structural Integrity:

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

**Hazardous Materials:**

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

Pest Infestations:

* Evidence of termites or other pest infestations

**Electrical Systems:**

* 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)

**Multiple Loans to One Borrower:** TPR firm reviewed common identifiers for all loans in the population and confirmed there were five (5) obligors with multiple loans in the pool.

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Data Element** | &nbsp;&nbsp;**Count** | &nbsp;&nbsp;**Accuracy** |
| &nbsp;&nbsp;Amortization Term | &nbsp;&nbsp;2 | &nbsp;&nbsp;99.35% |
| &nbsp;&nbsp;**Total Loan Population** | &nbsp;&nbsp;**239** |  |

---

**<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 January 26, 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;113 | &nbsp;&nbsp;47.28% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;119 | &nbsp;&nbsp;49.79% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;7 | &nbsp;&nbsp;2.93% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |

---

---

| | | |
|:---|:---|:---|
| **Credit Grade Summary** | | |
| &nbsp;&nbsp;**DBRS and Kroll NRSRO Grade** | <br>&nbsp;&nbsp;**# of Loans** | <br>&nbsp;&nbsp;**% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;119 | &nbsp;&nbsp;49.79% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;120 | &nbsp;&nbsp;50.21% |
| &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;230 | &nbsp;&nbsp;96.23% |
| &nbsp;&nbsp;B | &nbsp;&nbsp;2 | &nbsp;&nbsp;0.84% |
| &nbsp;&nbsp;C | &nbsp;&nbsp;7 | &nbsp;&nbsp;2.93% |
| &nbsp;&nbsp;D | &nbsp;&nbsp;0 | &nbsp;&nbsp;0.00% |

---

**GUIDELINE CREDIT REVIEW RESULTS**

Of the two hundred thirty-nine (239) mortgage loans reviewed by Opus, one hundred twenty (120) were assigned a Credit grade of "B" and involved lender-issued guideline exceptions. Across these 120 loans, a total of two hundred nineteen (219) credit exceptions were granted.

Additionally, 49.79% of the mortgage loans reviewed received a Credit grade of "A".

**GUIDELINE VALUATION REVIEW RESULTS**

Of the three hundred seven (239) mortgage loans reviewed by Opus, two (2) were assigned a Valuation grade of "B" and involved lender-issued guideline exceptions. Across these 2 loans, a total of one (1) valuation exceptions was granted.

Of the two hundred and thirty-nine (239) mortgage loans reviewed by Opus, seven (7) were assigned a Valuation grade of "C".

Additionally, 96.23% of the mortgage loans reviewed received a Valuation grade of "A".

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

---

| | | |
|:---|:---|:---|
| **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;192 | &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** | <br>&nbsp;&nbsp;**# of Loans** | <br>&nbsp;&nbsp;**% of Loans** |
| &nbsp;&nbsp;A | &nbsp;&nbsp;192 | &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**

Of the one hundred ninety-two (192) mortgage loans reviewed by Opus, none (0) were assigned a property grade of "C".

Additionally, 100.00% of the mortgage loans reviewed received a Credit grade of "A".

**<u>Loans Reviewed (478)</u>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;718595 | &nbsp;&nbsp;387635 | &nbsp;&nbsp;165087 | &nbsp;&nbsp;460770 | &nbsp;&nbsp;374615 | &nbsp;&nbsp;252197 | &nbsp;&nbsp;802791 | &nbsp;&nbsp;368357 |
| &nbsp;&nbsp;522210 | &nbsp;&nbsp;310951 | &nbsp;&nbsp;467614 | &nbsp;&nbsp;514045 | &nbsp;&nbsp;759178 | &nbsp;&nbsp;674470 | &nbsp;&nbsp;436718 | &nbsp;&nbsp;774965 |
| &nbsp;&nbsp;644667 | &nbsp;&nbsp;186700 | &nbsp;&nbsp;290989 | &nbsp;&nbsp;452219 | &nbsp;&nbsp;678938 | &nbsp;&nbsp;940966 | &nbsp;&nbsp;564046 | &nbsp;&nbsp;103023 |
| &nbsp;&nbsp;398801 | &nbsp;&nbsp;538217 | &nbsp;&nbsp;509028 | &nbsp;&nbsp;662349 | &nbsp;&nbsp;153022 | &nbsp;&nbsp;141990 | &nbsp;&nbsp;687847 | &nbsp;&nbsp;832044 |
| &nbsp;&nbsp;111205 | &nbsp;&nbsp;376032 | &nbsp;&nbsp;145769 | &nbsp;&nbsp;792269 | &nbsp;&nbsp;956230 | &nbsp;&nbsp;671437 | &nbsp;&nbsp;106209 | &nbsp;&nbsp;421951 |
| &nbsp;&nbsp;529631 | &nbsp;&nbsp;854469 | &nbsp;&nbsp;714220 | &nbsp;&nbsp;590620 | &nbsp;&nbsp;358517 | &nbsp;&nbsp;396566 | &nbsp;&nbsp;989901 | &nbsp;&nbsp;740640 |
| &nbsp;&nbsp;563126 | &nbsp;&nbsp;103376 | &nbsp;&nbsp;417365 | &nbsp;&nbsp;384025 | &nbsp;&nbsp;401509 | &nbsp;&nbsp;756649 | &nbsp;&nbsp;685956 | &nbsp;&nbsp;766018 |
| &nbsp;&nbsp;633289 | &nbsp;&nbsp;353579 | &nbsp;&nbsp;443937 | &nbsp;&nbsp;519526 | &nbsp;&nbsp;895518 | &nbsp;&nbsp;473145 | &nbsp;&nbsp;506297 | &nbsp;&nbsp;796674 |
| &nbsp;&nbsp;637774 | &nbsp;&nbsp;940427 | &nbsp;&nbsp;927977 | &nbsp;&nbsp;283026 | &nbsp;&nbsp;236391 | &nbsp;&nbsp;393168 | &nbsp;&nbsp;110650 | &nbsp;&nbsp;939291 |
| &nbsp;&nbsp;297313 | &nbsp;&nbsp;941987 | &nbsp;&nbsp;880715 | &nbsp;&nbsp;544786 | &nbsp;&nbsp;565587 | &nbsp;&nbsp;740596 | &nbsp;&nbsp;789000 | &nbsp;&nbsp;504604 |
| &nbsp;&nbsp;761940 | &nbsp;&nbsp;769498 | &nbsp;&nbsp;532100 | &nbsp;&nbsp;637406 | &nbsp;&nbsp;921050 | &nbsp;&nbsp;244093 | &nbsp;&nbsp;734392 | &nbsp;&nbsp;259388 |
| &nbsp;&nbsp;798011 | &nbsp;&nbsp;877717 | &nbsp;&nbsp;224394 | &nbsp;&nbsp;169987 | &nbsp;&nbsp;808956 | &nbsp;&nbsp;513146 | &nbsp;&nbsp;842371 | &nbsp;&nbsp;277032 |
| &nbsp;&nbsp;161165 | &nbsp;&nbsp;620346 | &nbsp;&nbsp;709603 | &nbsp;&nbsp;358844 | &nbsp;&nbsp;745399 | &nbsp;&nbsp;606014 | &nbsp;&nbsp;941419 | &nbsp;&nbsp;970802 |
| &nbsp;&nbsp;556319 | &nbsp;&nbsp;821739 | &nbsp;&nbsp;235136 | &nbsp;&nbsp;968086 | &nbsp;&nbsp;435088 | &nbsp;&nbsp;206831 | &nbsp;&nbsp;146091 | &nbsp;&nbsp;158530 |
| &nbsp;&nbsp;602552 | &nbsp;&nbsp;744801 | &nbsp;&nbsp;306209 | &nbsp;&nbsp;820166 | &nbsp;&nbsp;523421 | &nbsp;&nbsp;348309 | &nbsp;&nbsp;712884 | &nbsp;&nbsp;172445 |
| &nbsp;&nbsp;728682 | &nbsp;&nbsp;568163 | &nbsp;&nbsp;802646 | &nbsp;&nbsp;394968 | &nbsp;&nbsp;107858 | &nbsp;&nbsp;311207 | &nbsp;&nbsp;565076 | &nbsp;&nbsp;582313 |
| &nbsp;&nbsp;455818 | &nbsp;&nbsp;249903 | &nbsp;&nbsp;111544 | &nbsp;&nbsp;151248 | &nbsp;&nbsp;410567 | &nbsp;&nbsp;453240 | &nbsp;&nbsp;759651 | &nbsp;&nbsp;417003 |
| &nbsp;&nbsp;182321 | &nbsp;&nbsp;101130 | &nbsp;&nbsp;409897 | &nbsp;&nbsp;426374 | &nbsp;&nbsp;101011 | &nbsp;&nbsp;158148 | &nbsp;&nbsp;719062 | &nbsp;&nbsp;921370 |
| &nbsp;&nbsp;655460 | &nbsp;&nbsp;121823 | &nbsp;&nbsp;942860 | &nbsp;&nbsp;478972 | &nbsp;&nbsp;535427 | &nbsp;&nbsp;998477 | &nbsp;&nbsp;951219 | &nbsp;&nbsp;448863 |
| &nbsp;&nbsp;396564 | &nbsp;&nbsp;874840 | &nbsp;&nbsp;100597 | &nbsp;&nbsp;274944 | &nbsp;&nbsp;281493 | &nbsp;&nbsp;754684 | &nbsp;&nbsp;673653 | &nbsp;&nbsp;204638 |
| &nbsp;&nbsp;762684 | &nbsp;&nbsp;597456 | &nbsp;&nbsp;416448 | &nbsp;&nbsp;130741 | &nbsp;&nbsp;517896 | &nbsp;&nbsp;968691 | &nbsp;&nbsp;231827 | &nbsp;&nbsp;644396 |
| &nbsp;&nbsp;332837 | &nbsp;&nbsp;722128 | &nbsp;&nbsp;902964 | &nbsp;&nbsp;710397 | &nbsp;&nbsp;988958 | &nbsp;&nbsp;997476 | &nbsp;&nbsp;581341 | &nbsp;&nbsp;937069 |
| &nbsp;&nbsp;446155 | &nbsp;&nbsp;952153 | &nbsp;&nbsp;692324 | &nbsp;&nbsp;416161 | &nbsp;&nbsp;590863 | &nbsp;&nbsp;830007 | &nbsp;&nbsp;725473 | &nbsp;&nbsp;318289 |
| &nbsp;&nbsp;556368 | &nbsp;&nbsp;935414 | &nbsp;&nbsp;307987 | &nbsp;&nbsp;979638 | &nbsp;&nbsp;163115 | &nbsp;&nbsp;719525 | &nbsp;&nbsp;261343 | &nbsp;&nbsp;513668 |
| &nbsp;&nbsp;447413 | &nbsp;&nbsp;283297 | &nbsp;&nbsp;178200 | &nbsp;&nbsp;343179 | &nbsp;&nbsp;910925 | &nbsp;&nbsp;781647 | &nbsp;&nbsp;422570 | &nbsp;&nbsp;375716 |
| &nbsp;&nbsp;627278 | &nbsp;&nbsp;213042 | &nbsp;&nbsp;440202 | &nbsp;&nbsp;366554 | &nbsp;&nbsp;660421 | &nbsp;&nbsp;341826 | &nbsp;&nbsp;354975 | &nbsp;&nbsp;413041 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;794115 | &nbsp;&nbsp;179931 | &nbsp;&nbsp;287131 | &nbsp;&nbsp;916010 | &nbsp;&nbsp;562609 | &nbsp;&nbsp;779422 | &nbsp;&nbsp;480174 | &nbsp;&nbsp;571765 |
| &nbsp;&nbsp;427425 | &nbsp;&nbsp;261514 | &nbsp;&nbsp;128712 | &nbsp;&nbsp;734492 | &nbsp;&nbsp;616930 | &nbsp;&nbsp;479280 | &nbsp;&nbsp;753510 | &nbsp;&nbsp;343233 |
| &nbsp;&nbsp;973737 | &nbsp;&nbsp;174850 | &nbsp;&nbsp;930654 | &nbsp;&nbsp;550031 | &nbsp;&nbsp;107153 | &nbsp;&nbsp;206639 | &nbsp;&nbsp;841742 | &nbsp;&nbsp;561264 |
| &nbsp;&nbsp;547128 | &nbsp;&nbsp;102214 | &nbsp;&nbsp;385890 | &nbsp;&nbsp;696515 | &nbsp;&nbsp;843200 | &nbsp;&nbsp;308031 | &nbsp;&nbsp;643748 | &nbsp;&nbsp;252399 |
| &nbsp;&nbsp;930268 | &nbsp;&nbsp;505333 | &nbsp;&nbsp;238249 | &nbsp;&nbsp;543341 | &nbsp;&nbsp;926364 | &nbsp;&nbsp;610036 | &nbsp;&nbsp;165756 | &nbsp;&nbsp;979896 |
| &nbsp;&nbsp;608470 | &nbsp;&nbsp;379890 | &nbsp;&nbsp;245284 | &nbsp;&nbsp;635244 | &nbsp;&nbsp;421996 | &nbsp;&nbsp;746986 | &nbsp;&nbsp;435347 | &nbsp;&nbsp;311418 |
| &nbsp;&nbsp;497732 | &nbsp;&nbsp;578318 | &nbsp;&nbsp;355167 | &nbsp;&nbsp;550957 | &nbsp;&nbsp;175004 | &nbsp;&nbsp;392227 | &nbsp;&nbsp;984902 | &nbsp;&nbsp;533668 |
| &nbsp;&nbsp;722445 | &nbsp;&nbsp;766351 | &nbsp;&nbsp;864653 | &nbsp;&nbsp;588913 | &nbsp;&nbsp;140216 | &nbsp;&nbsp;913657 | &nbsp;&nbsp;125739 | &nbsp;&nbsp;766944 |
| &nbsp;&nbsp;449485 | &nbsp;&nbsp;348513 | &nbsp;&nbsp;502214 | &nbsp;&nbsp;305072 | &nbsp;&nbsp;284243 | &nbsp;&nbsp;452831 | &nbsp;&nbsp;839433 | &nbsp;&nbsp;504072 |
| &nbsp;&nbsp;711195 | &nbsp;&nbsp;954959 | &nbsp;&nbsp;837034 | &nbsp;&nbsp;422181 | &nbsp;&nbsp;569758 | &nbsp;&nbsp;957425 | &nbsp;&nbsp;407024 | &nbsp;&nbsp;173510 |
| &nbsp;&nbsp;468627 | &nbsp;&nbsp;699875 | &nbsp;&nbsp;181527 | &nbsp;&nbsp;945584 | &nbsp;&nbsp;826722 | &nbsp;&nbsp;468063 | &nbsp;&nbsp;667313 | &nbsp;&nbsp;415702 |
| &nbsp;&nbsp;452628 | &nbsp;&nbsp;535691 | &nbsp;&nbsp;982126 | &nbsp;&nbsp;137655 | &nbsp;&nbsp;489908 | &nbsp;&nbsp;747256 | &nbsp;&nbsp;468129 | &nbsp;&nbsp;269448 |
| &nbsp;&nbsp;620298 | &nbsp;&nbsp;595174 | &nbsp;&nbsp;963521 | &nbsp;&nbsp;776122 | &nbsp;&nbsp;553037 | &nbsp;&nbsp;283191 | &nbsp;&nbsp;797984 | &nbsp;&nbsp;713808 |
| &nbsp;&nbsp;268965 | &nbsp;&nbsp;134964 | &nbsp;&nbsp;149406 | &nbsp;&nbsp;922914 | &nbsp;&nbsp;961913 | &nbsp;&nbsp;699622 | &nbsp;&nbsp;437024 | &nbsp;&nbsp;647623 |
| &nbsp;&nbsp;543362 | &nbsp;&nbsp;418463 | &nbsp;&nbsp;385094 | &nbsp;&nbsp;800220 | &nbsp;&nbsp;877515 | &nbsp;&nbsp;792893 | &nbsp;&nbsp;485805 | &nbsp;&nbsp;103546 |
| &nbsp;&nbsp;147209 | &nbsp;&nbsp;778929 | &nbsp;&nbsp;942014 | &nbsp;&nbsp;230550 | &nbsp;&nbsp;688709 | &nbsp;&nbsp;166794 | &nbsp;&nbsp;537828 | &nbsp;&nbsp;151356 |
| &nbsp;&nbsp;991613 | &nbsp;&nbsp;792915 | &nbsp;&nbsp;669351 | &nbsp;&nbsp;272164 | &nbsp;&nbsp;440729 | &nbsp;&nbsp;177554 | &nbsp;&nbsp;834558 | &nbsp;&nbsp;319683 |
| &nbsp;&nbsp;501208 | &nbsp;&nbsp;371038 | &nbsp;&nbsp;849802 | &nbsp;&nbsp;459556 | &nbsp;&nbsp;312450 | &nbsp;&nbsp;736421 | &nbsp;&nbsp;430525 | &nbsp;&nbsp;583399 |
| &nbsp;&nbsp;752859 | &nbsp;&nbsp;134562 | &nbsp;&nbsp;937079 | &nbsp;&nbsp;303149 | &nbsp;&nbsp;832111 | &nbsp;&nbsp;519131 | &nbsp;&nbsp;616901 | &nbsp;&nbsp;580418 |
| &nbsp;&nbsp;894499 | &nbsp;&nbsp;834547 | &nbsp;&nbsp;238587 | &nbsp;&nbsp;763834 | &nbsp;&nbsp;881295 | &nbsp;&nbsp;371070 | &nbsp;&nbsp;813781 | &nbsp;&nbsp;180452 |
| &nbsp;&nbsp;363288 | &nbsp;&nbsp;886105 | &nbsp;&nbsp;768052 | &nbsp;&nbsp;301405 | &nbsp;&nbsp;316088 | &nbsp;&nbsp;597290 | &nbsp;&nbsp;893394 | &nbsp;&nbsp;450032 |
| &nbsp;&nbsp;877027 | &nbsp;&nbsp;132956 | &nbsp;&nbsp;340090 | &nbsp;&nbsp;172978 | &nbsp;&nbsp;104529 | &nbsp;&nbsp;398458 | &nbsp;&nbsp;249717 | &nbsp;&nbsp;204411 |
| &nbsp;&nbsp;313102 | &nbsp;&nbsp;345117 | &nbsp;&nbsp;632098 | &nbsp;&nbsp;735962 | &nbsp;&nbsp;268049 | &nbsp;&nbsp;333663 | &nbsp;&nbsp;229348 | &nbsp;&nbsp;146874 |
| &nbsp;&nbsp;182621 | &nbsp;&nbsp;936493 | &nbsp;&nbsp;871525 | &nbsp;&nbsp;398654 | &nbsp;&nbsp;426727 | &nbsp;&nbsp;267925 | &nbsp;&nbsp;362015 | &nbsp;&nbsp;582314 |
| &nbsp;&nbsp;425539 | &nbsp;&nbsp;341123 | &nbsp;&nbsp;457587 | &nbsp;&nbsp;387819 | &nbsp;&nbsp;796926 | &nbsp;&nbsp;914536 | &nbsp;&nbsp;804213 | &nbsp;&nbsp;118354 |
| &nbsp;&nbsp;383706 | &nbsp;&nbsp;870981 | &nbsp;&nbsp;190618 | &nbsp;&nbsp;660982 | &nbsp;&nbsp;800190 | &nbsp;&nbsp;773929 | &nbsp;&nbsp;774545 | &nbsp;&nbsp;535445 |
| &nbsp;&nbsp;386718 | &nbsp;&nbsp;687869 | &nbsp;&nbsp;520443 | &nbsp;&nbsp;258286 | &nbsp;&nbsp;722705 | &nbsp;&nbsp;352890 | &nbsp;&nbsp;213425 | &nbsp;&nbsp;218694 |
| &nbsp;&nbsp;412119 | &nbsp;&nbsp;573513 | &nbsp;&nbsp;422987 | &nbsp;&nbsp;872842 | &nbsp;&nbsp;641823 | &nbsp;&nbsp;878370 | &nbsp;&nbsp;406743 | &nbsp;&nbsp;645984 |
| &nbsp;&nbsp;617174 | &nbsp;&nbsp;527358 | &nbsp;&nbsp;805499 | &nbsp;&nbsp;349743 | &nbsp;&nbsp;477133 | &nbsp;&nbsp;998887 | &nbsp;&nbsp;644717 | &nbsp;&nbsp;223053 |
| &nbsp;&nbsp;286901 | &nbsp;&nbsp;598145 | &nbsp;&nbsp;672837 | &nbsp;&nbsp;998579 | &nbsp;&nbsp;974288 | &nbsp;&nbsp;226633 | &nbsp;&nbsp;652666 | &nbsp;&nbsp;180362 |
| &nbsp;&nbsp;940906 | &nbsp;&nbsp;783001 | &nbsp;&nbsp;116424 | &nbsp;&nbsp;925462 | &nbsp;&nbsp;708771 | &nbsp;&nbsp;308316 | &nbsp;&nbsp;575137 | &nbsp;&nbsp;787562 |
| &nbsp;&nbsp;169784 | &nbsp;&nbsp;871198 | &nbsp;&nbsp;837452 | &nbsp;&nbsp;387450 | &nbsp;&nbsp;634126 | &nbsp;&nbsp;370675 | &nbsp;&nbsp;346776 | &nbsp;&nbsp;534142 |
| &nbsp;&nbsp;481527 | &nbsp;&nbsp;767211 | &nbsp;&nbsp;577412 | &nbsp;&nbsp;397463 | &nbsp;&nbsp;656168 | &nbsp;&nbsp;879811 | &nbsp;&nbsp;906165 |  |
| &nbsp;&nbsp;235900 | &nbsp;&nbsp;784942 | &nbsp;&nbsp;216189 | &nbsp;&nbsp;155590 | &nbsp;&nbsp;368213 | &nbsp;&nbsp;759457 | &nbsp;&nbsp;996728 |  |

---

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

## Exhibit 99.10

**Exhibit 99.10**

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vcc-abs15g.htm)

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| | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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?** |
| XXXXXXX | XXXXXX |  | 398801 | Closed | 2025-12-11 10:55 | 2026-01-22 14:00 | Waived | 2 - Non-Material | Credit | Borrower | Borrower 1 Credit Report is Incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/22/2026 <br> Waived-Borrower 1 Credit Report is Partially Present. No hit and no FICO credit scores on credit report. The 3 principals as they are foreign Nationals from Australia. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/11/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/22/2026 <br>Waived-Borrower 1 Credit Report is Partially Present. No hit and no FICO credit scores on credit report. The 3 principals as they are foreign Nationals from Australia. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/11/2025<br>|  |  | Low Collateral LTV<br> Company Financial Strength <br> Strong DSCR | XX | Other | Purchase | NA | 6586404 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 398801 | Closed | 2025-12-11 10:55 | 2025-12-11 14:18 | Waived | 2 - Non-Material | Credit | Borrower | Borrower 2 Credit Report is Incomplete | Waived-Borrower 2 Credit Report is Partially Present. No hit and no FICO credit scores on credit report. The 3 principals are foreign Nationals from Australia. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/11/2025 |  | Waived-Borrower 2 Credit Report is Partially Present. No hit and no FICO credit scores on credit report. The 3 principals are foreign Nationals from Australia. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/11/2025<br>|  |  | Low Collateral LTV <br> Company Financial Strength <br> Strong DSCR | XX | Other | Purchase | NA | 6586405 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 398801 | Closed | 2025-12-11 10:55 | 2025-12-11 14:18 | Waived | 2 - Non-Material | Credit | Borrower | Borrower 3 Credit Report is Incomplete | Waived-Borrower 3 Credit Report is Partially Present. No hit and no credit scores on credit report. The 3 principals are foreign Nationals from Australia. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/11/2025 |  | Waived-Borrower 3 Credit Report is Partially Present. No hit and no credit scores on credit report. The 3 principals are foreign Nationals from Australia. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/11/2025<br>|  |  | Low Collateral LTV <br> Company Financial Strength<br> Strong DSCR | XX | Other | Purchase | NA | 6586406 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 398801 | Closed | 2025-12-11 14:11 | 2025-12-11 14:16 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Borrower (Borrower 1) | Waived-Policy exception is noted for foreign nationals not owning at least one other property in the U.S. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/11/2025 |  | Waived-Policy exception is noted for foreign nationals not owning at least one other property in the U.S. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/11/2025<br>|  |  | Low Collateral LTV<br> Company Financial Strength <br> Strong DSCR | XX | Other | Purchase | NA | 6591588 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 398801 | Closed | 2025-12-11 14:12 | 2025-12-11 14:15 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Borrower (Borrower 2) | Waived-Policy exception is noted for foreign nationals not owning at least one other property in the U.S. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/11/2025 |  | Waived-Policy exception is noted for foreign nationals not owning at least one other property in the U.S. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/11/2025<br>|  |  | Low Collateral LTV<br> Company Financial Strength <br> Strong DSCR | XX | Other | Purchase | NA | 6591619 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 398801 | Closed | 2025-12-11 14:14 | 2025-12-11 14:15 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Borrower (Borrower 3) | Waived-Policy exception is noted for foreign nationals not owning at least one other property in the U.S. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/11/2025 |  | Waived-Policy exception is noted for foreign nationals not owning at least one other property in the U.S. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/11/2025<br>|  |  | Low Collateral LTV<br> Company Financial Strength <br> Strong DSCR | XX | Other | Purchase | NA | 6591653 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 398801 | Closed | 2025-12-11 13:41 | 2025-12-11 13:41 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of is less than Guideline FICO of 600 No FICO scores for the 3 principals as they are foreign Nationals from Australia. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/11/2025 |  | Waived-Audited FICO of is less than Guideline FICO of 600 No FICO scores for the 3 principals as they are foreign Nationals from Australia. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/11/2025<br>|  |  | Low Collateral LTV<br> Company Financial Strength <br> Strong DSCR | XX | Other | Purchase | NA | 6590929 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 111205 | Closed | 2025-12-29 15:32 | 2026-01-22 12:51 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Counter-This is a requirement for the securitization reporting. - Due Diligence Vendor-01/22/2026 <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-XXX XXX 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<br>| Acknowledged-The finding is acknowledged. - Due Diligence Vendor-01/22/2026<br>|  |  |  | XX | Other | Purchase | NA | 6841210 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 633289 | Closed | 2025-12-10 13:50 | 2025-12-12 13:46 | Waived | 2 - Non-Material | Credit | Eligibility | Debt Service Coverage Ratio below guideline minimum | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/12/2025 <br>Waived-Full Doc Investor Loans are subject to a minimum 1:1 DSCR with in place leases. The subject DSCR is insufficient as of FY 2022, FY 2023, FY 2024 and 08/31/2025. - Due Diligence Vendor-12/10/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/12/2025 <br> Waived-Full Doc Investor Loans are subject to a minimum 1:1 DSCR with in place leases. The subject DSCR is insufficient as of FY XXXX, FY XXXX, FY XXXX and XX/XXXXX. - Due Diligence Vendor-12/10/2025 |  |  | Sufficient DSCR based on appraisal market rents and expenses<br> Guarantor Support/Liquidity. Verified borrower liquidity of $XMM (verified with XXXXXX statements as of XX/XX/XXXX) <br> Strong Mid-FICO score of 751<br> Low LTV of 46.98% | XX | Investment | Refinance | Cash Out - Other | 6572995 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 637774 | Closed | 2025-11-25 15:47 | 2025-12-01 08:28 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of 1.0x is below guideline minimum of 1.15x. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-11/25/2025 |  | Waived-Commercial Debt Service Coverage Ratio of 1.0x is below guideline minimum of 1.15x. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-11/25/2025 |  |  | Company financial strength | XX | Investment | Purchase | NA | 6390699 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 798011 | Closed | 2026-01-02 12:10 | 2026-01-22 12:53 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/22/2026 <br> Ready for Review-Document Uploaded. Updated memo with compensating factors attached. - Seller-01/21/2026 <br> Counter-No compensating factors were provided for the exception. - Due Diligence Vendor-01/21/2026 <br> Ready for Review-Document Uploaded. - Seller-01/21/2026 <br> Counter-Page 34 of the XXX XXX Credit Policy, Credit Criteria, Section C of the Lite Doc Program. "Credit Verifications will be obtained on the EPC and the principals. Personal credit reports should not show any mortgage delinquencies of 30 days or greater in the previous 12 months. All parties to the transaction should have no delinquent taxes of any kind or any legally collectible judgments." Since the mortgage was not reflected on the credit report a verification of the mortgage history should have been obtained or a valid credit exception with compensating factors should have been made. - Due Diligence Vendor-01/15/2026 <br> Ready for Review-What is a housing history?<br> What is the guideline requirement for a housing history? <br> Why do we need a VOM/VOR for the primary residence when this is a lite doc loan and we do not even perform a personal cash flow?<br> - Seller-01/13/2026 <br> Open-Housing History Does Not Meet Guideline Requirements VOM/VOR for primary residence not found in file and no current mortgages are shown on credit report - Due Diligence Vendor-01/02/2026 | Ready for Review-Document Uploaded. Updated memo with compensating factors attached. - Seller-01/21/2026 <br>Ready for Review-Document Uploaded. - Seller-01/21/2026 <br>Ready for Review-What is a housing history?<br> What is the guideline requirement for a housing history? <br> Why do we need a VOM/VOR for the primary residence when this is a lite doc loan and we do not even perform a personal cash flow?<br> - Seller-01/13/2026<br>| Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/22/2026<br>| 2. Credit Approval Memorandum with change memo.pdf<br>2. Credit Approval Memorandum with change memo.pdf |  | FICO of 736<br> Low LTV of 56.67%<br> No late payments on existing loans | XX | Investment | Refinance | Cash Out - Other | 6898903 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 161165 | Closed | 2025-12-31 16:34 | 2026-01-08 16:23 | Waived | 2 - Non-Material | Credit | Eligibility | Individual borrower is not allowed | Waived-Borrower is not a LLC, Partnership, Trust, or Corporation. The principal is an exception to XXX's foreign national policy as the principal does not hold vested ownership of another property in the US. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/31/2025 | The exception is mitigated as the subject loan is fully secured at an LTV of 52.63%, the longevity of the OC since 2016 and the OC exhibits sufficient global repayment ability as of the interim period and Projected Years 1 and 2. - 12/31/2025 <br>| Waived-Borrower is not a LLC, Partnership, Trust, or Corporation. The principal is an exception to XXX's foreign national policy as the principal does not hold vested ownership of another property in the US. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/31/2025 |  |  | Low LTV<br> Longevity of the OC since 2016 and the <br> OC exhibits sufficient global repayment ability as of the interim period and Projected Years 1 and 2 | XX | Other | Refinance | Limited Cash Out - <1% of Loan Amount or $2000 | 6883031 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 556319 | Closed | 2026-01-08 18:20 | 2026-01-23 15:18 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Subject property is owner user which does not meet the requirement for a Lite Doc Investor Loan. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-01/23/2026 <br>Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/13/2026 | The subject property consists of two single-story commercial buildings that the borrower's business occupies and uses together as an art gallery. - 01/23/2026 <br>| Waived-Subject property is owner user which does not meet the requirement for a Lite Doc Investor Loan. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-01/23/2026 <br>Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/13/2026<br>|  |  | Low Collateral LTV<br> Guarantor Support/Liquidity<br> Company Financial Strength | XX | Other | Refinance | Cash Out - Other | 6995734 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 556319 | Closed | 2026-01-08 18:13 | 2026-01-13 12:21 | Waived | 2 - Non-Material | Credit | Eligibility | Debt Service Coverage Ratio below guideline minimum | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/13/2026 <br>Waived-Debt Service Coverage Ratio of 0.96x is below guideline minimum of 1.15x. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-01/09/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/13/2026 <br>Waived-Debt Service Coverage Ratio of 0.96x is below guideline minimum of 1.15x. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-01/09/2026<br>|  |  | Low Collateral LTV<br> Guarantor Support/Liquidity<br> Company Financial Strength | XX | Other | Refinance | Cash Out - Other | 6995697 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 602552 | Closed | 2025-08-30 12:49 | 2025-08-30 12:59 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Lender Guidelines require Liability Insurance Coverage of $300,000; per the Hazard Insurance Certificate Liability Coverage is $XXX.XXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated<br> - Due Diligence Vendor-08/30/2025 |  | Waived-Lender Guidelines require Liability Insurance Coverage of $300,000; per the Hazard Insurance Certificate Liability Coverage is $XXX,XXX. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated<br> - Due Diligence Vendor-08/30/2025 |  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 5370754 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 602552 | Closed | 2025-08-25 07:20 | 2025-08-25 07:20 | Waived | 2 - Non-Material | Credit | Eligibility | Credit Report Expired | Waived-The credit report age was greater than 60 days at closing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated<br> - Due Diligence Vendor-08/25/2025 |  | Waived-The credit report age was greater than 60 days at closing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated<br> - Due Diligence Vendor-08/25/2025<br>|  |  | 1) Low LTV<br> 2) Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 5297422 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 455818 | Closed | 2025-11-18 11:23 | 2026-01-22 14:03 | Waived | 2 - Non-Material | Credit | Eligibility | Seller Contribution Exceeds Program Maximum | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/22/2026 <br>Waived-Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/18/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/22/2026 <br>Waived-Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/18/2025<br>|  |  | Low LTV<br> Strong DSR | XX | Investment | Purchase | NA | 6290895 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 455818 | Closed | 2025-11-18 11:18 | 2026-01-22 14:03 | 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-01/22/2026 <br>Waived-Audited FICO of 615 is less than Guideline FICO of 650 - Due Diligence Vendor-11/18/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/22/2026 <br>Waived-Audited FICO of 615 is less than Guideline FICO of 650 - Due Diligence Vendor-11/18/2025<br>|  |  | Low LTV<br> Strong DSCR | XX | Investment | Purchase | NA | 6290806 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 182321 | Closed | 2025-11-19 07:16 | 2025-12-30 14:26 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/30/2025 <br>Waived-The borrower lives rent free, no VOR available. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/19/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/30/2025 <br>Waived-The borrower lives rent free, no VOR available. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/19/2025<br>|  |  | High FICO<br> Property Condition | XX | Investment | Refinance | Cash Out - Other | 6301594 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 182321 | Closed | 2025-11-19 07:07 | 2025-12-30 14:26 | 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-12/30/2025 <br> Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Missing VOM is Missing for Subject property. Lender LOE Payoff demand includes Interest due $X,XXX.XX. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-11/19/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/30/2025 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Missing VOM is Missing for Subject property. Lender LOE Payoff demand includes Interest due $7,201.39. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-11/19/2025<br>|  |  | High FICO<br> Property Condition | XX | Investment | Refinance | Cash Out - Other | 6301497 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 396564 | Closed | 2025-12-02 06:40 | 2026-01-26 08:13 | 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 for S&P only. - Due Diligence Vendor-12/02/2025 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/02/2025 |  | 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-12/02/2025 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/02/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 6442482 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 396564 | Closed | 2025-11-18 09:27 | 2026-01-22 14:05 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/22/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives rent free. LOE not provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/18/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/22/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives rent free. LOE not provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/18/2025<br>|  |  | Property Condition | XX | Investment | Refinance | Cash Out - Other | 6288792 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 396564 | Closed | 2025-11-18 10:47 | 2026-01-22 14:04 | 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-01/22/2026 <br>Waived-Audited FICO of 639 is less than Guideline FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/18/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/22/2026 <br>Waived-Audited FICO of 639 is less than Guideline FICO of 650. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/18/2025<br>|  |  | Property Condition | XX | Investment | Refinance | Cash Out - Other | 6290270 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 396564 | Closed | 2025-12-02 06:39 | 2026-01-22 14:04 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Lender guidelines require a minimum of two active major tradelines. Despite this requirement, only 1 major tradeline is reporting. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/02/2025 | Exception granted, the finding will be graded a B or non-material. - 01/22/2026 <br>| Waived-Lender guidelines require a minimum of two active major tradelines. Despite this requirement, only 1 major tradeline is reporting. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/02/2025<br>|  |  | Property Condition | XX | Investment | Refinance | Cash Out - Other | 6442475 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 396564 | Closed | 2025-11-18 10:47 | 2026-01-22 14:04 | 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-01/22/2026 <br> Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/18/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/22/2026 <br> Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/18/2025 |  |  | Property Condition | XX | Investment | Refinance | Cash Out - Other | 6290271 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 332837 | Closed | 2025-12-02 05:25 | 2025-12-02 11:36 | 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-12/02/2025 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/02/2025 |  | 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-12/02/2025 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/02/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 6441897 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 446155 | Closed | 2025-11-18 01:07 | 2025-12-30 16:15 | 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-12/30/2025 <br>Ready for Review-Document Uploaded. Updated approval - Buyer-12/05/2025 <br>Open-Audited FICO of 647 is less than Guideline FICO of 650 Lender provided approved exception dated prior to consummation but was approved a unmitigated. - Due Diligence Vendor-11/18/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/30/2025<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX (1).pdf |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | 6283990 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 446155 | Closed | 2025-11-18 00:58 | 2025-12-30 16:15 | 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-12/30/2025 <br>Ready for Review-Document Uploaded. Updated approval - Buyer-12/05/2025 <br>Open-Hazard Insurance Policy Partially Provided Hazard Insurance Policy is Partial and HOI Basic Form, Lender provided approved exception dated prior to consummation but was approved as unmitigated. - Due Diligence Vendor-11/18/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/30/2025<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX (1).pdf |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | 6283925 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 447413 | Closed | 2025-11-21 08:51 | 2025-12-05 15:42 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. 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-11/21/2025 |  | 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-11/21/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 6339427 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 447413 | Closed | 2025-12-05 05:37 | 2025-12-05 15:42 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Lender guidelines require a minimum of 2 major consumer/mortgage tradelines. Despite this requirement, only one tradeline is reporting. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/05/2025 |  | Waived-Lender guidelines require a minimum of 2 major consumer/mortgage tradelines. Despite this requirement, only one tradeline is reporting. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/05/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 6499447 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 627278 | Closed | 2025-12-05 10:24 | 2025-12-05 16:00 | 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-12/05/2025 <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-12/05/2025 |  | 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-12/05/2025 <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-12/05/2025<br>|  |  |  | XX | Investment | Purchase | NA | 6504480 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 627278 | Closed | 2025-11-21 06:49 | 2025-12-05 15:58 | 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-12/05/2025 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. As per guideline recent 12 months VOR is required for Primary address. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-11/21/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/05/2025 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. As per guideline recent 12 months VOR is required for Primary address. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-11/21/2025<br>|  |  | Seasoned Investor | XX | Investment | Purchase | NA | 6337844 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 627278 | Closed | 2025-11-21 06:47 | 2025-12-05 15:58 | 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-12/05/2025 <br> Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $100000 . However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-11/21/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/05/2025 <br> Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $100000 . However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-11/21/2025 |  |  | Seasoned Investor | XX | Investment | Purchase | NA | 6337809 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 427425 | Closed | 2025-11-18 07:56 | 2025-11-18 07:56 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived-Property type is ineligible due to Lender guidelines do not allow for a Rural Property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-11/18/2025 |  | Waived-Property type is ineligible due to Lender guidelines do not allow for a Rural Property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-11/18/2025<br>|  |  | Low LTV<br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | 6286964 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 973737 | Closed | 2025-11-21 11:25 | 2026-01-06 15:40 | 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-01/06/2026 <br>Ready for Review-Document Uploaded. Uploaded - Buyer-01/02/2026 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Verification of Mortgage (VOM) Document is incomplete, Subject history Missing for October - Due Diligence Vendor-11/21/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/06/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | 6343637 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 930268 | Closed | 2025-11-18 12:14 | 2026-01-22 14:05 | 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-01/22/2026 <br>Waived-Audited LTV of 70% exceeds Guideline LTV of 65% First time investor hence reduced 5% LTV. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-11/18/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/22/2026 <br>Waived-Audited LTV of 70% exceeds Guideline LTV of 65% First time investor hence reduced 5% LTV. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-11/18/2025<br>|  |  | Strong Reserves<br> Seasoned Business | XX | Investment | Purchase | NA | 6291915 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 497732 | Closed | 2025-11-18 13:06 | 2026-01-22 14:06 | 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-01/22/2026 <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-11/18/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/22/2026 <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-11/18/2025<br>|  |  | Seasoned Investor<br> High FICO | XX | Investment | Refinance | Cash Out - Other | 6292974 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 722445 | Closed | 2025-12-03 09:16 | 2025-12-31 14:57 | 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-12/31/2025 <br>Ready for Review-Document Uploaded. Updated approval - Buyer-12/08/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Missing 12 months rental history for the borrower's primary residence as required by the lender guidelines. Lender provided approved exception dated prior to consummation and cited re-established credit as a compensating factor. Guidelines do not reflect this as a valid compensating factor. - Due Diligence Vendor-12/03/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/31/2025<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | 6463383 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 449485 | Closed | 2025-12-03 10:13 | 2025-12-03 17:17 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. 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-12/03/2025 |  | Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. 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-12/03/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 6464891 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 449485 | Closed | 2025-11-21 12:52 | 2025-12-03 17:16 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 647 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-11/21/2025 |  | Waived-Audited FICO of 647 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-11/21/2025<br>|  |  | Seasoned Investor<br> Property Condition | XX | Investment | Refinance | Cash Out - Other | 6345432 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 449485 | Closed | 2025-11-21 12:25 | 2025-12-03 17:16 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Missing 10/1 payment 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-11/21/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Missing 10/1 payment 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-11/21/2025<br>|  |  | Seasoned Investor<br> Property Condition | XX | Investment | Refinance | Cash Out - Other | 6344949 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 711195 | Closed | 2025-11-18 02:10 | 2025-12-01 15:45 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXX is less than the Guideline Minimum Loan Amount of $75000 . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/18/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/18/2025 |  |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | 6284264 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 620298 | Closed | 2025-11-21 13:41 | 2026-01-22 12:44 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Acknowledged-The finding has been acknowledged. - Due Diligence Vendor-01/22/2026 <br> Unable to Resolve-Unable to Resolve-Seller commentary: 44.28% LTV, property condition considered in value/LTV. Per borrower LOE, cash-out proceeds will be used towards renovating the subject property. The property is currently an owner-user warehouse and it is while the status of repairs has not been confirmed, it is expected that the borrower will complete the necessary repairs. XXX did complete an $18,000 holdback which included roof cleaning and was comfortable proceeding given the low LTV. - Buyer-01/16/2026 <br> Open-Property Condition Does Not Meet Requirements. The roofs of the two warehouses to the north end of the property will need to be repaired. - Due Diligence Vendor-11/21/2025 |  | Acknowledged-The finding has been acknowledged. - Due Diligence Vendor-01/22/2026<br>|  |  |  | XX | Other | Refinance | Cash Out - Other | 6346361 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 147209 | Closed | 2025-11-25 10:24 | 2026-01-22 12:44 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Acknowledged-The finding has been acknowledged. - Due Diligence Vendor-01/22/2026 <br> Unable to Resolve-Unable to Resolve-Seller commentary: Purchase transaction, and the borrower is a seasoned investor with multiple investment properties. Current property condition considered in value/LTV. The frayed asbestos tiles are common for buildings of this age and per the borrower LOE they will engage a licensed contractor who specializes in asbestos inspection/remediation to evaluate the affected area and provide professional recommendation regarding corrective action, if necessary. Borrower has committed that the property will remain in a safe and compliant condition. XXX has not confirmed the status of repairs but expects the borrower to fulfill their obligation. - Buyer-01/16/2026 <br> Open-Property Condition Does Not Meet Requirements. Appraiser states overall fair condition, noting several loose and frayed asbestos tiles in the basement and peeling paint that could be lead based due to the age of the property. - Due Diligence Vendor-11/25/2025 |  | Acknowledged-The finding has been acknowledged. - Due Diligence Vendor-01/22/2026<br>|  |  |  | XX | Other | Purchase | NA | 6384488 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 991613 | Closed | 2025-12-04 14:14 | 2025-12-04 16:07 | 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-12/04/2025 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/04/2025 |  | 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-12/04/2025 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/04/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 6491647 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 894499 | Closed | 2026-01-23 16:12 | 2026-01-23 16:25 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Acknowledged-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/23/2026 <br>Open-Lender approved the loan as an owner user single family residential property which is not allowed per the guidelines. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-01/23/2026 | Seller Commentary the person that signed the lease on behalf of the rehab is a member of the borrowing entity - technically an owner user property but the borrower's business occupies the subject property (ALF) - borrower does not live at subject property and signed all of the necessary business purpose documents. - 01/23/2026 <br>| Acknowledged-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/23/2026<br>|  |  | High FICO<br> Seasoned Business | XX | Other | Refinance | No Cash Out - Borrower Initiated | 7279655 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 894499 | Closed | 2025-11-24 09:21 | 2025-12-05 16:32 | 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-12/05/2025 <br>Waived-Audited LTV of 76.92% exceeds Guideline LTV of 75%. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-11/24/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/05/2025 <br>Waived-Audited LTV of 76.92% exceeds Guideline LTV of 75%. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-11/24/2025<br>|  |  | High FICO<br> Seasoned Business | XX | Other | Refinance | No Cash Out - Borrower Initiated | 6362058 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 363288 | Closed | 2026-01-23 16:15 | 2026-01-23 16:16 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Property Type | Waived- - Due Diligence Vendor-01/23/2026 <br>Acknowledged-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/23/2026 <br>Open-Subject property in rural area with a population less than 25,000 and outside the required distance to a metropolitan area. Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-01/23/2026 |  | Acknowledged-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/23/2026<br>|  |  | Property Condition<br> Seasoned Business | XX | Investment | Refinance | Cash Out - Other | 7279688 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 363288 | Closed | 2025-11-22 05:18 | 2025-12-03 17:19 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 595 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-11/22/2025 |  | Waived-Audited FICO of 595 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-11/22/2025<br>|  |  | Seasoned Business<br> Property Condition | XX | Investment | Refinance | Cash Out - Other | 6353767 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 877027 | Closed | 2025-11-24 11:48 | 2025-11-26 18:05 | Waived | 2 - Non-Material | Credit | Borrower | Borrower 1 Credit Report is Incomplete | Waived-Borrower 1 Credit Report is Partially Present. Borrower 1 Credit Report is Partially Present, the credit score has not given. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-11/24/2025 |  | Waived-Borrower 1 Credit Report is Partially Present. Borrower 1 Credit Report is Partially Present, the credit score has not given. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-11/24/2025<br>|  |  | Low LTV<br> Strong DCR | XX | Investment | Refinance | Cash Out - Other | 6367231 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 313102 | Closed | 2025-11-24 12:55 | 2025-11-25 09:28 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower is staying in Rent Free. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-11/24/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower is staying in Rent Free. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-11/24/2025<br>|  |  | High FICO | XX | Investment | Refinance | Cash Out - Other | 6368991 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 182621 | Closed | 2025-11-18 08:57 | 2025-12-30 15:45 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/30/2025 <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-11/18/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/30/2025 <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-11/18/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 6288161 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 182621 | Closed | 2025-11-18 08:54 | 2025-12-30 15:45 | 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-12/30/2025 <br>Waived-Audited FICO of 635 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-11/18/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/30/2025 <br>Waived-Audited FICO of 635 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-11/18/2025<br>|  |  | Low LTV. | XX | Investment | Refinance | Cash Out - Other | 6288121 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 383706 | Closed | 2026-01-26 09:23 | 2026-01-26 09:24 | 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-01/26/2026 <br>Open-Subject owned less than 12 months so the previous sales price should have not used to calculate the LTV. Lender provided exception dated prior to consummation and all lender compensating factors have been validated. - Due Diligence Vendor-01/26/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/26/2026<br>|  |  | Seasoned investor<br> Strong reserves | XX | Investment | Refinance | Cash Out - Other | 7294397 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 383706 | Closed | 2025-12-03 12:35 | 2025-12-03 12:37 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month primary residence housing history. No history was available as the borrower lives rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/03/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require a 12-month primary residence housing history. No history was available as the borrower lives rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/03/2025<br>|  |  | Strong reserves<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 6469739 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 383706 | Closed | 2025-12-03 12:01 | 2025-12-03 12:01 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Lender guidelines require a minimum of 2 active major consumer tradelines. The credit report is only reporting 1. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/03/2025 |  | Waived-Lender guidelines require a minimum of 2 active major consumer tradelines. The credit report is only reporting 1. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/03/2025<br>|  |  | Seasoned Investor<br> Strong reserves | XX | Investment | Refinance | Cash Out - Other | 6468834 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 383706 | Closed | 2025-11-24 10:49 | 2025-11-24 11:49 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 604 is less than Guideline FICO of 650 Lender provided approved exception dated prior to consummation and<br> all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/24/2025 |  | Waived-Audited FICO of 604 is less than Guideline FICO of 650 Lender provided approved exception dated prior to consummation and<br> all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/24/2025<br>|  |  | Strong Reserves, Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 6365953 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 412119 | Closed | 2025-11-24 13:11 | 2025-12-03 17:24 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Recent 12 months mortgage statements for Primary Property present in file, but Mortgage paid by borrower Husband. The lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-11/24/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Recent 12 months mortgage statements for Primary Property present in file, but Mortgage paid by borrower Husband. The lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-11/24/2025<br>|  |  | Strong Reserves<br> High FICO | XX | Investment | Purchase | NA | 6369392 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 286901 | Closed | 2025-11-19 13:28 | 2026-01-06 12:32 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing Condo Master Insurance Policy | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/06/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-01/02/2026 <br>Open-Missing Condo Master Insurance Policy - Due Diligence Vendor-11/19/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/06/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | 6309852 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 235900 | Closed | 2025-12-04 09:41 | 2026-01-06 16:28 | 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-01/06/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-01/02/2026 <br>Open-The subject loan was refinanced recently. Per lender's guidelines, a refinance with less than 12 months seasoning from the purchase date requires the value estimate to be the lesser of the original purchase price or the current appraised value. The lender used the appraised value to calculate the LTV with no documentation to support the increase of value - Due Diligence Vendor-12/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/06/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Strong reserves<br> High FICO | XX | Investment | Refinance | Cash Out - Other | 6483693 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 235900 | Closed | 2025-11-21 11:43 | 2025-12-04 16:11 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/04/2025 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lived in no primary expenses. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-11/21/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/04/2025 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lived in no primary expenses. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-11/21/2025<br>|  |  | Strong Reserves | XX | Investment | Refinance | Cash Out - Other | 6344091 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 387635 | Closed | 2025-11-19 08:01 | 2026-01-22 12:44 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Acknowledged-The finding has been acknowledged. - Due Diligence Vendor-01/22/2026 <br> Unable to Resolve-Unable to Resolve-Seller commentary: Appraisal made as-is and current property condition considered in value/LTV. Per borrower LOE, cash-out proceeds will be used towards updating the subject property. The subject is an owner-user auto repair property in fair condition, but no specific damage/deferred maintenance was noted. Property is aged and could use cosmetic updates, but XXX did not view as material in terms of underwriting. The status of repairs hasn't been confirmed, but it is expected that the borrower will fulfill their obligation per their LOE. - Buyer-01/16/2026 <br> Open-Property Condition Does Not Meet Requirements. Appraiser states overall the improvement is of low quality, Class C Construction and in a fair condition. The actual age is noted as 97 years with an effective age of 35 years and with a remaining economic life of 15 years. No specific damages were noted. - Due Diligence Vendor-11/24/2025 |  | Acknowledged-The finding has been acknowledged. - Due Diligence Vendor-01/22/2026<br>|  |  |  | XX | Other | Refinance | Cash Out - Other | 6302327 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 186700 | Closed | 2025-11-25 06:06 | 2026-01-22 14:12 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Reserves are less than Guideline Required Reserves (Number of Months) | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/22/2026 <br>Waived-Audited Reserves of 1.28 month(s) are less than Guideline Required Reserves of 3 month(s) Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/25/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/22/2026 <br>Waived-Audited Reserves of 1.28 month(s) are less than Guideline Required Reserves of 3 month(s) Lender provided approved exception date prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/25/2025<br>|  |  | High FICO score | XX | Investment | Purchase | NA | 6378902 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 186700 | Closed | 2025-11-25 06:35 | 2026-01-22 14:12 | Waived | 2 - Non-Material | Credit | Assets | Total Qualified Assets for Reserves Post-Close is less than Total Required Reserve Amount | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/22/2026 <br>Waived-Total Qualified Assets for Reserves Post-Close of $11987.49 is less than Total Required Reserve Amount of $28093.35 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-11/25/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/22/2026 <br>Waived-Total Qualified Assets for Reserves Post-Close of $11987.49 is less than Total Required Reserve Amount of $28093.35 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-11/25/2025<br>|  |  | High FICO score | XX | Investment | Purchase | NA | 6379172 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 186700 | Closed | 2025-11-25 05:47 | 2026-01-22 14:12 | 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-01/22/2026 <br>Waived-Audited LTV of 70% exceeds Guideline LTV of 65% , First time investor = 5% LTV reduction for all property types. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-11/25/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/22/2026 <br>Waived-Audited LTV of 70% exceeds Guideline LTV of 65% , First time investor = 5% LTV reduction for all property types. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-11/25/2025<br>|  |  | Strong Reserves<br> High FICO | XX | Investment | Purchase | NA | 6378736 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 186700 | Closed | 2025-11-25 06:27 | 2026-01-16 12:56 | Acknowledged | 3 - Material | Property | Property Issue | Property Condition Does Not Meet Requirements | Acknowledged-Unable to Resolve- - Due Diligence Vendor-01/16/2026 <br>Unable to Resolve-Unable to Resolve-Seller commentary: Purchase transaction and borrowers are seasoned investors with high FICO's and strong reserves. Appraisal made as-is and current property condition is considered in the value/LTV. The appraiser analyzed the fee simple interest in the subject property as general retail space. XXX did not view the vacant laundromat space as material in terms of underwriting, but expects the borrower to complete any necessary repairs so they can generate income from the unit. - Buyer-01/16/2026 <br>Open- - Due Diligence Vendor-11/25/2025 <br>Open-Property Condition Does Not Meet Requirements. No deferred maintenance noted but the former laundromat is currently in a non-marketable condition due to removal of significant trade fixtures which would require capping of the utility services, new ceiling panels and light fixtures and removal of existing floor coverings. - Due Diligence Vendor-11/25/2025 |  | Acknowledged-Unable to Resolve- - Due Diligence Vendor-01/16/2026<br>|  |  |  | XX | Investment | Purchase | NA | 6379100 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 186700 | Closed | 2025-11-25 05:51 | 2026-01-06 16:11 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/06/2026 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-01/02/2026 <br>Open-Commercial Debt Service Coverage Ratio of 0.812 is below guideline minimum of 1.25, The lender provided an approved exception based on a calculated DSCR of 1.12 but failed to include the verified Hazard Insurance as well as the Flood Insurance premiums. Provide updated exception citing the correct calculated DSCR. - Due Diligence Vendor-11/25/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/06/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Strong Reserves<br> High FICO | XX | Investment | Purchase | NA | 6378772 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 538217 | Closed | 2025-12-01 09:27 | 2025-12-31 12:45 | 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-12/31/2025 <br>Ready for Review-Document Uploaded. - Buyer-12/08/2025 <br>Open-Lender guidelines require a 12 month rental verification for a borrower's primary residence. Despite this requirement, the borrower lived rent free. - Due Diligence Vendor-12/01/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/31/2025<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | 6428239 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 538217 | Closed | 2025-11-19 10:58 | 2025-12-01 09:25 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/19/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/19/2025<br>|  |  | Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | 6306529 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 103376 | Closed | 2025-12-13 09:19 | 2025-12-15 15:03 | 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-12/15/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/13/2025 |  | 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-12/15/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 6614019 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 940427 | Closed | 2025-11-21 16:16 | 2025-11-21 16:16 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-11/21/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-11/21/2025<br>|  |  | High FICO | XX | Investment | Refinance | Cash Out - Other | 6348693 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 941987 | Closed | 2025-12-15 05:41 | 2025-12-15 15:07 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/15/2025 <br>Waived-Housing History Does Not Meet Guideline Requirements Payment history provided reflect 1x90 payments in the past 12 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/15/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/15/2025 <br>Waived-Housing History Does Not Meet Guideline Requirements Payment history provided reflect 1x90 payments in the past 12 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/15/2025<br>|  |  | Strong reserves | XX | Investment | Refinance | Cash Out - Other | 6619047 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 877717 | Closed | 2025-12-02 13:06 | 2026-01-22 14:13 | 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-12/11/2025 <br>Waived-Audited LTV of 70% exceeds Guideline LTV of 65%, First time investor = 5% LTV reduction for all property types. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/02/2025 |  | Waived-Exception granted, the finding will be graded a B or non - material. - Due Diligence Vendor-12/11/2025 <br>Waived-Audited LTV of 70% exceeds Guideline LTV of 65%, First time investor = 5% LTV reduction for all property types. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/02/2025<br>|  |  | Strong Reserves | XX | Investment | Purchase | NA | 6452059 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 877717 | Closed | 2025-12-02 13:10 | 2026-01-06 17:38 | 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-01/06/2026 <br>Ready for Review-Corrected Uploaded - Buyer-01/02/2026 <br>Open-Commercial Debt Service Coverage Ratio of 0.655 is below minimum allowed of .66. Lender provided approved exception based on calculated DSCR of 0.80. Compensating factors provided and validated. Provide updated exception based on calculated DSCR. - Due Diligence Vendor-12/02/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/06/2026<br>|  |  | Strong Reserves | XX | Investment | Purchase | NA | 6452164 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 877717 | Closed | 2025-12-02 12:01 | 2026-01-06 17:37 | 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-01/06/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-01/02/2026 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Verification of Mortgage (VOM) Document is incomplete, Missing Primary history for October. - Due Diligence Vendor-12/02/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/06/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Strong reserves | XX | Investment | Purchase | NA | 6450576 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 821739 | Closed | 2025-11-19 07:51 | 2025-12-31 13:04 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/31/2025 <br>Ready for Review-Document Uploaded. updated approval with exception - Buyer-12/08/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Missing a complete 12-month mortgage payment history for the subject property. Additional conditions may apply upon receipt of missing documentation as the payoff statement provided includes unpaid late charges. - Due Diligence Vendor-11/19/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/31/2025<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | 6302157 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 744801 | Closed | 2025-12-01 15:56 | 2025-12-04 10:02 | 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-12/04/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/01/2025 |  | 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-12/04/2025<br>|  |  |  | XX | Investment | Purchase | NA | 6436639 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 744801 | Closed | 2025-11-19 08:27 | 2025-11-19 08:27 | Waived | 2 - Non-Material | Credit | Eligibility | Credit Report Expired | Waived-The credit report age was greater than 60 days at closing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated<br> - Due Diligence Vendor-11/19/2025 |  | Waived-The credit report age was greater than 60 days at closing. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated<br> - Due Diligence Vendor-11/19/2025<br>|  |  | Seasoned Investor | XX | Investment | Purchase | NA | 6302859 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 568163 | Closed | 2025-11-21 12:46 | 2025-12-04 10:07 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-11/21/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-11/21/2025 |  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 6345302 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 568163 | Closed | 2025-12-03 13:16 | 2025-12-03 13:16 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. No verification of rent was provided as borrower lives rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/03/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. No verification of rent was provided as borrower lives rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/03/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 6470841 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 568163 | Closed | 2025-11-21 12:46 | 2025-12-03 13:01 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 633 is less than Guideline FICO of 650 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-11/21/2025 |  | Waived-Audited FICO of 633 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-11/21/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 6345301 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 249903 | Closed | 2025-11-19 09:42 | 2026-01-22 14:11 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/22/2026 <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-11/19/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/22/2026 <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-11/19/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 6304603 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 249903 | Closed | 2025-11-19 10:25 | 2026-01-22 14:10 | 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-01/22/2026 <br>Waived-Audited FICO of 644 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-11/19/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/22/2026 <br>Waived-Audited FICO of 644 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-11/19/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 6305544 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 101130 | Closed | 2025-12-03 08:00 | 2026-01-22 12:44 | Acknowledged | 3 - Material | Property | Property Issue | Property Damage Present | Acknowledged-The finding has been acknowledged. - Due Diligence Vendor-01/22/2026 <br> Unable to Resolve-Unable to Resolve-Seller commentary: 59.37% LTV. Current property condition is considered in the value/LTV, the cost-to-cure for the bathroom/kitchen renovation are deducted from the final value. The borrower is actively renovating and while XXX hasn't confirmed the status of repairs, it is expected the borrower will complete their renovations. - Buyer-01/22/2026 <br> Counter-The finding is for the condition of the property, not the value. - Due Diligence Vendor-01/21/2026 <br> Ready for Review-the appraisal was made as-is and that narrative was a typo. You can see clearly throughout the appraisal that the k cost-to-cure is deducted from the value, which wouldn't be the case for a subject to completion appraisal. - Buyer-01/20/2026 <br> Open-Property Damage Present. Appraisal was completed as is but the narrative states subject to completion with a cost to cure of $40,000, no Escrow Holdback noted. - Due Diligence Vendor-12/03/2025 |  | Acknowledged-The finding has been acknowledged. - Due Diligence Vendor-01/22/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 6461822 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 101130 | Closed | 2025-12-03 08:04 | 2025-12-04 10:14 | 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-12/04/2025 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/04/2025 |  | 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-12/04/2025 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/04/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 6461868 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 101130 | Closed | 2025-11-21 15:17 | 2025-12-03 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-12/03/2025 <br>Waived-Audited FICO of 631 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-11/21/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/03/2025 <br>Waived-Audited FICO of 631 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-11/21/2025<br>|  |  | Strong marketing trends | XX | Investment | Refinance | Cash Out - Other | 6347770 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 121823 | Closed | 2025-12-04 12:04 | 2026-01-06 17:17 | 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-01/06/2026 <br>Ready for Review-Document Uploaded. Uploaded - Buyer-01/02/2026 <br>Open-Lender guidelines require a minimum of two active major consumer credit/mortgage accounts. Despite this requirement, only 1 active authorized used account was reported on the credit report. - Due Diligence Vendor-12/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/06/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Seasoned investor<br> High FICO | XX | Investment | Refinance | Cash Out - Other | 6488141 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 121823 | Closed | 2025-12-04 11:54 | 2025-12-31 13:59 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/31/2025 <br>Ready for Review-Document Uploaded. Updated approval uploaded. - Buyer-12/08/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a complete 12 month rental payment history for a borrower's primary residence when rent is paid to a private party. Despite this requirement, a processor cert was provided in lieu of payment history, and no lender exception was noted. - Due Diligence Vendor-12/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/31/2025<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | 6487859 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 597456 | Closed | 2026-01-23 16:18 | 2026-01-23 16:19 | 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-01/23/2026 <br>Open-Subject property located in rural location. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-01/23/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/23/2026<br>|  |  | Strong Reserves<br> Low LTV | XX | Investment | Purchase | NA | 7279838 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 597456 | Closed | 2025-12-13 10:17 | 2025-12-15 15:14 | 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-12/15/2025 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/13/2025 |  | 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-12/15/2025 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/13/2025<br>|  |  |  | XX | Investment | Purchase | NA | 6614131 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 597456 | Closed | 2025-12-02 11:27 | 2025-12-15 15:13 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is greater than Guideline Maximum Loan Amount | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/15/2025 <br> Waived-Audited Loan Amount of $XXXXXXXX is greater than the Guideline Maximum Loan Amount of $5000000 . However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/02/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/15/2025 <br> Waived-Audited Loan Amount of $XXXXXXXX is greater than the Guideline Maximum Loan Amount of $5000000 . However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/02/2025 |  |  | Strong Reserves<br> Low LTV | XX | Investment | Purchase | NA | 6449791 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 283297 | Closed | 2025-12-06 12:04 | 2026-01-07 11:46 | 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-01/07/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Mortgage (VOM) Document is incomplete, Subject Mortgage history Missing, However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/06/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/07/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Mortgage (VOM) Document is incomplete, Subject Mortgage history Missing, However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/06/2025<br>|  |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | 6518085 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 283297 | Closed | 2025-12-06 12:41 | 2026-01-07 11:46 | 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-01/07/2026 <br>Waived-Audited FICO of 640 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-12/06/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/07/2026 <br>Waived-Audited FICO of 640 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-12/06/2025<br>|  |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | 6518176 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 213042 | Closed | 2025-12-02 12:40 | 2025-12-08 16:08 | 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 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-12/02/2025 |  | Waived-Audited FICO of 634 is less than Guideline FICO of 650 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-12/02/2025<br>|  |  | Strong Marketing Trends<br> Property condition | XX | Investment | Refinance | Cash Out - Other | 6451501 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 213042 | Closed | 2025-12-08 09:47 | 2025-12-08 09:59 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Housing History Does Not Meet Guideline Requirements 2x30 late payments in the most recent 12 months on primary mortgage reported. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated<br> - Due Diligence Vendor-12/08/2025 |  | Waived-Housing History Does Not Meet Guideline Requirements 2x30 late payments in the most recent 12 months on primary mortgage reported. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated<br> - Due Diligence Vendor-12/08/2025<br>|  |  | Property Condition | XX | Investment | Refinance | Cash Out - Other | 6527941 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 174850 | Closed | 2025-12-17 07:26 | 2026-01-22 13:54 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing Condo Master Insurance Policy | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/22/2026 <br>Open-Missing Condo Master Insurance Policy Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/17/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/22/2026<br>|  |  | Seasoned Investor | XX | Other | Refinance | Cash Out - Other | 6659305 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 174850 | Closed | 2025-12-17 07:29 | 2026-01-07 10:40 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/07/2026 <br>Ready for Review-Document Uploaded. Uploaded - Buyer-01/02/2026 <br>Open-Housing History Does Not Meet Guideline Requirements Lender guidelines require a complete 12-month payment history for the subject property. Despite this requirement, the subject loan remains due for the 09/16 payment. - Due Diligence Vendor-12/17/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/07/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Seasoned investor<br> High FICO | XX | Other | Refinance | Cash Out - Other | 6659321 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 174850 | Closed | 2025-12-05 07:09 | 2025-12-17 15:39 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. No primary VOR is available as the borrower lives rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/05/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. No primary VOR is available as the borrower lives rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/05/2025<br>|  |  | Seasoned Business | XX | Other | Refinance | Cash Out - Other | 6500346 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 505333 | Closed | 2025-11-20 05:58 | 2026-01-23 15:30 | Waived | 2 - Non-Material | Credit | Eligibility | Purchase is not considered to be an Arm's Length Transaction | Waived-Purchase is not considered to be an Arm's Length Transaction . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/20/2025 | Buyer and seller have no relation, and property is not in distress. XXX called this non arm's length because it was a private (not listed) sale. - 01/23/2026 <br>| Waived-Purchase is not considered to be an Arm's Length Transaction . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/20/2025<br>|  |  | Strong Reserves | XX | Investment | Purchase | NA | 6317353 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 505333 | Closed | 2025-11-20 06:10 | 2025-11-20 06:10 | Waived | 2 - Non-Material | Credit | Eligibility | Excessive Seller Concessions | Waived-Lender guidelines allow maximum seller concessions of 3% for this transaction. According to the Final HUD, the borrower received 5% seller concessions. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/20/2025 |  | Waived-Lender guidelines allow maximum seller concessions of 3% for this transaction. According to the Final HUD, the borrower received 5% seller concessions. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-11/20/2025<br>|  |  | Strong Reserves | XX | Investment | Purchase | NA | 6317456 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 348513 | Closed | 2025-12-04 04:08 | 2026-01-15 11:45 | Waived | 2 - Non-Material | Credit | Assets | Total Qualified Assets for Reserves Post-Close is less than Total Required Reserve Amount | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/15/2026 <br>Waived-Total Qualified Assets for Reserves Post-Close of $0 is less than Total Required Reserve Amount of $17434.05 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/08/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/15/2026 <br>Waived-Total Qualified Assets for Reserves Post-Close of $0 is less than Total Required Reserve Amount of $17434.05 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/08/2025<br>|  |  | High FICO<br> Low LTV | XX | Investment | Purchase | NA | 6479512 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 348513 | Closed | 2025-12-02 11:25 | 2026-01-15 11:45 | 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-01/15/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Verification of Rent (VOR) Document is Missing for the borrower's primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/02/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/15/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Verification of Rent (VOR) Document is Missing for the borrower's primary residence. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/02/2025<br>|  |  | High FICO<br> Low LTV | XX | Investment | Purchase | NA | 6449749 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 348513 | Closed | 2025-12-04 04:09 | 2026-01-15 11:45 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Reserves are less than Guideline Required Reserves (Number of Months) | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/15/2026 <br>Waived-Audited Reserves of month(s) are less than Guideline Required Reserves of 3 month(s) Audited Reserves of 0 months are less than Guideline Required Reserves of 3 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/15/2026 <br>Waived-Audited Reserves of month(s) are less than Guideline Required Reserves of 3 month(s) Audited Reserves of 0 months are less than Guideline Required Reserves of 3 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/04/2025<br>|  |  | High FICO<br> Low LTV | XX | Investment | Purchase | NA | 6479517 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 954959 | Closed | 2025-12-05 13:19 | 2025-12-15 17:07 | 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-12/15/2025 <br>Waived-Audited FICO of 641 is less than Guideline FICO of 650 . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/05/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/15/2025 <br>Waived-Audited FICO of 641 is less than Guideline FICO of 650 . Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/05/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 6508770 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 699875 | Closed | 2025-12-08 10:26 | 2026-01-15 11:52 | 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-01/15/2026 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/08/2025 |  | 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-01/15/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 6529582 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 778929 | Closed | 2025-12-18 13:12 | 2026-01-22 14:15 | 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-12/24/2025 <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-12/18/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/24/2025 <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-12/18/2025<br>|  |  | Seasoned Investor<br> Strong Marketing Trends | XX | Investment | Purchase | NA | 6689402 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 778929 | Closed | 2025-12-18 13:18 | 2025-12-24 15:17 | 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-12/24/2025 <br>Waived-For Borrower to be eligible for the programs, they must exhibit at least two active major consumer credit and/or mortgage accounts. Although the credit report reflects a sufficient number of tradelines, none have been open for the required 24 months. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/18/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/24/2025 <br>Waived-For Borrower to be eligible for the programs, they must exhibit at least two active major consumer credit and/or mortgage accounts. Although the credit report reflects a sufficient number of tradelines, none have been open for the required 24 months. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/18/2025<br>|  |  | Seasoned Investor<br> Strong Marketing Trends | XX | Investment | Purchase | NA | 6689525 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 792915 | Closed | 2025-12-12 13:36 | 2026-01-07 12:59 | 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-01/07/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-01/02/2026 <br>Open-Subject ownership seasoned less than 12 months, original purchase price required to be used for LTV Calcualtion. - Due Diligence Vendor-12/12/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/07/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Strong reserves | XX | Investment | Refinance | Cash Out - Other | 6607320 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 834547 | Closed | 2025-12-13 05:48 | 2025-12-15 15:22 | 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-12/15/2025 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/13/2025 |  | 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-12/15/2025 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/13/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 6613559 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 886105 | Closed | 2025-12-02 15:50 | 2026-01-14 12:04 | 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-01/14/2026 <br>Waived-Audited FICO of 611 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-12/02/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026 <br>Waived-Audited FICO of 611 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-12/02/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 6455321 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 886105 | Closed | 2025-12-08 08:19 | 2026-01-14 12:04 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026 <br>Waived-Housing History Does Not Meet Guideline Requirements Lender guidelines allow for a maximum 3x30 late payments in the past 24 months. Despite this requirement, the credit report reflects 4x30 in the past 24 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/08/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026 <br>Waived-Housing History Does Not Meet Guideline Requirements Lender guidelines allow for a maximum 3x30 late payments in the past 24 months. Despite this requirement, the credit report reflects 4x30 in the past 24 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/08/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 6526133 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 886105 | Closed | 2025-12-02 15:31 | 2026-01-07 14:40 | 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-01/07/2026 <br>Ready for Review-Document Uploaded. Exception written - Buyer-01/02/2026 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Missing VOR/12 Months rent payment history is missing for primary residence. - Due Diligence Vendor-12/02/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/07/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 6455090 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 345117 | Closed | 2025-12-17 12:42 | 2026-01-14 11:59 | Waived | 2 - Non-Material | Credit | Assets | Total Qualified Assets for Reserves Post-Close is less than Total Required Reserve Amount | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026 <br>Waived-Total Qualified Assets for Reserves Post-Close of $0 is less than Total Required Reserve Amount of $6002.19 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/17/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026 <br>Waived-Total Qualified Assets for Reserves Post-Close of $0 is less than Total Required Reserve Amount of $6002.19 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/17/2025<br>|  |  | High FICO score | XX | Other | Purchase | NA | 6666693 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 345117 | Closed | 2025-12-17 12:22 | 2026-01-14 11:59 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Reserves are less than Guideline Required Reserves (Number of Months) | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026 <br>Waived-Audited Reserves of month(s) are less than Guideline Required Reserves of 3 month(s) Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/17/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026 <br>Waived-Audited Reserves of month(s) are less than Guideline Required Reserves of 3 month(s) Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/17/2025<br>|  |  | High FICO | XX | Other | Purchase | NA | 6666256 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 345117 | Closed | 2025-12-09 12:00 | 2026-01-14 11:59 | 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-01/14/2026 <br>Waived-Audited LTV of 71.37% exceeds Guideline LTV of 70% Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/09/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026 <br>Waived-Audited LTV of 71.37% exceeds Guideline LTV of 70% Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/09/2025<br>|  |  | Strong Reserves<br> High FICO | XX | Other | Purchase | NA | 6552088 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 345117 | Closed | 2025-12-08 10:13 | 2026-01-14 11:59 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower is in Rent Free Primary, Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/08/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower is in Rent Free Primary, Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/08/2025<br>|  |  | High FICO | XX | Other | Purchase | NA | 6528551 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 936493 | Closed | 2025-11-23 06:56 | 2025-11-23 06:56 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 629 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 629. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-11/23/2025 |  | Waived-Audited FICO of 629 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 629. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-11/23/2025<br>|  |  | Low LTV | XX | Other | Refinance | Cash Out - Other | 6356019 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 341123 | Closed | 2025-12-03 12:04 | 2025-12-12 15:55 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/12/2025 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-12/03/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/12/2025 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-12/03/2025<br>|  |  | Strong Reserves | XX | Investment | Refinance | Cash Out - Other | 6468883 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 870981 | Closed | 2025-12-04 09:00 | 2026-01-07 16:15 | 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-01/07/2026 <br>Ready for Review-Exception noted on uploaded approval - Buyer-01/02/2026 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Verification of Mortgage (VOM) Document is incomplete, Missing Primary history for September and October. - Due Diligence Vendor-12/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/07/2026<br>|  |  | High FICO | XX | Investment | Purchase | NA | 6482676 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 870981 | Closed | 2025-12-04 08:55 | 2026-01-07 16:14 | Waived | 2 - Non-Material | Credit | Closing | Borrower 1 Photo ID is expired | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/07/2026 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-01/02/2026 <br> Open-Borrower photo ID expiration date is XX-XX-XXXX and note is dated XX-XX-XXXX. - Due Diligence Vendor-12/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/07/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | High FICO | XX | Investment | Purchase | NA | 6482569 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 687869 | Closed | 2025-11-21 14:46 | 2025-12-03 17:34 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 645 is less than Guideline FICO of 650 . However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-11/21/2025 |  | Waived-Audited FICO of 645 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-11/21/2025<br>|  |  | Strong Reserves | XX | Investment | Refinance | Cash Out - Other | 6347347 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 687869 | Closed | 2025-12-03 07:31 | 2025-12-03 07:31 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Documentation in file refelct borrower's primary residence is paid by another. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/03/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Documentation in file refelct borrower's primary residence is paid by another. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/03/2025<br>|  |  | Strong Reserves. | XX | Investment | Refinance | Cash Out - Other | 6461469 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 783001 | Closed | 2025-12-04 06:18 | 2025-12-04 12:51 | 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-12/04/2025 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/04/2025 |  | 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-12/04/2025 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/04/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 6480341 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 290989 | Closed | 2025-12-01 10:11 | 2025-12-31 13:26 | 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-12/31/2025 <br>Ready for Review-Document Uploaded. Updated approval uploaded - Buyer-12/08/2025 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12 month housing verification. Despite this requirement, the borrower lives rent free. Lender provided approved exception date prior to consummation but no valid compensating factors were provided. - Due Diligence Vendor-12/01/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/31/2025<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | 6428941 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 509028 | Closed | 2025-12-03 09:17 | 2025-12-15 15:51 | Waived | 2 - Non-Material | Credit | Missing Doc | Hazard Insurance Policy is Partial | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/15/2025 <br>Waived-Hazard Insurance Policy Partially Provided The hazard policy provided does not reflect a deductible of no less than $10,000 per the lender GL. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/03/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/15/2025 <br>Waived-Hazard Insurance Policy Partially Provided The hazard policy provided does not reflect a deductible of no less than $10,000 per the lender GL. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/03/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 6463402 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 509028 | Closed | 2025-12-03 07:33 | 2025-12-15 15:51 | 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-12/15/2025 <br>Waived-Audited FICO of 634 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 634. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/03/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/15/2025 <br>Waived-Audited FICO of 634 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 634. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/03/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 6461488 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 509028 | Closed | 2025-12-13 07:42 | 2025-12-15 15:50 | 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-12/15/2025 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/13/2025 |  | 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-12/15/2025 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/13/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 6613812 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 145769 | Closed | 2025-12-13 08:17 | 2026-01-07 17:06 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/07/2026 <br>Ready for Review-Exception noted on uploaded approval - Buyer-01/02/2026 <br>Open-The loan file is missing a VOM for the 3rd lien on the subject property. Additional conditions may apply upon receipt of the missing documentation. - Due Diligence Vendor-12/13/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/07/2026<br>|  |  | High FICO | XX | Investment | Refinance | Cash Out - Other | 6613902 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 145769 | Closed | 2025-12-13 08:16 | 2026-01-07 17:06 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/07/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-01/02/2026 <br>Open-Housing History Does Not Meet Guideline Requirements Lender guidelines require a mortgage history for the subject property reporting no more than 1x30 in the most recent 12 months with no late payments in the most recent 90 days. The VOM provided for the first lien on the subject property reports 2x30 and is currently due for the 11/01 payment - Due Diligence Vendor-12/13/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/07/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX (1).pdf |  | High FICO | XX | Investment | Refinance | Cash Out - Other | 6613900 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 145769 | Closed | 2025-12-13 08:16 | 2026-01-07 17:06 | 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-01/07/2026 <br>Ready for Review-Exception noted on uploaded approval - Buyer-01/02/2026 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The VOM for the 2nd lien on the subject property is incomplete as it was prepared by a private lender and no evidence of cancelled checks was provided as required by the lender guidelines. - Due Diligence Vendor-12/13/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/07/2026<br>|  |  | High FICO | XX | Investment | Refinance | Cash Out - Other | 6613901 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 714220 | Closed | 2026-01-23 16:20 | 2026-01-23 16:21 | 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-01/23/2026 <br>Open-Subject Property Located in Rural area. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-01/23/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/23/2026<br>|  |  | Low LTV<br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 7279951 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 714220 | Closed | 2025-12-13 06:57 | 2025-12-15 16:28 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA provided as a secondary review product, the finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-12/15/2025 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/13/2025 |  | Acknowledged-CDA provided as a secondary review product, the finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-12/15/2025 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/13/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 6613708 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 417365 | Closed | 2025-12-03 11:16 | 2025-12-10 16:18 | 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-12/10/2025 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/03/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/10/2025 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/03/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 6467641 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 443937 | Closed | 2025-12-17 11:09 | 2025-12-17 16:13 | 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-12/17/2025 <br>Waived-Audited LTV of 75% exceeds Guideline LTV of 70% Lender guidelines require a 5% LTV reduction for a loan amount greater then $1,000,000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/17/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/17/2025 <br>Waived-Audited LTV of 75% exceeds Guideline LTV of 70% Lender guidelines require a 5% LTV reduction for a loan amount greater then $1,000,000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/17/2025<br>|  |  | High FICO<br> Seasoned Business | XX | Other | Refinance | Cash Out - Other | 6664565 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 443937 | Closed | 2025-12-17 11:11 | 2025-12-17 16:13 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/17/2025 <br>Waived-Commercial Debt Service Coverage Ratio of 0.775 is below guideline minimum of 1.00. Lende provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/17/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/17/2025 <br>Waived-Commercial Debt Service Coverage Ratio of 0.775 is below guideline minimum of 1.00. Lende provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/17/2025<br>|  |  | High FICO<br> Seasoned Business | XX | Other | Refinance | Cash Out - Other | 6664604 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 532100 | Closed | 2025-12-08 14:55 | 2026-01-21 12:12 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing Condo Master Insurance Policy | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/21/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-01/20/2026 <br>Counter-Credit report provided, please provide the proper insurance policy. - Due Diligence Vendor-01/12/2026 <br>Ready for Review-Document Uploaded. Page 10 of uploaded - Buyer-01/06/2026 <br>Open-Missing Condo Master Insurance Policy Condo Master Insurance Policy not found in file - Due Diligence Vendor-12/08/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/21/2026<br>| XXXXXXXXXX - XXXX-report.pdf<br> XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Low LTV<br> High FICO | XX | Investment | Refinance | No Cash Out - Borrower Initiated | 6535986 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 532100 | Closed | 2025-12-23 11:12 | 2026-01-12 15:49 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/12/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-01/05/2026 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The borrower lives rent free; therefore, no VOR is available as required by the lender guidelines and no exception was noted on the loan approval - Due Diligence Vendor-12/23/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/12/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Low LTV<br> High FICO | XX | Investment | Refinance | No Cash Out - Borrower Initiated | 6762989 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 224394 | Closed | 2025-12-23 09:16 | 2026-01-12 14:21 | 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-01/12/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-01/05/2026 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Documentation in file reports the borrower's primary residence is currently due for 09/01 resulting in an incomplete mortgage verification. - Due Diligence Vendor-12/23/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/12/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | 6759510 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 224394 | Closed | 2025-12-23 09:24 | 2026-01-12 14:18 | 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-01/12/2026 <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-12/23/2025 |  | 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-01/12/2026 <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-12/23/2025<br>|  |  |  | XX | Investment | Refinance | No Cash Out - Borrower Initiated | 6759790 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 224394 | Closed | 2025-12-08 05:13 | 2025-12-23 17:14 | 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-12/23/2025 <br>Waived-The subject loan was refinanced recently. Per lender's guidelines, a frequent refinance with less than 12 months seasoning is not allowed. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/08/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/23/2025 <br>Waived-The subject loan was refinanced recently. Per lender's guidelines, a frequent refinance with less than 12 months seasoning is not allowed. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/08/2025<br>|  |  | Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | 6523793 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 224394 | Closed | 2025-12-07 13:03 | 2025-12-23 17:14 | 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-12/23/2025 <br>Waived-Audited FICO of 566 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-12/07/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/23/2025 <br>Waived-Audited FICO of 566 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-12/07/2025<br>|  |  | Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | 6520470 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 709603 | Closed | 2025-11-20 14:59 | 2026-01-23 16:23 | Acknowledged | 2 - Non-Material | Property | Property Issue | Property Damage Present | Acknowledged- - Due Diligence Vendor-01/23/2026 <br> Acknowledged-A 90-day escrow holdback was taken at closing for the repairs. - Due Diligence Vendor-01/23/2026 <br> Acknowledged-The finding has been acknowledged. - Due Diligence Vendor-01/22/2026 <br> Open-Property Damage Present. XX XXXXXXX - Deferred maintenance noted includes floor repair in Unit 2 Bathroom and rear exterior repair as evidenced in photos. XX XXXXXX - Evidence of deferred maintenance on rear exterior with obvious damaged siding and boarded windows. X XXXX XXXXXXX - Evidence of deferred maintenance as the roof appears to be nearing the end of its physically productive life. - Due Diligence Vendor-11/20/2025 | Seller commentary: 67.37% LTV. Appraisal made as-is and current property condition considered in value/LTV. XXX completed a 90-day holdback at origination $5,000 to cover the replacement of the missing siding (XXXX) and to finish the existing metal roof (X XXXX). Per appraisal: roof for X XXXXX appears to be nearing the end of its physically productive life; however, structurally sound. Borrower also provided photos of the repaired windows - 01/23/2026 <br>| Acknowledged- - Due Diligence Vendor-01/23/2026 <br>Acknowledged-A 90-day escrow holdback was taken at closing for the repairs. - Due Diligence Vendor-01/23/2026 <br>Acknowledged-The finding has been acknowledged. - Due Diligence Vendor-01/22/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 6332157 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 709603 | Closed | 2025-11-20 17:38 | 2026-01-06 14:02 | 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-01/06/2026 <br> Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-01/02/2026 <br> Open-Per policy appraisal is valid 6 months from valuation date. Valuation date is XX/XX/XXXX and valid through XX/XX/XXXX which was prior to closing - Due Diligence Vendor-11/20/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/06/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX (1).pdf |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | 6334231 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 409897 | Closed | 2025-11-21 10:35 | 2025-12-03 17:38 | 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-12/03/2025 <br> Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $100000 . However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-11/21/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/03/2025 <br> Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $100000 . However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-11/21/2025 |  |  | High FICO | XX | Investment | Purchase | NA | 6341394 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 942860 | Closed | 2025-11-26 10:28 | 2025-12-04 15:32 | 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-12/04/2025 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-11/26/2025 |  | 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-12/04/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 6402118 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 100597 | Closed | 2025-12-07 07:21 | 2025-12-23 17:16 | 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-12/23/2025 <br> Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $100000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/07/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/23/2025 <br> Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $100000. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/07/2025 |  |  | High FICO | XX | Investment | Refinance | Cash Out - Other | 6519927 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 100597 | Closed | 2025-12-07 07:22 | 2025-12-23 17:15 | 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-12/23/2025 <br>Waived-Documentation in the file indicated the property does not meet the minimum 12 month seasoning requirements. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors.<br> - Due Diligence Vendor-12/07/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/23/2025 <br> Waived-Documentation in the file indicated the property does not meet the minimum 12 month seasoning requirements. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors.<br> - Due Diligence Vendor-12/07/2025 |  |  | High FICO | XX | Investment | Refinance | Cash Out - Other | 6519930 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 416448 | Closed | 2025-12-03 12:45 | 2025-12-09 15:45 | 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-12/09/2025 <br>Waived-Audited FICO of 636 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 603. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-12/03/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/09/2025 <br>Waived-Audited FICO of 636 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 603. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-12/03/2025<br>|  |  | Seasoned business<br> Strong marketing trends | XX | Investment | Refinance | Cash Out - Other | 6470002 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 287131 | Closed | 2026-01-22 14:55 | 2026-01-22 14:56 | 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-01/22/2026 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-01/22/2026 |  | 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-01/22/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 7253924 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 128712 | Closed | 2025-12-24 08:22 | 2026-01-22 12:44 | Acknowledged | 3 - Material | Property | Property Issue | Property Damage Present | Acknowledged-The finding has been acknowledged. - Due Diligence Vendor-01/22/2026 <br> Unable to Resolve-Unable to Resolve-Seller commentary: Appraisal made as-is and current property condition is reflected in the value/LTV. Per borrower LOE in file cash-out proceeds will be used towards capital improvements at the subject properties. Also, a roof cert was provided by a state licensed contractor that confirmed that the roof is in satisfactory condition with no evidence of leaks. XXX does expect the borrower to complete any necessary repairs/updates to the properties. - Buyer-01/17/2026 <br> Open-Property Damage Present. Subject property on East End reflects roof/chimney repairs needed, addressed by the appraiser but no cost to cure was provided. - Due Diligence Vendor-12/24/2025 |  | Acknowledged-The finding has been acknowledged. - Due Diligence Vendor-01/22/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 6787176 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 930654 | Closed | 2025-12-04 11:40 | 2026-01-22 14:14 | Waived | 2 - Non-Material | Credit | Eligibility | Borrower 1 Credit Report is Expired | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/15/2026 <br>Waived-Credit report exceed 60 days as per guideline. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/15/2026 <br>Waived-Credit report exceed 60 days as per guideline. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/04/2025<br>|  |  | High FICO <br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 6487530 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 930654 | Closed | 2025-12-04 11:44 | 2026-01-15 13:35 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/15/2026 <br>Waived-Audited LTV of 72.09% exceeds Guideline LTV of 70% Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/15/2026 <br>Waived-Audited LTV of 72.09% exceeds Guideline LTV of 70% Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/04/2025<br>|  |  | High FICO <br> Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 6487619 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 930654 | Closed | 2025-12-09 08:05 | 2026-01-07 16:44 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/07/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-01/02/2026 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The VOM provided for the borrower's primary residence is incomplete. The verification was not signed and dated by the preparer and the loan is from a private party lender which required 12 months verified payment history. Only 09 and 10/2025 was provided. - Due Diligence Vendor-12/09/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/07/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | High FICO<br> Seasoned investor | XX | Investment | Refinance | Cash Out - Other | 6545322 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 245284 | Closed | 2026-01-22 14:57 | 2026-01-22 14:58 | 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-01/22/2026 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-01/22/2026 |  | Acknowledged-CDA with sufficient value provided as a secondary review product. The finding will be graded a B or non-material. - Due Diligence Vendor-01/22/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 7253950 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 864653 | Closed | 2025-12-04 07:00 | 2026-01-22 14:14 | 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-12/11/2025 <br>Waived-Commercial Debt Service Coverage Ratio of .685 is below guideline minimum of 1.00 for an owner user property. A lender exception dated prior to consummation was provided and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/11/2025 <br>Waived-Commercial Debt Service Coverage Ratio of .685 is below guideline minimum of 1.00 for an owner user property. A lender exception dated prior to consummation was provided and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/04/2025<br>|  |  | Seasoned Business <br> Strong Reserves | XX | Other | Refinance | Cash Out - Other | 6480680 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 864653 | Closed | 2025-12-11 07:09 | 2026-01-07 17:30 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/07/2026 <br>Ready for Review-Document Uploaded. Uploaded - Buyer-01/02/2026 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The final HUD-1 reflects the payoff of a Private Mortgage with additional funds in escrow for interest penalties. Now VOM for this lien was provided therefore any late payments could not be determined. Additional conditions may result upon receipt of the missing documentation. - Due Diligence Vendor-12/11/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/07/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | High FICO <br> Low LTV | XX | Other | Refinance | Cash Out - Other | 6581172 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 837034 | Closed | 2025-11-19 10:02 | 2025-12-02 11:05 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 649 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 649. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-11/19/2025 |  | Waived-Audited FICO of 649 is less than Guideline FICO of 650 Lender requires a min FICO of 650 per program guidelines, despite this requirement the qualifying FICO is 649. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-11/19/2025<br>|  |  | Strong Reserves | XX | Investment | Purchase | NA | 6305099 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 837034 | Closed | 2025-11-19 10:02 | 2025-11-19 10:02 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Lender requires a min Loan amount of 75K per program guidelines, despite this requirement the qualifying loan amount is 71,250. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-11/19/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 Lender requires a min Loan amount of 75K per program guidelines, despite this requirement the qualifying loan amount is 71,250. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-11/19/2025 |  |  | Strong Reserves | XX | Investment | Purchase | NA | 6305100 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 837034 | Closed | 2025-11-19 10:02 | 2025-11-19 10:02 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | 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-11/19/2025 |  | 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-11/19/2025<br>|  |  | Strong Reserves | XX | Investment | Purchase | NA | 6305101 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 982126 | Closed | 2025-12-23 08:25 | 2026-01-26 08:14 | 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-12/23/2025 <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-12/23/2025 |  | 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-12/23/2025 <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-12/23/2025<br>|  |  |  | XX | Investment | Purchase | NA | 6758678 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 982126 | Closed | 2025-12-23 08:05 | 2025-12-23 17:18 | Waived | 2 - Non-Material | Credit | Assets | Total Qualified Assets for Reserves Post-Close is less than Total Required Reserve Amount | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/23/2025 <br>Waived-Total Qualified Assets for Reserves Post-Close of $0 is less than Total Required Reserve Amount of $3133.41 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/23/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/23/2025 <br>Waived-Total Qualified Assets for Reserves Post-Close of $0 is less than Total Required Reserve Amount of $3133.41 Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/23/2025<br>|  |  | High FICO | XX | Investment | Purchase | NA | 6758290 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 982126 | Closed | 2025-12-23 08:14 | 2025-12-23 17:18 | 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-12/23/2025 <br>Waived-Loan file only contains evidence of experience for 0 properties which is below the guideline minimum. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/23/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/23/2025 <br>Waived-Loan file only contains evidence of experience for 0 properties which is below the guideline minimum. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/23/2025<br>|  |  | High FICO score | XX | Investment | Purchase | NA | 6758444 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 982126 | Closed | 2025-12-23 07:56 | 2025-12-23 17:18 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Reserves are less than Guideline Required Reserves (Number of Months) | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/23/2025 <br>Waived-Audited Reserves of month(s) are less than Guideline Required Reserves of 3 month(s) Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/23/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/23/2025 <br>Waived-Audited Reserves of month(s) are less than Guideline Required Reserves of 3 month(s) Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/23/2025<br>|  |  | High FICO score | XX | Investment | Purchase | NA | 6758182 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 963521 | Closed | 2025-12-09 15:58 | 2025-12-09 16:07 | 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-12/09/2025 <br>Waived-Subject ownership seasoned less than 12 months, original purchase price supposed to be used for LTV calculation. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/09/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/09/2025 <br>Waived-Subject ownership seasoned less than 12 months, original purchase price supposed to be used for LTV calculation. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/09/2025<br>|  |  | High FICO | XX | Investment | Refinance | Cash Out - Other | 6557237 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 149406 | Closed | 2025-12-10 10:15 | 2025-12-10 16:25 | 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-12/10/2025 <br>Waived-Subject ownership seasoned less than 12 months, original purchase price supposed to be used for LTV calculation. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/10/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/10/2025 <br>Waived-Subject ownership seasoned less than 12 months, original purchase price supposed to be used for LTV calculation. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/10/2025<br>|  |  | High FICO | XX | Investment | Refinance | Cash Out - Other | 6567173 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 669351 | Closed | 2025-12-06 07:13 | 2026-01-26 07:59 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/16/2025 <br>Waived-Audited FICO of 635 is less than Guideline FICO of 650 A lender exception is present in the loan file dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-12/06/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/16/2025 <br>Waived-Audited FICO of 635 is less than Guideline FICO of 650 A lender exception is present in the loan file dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-12/06/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 6517113 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 849802 | Closed | 2025-12-19 15:03 | 2026-01-14 08:30 | Waived | 2 - Non-Material | Credit | Borrower | Borrower 1 Credit Report is Incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-01/05/2026 <br>Open-Borrower DOB is incorrect credit report. The lender provided an approved exception dated prior to consummation; however, the compensating factor of low LTV is not valid. - Due Diligence Vendor-12/19/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 6714421 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 937079 | Closed | 2025-12-04 10:54 | 2026-01-22 14:15 | 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-12/09/2025 <br>Waived-Audited LTV of 75% exceeds Guideline LTV of 70% 5% LTV reduction for a first time investor. Lender provided an approved exception dated prior to consummation, and all compensating factors were documented and validated. - Due Diligence Vendor-12/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/09/2025 <br>Waived-Audited LTV of 75% exceeds Guideline LTV of 70% 5% LTV reduction for a first time investor. Lender provided an approved exception dated prior to consummation, and all compensating factors were documented and validated. - Due Diligence Vendor-12/04/2025<br>|  |  | High FICO<br> Strong Reserves | XX | Investment | Purchase | NA | 6486386 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 937079 | Closed | 2025-12-09 12:33 | 2025-12-09 16:26 | Waived | 2 - Non-Material | Credit | Eligibility | Ineligible Borrower (Borrower 1) | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/09/2025 <br>Waived-the borrower is a first-time homebuyer which is ineligible. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/09/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/09/2025 <br>Waived-the borrower is a first-time homebuyer which is ineligible. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/09/2025<br>|  |  | High FICO<br> Strong Reserves | XX | Investment | Purchase | NA | 6553067 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 238587 | Closed | 2025-12-10 12:47 | 2026-01-14 13:59 | Waived | 2 - Non-Material | Credit | Assets | Asset 3 Does Not Meet Guideline Requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026 <br>Ready for Review-Document Uploaded. Final HUD from refinance of another property for partial funds to close. An exception has been written for unverified funds. - Buyer-01/12/2026 <br>Counter-The wrong document was uploaded, it is a HUD for a different transaction. - Due Diligence Vendor-01/08/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-01/05/2026 <br>Open-Asset Record 3 Does Not Meet G/L Requirements The wire transfer receipt for funds to close indicate a source account that was not verified. - Due Diligence Vendor-12/10/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026<br>| Final HUD of Final Settlement Statement (1).pdf<br> XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf<br> Final HUD of Final Settlement Statement (4).pdf |  | Seasoned investor | XX | Investment | Purchase | NA | 6571667 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 238587 | Closed | 2025-12-04 07:59 | 2025-12-10 16:28 | 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-12/10/2025 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower provide rent free letter Pg#162. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/10/2025 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower provide rent free letter Pg#162. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/04/2025<br>|  |  | Seasoned Investor | XX | Investment | Purchase | NA | 6481416 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 768052 | Closed | 2025-11-21 08:17 | 2025-11-26 18:09 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lived rent free with no primary expense. Lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-11/21/2025 |  | Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lived rent free with no primary expense. Lender provided an approved exception dated prior to consummation, and all compensating factors were validated - Due Diligence Vendor-11/21/2025<br>|  |  | Strong Reserves | XX | Investment | Refinance | Cash Out - Other | 6338931 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 871525 | Closed | 2025-12-04 16:04 | 2026-01-13 13:47 | 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-01/13/2026 <br> Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-01/05/2026 <br> Open-Audited Loan Amount of $XXXX is less than the Guideline Minimum Loan Amount of $75000 Per guidelines min. loan is $75,000. Actual loan amount is $XXXX. Lender provided approved exception dated prior to consummation however the compensating factor of Low LTV is not vlaid. - Due Diligence Vendor-12/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/13/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Excess Equity | XX | Investment | Refinance | Cash Out - Other | 6493717 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 457587 | Closed | 2025-12-09 05:39 | 2025-12-24 15:34 | 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-12/24/2025 <br>Waived-Audited FICO of 632 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-12/09/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/24/2025 <br>Waived-Audited FICO of 632 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-12/09/2025<br>|  |  | Strong reserves<br> Seasoned investor | XX | Investment | Purchase | NA | 6543839 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 190618 | Closed | 2025-11-21 16:27 | 2026-01-22 14:13 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Exception provided, the finding will be graded a B or non-material. - Due Diligence Vendor-12/04/2025 <br>Waived-Audited LTV of 75% exceeds Guideline LTV of 70% Borrower is first time investor. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-11/21/2025 |  | Waived-Exception provided, the finding will be graded a B or non-material. - Due Diligence Vendor-12/04/2025 <br>Waived-Audited LTV of 75% exceeds Guideline LTV of 70% Borrower is first time investor. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-11/21/2025<br>|  |  | High FICO<br> Property Condition | XX | Investment | Purchase | NA | 6348848 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 190618 | Closed | 2025-12-04 07:27 | 2025-12-04 14:08 | 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-12/04/2025 <br>Waived-Property type is ineligible due to Subject meets the criteria for a Rural property due to population less than 25,000 and distance from a major city with a population of a t least 100,000 is greater than 25 miles.. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/04/2025 <br>Waived-Property type is ineligible due to Subject meets the criteria for a Rural property due to population less than 25,000 and distance from a major city with a population of a t least 100,000 is greater than 25 miles.. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/04/2025<br>|  |  | High FICO<br> Property Condition | XX | Investment | Purchase | NA | 6481003 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 520443 | Closed | 2025-12-04 13:23 | 2025-12-11 16:43 | 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-12/11/2025 <br>Waived-Audited LTV of 75% exceeds Guideline LTV of 65% Borrower is First time Investor, as per guideline LTV minus 5%. In addition, a Traditional 2 property has a maximum LTV of 70%. Audited LTV of 75% exceeds Guideline LTV of 65%. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/11/2025 <br>Waived-Audited LTV of 75% exceeds Guideline LTV of 65% Borrower is First time Investor, as per guideline LTV minus 5%. In addition, a Traditional 2 property has a maximum LTV of 70%. Audited LTV of 75% exceeds Guideline LTV of 65%. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/04/2025<br>|  |  | High FICO<br> Strong Reserves | XX | Other | Purchase | NA | 6490429 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 422987 | Closed | 2025-12-19 08:36 | 2026-01-14 09:23 | 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-01/14/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-01/05/2026 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a 12-month rental payment history for the borrower's primary residence. Despite this requirement, only 8 months of banks statements were provided to verify the required history. - Due Diligence Vendor-12/19/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Seasoned investor<br> Strong reserves | XX | Investment | Refinance | Cash Out - Other | 6703412 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 805499 | Closed | 2025-12-22 07:14 | 2026-01-23 16:03 | Acknowledged | 2 - Non-Material | Property | Property Issue | Property Damage Present | Acknowledged- - Due Diligence Vendor-01/23/2026 <br>Acknowledged-Property Damage Present. Although the Appraiser noted the condition as average, repairs to the existing warehouse are required due to deferred maintenance. Cost to cure was greater than $25,000. A 365-day escrow holdback for these repairs was noted on the final HUD 1 and an Escrow holdback agreement was provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-01/23/2026 |  | Acknowledged- - Due Diligence Vendor-01/23/2026 <br> Acknowledged-Property Damage Present. Although the Appraiser noted the condition as average, repairs to the existing warehouse are required due to deferred maintenance. Cost to cure was greater than $XX,XXX. A 365-day escrow holdback for these repairs was noted on the final HUD 1 and an Escrow holdback agreement was provided. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-01/23/2026 |  |  | Seasoned Investor<br> High FICO | XX | Other | Refinance | Cash Out - Other | 6731410 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 805499 | Closed | 2025-12-22 07:07 | 2025-12-22 17:29 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Commercial Debt Service Coverage Ratio of .947 is below guideline minimum of 1.0. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/22/2025 |  | Waived-Commercial Debt Service Coverage Ratio of .947 is below guideline minimum of 1.0. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/22/2025<br>|  |  | Seasoned Investor<br> High FICO | XX | Other | Refinance | Cash Out - Other | 6731356 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 460770 | Closed | 2025-12-24 06:03 | 2025-12-24 15:40 | 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-12/24/2025 <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-12/24/2025 |  | 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-12/24/2025 <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-12/24/2025<br>|  |  |  | XX | Investment | Purchase | NA | 6785066 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 514045 | Closed | 2026-01-07 10:19 | 2026-01-07 10:20 | Waived | 2 - Non-Material | Credit | Insurance | Hazard Insurance Effective Date is after the Disbursement Date | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/07/2026 <br> Open-Hazard Insurance Effective Date of XX/XX/XXXX is after the Disbursement Date of XX/XX/XXXX - Due Diligence Vendor-01/07/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/07/2026<br>|  |  | High FICO | XX | Investment | Purchase | NA | 6960968 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 452219 | Closed | 2025-12-03 15:47 | 2026-01-08 13:16 | 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-01/08/2026 <br>Ready for Review-Exception noted om uploaded approval - Buyer-01/05/2026 <br>Open-Audited FICO of 559 is less than Guideline FICO of 650 Lender provided exception dated prior to consummation but was approved as unmitigated - Due Diligence Vendor-12/03/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/08/2026<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 6474144 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 452219 | Closed | 2025-12-03 12:04 | 2026-01-08 13:16 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/08/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-01/05/2026 <br>Open-Housing History Does Not Meet Guideline Requirements Credit report reflects 3x30 late payments in the most recent 24 months on primary residence mortgage. Lender provided exception dated prior to consummation but was approved as unmitigated - Due Diligence Vendor-12/03/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/08/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 6468893 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 384025 | Closed | 2025-12-09 06:14 | 2025-12-09 16:39 | 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-12/09/2025 <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-12/09/2025 |  | 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-12/09/2025 <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-12/09/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 6544088 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 384025 | Closed | 2025-12-04 06:34 | 2025-12-09 16:38 | 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-12/09/2025 <br>Waived-VOM has mentioned as Private Landlord and Missing 12 months Payment history/Cancelled check for Subject Property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/09/2025 <br>Waived-VOM has mentioned as Private Landlord and Missing 12 months Payment history/Cancelled check for Subject Property. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/04/2025<br>|  |  | Seasoned Investor<br> Seasoned Business | XX | Investment | Refinance | Cash Out - Other | 6480466 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 384025 | Closed | 2025-12-04 06:29 | 2025-12-09 16:38 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/09/2025 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-12/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/09/2025 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives in rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-12/04/2025<br>|  |  | Seasoned Investeor<br> Seasoned Business | XX | Investment | Refinance | Cash Out - Other | 6480431 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 519526 | Closed | 2025-12-03 13:39 | 2026-01-08 13:46 | 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-01/08/2026 <br> Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-01/05/2026 <br> Open-Audited Loan Amount of $XXXX is less than the Guideline Minimum Loan Amount of $75000 . Exception provided however the compensating factor of Low LTV is not valid. - Due Diligence Vendor-12/03/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/08/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Excess Equity<br> Strong DSCR | XX | Investment | Refinance | Cash Out - Other | 6471297 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 637406 | Closed | 2025-12-24 07:12 | 2025-12-24 15:45 | Waived | 2 - Non-Material | Credit | Title | Property Title Issue | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/24/2025 <br>Waived-Property Title Issue The 2nd lien on the subject is invalid as the term of 12 months is less than the minimum allowed per GL of 36 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/24/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/24/2025 <br>Waived-Property Title Issue The 2nd lien on the subject is invalid as the term of 12 months is less than the minimum allowed per GL of 36 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/24/2025<br>|  |  | Low LTV | XX | Other | Purchase | NA | 6786175 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 968086 | Closed | 2025-12-29 07:08 | 2026-01-14 15:35 | 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-01/14/2026 <br>Ready for Review-corrected approval uploaded - Buyer-01/12/2026 <br>Open-Audited FICO of 643 is less than Guideline FICO of 650 Lender provided approved exception dated prior to consummation but compensating factors were indicated as other. Please provide updated loan approval with acceptable compensating factors noted. - Due Diligence Vendor-12/29/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026<br>|  |  | Strong reserves | XX | Investment | Refinance | Cash Out - Other | 6828814 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 968086 | Closed | 2025-12-29 05:32 | 2026-01-14 15:34 | 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-01/14/2026 <br>Ready for Review-Corrected approval uploaded - Buyer-01/12/2026 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower lives rent free. Lender provided approved exception dated prior to consummation but compensating factors were indicated as other. Please provide updated loan approval with acceptable compensating factors noted. - Due Diligence Vendor-12/29/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026<br>|  |  | Strong reserves | XX | Investment | Refinance | Cash Out - Other | 6827492 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 968086 | Closed | 2026-01-12 06:11 | 2026-01-14 15:34 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing Verification of Mortgage | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026 <br>Ready for Review-Document Uploaded. Uploaded Corrected loan approval referencing reserves as comp factor and Assets analysis updated. Also uploaded is a copy of borrowers bank statement for reserves - Buyer-01/12/2026 <br>Open-Documentation provided indicates a 2nd lien on the subject property paid at close but no payment history for this mortgage was provided as required by the lender guidelines. - Due Diligence Vendor-01/12/2026 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf<br> Verification of Funds XXXXX #XXXX $XXXXX.XX.pdf |  | Strong reserves | XX | Investment | Refinance | Cash Out - Other | 7032790 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 274944 | Closed | 2025-12-06 10:42 | 2025-12-17 16:19 | 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-12/17/2025 <br>Waived-Audited LTV of 75% exceeds Guideline LTV of 65% . However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/06/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/17/2025 <br>Waived-Audited LTV of 75% exceeds Guideline LTV of 65% . However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/06/2025<br>|  |  | Strong Reserves | XX | Other | Purchase | NA | 6517832 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 130741 | Closed | 2025-12-04 12:42 | 2025-12-09 16:41 | 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-12/09/2025 <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-12/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/09/2025 <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-12/04/2025<br>|  |  | Seasoned Investor<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | 6489266 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 343179 | Closed | 2025-12-26 07:45 | 2026-01-14 09:55 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026 <br>Ready for Review-An exception has been written for no mortgage rating as the loan is in spouses name. The mortgage in question is not in the borrowers name and does not impact their credit and does not need to be disclosed for loan purposes. - Buyer-01/05/2026 <br>Open-Housing History Does Not Meet Guideline Requirements The property report provided in the loan file is reporting the borrower's primary residence as currently in foreclosure with an auction date of 12/11/2025. The mortgage in question is not reflected on the credit report nor it disclosed or verified in any way. - Due Diligence Vendor-12/26/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026<br>|  |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | 6809684 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 343179 | Closed | 2025-12-19 09:46 | 2026-01-14 09:49 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-01/05/2026 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Lender guidelines require a full 12-month payment history on the borrower's primary residence. Despite this requirement, only one recent statement was provided in the name of the borrower's spouse. - Due Diligence Vendor-12/19/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | 6704821 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 916010 | Closed | 2025-12-16 08:32 | 2026-01-13 16:12 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/13/2026 <br>Waived-Housing History Does Not Meet Guideline Requirements Lender guidelines require verification of the most recent 12 months payment history. Despite this requirement, the pay history and credit report provided reflect the loan is currently due for the 08/01 payment. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/16/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/13/2026 <br>Waived-Housing History Does Not Meet Guideline Requirements Lender guidelines require verification of the most recent 12 months payment history. Despite this requirement, the pay history and credit report provided reflect the loan is currently due for the 08/01 payment. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/16/2025<br>|  |  | Low LTV<br> Property Condition | XX | Investment | Refinance | No Cash Out - Borrower Initiated | 6640711 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 916010 | Closed | 2025-12-08 06:41 | 2026-01-13 16:12 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/13/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. No VOR is available as the borrower lives rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/08/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/13/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. No VOR is available as the borrower lives rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/08/2025<br>|  |  | Low LTV <br> Property Condition | XX | Investment | Refinance | No Cash Out - Borrower Initiated | 6524773 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 734492 | Closed | 2025-12-08 06:03 | 2026-01-15 15:19 | 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-01/15/2026 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/08/2025 |  | 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-01/15/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 6524436 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 550031 | Closed | 2025-12-22 13:18 | 2026-01-14 11:00 | 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-01/14/2026 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/22/2025 |  | 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-01/14/2026 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/22/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 6743467 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 550031 | Closed | 2025-12-09 14:29 | 2026-01-14 10:59 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026 <br>Waived-Audited FICO of 649 is less than Guideline FICO of 650 - Due Diligence Vendor-12/09/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026 <br>Waived-Audited FICO of 649 is less than Guideline FICO of 650 - Due Diligence Vendor-12/09/2025<br>|  |  | Low LTV<br> Seasoned investor | XX | Investment | Refinance | Cash Out - Other | 6555584 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 550957 | Closed | 2026-01-22 14:58 | 2026-01-22 14:59 | 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-01/22/2026 <br>Open-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-01/22/2026 |  | 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-01/22/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 7253965 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 945584 | Closed | 2025-12-17 06:09 | 2026-01-19 16:45 | Waived | 2 - Non-Material | Credit | Missing Doc | Required Documentation is Missing | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/19/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-01/16/2026 <br>Counter-The document provided is the same one that is in the loan file with the incorrect loan amount. - Due Diligence Vendor-01/13/2026 <br>Ready for Review-Document Uploaded. Uploaded - Buyer-01/05/2026 <br>Open-Lender guidelines require a copy of the final Terms Sheet. Despite this requirement, the document provided had the incorrect loan amount. - Due Diligence Vendor-12/17/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/19/2026<br>| CLACLA.pdf<br> XXX Loan Approval Form-XXXXXXXXXX - XXXX(1).pdf |  | Low LTV<br> Seasoned investor | XX | Investment | Refinance | Cash Out - Other | 6658515 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 800220 | Closed | 2025-12-04 10:59 | 2026-01-14 14:57 | 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-01/14/2026 <br>Waived-Audited FICO of 601 is less than Guideline FICO of 650. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-12/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026 <br>Waived-Audited FICO of 601 is less than Guideline FICO of 650. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-12/04/2025<br>|  |  | Strong Reserves<br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | 6486492 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 800220 | Closed | 2025-12-04 10:41 | 2026-01-14 14:57 | 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-01/14/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Missing full 12 months payment history for Primary residence. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-12/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Missing full 12 months payment history for Primary residence. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-12/04/2025<br>|  |  | Strong Reserves<br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | 6485933 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 660982 | Closed | 2025-12-29 12:08 | 2026-01-09 16:19 | Waived | 2 - Non-Material | Credit | Eligibility | Trade line count does not meet program requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/09/2026 <br>Waived-Minimum trade line does not meet. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/29/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/09/2026 <br>Waived-Minimum trade line does not meet. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/29/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 6837150 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 660982 | Closed | 2025-12-29 12:13 | 2026-01-09 16:19 | 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-01/09/2026 <br>Waived-The subject loan was refinanced recently. Per lender's guidelines, a frequent refinance with less than 12 months seasoning is not allowed. A refinance occurred within the last 7 months. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/29/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/09/2026 <br>Waived-The subject loan was refinanced recently. Per lender's guidelines, a frequent refinance with less than 12 months seasoning is not allowed. A refinance occurred within the last 7 months. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/29/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 6837272 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 660982 | Closed | 2025-12-29 12:09 | 2026-01-09 16:19 | 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-01/09/2026 <br>Waived-Audited FICO of 624 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-12/29/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/09/2026 <br>Waived-Audited FICO of 624 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-12/29/2025<br>|  |  | LOW LTV | XX | Investment | Refinance | Cash Out - Other | 6837191 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 660982 | Closed | 2025-12-29 11:29 | 2026-01-09 16:19 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/09/2026 <br>Waived-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-12/29/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/09/2026 <br>Waived-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-12/29/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 6836375 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 872842 | Closed | 2025-12-24 12:57 | 2025-12-24 15:55 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/24/2025 <br>Waived-Housing History Does Not Meet Guideline Requirements The property report for the borrower's primary residence is reporting an Open Foreclosure/Notice of Foreclosure Sale dated 2011. The loan involved has since been released. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/24/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/24/2025 <br> Waived-Housing History Does Not Meet Guideline Requirements The property report for the borrower's primary residence is reporting an Open Foreclosure/Notice of Foreclosure Sale dated XXXX. The loan involved has since been released. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/24/2025 |  |  | High FICO score | XX | Investment | Refinance | Cash Out - Other | 6793786 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 872842 | Closed | 2025-12-14 13:10 | 2025-12-24 15:55 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/24/2025 <br> Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. For the primary account, there is no proof of payments from 12/24 through 09/25, and no proof of payment for the BofA HELOC statement in the file shows the 10/25 payment and confirms the HELOC is paid and current. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/14/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/24/2025 <br> Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. For the primary account, there is no proof of payments from 12/24 through 09/25, and no proof of payment for the XXXX HELOC statement in the file shows the 10/25 payment and confirms the HELOC is paid and current. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated - Due Diligence Vendor-12/14/2025 |  |  | High FICO | XX | Investment | Refinance | Cash Out - Other | 6616512 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 998579 | Closed | 2025-12-19 06:07 | 2025-12-24 15:58 | 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-12/24/2025 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower is in rent free, Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/19/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/24/2025 <br> Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower is in rent free, Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/19/2025 |  |  | Strong Reserves <br> High FICO | XX | Investment | Purchase | NA | 6701379 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 153022 | Closed | 2025-12-29 12:54 | 2026-01-08 16:12 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/08/2026 <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-12/29/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/08/2026 <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-12/29/2025<br>|  |  | Seasoned Investor<br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | 6838152 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 153022 | Closed | 2025-12-29 13:14 | 2026-01-08 16:12 | 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-01/08/2026 <br>Waived-Trade line count does not meet program requirements, However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/29/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/08/2026 <br>Waived-Trade line count does not meet program requirements, However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/29/2025<br>|  |  | Seasoned Investor<br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | 6838490 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 153022 | Closed | 2025-12-29 13:12 | 2026-01-08 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-01/08/2026 <br>Waived-Audited FICO of 479 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-12/29/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/08/2026 <br>Waived-Audited FICO of 479 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-12/29/2025<br>|  |  | Seasoned Investor<br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | 6838457 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 565587 | Closed | 2025-12-04 12:03 | 2026-01-14 14:21 | Waived | 2 - Non-Material | Credit | Missing Doc | Missing VOM or VOR | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-01/12/2026 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. The property report provided in the loan file indicates the borrower's stated primary residence is owned by another, missing VOR/12 months rent payment history for Primary Residence - Due Diligence Vendor-12/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Strong Reserves<br> High FICO | XX | Investment | Purchase | NA | 6488085 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 565587 | Closed | 2025-12-04 12:22 | 2025-12-15 16:43 | 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-12/15/2025 <br>Waived-Audited LTV of 75% exceeds Guideline LTV of 70%. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-12/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/15/2025 <br>Waived-Audited LTV of 75% exceeds Guideline LTV of 70%. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-12/04/2025<br>|  |  | Strong Reserves<br> High FICO | XX | Investment | Purchase | NA | 6488624 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 435088 | Closed | 2025-12-09 09:30 | 2025-12-22 17:37 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Audited FICO of 618 is less than Guideline FICO of 650 , Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/09/2025 |  | Waived-Audited FICO of 618 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-12/09/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 6547038 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 435088 | Closed | 2025-12-09 09:30 | 2025-12-22 17:36 | Waived | 2 - Non-Material | Credit | Eligibility | Audited Loan Amount is less than Guideline Minimum Loan Amount | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 , Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/09/2025 |  | Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 , Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/09/2025 |  |  | Property Condition | XX | Investment | Refinance | Cash Out - Other | 6547039 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 988958 | Closed | 2026-01-09 10:53 | 2026-01-09 16:24 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-Second review product with sufficient value provided, the finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-01/09/2026 <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-01/09/2026 |  | Acknowledged-Second review product with sufficient value provided, the finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-01/09/2026 <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-01/09/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 7010242 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 910925 | Closed | 2025-12-08 06:05 | 2026-01-13 16:37 | 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-01/13/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-01/05/2026 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. As per guideline verification of mortgage is required. VOM for the subject property is missing in file. - Due Diligence Vendor-12/08/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/13/2026<br>| CCC Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Low LTV<br> Property Condition | XX | Investment | Refinance | No Cash Out - Borrower Initiated | 6524450 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 910925 | Closed | 2025-12-08 06:58 | 2025-12-16 16:43 | 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-12/16/2025 <br>Waived-Audited FICO is less than Guideline FICO. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/08/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/16/2025 <br>Waived-Audited FICO is less than Guideline FICO. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/08/2025<br>|  |  | Low LTV<br> Property Condition | XX | Investment | Refinance | No Cash Out - Borrower Initiated | 6524920 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 910925 | Closed | 2025-12-05 15:06 | 2025-12-16 16:43 | 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-12/16/2025 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. VOR missing for primary address. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/05/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/16/2025 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. VOR missing for primary address. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/05/2025<br>|  |  | Low LTV<br> Property Condition | XX | Investment | Refinance | No Cash Out - Borrower Initiated | 6511656 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 175004 | Closed | 2025-11-20 09:42 | 2026-01-22 13:57 | Waived | 2 - Non-Material | Credit | Insurance | Flood Insurance Effective Date is after the Note Date | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/06/2026 <br> Ready for Review-Exception noted on uploaded approval - Buyer-01/02/2026 <br> Open-Flood Insurance Effective Date of XX/XX/XXXX is after the Note Date of XX/XX/XXXX - Due Diligence Vendor-11/20/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/06/2026<br>|  |  | High FICO | XX | Investment | Refinance | No Cash Out - Borrower Initiated | 6321537 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 175004 | Closed | 2025-11-25 12:31 | 2026-01-06 14:38 | 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-01/06/2026 <br>Ready for Review-Exception noted on uploaded approval - Buyer-01/02/2026 <br>Open-Commercial Debt Service Coverage Ratio of 0.83 is below guideline minimum of 1.2 for a refinance of a Traditional 1 property with a loan amount greater than $500,000. The subject is not an owner user property. - Due Diligence Vendor-11/25/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/06/2026<br>|  |  | High FICO | XX | Investment | Refinance | No Cash Out - Borrower Initiated | 6386945 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 175004 | Closed | 2025-11-20 07:24 | 2026-01-06 14:31 | 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-01/06/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-01/02/2026 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Verification of Mortgage (VOM) Document is incomplete, Missing Mortgage history for Subject property. Lender provided an approved exception dated prior to consummation, citing strong reserves as a compensating factor. No asset verification was provided so reserves as a compensating factor cannot be validated. - Due Diligence Vendor-11/20/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/06/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX (1).pdf |  | High FICO | XX | Investment | Refinance | No Cash Out - Borrower Initiated | 6318312 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 489908 | Closed | 2025-12-04 13:46 | 2026-01-08 14:49 | 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-01/08/2026 <br>Ready for Review-Back to Opus. Looks like this is already written and mitigated at origination. - Buyer-01/05/2026 <br>Open-Delinquent Credit History Does Not Meet Guideline Requirements Credit Report reflects 1 active major tradeline. However, as per G/L must exhibit at least two active major consumer credit and/or mortgage accounts. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-12/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/08/2026<br>|  |  | Seasoned Business<br> Property Condition | XX | Other | Refinance | Cash Out - Other | 6491044 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 489908 | Closed | 2025-12-04 14:03 | 2025-12-09 16:46 | 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-12/09/2025 <br>Waived-Commercial Debt Service Coverage Ratio of 0.92 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. - Due Diligence Vendor-12/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/09/2025 <br>Waived-Commercial Debt Service Coverage Ratio of 0.92 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. - Due Diligence Vendor-12/04/2025<br>|  |  | Seasoned Business<br> Property Condition | XX | Other | Refinance | Cash Out - Other | 6491395 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 489908 | Closed | 2025-12-09 09:57 | 2025-12-09 16:45 | 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-12/09/2025 <br>Waived-Lender guidelines require a minimum of 2 active major consumer or mortgage tradelines. Despite this requirement, the borrower has one mortgage tradeline. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/09/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/09/2025 <br>Waived-Lender guidelines require a minimum of 2 active major consumer or mortgage tradelines. Despite this requirement, the borrower has one mortgage tradeline. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/09/2025<br>|  |  | Seasoned Business<br> Property Condition | XX | Other | Refinance | Cash Out - Other | 6547749 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 877515 | Closed | 2025-12-30 09:41 | 2026-01-09 16:27 | 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-01/09/2026 <br>Waived-Audited FICO of 606 is less than Guideline FICO of 650. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-12/30/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/09/2026 <br>Waived-Audited FICO of 606 is less than Guideline FICO of 650. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-12/30/2025<br>|  |  | Seasoned Investor<br> Low LTV | XX | Investment | Refinance | Cash Out - Other | 6852652 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 688709 | Closed | 2025-12-29 13:37 | 2026-01-09 16:29 | 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-01/09/2026 <br>Waived-Hazard Insurance Policy Partially Provided As per guideline Wind and Storm ("Wind and Hail") policies are required for properties located in areas of high risk. But in Hazard insurance mentioned as no wind/hail or named storm exc. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated.<br>- Due Diligence Vendor-12/29/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/09/2026 <br>Waived-Hazard Insurance Policy Partially Provided As per guideline Wind and Storm ("Wind and Hail") policies are required for properties located in areas of high risk. But in Hazard insurance mentioned as no wind/hail or named storm exc. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated.<br>- Due Diligence Vendor-12/29/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 6838874 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 312450 | Closed | 2025-12-04 14:53 | 2025-12-11 16:45 | Waived | 2 - Non-Material | Credit | Eligibility | Commercial Debt Service Coverage Ratio below guideline minimum | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/11/2025 <br>Waived-Commercial Debt Service Coverage Ratio of 1.24 is below guideline minimum of 1.25. A lender exception dated prior to consummation was provided and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/11/2025 <br>Waived-Commercial Debt Service Coverage Ratio of 1.24 is below guideline minimum of 1.25. A lender exception dated prior to consummation was provided and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/04/2025<br>|  |  | Low LTV<br> Strong Reserves | XX | Investment | Purchase | NA | 6492385 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 312450 | Closed | 2025-12-04 14:39 | 2025-12-11 16:45 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/11/2025 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The Borrower pay rent in cash, no documentation available. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-12/04/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/11/2025 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. The Borrower pay rent in cash, no documentation available. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated. - Due Diligence Vendor-12/04/2025<br>|  |  | Low LTV<br> Strong Reserves | XX | Investment | Purchase | NA | 6492055 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 312450 | Closed | 2025-12-11 14:15 | 2025-12-11 16:45 | 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-12/11/2025 <br>Waived-Lender guidelines require a minimum of two open major consume or mortgage tradelines. Despite this requirement, the borrower has no open credit tradelines. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/11/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/11/2025 <br>Waived-Lender guidelines require a minimum of two open major consume or mortgage tradelines. Despite this requirement, the borrower has no open credit tradelines. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/11/2025<br>|  |  | Low LTV<br> Strong Reserves | XX | Investment | Purchase | NA | 6591680 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 881295 | Closed | 2025-12-06 05:14 | 2026-01-22 14:16 | 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-12/16/2025 <br>Waived-Audited FICO of 645 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-12/06/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/16/2025 <br>Waived-Audited FICO of 645 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-12/06/2025<br>|  |  | Seasoned Business<br> Property Condition | XX | Investment | Refinance | Cash Out - Other | 6516808 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 881295 | Closed | 2025-12-16 12:51 | 2025-12-16 16:52 | 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-12/16/2025 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/16/2025 |  | 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-12/16/2025 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/16/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 6647772 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 104529 | Closed | 2025-12-06 08:56 | 2026-01-22 13:59 | Waived | 2 - Non-Material | Credit | Eligibility | Audited FICO is less than Guideline FICO | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/16/2025 <br>Waived-Audited FICO of 635 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-12/06/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/16/2025 <br>Waived-Audited FICO of 635 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-12/06/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 6517402 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 104529 | Closed | 2025-12-08 09:28 | 2026-01-22 13:59 | 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-12/16/2025 <br>Waived-Hazard Insurance Policy Partially Provided Hazard Insurance not covered Wind and Hail. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/08/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/16/2025 <br>Waived-Hazard Insurance Policy Partially Provided Hazard Insurance not covered Wind and Hail. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/08/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 6527521 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 104529 | Closed | 2025-12-15 13:56 | 2025-12-16 17:03 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with sufficient provided as a secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-12/16/2025 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/15/2025 |  | Acknowledged-CDA with sufficient provided as a secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-12/16/2025 <br>Acknowledged-S&P RA Only - Value grade equals B, secondary product within tolerance. - Due Diligence Vendor-12/15/2025<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 6630889 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 104529 | Closed | 2025-12-06 05:58 | 2025-12-16 17:02 | 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-12/16/2025 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. No primary housing verification is available as the borrower resides rent free. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/06/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/16/2025 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. No primary housing verification is available as the borrower resides rent free. However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/06/2025<br>|  |  | Low LTV | XX | Investment | Refinance | Cash Out - Other | 6516887 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 940966 | Closed | 2025-12-07 06:03 | 2026-01-08 14:12 | 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-01/08/2026 <br>Ready for Review-Document Uploaded. Corrected Uploaded - Buyer-01/05/2026 <br>Open-Hazard Insurance Policy Partially Provided Hazard Insurance Policy indicates Only 300K Liability Insurance Coverage. Lender provided approved exception dated prior to consummation however the compensating factor is not valid as the loan was approved at the max LTV for the Fast50 documentation type. - Due Diligence Vendor-12/07/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/08/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Excess Equity | XX | Investment | Refinance | Cash Out - Other | 6519832 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 158148 | Closed | 2025-12-14 10:10 | 2025-12-24 16:04 | 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-12/24/2025 <br>Waived-Audited FICO of 603 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-12/14/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/24/2025 <br>Waived-Audited FICO of 603 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-12/14/2025<br>|  |  | Strong reserves<br> Low LTV | XX | Investment | Purchase | NA | 6616170 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 754684 | Closed | 2026-01-14 16:48 | 2026-01-14 16:51 | Waived | 2 - Non-Material | Credit | Eligibility | Audited LTV Exceeds Guideline LTV | Waived-Document Uploaded. Exception granted the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026 <br>Open-Audited LTV of 75% exceeds Guideline LTV of 70%. 5% LTV reduction for the borrower being a first-time investor. - Due Diligence Vendor-01/14/2026 |  | Waived-Document Uploaded. Exception granted the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | High FICO | XX | Investment | Purchase | NA | 7096962 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 610036 | Closed | 2025-12-07 01:03 | 2026-01-14 08:18 | Waived | 2 - Non-Material | Credit | Borrower | Borrower 1 Credit Report is Incomplete | Waived-Borrower 1 Credit Report is Partially Present. Credit Report reflects incorrect Date of Birth of Guarantor. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-12/07/2025 | Exception granted, the finding will be graded a B or non-material. - 01/14/2026 <br>| Waived-Borrower 1 Credit Report is Partially Present. Credit Report reflects incorrect Date of Birth of Guarantor. The lender provided an approved exception dated prior to consummation, and all compensating factors have been thoroughly documented and validated.<br> - Due Diligence Vendor-12/07/2025<br>|  |  | Strong Reserves | XX | Investment | Purchase | NA | 6519423 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 610036 | Closed | 2025-12-22 11:11 | 2026-01-14 08:18 | 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-01/14/2026 <br>Ready for Review-Document Uploaded. Exception noted on uploaded approval - Buyer-01/05/2026 <br>Open-Lender guidelines require a minimum of 2 active major consumer/mortgage tradelines. Despite this requirement, the credit report provided only reflects 1 tradeline. - Due Diligence Vendor-12/22/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | Strong reserves | XX | Investment | Purchase | NA | 6737738 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 957425 | Closed | 2025-12-07 08:55 | 2025-12-23 17:25 | 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-12/23/2025 <br>Waived-Audited LTV of 70% exceeds Guideline LTV of 65% for First Time Investor reduction 5% LTV. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-12/07/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/23/2025 <br>Waived-Audited LTV of 70% exceeds Guideline LTV of 65% for First Time Investor reduction 5% LTV. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated.<br> - Due Diligence Vendor-12/07/2025<br>|  |  | Strong Reserves | XX | Other | Purchase | NA | 6520066 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 957425 | Closed | 2025-12-23 13:11 | 2025-12-23 17:24 | 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-12/23/2025 <br>Waived-Loan file only contains evidence of experience for 0 properties which is below the guideline minimum. Borrower is a first-time investor. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/23/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/23/2025 <br>Waived-Loan file only contains evidence of experience for 0 properties which is below the guideline minimum. Borrower is a first-time investor. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/23/2025<br>|  |  | High FICO<br> Strong reserves | XX | Other | Purchase | NA | 6767488 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 468063 | Closed | 2025-12-29 12:25 | 2026-01-14 16:32 | 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-01/14/2026 <br>Waived-As per guidelines Borrower to be eligible for the programs, they must exhibit at least two active major consumer credit and/or mortgage accounts it is not meet. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/29/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026 <br>Waived-As per guidelines Borrower to be eligible for the programs, they must exhibit at least two active major consumer credit and/or mortgage accounts it is not meet. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/29/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 6837483 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 468063 | Closed | 2025-12-29 12:11 | 2026-01-14 16:32 | 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-01/14/2026 <br>Waived-Documentation in the file indicated the property does not meet the minimum 12-month seasoning requirements. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-12/29/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026 <br>Waived-Documentation in the file indicated the property does not meet the minimum 12-month seasoning requirements. A lender exception is present in the loan file, dated prior to consummation, providing adequate comp factors. - Due Diligence Vendor-12/29/2025<br>|  |  | Seasoned investor | XX | Investment | Refinance | Cash Out - Other | 6837233 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 468063 | Closed | 2025-12-29 12:13 | 2026-01-14 16:32 | Waived | 2 - Non-Material | Credit | Borrower | Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower is in Rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/29/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/14/2026 <br>Waived-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is incomplete. Borrower is in Rent free. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/29/2025<br>|  |  | Seasoned Investor | XX | Investment | Refinance | Cash Out - Other | 6837276 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 699622 | Closed | 2025-12-23 14:19 | 2026-01-13 17:23 | 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-01/13/2026 <br>Ready for Review-Document Uploaded. - Buyer-01/05/2026 <br>Open-Verification of Rent (VOR)/Verification of Mortgage (VOM) Document is Missing. Lender guidelines require the most recent 12-month payment history for the borrower's primary residence with evidence the account is current at close. Despite this requirement, the credit report reflects last active of 06/2025 for the mortgage account listed. - Due Diligence Vendor-12/23/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/13/2026<br>| XXX Loan Approval Form-XXXXXXXXXX - XXXX.pdf |  | High FICO | XX | Investment | Refinance | Cash Out - Other | 6769715 | Originator Post-Close | No |
| XXXXXXX | XXXXXX |  | 398458 | Closed | 2025-12-08 03:27 | 2025-12-17 16:31 | 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-12/17/2025 <br> Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 . However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/08/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/17/2025 <br> Waived-Audited Loan Amount of $XXXXX is less than the Guideline Minimum Loan Amount of $75000 . However, the lender provided an approved exception dated prior to consummation, and all compensating factors were validated. - Due Diligence Vendor-12/08/2025 |  |  | Low LTV<br> Strong Marketing Trends | XX | Investment | Refinance | Cash Out - Other | 6523046 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 725473 | Closed | 2025-12-29 09:53 | 2026-01-12 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-01/12/2026 <br>Waived-Audited FICO of 644 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-12/29/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/12/2026 <br>Waived-Audited FICO of 644 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-12/29/2025<br>|  |  | Strong Reserves<br> Seasoned Business | XX | Investment | Purchase | NA | 6832460 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 725473 | Closed | 2025-12-29 09:53 | 2026-01-12 09:19 | 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-01/12/2026 <br>Waived-Audited LTV of 75% exceeds Guideline LTV of 70% First time Investor reduce 5% reduction to LTV as per guidelines. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/29/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-01/12/2026 <br>Waived-Audited LTV of 75% exceeds Guideline LTV of 70% First time Investor reduce 5% reduction to LTV as per guidelines. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/29/2025<br>|  |  | Strong reserves | XX | Investment | Purchase | NA | 6832461 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 261343 | Closed | 2025-12-16 05:22 | 2025-12-17 16:34 | Waived | 2 - Non-Material | Credit | Eligibility | Housing History Does Not Meet Guideline Requirements | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/17/2025 <br>Waived-Housing History Does Not Meet Guideline Requirements Historical late payments within the past 24 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/16/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/17/2025 <br>Waived-Housing History Does Not Meet Guideline Requirements Historical late payments within the past 24 months. Lender provided approved exception dated prior to consummation and all lender compensating factors have been documented and validated. - Due Diligence Vendor-12/16/2025<br>|  |  | Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | 6638377 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 261343 | Closed | 2025-12-07 08:15 | 2025-12-17 16:34 | 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-12/17/2025 <br>Waived-Audited FICO of 617 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-12/07/2025 |  | Waived-Exception granted, the finding will be graded a B or non-material. - Due Diligence Vendor-12/17/2025 <br> Waived-Audited FICO of 617 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-12/07/2025 |  |  | Low LTV | XX | Investment | Refinance | No Cash Out - Borrower Initiated | 6520006 | Originator Pre-Close | Yes |
| XXXXXXX | XXXXXX |  | 513668 | Closed | 2026-01-12 06:42 | 2026-01-12 09:29 | Acknowledged | 1 - Information | Property | Value | S&P value equals B, secondary product within tolerance | Acknowledged-CDA with sufficient value provide as a secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-01/12/2026 <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-01/12/2026 |  | Acknowledged-CDA with sufficient value provide as a secondary review product. The finding will be graded a B or non-material for S&P only. - Due Diligence Vendor-01/12/2026 <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-01/12/2026<br>|  |  |  | XX | Investment | Refinance | Cash Out - Other | 7033220 | Originator Post-Close | No |

---

## Exhibit 99.11

**Exhibit 99.11**

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vcc-abs15g.htm)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| XXXXXX |  | 718595 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 522210 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 644667 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 398801 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 111205 | $XXXXXX A |  |  |  |  | - C |
| XXXXXX |  | 529631 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 563126 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 633289 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 637774 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 297313 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 761940 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 798011 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 161165 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 556319 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 602552 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 728682 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 455818 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 182321 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 655460 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 396564 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 762684 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 332837 | $XXXXXX A |  |  |  |  | - A B |
| XXXXXX |  | 446155 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 556368 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 447413 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 627278 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 794115 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 427425 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 973737 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 547128 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 930268 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 608470 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 497732 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 722445 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 449485 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 711195 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 468627 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 452628 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 620298 | $XXXXXX A |  |  |  |  | - C |
| XXXXXX |  | 268965 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 543362 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 147209 | $XXXXXX A |  |  |  |  | - C |
| XXXXXX |  | 991613 | $XXXXXX A |  |  |  |  | - A B |
| XXXXXX |  | 501208 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 752859 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 894499 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 363288 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 877027 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 313102 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 182621 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 425539 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 383706 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 386718 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 412119 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 617174 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 286901 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 940906 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 169784 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 481527 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 235900 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 387635 | $XXXXXX A |  |  |  |  | - C |
| XXXXXX |  | 310951 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 186700 | $XXXXXX B |  |  |  |  | - C |
| XXXXXX |  | 538217 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 376032 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 854469 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 103376 | $XXXXXX A |  |  |  |  | - A B |
| XXXXXX |  | 353579 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 940427 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 941987 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 769498 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 877717 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 620346 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 821739 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 744801 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 568163 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 249903 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 101130 | $XXXXXX B |  |  |  |  | - C |
| XXXXXX |  | 121823 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 874840 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 597456 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 722128 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 952153 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 935414 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 283297 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 213042 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 179931 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 261514 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 174850 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 102214 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 505333 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 379890 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 578318 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 766351 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 348513 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 954959 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 699875 | $XXXXXX A |  |  |  |  | - A B |
| XXXXXX |  | 535691 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 595174 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 134964 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 418463 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 778929 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 792915 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 371038 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 134562 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 834547 | $XXXXXX A |  |  |  |  | - A B |
| XXXXXX |  | 886105 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 132956 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 345117 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 936493 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 341123 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 870981 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 687869 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 573513 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 527358 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 598145 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 783001 | $XXXXXX A |  |  |  |  | - A B |
| XXXXXX |  | 871198 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 767211 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 784942 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 165087 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 467614 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 290989 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 509028 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 145769 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 714220 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 417365 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 443937 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 927977 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 532100 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 224394 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 709603 | $XXXXXX A |  |  |  |  | - B |
| XXXXXX |  | 235136 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 306209 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 802646 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 111544 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 409897 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 942860 | $XXXXXX A |  |  |  |  | - A B |
| XXXXXX |  | 100597 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 416448 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 902964 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 692324 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 307987 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 178200 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 287131 | $XXXXXX A |  |  |  |  | - A B |
| XXXXXX |  | 128712 | $XXXXXX A |  |  |  |  | - C |
| XXXXXX |  | 930654 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 385890 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 238249 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 245284 | $XXXXXX A |  |  |  |  | - A B |
| XXXXXX |  | 864653 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 837034 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 181527 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 982126 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 963521 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 149406 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 385094 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 942014 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 669351 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 849802 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 937079 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 238587 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 768052 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 340090 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 632098 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 871525 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 457587 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 190618 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 520443 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 422987 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 805499 | $XXXXXX B |  |  |  |  | - B |
| XXXXXX |  | 116424 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 837452 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 216189 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 460770 | $XXXXXX A |  |  |  |  | - A B |
| XXXXXX |  | 514045 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 452219 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 662349 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 590620 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 384025 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 519526 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 544786 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 637406 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 968086 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 820166 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 426374 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 274944 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 130741 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 343179 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 916010 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 734492 | $XXXXXX A |  |  |  |  | - A B |
| XXXXXX |  | 550031 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 696515 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 543341 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 550957 | $XXXXXX A |  |  |  |  | - A B |
| XXXXXX |  | 945584 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 137655 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 922914 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 800220 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 387819 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 660982 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 258286 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 872842 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 998579 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 678938 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 153022 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 401509 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 565587 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 921050 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 745399 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 435088 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 988958 | $XXXXXX A |  |  |  |  | - A B |
| XXXXXX |  | 910925 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 175004 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 489908 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 877515 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 688709 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 312450 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 832111 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 881295 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 104529 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 940966 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 671437 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 393168 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 244093 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 513146 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 158148 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 754684 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 610036 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 957425 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 468063 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 699622 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 398458 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 773929 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 725473 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 261343 | $XXXXXX B |  |  |  |  | - A B |
| XXXXXX |  | 643748 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 832044 | $XXXXXX A |  |  |  |  | - A |
| XXXXXX |  | 513668 | $XXXXXX A |  |  |  |  | - A B |

---

## Exhibit 99.12

**Exhibit 99.12**

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vcc-abs15g.htm)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loan ID** | **Seller Loan ID** | **Investor Loan ID** | **Field Name** | **Source** | **Verified Value** | **Bid Tape Value** | **Comment** |
| XXXXXX |  | 644667 | Amortization Term | notePage | 360 | 240 | Audit Value Pulled from Note |
| XXXXXX |  | 637774 | Amortization Term | notePage | 360 | 240 | Amortization term is 360 months per Note |

---

## Exhibit 99.13

**Exhibit 99.13**

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vcc-abs15g.htm)

---

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 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** |
| XXXXXX |  | 602552 | XX/XX/XXXX | $XXXXXX |  | 0 | $XXXXXX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXX | XXXXXX | $XXXXXX | 30.77 | 30.77 | $XXXXXX | $XXXXXX | .0479 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | .0479 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 728682 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 54.79 | 54.79 | $XXXXXX | $XXXXXX | .0870 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | .0870 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 396564 | XX/XX/XXXX | $XXXXXX | 0 | $XXXXXX | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 57.99 | 57.99 | $XXXXXX | $XXXXXX | -.2370 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.2370 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 762684 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 50.0 | 50.0 | $XXXXXX | $XXXXXX | -.0479 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0479 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 332837 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | $XXXXXX | 42.35 | 42.35 | $XXXXXX | $XXXXXX | -.1721 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.1721 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 446155 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 72.12 | 72.12 | $XXXXXX | $XXXXXX | -.0216 | Broker Price Opinion (BPO) Internal | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0216 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 556368 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 50.0 | 50.0 | $XXXXXX | $XXXXXX | -.0515 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Reasonable | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0515 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 627278 | XX/XX/XXXX | $XXXXXX | $XXXXXX | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 75.0 | 75.0 | $XXXXXX | $XXXXXX | -.3172 | Broker Price Opinion (BPO) | $XXXXXX | $XXXXXX | -.0404 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | $XXXXXX | -.0404 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.3172 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 794115 | XX/XX/XXXX | $XXXXXX | $XXXXXX | 0 | $XXXXXX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXX | XXXXXX | $XXXXXX | 21.43 | 21.43 | $XXXXXX | $XXXXXX | -.0230 | Broker Price Opinion (BPO) Quick Sale | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0230 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 427425 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 47.62 | 47.62 | $XXXXXX | $XXXXXX | -.0012 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0012 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 973737 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | $XXXXXX | 75.0 | 75.0 | $XXXXXX | $XXXXXX | .0000 | Desk Review |  |  |  |  | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Reasonable | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 547128 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 54.17 | 54.17 | $XXXXXX | $XXXXXX | .2130 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | .2130 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 608470 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 50.0 | 50.0 | $XXXXXX | $XXXXXX | .0027 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | .0027 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 497732 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 75.0 | 75.0 | $XXXXXX | $XXXXXX | -.0293 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0293 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 722445 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 75.0 | 75.0 | $XXXXXX | $XXXXXX | .0109 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | .0109 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 449485 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 65.0 | 65.0 | $XXXXXX | $XXXXXX | -.1211 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.1211 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 711195 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 43.55 | 43.55 | $XXXXXX | $XXXXXX | -.0089 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0089 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 468627 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 50.0 | 50.0 | $XXXXXX | $XXXXXX | -.0589 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0589 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 452628 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 65.45 | 65.45 |  |  |  |  | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 543362 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | $XXXXXX | 50.0 | 50.0 | $XXXXXX | $XXXXXX | -.0376 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0376 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 991613 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 38.96 | 38.96 | $XXXXXX | $XXXXXX | -.1536 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.1536 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 501208 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 50.0 | 50.0 | $XXXXXX | $XXXXXX | .1847 | Broker Price Opinion (BPO) | $XXXXXX | $XXXXXX | -.0573 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | $XXXXXX | -.0573 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | .1847 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 752859 | XX/XX/XXXX | $XXXXXX | $XXXXXX | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 75.0 | 75.0 | $XXXXXX | $XXXXXX | -.0247 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0247 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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| XXXXXX |  | 595174 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXX | XXXXXX | $XXXXXX | 50.0 | 50.0 | $XXXXXX | $XXXXXX | .0407 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | .0407 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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| XXXXXX |  | 778929 | XX/XX/XXXX | $XXXXXX | $XXXXXX | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 75.0 | 75.0 | $XXXXXX | $XXXXXX | -.0510 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0510 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 792915 | XX/XX/XXXX | $XXXXXX | 0 | $XXXXXX | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 75.0 | 75.0 | $XXXXXX | $XXXXXX | .0282 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | .0282 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 371038 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 50.0 | 50.0 | $XXXXXX | $XXXXXX | .0028 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | .0028 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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| XXXXXX |  | 687869 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 75.0 | 75.0 | $XXXXXX | $XXXXXX | -.0109 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0109 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 598145 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 50.0 | 50.0 | $XXXXXX | $XXXXXX | -.0574 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0574 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 783001 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 54.46 | 54.46 | $XXXXXX | $XXXXXX | -.1611 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.1611 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 871198 | XX/XX/XXXX | $XXXXXX | $XXXXXX | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 75.0 | 75.0 | $XXXXXX | $XXXXXX | -.0770 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0770 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 767211 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 75.0 | 75.0 | $XXXXXX | $XXXXXX | .0590 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | .0590 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 784942 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 50.0 | 50.0 | $XXXXXX | $XXXXXX | .0840 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | .0840 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 165087 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 75.0 | 75.0 | $XXXXXX | $XXXXXX | .0051 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | .0051 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 290989 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 75.0 | 75.0 |  |  |  |  | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 509028 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 40.0 | 40.0 | $XXXXXX | $XXXXXX | -.4211 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Reasonable | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.4211 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 145769 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXX | XXXXXX | $XXXXXX | 75.0 | 80.34 | $XXXXXX | $XXXXXX | -.0518 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0518 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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| XXXXXX |  | 688709 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 67.86 | 67.86 | $XXXXXX | $XXXXXX | -.0394 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0394 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 832111 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXX | XXXXXX | $XXXXXX | 75.0 | 75.0 |  |  |  |  | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 881295 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 64.2 | 64.2 | $XXXXXX | $XXXXXX | -.1402 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.1402 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 104529 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 60.0 | 60.0 | $XXXXXX | $XXXXXX | -.1410 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.1410 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 671437 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | $XXXXXX | 50.0 | 50.0 | $XXXXXX | $XXXXXX | -.0901 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0901 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 393168 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 48.0 | 48.0 | $XXXXXX | $XXXXXX | -.0793 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0793 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 244093 | XX/XX/XXXX | $XXXXXX | $XXXXXX | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 50.0 | 50.0 | $XXXXXX | $XXXXXX | .0741 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | .0741 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 513146 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 50.0 | 50.0 | $XXXXXX | $XXXXXX | -.0051 | Broker Price Opinion (BPO) | $XXXXXX | $XXXXXX | -.0774 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | $XXXXXX | -.0774 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0051 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 158148 | XX/XX/XXXX | $XXXXXX | $XXXXXX | 0 | $XXXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXXXX | XXXXXX | $XXXXXX | 53.8 | 53.8 | $XXXXXX | $XXXXXX | -.0700 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0700 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 754684 | XX/XX/XXXX | $XXXXXX | $XXXXXX | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 75.0 | 75.0 |  |  |  |  | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 610036 | XX/XX/XXXX | $XXXXXX | $XXXXXX | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 75.0 | 75.0 | $XXXXXX | $XXXXXX | .1225 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | .1225 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 468063 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 75.0 | 75.0 |  |  |  |  | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 699622 | XX/XX/XXXX | $XXXXXX |  | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 75.0 | 75.0 | $XXXXXX | $XXXXXX | -.0045 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0045 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 398458 | XX/XX/XXXX | $XXXXXX | 0 | 0 | $XXXXXX | XX/XX/XXXX | 1073 Individual Condo Report | XXXXXX | XXXXXX | $XXXXXX | 50.0 | 50.0 | $XXXXXX | $XXXXXX | -.0499 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0499 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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| XXXXXX |  | 725473 | XX/XX/XXXX | $XXXXXX | $XXXXXX | 0 | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXXXX | XXXXXX | $XXXXXX | 75.0 | 75.0 | $XXXXXX | $XXXXXX | .5030 | Broker Price Opinion (BPO) | $XXXXXX | 0.0 | .0000 | Desk Review | .0 |  |  |  |  |  |  |  |  | 0.0 |  |  |  | $XXXXXX | 0.0 | .0000 | XXXXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | .5030 | XXXXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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---

## Exhibit 99.14

**Exhibit 99.14**

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vcc-abs15g.htm)

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** |
| XXXXXX |  | 447413 | XXXXXX | XX/XX/XXXX | $XXXXXX | 0 |  | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | XXXX | $XXXXXX | 87.91 | $XXXXXX | $XXXXXX | -.0379 | $XXXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXXX | 0.0 | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0379 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 447413 | XXXXXX | XX/XX/XXXX | $XXXXXX | 0 |  | $XXXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXX | XXXX | XXXX | $XXXXXX | 65.40 | $XXXXXX | $XXXXXX | -.1882 | $XXXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXXX | 0.0 | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.1882 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 286901 | XXXXXX | XX/XX/XXXX | $XXXXXX | 0 |  | $XXXXXX | XX/XX/XXXX | 1073 Individual Condo Report | XXXX | XXXX | XXXX | $XXXXXX | 67.88 | $XXXXXX | $XXXXXX | .0381 | $XXXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXXX | 0.0 | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | .0381 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 286901 | XXXXXX | XX/XX/XXXX | $XXXXXX | 0 |  | $XXXXXX | XX/XX/XXXX | 1073 Individual Condo Report | XXXX | XXXX | XXXX | $XXXXXX | 72.26 | $XXXXXX | $XXXXXX | .2893 | $XXXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXXX | 0.0 | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | .2893 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 573513 | XXXXXX | XX/XX/XXXX | $XXXXXX | 0 |  | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | XXXX | $XXXXXX | 50.87 | $XXXXXX | $XXXXXX | .1512 | $XXXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXXX | 0.0 | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | .1512 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 573513 | XXXXXX | XX/XX/XXXX | $XXXXXX | 0 |  | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | XXXX | $XXXXXX | 49.16 | $XXXXXX | $XXXXXX | .0356 | $XXXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXXX | 0.0 | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | .0356 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 709603 | XXXXXX | XX/XX/XXXX | $XXXXXX | 0 |  | $XXXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXX | XXXX | XXXX | $XXXXXX | 66.25 | $XXXXXX | $XXXXXX | .0332 | $XXXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXXX | 0.0 | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | .0332 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 709603 | XXXXXX | XX/XX/XXXX | $XXXXXX | 0 |  | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | XXXX | $XXXXXX | 69.74 | $XXXXXX | $XXXXXX | .0275 | $XXXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXXX | 0.0 | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | .0275 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 709603 | XXXXXX | XX/XX/XXXX | $XXXXXX | 0 |  | $XXXXXX | XX/XX/XXXX | 1025 Small Residential Income Report | XXXX | XXXX | XXXX | $XXXXXX | 66.25 | $XXXXXX | $XXXXXX | -.3117 | $XXXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXXX | 0.0 | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.3117 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 942860 | XXXXXX | XX/XX/XXXX | $XXXXXX | 0 |  | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | XXXX | $XXXXXX | 85.8 | $XXXXXX | $XXXXXX | -.2943 | $XXXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXXX | 0.0 | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.2943 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 942860 | XXXXXX | XX/XX/XXXX | $XXXXXX | 0 |  | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | XXXX | $XXXXXX | 58.9 | $XXXXXX | $XXXXXX | .0159 | $XXXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXXX | 0.0 | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | .0159 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 942860 | XXXXXX | XX/XX/XXXX | $XXXXXX | 0 |  | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | XXXX | $XXXXXX | 51.48 | $XXXXXX | $XXXXXX | .0507 | $XXXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXXX | 0.0 | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | .0507 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 128712 | XXXXXX | XX/XX/XXXX | $XXXXXX | 0 |  | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | XXXX | $XXXXXX | 80.56 | $XXXXXX | $XXXXXX | -.0024 | $XXXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXXX | 0.0 | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0024 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 128712 | XXXXXX | XX/XX/XXXX | $XXXXXX | 0 |  | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | XXXX | $XXXXXX | 75 | $XXXXXX | $XXXXXX | -.0083 | $XXXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXXX | 0.0 | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0083 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 128712 | XXXXXX | XX/XX/XXXX | $XXXXXX | 0 |  | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | XXXX | $XXXXXX | 83.65 | $XXXXXX | $XXXXXX | .0133 | $XXXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXXX | 0.0 | .0000 | XXXX | Low Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | .0133 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 128712 | XXXXXX | XX/XX/XXXX | $XXXXXX | 0 |  | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | XXXX | $XXXXXX | 70.16 | $XXXXXX | $XXXXXX | -.0016 | $XXXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXXX | 0.0 | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | -.0016 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| XXXXXX |  | 128712 | XXXXXX | XX/XX/XXXX | $XXXXXX | 0 |  | $XXXXXX | XX/XX/XXXX | 1004 URAR | XXXX | XXXX | XXXX | $XXXXXX | 67.97 | $XXXXXX | $XXXXXX | .0048 | $XXXXXX | 0.0 | .0000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $XXXXXX | 0.0 | .0000 | XXXX | Moderate Risk | XX/XX/XXXX |  |  |  |  |  | $XXXXXX | $XXXXXX | .0048 | XXXX | XX/XX/XXXX |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

## Exhibit 99.15

**Exhibit 99.15**

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vcc-abs15g.htm)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 |  | 880715 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 502214 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 672837 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 577412 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 792269 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 283026 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 169987 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 358844 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 478972 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 416161 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 366554 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 635244 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 305072 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 422181 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 776122 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 230550 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 272164 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 459556 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 303149 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 763834 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 172978 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 735962 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 398654 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 349743 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 925462 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 397463 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 155590 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 374615 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 759178 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 956230 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 358517 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 236391 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 808956 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 523421 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 107858 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 101011 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 281493 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 590863 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 163115 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 562609 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 616930 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 107153 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 843200 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 926364 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 421996 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 140216 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 284243 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 826722 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 553037 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 961913 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 440729 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 268049 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 426727 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 796926 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 800190 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 722705 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 641823 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 477133 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 974288 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 708771 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 634126 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 368213 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 252197 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 674470 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 141990 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 756649 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 473145 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 740596 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 606014 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 206831 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 348309 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 453240 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 998477 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 968691 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 830007 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 719525 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 781647 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 779422 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 479280 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 206639 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 308031 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 392227 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 913657 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 747256 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 283191 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 792893 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 177554 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 736421 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 519131 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 371070 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 597290 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 352890 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 878370 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 998887 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 226633 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 308316 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 370675 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 802791 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 436718 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 564046 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 687847 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 106209 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 989901 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 685956 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 506297 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 110650 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 789000 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 734392 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 941419 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 146091 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 565076 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 719062 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 951219 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 673653 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 581341 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 422570 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 354975 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 753510 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 841742 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 165756 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 435347 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 125739 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 839433 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 667313 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 468129 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 797984 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 437024 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 485805 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 537828 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 834558 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 430525 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 616901 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 813781 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 893394 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 249717 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 229348 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 362015 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 213425 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 406743 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 644717 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 575137 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 346776 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 906165 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 996728 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 368357 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 774965 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 103023 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 421951 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 939291 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 504604 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 259388 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 277032 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 970802 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 158530 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 172445 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 582313 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 417003 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 921370 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 448863 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 644396 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 937069 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 318289 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 375716 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 571765 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 343233 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 252399 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 979896 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 533668 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 766944 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 504072 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 173510 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 415702 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 269448 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 713808 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 647623 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 103546 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 151356 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 319683 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 583399 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 580418 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 450032 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 204411 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 582314 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 118354 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 535445 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 218694 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 645984 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 223053 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 180362 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 787562 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 534142 | A |  |  |  |  |  |  |  |  |  | - A |
| XXXXXXX |  | 355167 | A |  |  |  |  |  |  |  |  |  | - A |

---

## Exhibit 99.16

**Exhibit 99.16**

[VCC MORTGAGE SECURITIES, LLC ABS-15G](vcc-abs15g.htm)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Loan Number** | **Investor 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** |
| XXXXXXX | 880715 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C5 – Major Deferred Maintenance | No | Condition is C5. Significant visible issue to the structure due to the foundation needing repair, flooring and drywall are cracking and breaking.<br>Seller commentary: 50% LTV loan. Appraisal made as-is and current property condition is considered in value/LTV. Per borrower LOE cash-out proceeds will be used towards repairing the foundation of the property. VCC hasn't confirmed the status of repairs but expects the borrower to fulfill their obligation. | No |  | 1 |
| XXXXXXX | 440202 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 502214 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 672837 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C1 – New Construction | No |  | No |  | 1 |
| XXXXXXX | 577412 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 792269 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 283026 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 169987 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 358844 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 394968 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 151248 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 478972 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 710397 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | Yes | Units 24-1 & 2 are under construction, the unites are missing drywall, flooring, molding, and kitchen cabinets. | No |  | 1 |
| XXXXXXX | 416161 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 979638 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 366554 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 635244 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 588913 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Good | No |  | No |  | 1 |
| XXXXXXX | 305072 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 422181 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 776122 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 230550 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 272164 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 459556 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 303149 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 763834 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 301405 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 172978 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 735962 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 398654 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 349743 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 925462 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 387450 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 397463 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 155590 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 374615 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 759178 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 956230 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 358517 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 895518 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 236391 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C1 – New Construction | No |  | No |  | 1 |
| XXXXXXX | 808956 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 523421 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 107858 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 410567 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 101011 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 535427 | Commercial Appraisal | Commercial Condo | As Is | Excellent | No |  | No |  | 1 |
| XXXXXXX | 281493 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 517896 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 590863 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 163115 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 660421 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 562609 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 616930 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 107153 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 843200 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 926364 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 421996 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 140216 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 284243 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 569758 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 826722 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 553037 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 961913 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 440729 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 316088 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 268049 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 426727 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 796926 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 800190 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 722705 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 641823 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Good | No |  | No |  | 1 |
| XXXXXXX | 477133 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 974288 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Good | No |  | No |  | 1 |
| XXXXXXX | 708771 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 634126 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 656168 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 368213 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 252197 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 2 |
| XXXXXXX | 674470 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 141990 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 396566 | Commercial Appraisal | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 756649 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 473145 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 3 |
| XXXXXXX | 740596 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 606014 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 206831 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 348309 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 311207 | Commercial Appraisal | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 453240 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 998477 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 968691 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 997476 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 830007 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 719525 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 781647 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 341826 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 779422 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 479280 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 206639 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 308031 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 746986 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 392227 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 913657 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 452831 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 747256 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 283191 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 792893 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 166794 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 177554 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 736421 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 519131 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 371070 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 597290 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 333663 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 267925 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 914536 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 352890 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 878370 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 998887 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 226633 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 308316 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 370675 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 879811 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 759457 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 802791 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 436718 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 564046 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 687847 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 106209 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 989901 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 685956 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 506297 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 110650 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 789000 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 734392 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 842371 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 941419 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 146091 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 712884 | Commercial Appraisal | Retail | As Is | Average | Yes | The appraiser noted wood rot and damage to the roof of the rear building. | No |  | 1 |
| XXXXXXX | 565076 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 759651 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 719062 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 951219 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 673653 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 231827 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 581341 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 422570 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 354975 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 480174 | Commercial Appraisal | 5+ Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 753510 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 841742 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 165756 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 435347 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 984902 | Commercial Appraisal | Warehouse | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 125739 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 839433 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 407024 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 667313 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 468129 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 797984 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 437024 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 485805 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 537828 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 834558 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 430525 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 616901 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 813781 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 893394 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 249717 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 229348 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 2 |
| XXXXXXX | 362015 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 804213 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 774545 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 213425 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 406743 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 2 |
| XXXXXXX | 644717 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 652666 | Commercial Appraisal | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 575137 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 346776 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 906165 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 996728 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 368357 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 774965 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 103023 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 421951 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 740640 | Commercial Appraisal | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 766018 | Commercial Appraisal | Mixed Use | As Is | Average | Yes | The appraiser noted there was some cracking in the exterior and interior walls of the property, this included cracking to bricks, stucco, and drywall in the interior. | No |  | 1 |
| XXXXXXX | 796674 | Commercial Appraisal | Commercial Condo | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 939291 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 504604 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 259388 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 277032 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 970802 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 158530 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 172445 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 582313 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 417003 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 921370 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 448863 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 2 |
| XXXXXXX | 204638 | Commercial Appraisal | Retail | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 644396 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 937069 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 318289 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 375716 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 413041 | Commercial Appraisal | Office | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 571765 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 343233 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 561264 | Commercial Appraisal | Mixed Use | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 252399 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 979896 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 311418 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 533668 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 766944 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 504072 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 173510 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 415702 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 269448 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 713808 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 647623 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 3 |
| XXXXXXX | 103546 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 151356 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 319683 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 583399 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 580418 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 180452 | Commercial Appraisal | Retail | As Is | Average | Yes | There was evidence on the mezzanine levels of past patches and areas of missing ceiling plaster, but there was no current evidence of active leaks and none were reported. A broken window and some flooring damage was noted as well. The inspection revealed no apparent current or active leaks visible on inspection on the interior ceilings. | No |  | 1 |
| XXXXXXX | 450032 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 204411 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 146874 | Commercial Appraisal | Automotive | As Is | Average | No |  | No |  | 1 |
| XXXXXXX | 582314 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 118354 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 535445 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 218694 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 645984 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 223053 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | C3 – Well-Maintained | No |  | No |  | 1 |
| XXXXXXX | 180362 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C4 – Minor Deferred Maintenance | No |  | No |  | 2 |
| XXXXXXX | 787562 | 1073 Individual Condo Report | 2-4 Unit Multi-Family | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 534142 | 1004 URAR | 2-4 Unit Multi-Family | As Is | C2 – No Deferred Maintenance | No |  | No |  | 1 |
| XXXXXXX | 355167 | 1025 Small Residential Income Report | 2-4 Unit Multi-Family | As Is | Average | No |  | No |  | 1 |

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