EX-99.12 13 e6915ex99-12.htm INGLET BLAIR EXCEPTION REPORT

Exhibit 99.12

 

 

Loan ID Exception ID Exception ID Date Condition Category Condition Standardized Description Condition ID Alternative Condition Grade Status Condition Custom Description Cleared Date Compensating Factors Lender Response Comments Moody's Final Exception Level Grade Fitch Final Exception Level Grade S&P Final Exception Level Grade Kroll Final Exception Level Grade DBRS Final Exception Level Grade
6000032408 XXXXXX 06/18/2018 Credit Credit Documentation is Insufficient CRED 0093 1 Closed No explanation or documentation provided to confirm when or why the modification on credit took place and ensure this would not be considered a recent housing event.   07/23/2018 Low LTV/CLTV/HCLTV - LTV below 70%; Established Landlord history - Borrower has at least two years experience owning a rented investment property. 7/23/2018 Recd credit supplement and UW cert regarding the modification.  As the mortgage was modified more than 24 months ago it is not a recent housing event and the credit grade does not need to be changed.  Exception cleared. 7/23/2018 Recd credit supplement and UW cert regarding the modification.  As the mortgage was modified more than 24 months ago it is not a recent housing event and the credit grade does not need to be changed.  Exception cleared. A A A A A
6000032408 XXXXXX 06/18/2018 Credit Missing Source of Funds CRED 0108 1 Closed Missing all required like kind Exchange documentation to verify funds to close. 06/29/2018 Low LTV/CLTV/HCLTV - LTV below 70%; Established Landlord history - Borrower has at least two years experience owning a rented investment property. 6/29/2018 recd Settlement Statement and like kind agreement.  After fees described in the agreement sufficient funds were available and all terms of the Exchange appear to be met. 6/29/2018 recd Settlement Statement and like kind agreement.  After fees described in the agreement sufficient funds were available and all terms of the Exchange appear to be met. A A A A A
6000032408 XXXXXX 06/18/2018 Credit Back-end Ratio exception (DTI) CRED 0004 2 Acknowledged Missing exception for expanded DTI on an investment property.     Low LTV/CLTV/HCLTV - LTV below 70%; Established Landlord history - Borrower has at least two years experience owning a rented investment property. 6/26/2018 Recd approved exception for expanded DTI  on a N/O/O loan. Client: Override to EV2 due to lender acknowledged exception. B B B B B
6000032408 XXXXXX 06/21/2018 Credit Guideline Exception(s) GIDE 0001 2 Acknowledged HOA dues statement for the borrower's primary residence reflects that the borrower has not made the payment in full for several months and currently owes a past due balance.  Missing evidence that this was brought current prior to closing.  Per Guidelines (section 8.4) all debts must be brought current prior to closing.     Low LTV/CLTV/HCLTV - LTV below 70%; Established Landlord history - Borrower has at least two years experience owning a rented investment property.   Client: Override GIDE 0001 to EV2: the HOA dues could result in a lien and collection if the balance is not brought up to date.  Overridden to EV2 as it is not material and is not reported on the credit report. B B B B B
6000032412 XXXXXX 06/14/2018 Compliance Missing Affiliated Business Disclosure COMP 0010 2 Acknowledged Missing copy of the lender affiliated business disclosure or verification that the lender has no affiliates.     Verified credit history - FICO exceeds minimum by more than 20 points.; Verified reserves - Borrower has more than 6 months reserves above the required minimum   Client: EV2 Per NC Recd response from lender that there is no affiliation. B B B B B
6000032412 XXXXXX 06/14/2018 Compliance No proof borrower(s) can receive documents via the electronic method as intended TRID 0135 1 Closed Missing eSign disclosure or the DocuSign Tracking details to verify when the borrower consented to receiving documents electronically.  06/20/2018 Verified credit history - FICO exceeds minimum by more than 20 points.; Verified reserves - Borrower has more than 6 months reserves above the required minimum   06/19/18 Recd the generic eSign disclosure with the DocuSign Tracking details verifying consent. A A A A A
6000032412 XXXXXX 06/14/2018 Property Missing Third Party Appraisal Review APPR 0046 1 Closed Missing evidence loan was submitted to investor to obtain a third party appraisal review to validate the origination appraisal(s). 06/18/2018 Verified credit history - FICO exceeds minimum by more than 20 points.; Verified reserves - Borrower has more than 6 months reserves above the required minimum   06/18/18 Recd copy of appraisal review reflecting value supported. A A A A A
6000032412 XXXXXX 06/14/2018 Credit Missing Verification of Liability (Contingent or Otherwise) CRED 0097 1 Closed Missing Alternate confirmation that there is no new debt which may include a new credit report, pre-close credit score soft-pull or gap report.   06/18/2018 Verified credit history - FICO exceeds minimum by more than 20 points.; Verified reserves - Borrower has more than 6 months reserves above the required minimum Canceled / Cleared-Recd copy of lenders Undisclosed Debt Obligation and Employment Verification Certification executed by the borrower of no new debt.    Canceled / Cleared-Recd copy of lenders Undisclosed Debt Obligation and Employment Verification Certification executed by the borrower of no new debt.   A A A A A
6000032412 XXXXXX 06/14/2018 Credit Income Documentation is Insufficient CRED 0082 1 Closed Asset statements provided are stale dated. 06/22/2018 Verified credit history - FICO exceeds minimum by more than 20 points.; Verified reserves - Borrower has more than 6 months reserves above the required minimum 06/21/2018 Recd updated documentation.  Exception cleared.

06/19/18 Attached documentation is insufficient to satisfy the exception. Finding Remains;
 06/21/2018 Recd updated documentation.  Exception cleared. A A A A A
6000032412 XXXXXX 06/14/2018 Credit Discrepancy between 1003 and documentation stated and/or verified in file APP 0006 1 Closed Final 1003 reflects the following discrepancy's: 1) # of yrs employed in profession is blank 2) LO did not execute.  06/18/2018 Verified credit history - FICO exceeds minimum by more than 20 points.; Verified reserves - Borrower has more than 6 months reserves above the required minimum   Cancel/Close Non Material per investor. A A A A A
6000032412 XXXXXX 06/14/2018 Compliance LE or CD is Deficient TRID 0148 1 Closed Missing final CD executed by the non borrowing spouse.  CD executed at closing was only executed by the borrower. 06/20/2018 Verified credit history - FICO exceeds minimum by more than 20 points.; Verified reserves - Borrower has more than 6 months reserves above the required minimum   06/20/18- Cancelled/cleared.  NBS not required to execute. A A A A A
6000032415 XXXXXX 07/20/2018 Credit Income used to qualify does not adhere to Appendix Q QMATR 0010 1 Closed Missing underwriter worksheets which detail the qualifying income calculations and debt obligations considered or not considered (and reason for exclusion).  An income calculator was provided but no complete worksheet that includes obligations. 08/28/2019 Verified employment history - The borrower has been with employer for over 10 years 7/26/2018: Received ATR worksheet from seller.  Exception cleared. 7/26/2018: Received ATR worksheet from seller.  Exception cleared. A A A A A
6000032415 XXXXXX 07/20/2018 Credit Missing Documentation or Proof of ATR Underwriting Factors QMATR 0016 1 Closed The loan is an HPML but the file does not contain evidence of the underwriter's residual income calculation. 07/27/2018 Verified employment history - The borrower has been with employer for over 10 years 7/26/2018: Received Residual income calculator reflecting 212% of the VA required residual.  Exception cleared. 7/26/2018: Received Residual income calculator reflecting 212% of the VA required residual.  Exception cleared. A A A A A
6000032415 XXXXXX 07/20/2018 Compliance Initial Loan Estimate Sent Date > 3 Business Days from Application Date TRID 0028 1 Closed Missing confirmation if originator considers Saturday a business day.
The Initial Loan Estimate Disclosure Date is more than 3 business days from the Application Date. Under Regulation Z, a Loan Estimate must be delivered or placed in the mail not later than the third business day after receiving a consumer's application. (12 CFR 1026.19(e)(1)(iii))		 07/31/2018 Verified employment history - The borrower has been with employer for over 10 years 7/31/2018 Recd email chain from XXXX with the UW confirming that LendUS does not consider Saturday a business day for TRID purposes.  Exception cleared.
7/26/2018 Recd copy of the initial 1003 and Intent to Proceed.  These do not address when the Loan Estimate was issued, which was more than 3 business days from the application date.  Originator to confirm if they consider Saturday a business day.  If no finding can be  cleared.		 7/31/2018 Recd email chain confirming that originator does not consider Saturday a business day for TRID purposes.  Exception cleared. A A A A A
6000032415 XXXXXX 07/20/2018 Credit QM/ATR Failure QMATR 0005 1 Closed Updated:  Missing is the title disbursement report reflecting the refund to the borrower.Original: Loan does not QM guidelines due to insufficient verification of liquid assets prior to closing.  07/31/2018 Verified employment history - The borrower has been with employer for over 10 years 7/31/2018 Recd title final settlement statement from the title company reflecting a total refund of the balance due.  Exception cleared.

7/26/2018 Attached documentation is insufficient to satisfy the exception. Finding Remains;
 7/31/2018 Recd title final settlement statement from the title company reflecting a total refund of the balance due.  Exception cleared. A A A A A
6000032421 XXXXXX 07/23/2018 Compliance Homeownership Counseling Disclosure does not contain minimum required 10 counselors RESPA 0030 2 Acknowledged The Counseling Organization list only contains 9 counselors.  XXXX is listed twice (#7 and #8).  The link to find additional counselors is included on the list.   Verified ownership of subject property - The borrower has owned his property since 2010.   Client: Override to EV2 due to Immaterial Issue. B B B B B
6000032421 XXXXXX 07/23/2018 Credit Income used to qualify does not adhere to Appendix Q QMATR 0010 1 Closed Missing Appendix Q/ATR underwriter worksheets which detail the income and obligations considered in the evaluation as required by the Expanded Access guidelines.  07/27/2018 Verified ownership of subject property - The borrower has owned his property since 2010. 7/27/2018: Recd ATR Worksheet dated XX/XX/XXXX detailing the income and obligations considered in the evaluation. 7/27/2018: Recd ATR Worksheet dated XX/XX/XXXX detailing the income and obligations considered in the evaluation. A A A A A
6000032421 XXXXXX 07/23/2018 Credit Missing Employment doc (VOE) CRED 0007 2 Acknowledged Missing verification that the borrower is 100% owner of the business or approved exception from investor to waive the requirement that ownership percentage be documented via CPA letter, Operating Agreement, or equivalent.  Per the borrower LOE, the borrower prepares his own tax return so a CPA/tax preparer letter is not an option.  He claims the income from the business as a sole proprietorship so he never needed to create an operating agreement.  State of XX Attorney Search verifies XXXXX - #XXXXX is Active. Address and contact info matches the 1003.    Verified ownership of subject property - The borrower has owned his property since 2010. 7/27/2018: Recd note from investor: "Borrower is a XXXXX and operates his own XXXXX. Business license search is sufficient for a XXXXX. Investor elects to waive with compensating factors:
0x30x24 months housing history, verified ownership of subject property, the borrower has owned his property since 2010.		 Client: Override to EV2 due to client acknowledged exception. B B B B B
6000032421 XXXXXX 07/23/2018 Credit Missing Documentation or Proof of ATR Underwriting Factors QMATR 0016 1 Closed Missing UW calculation of residual income for the borrower, required per guidelines due to this being an HPML. 07/27/2018 Verified ownership of subject property - The borrower has owned his property since 2010. 7/27/2018: Recd residual income calculator confirming the income is at least 2x the (agency) requirement. 7/27/2018: Recd residual income calculator confirming the income is at least 2x the (agency) requirement. A A A A A
6000032421 XXXXXX 07/23/2018 Compliance Special Flood Hazard Notification is Missing or Not Executed FINS 0004 1 Closed Missing flood certificate.  Unable to confirm if the property is in a flood zone and the Special Flood Hazard Notification is required. 07/27/2018 Verified ownership of subject property - The borrower has owned his property since 2010. 7/27/2018: Recd Flood certificate confirming the property is not in a flood zone. Recd Flood certificate confirming the property is not in a flood zone. A A A A A
6000032421 XXXXXX 07/23/2018 Credit Guideline Exception(s) GIDE 0001 1 Closed Missing QM Designation - The Investor Loan Submission form does not reflect the QM designation and indicates the loan is full doc.  Actual doc type is 24 months personal bank statements. 07/27/2018 Verified ownership of subject property - The borrower has owned his property since 2010. 7/27/2018: Recd updated investor submission form indicating the loan is non-QM and the doc type is 24 mos bank statements. 7/27/2018: Recd updated investor submission form indicating the loan is non-QM and the doc type is 24 mos bank statements. A A A A A
6000032421 XXXXXX 07/23/2018 Credit Condo Documentation is Insufficient COND 0002 1 Closed The Condo certification does not address if the association has any pending litigation. 07/27/2018 Verified ownership of subject property - The borrower has owned his property since 2010. 7/27/2018: Recd a copy of the Condo certification, a XXXX doc, which confirms no pending litigation. 7/27/2018: Recd a copy of the Condo certification, a XXXXX doc, which confirms no pending litigation. A A A A A
6000032418 XXXXXX 07/10/2018 Compliance Mortgage/Deed of Trust is not Recorded DEED 0005 1 Closed No evidence located in file that mortgage has been sent for recording or recording has been completed. Provide evidence of recorded mortgage, final title policy with recorded data or proof documents were sent for recording by Closing Agent.  

Closing instructions documents lenders intent to record.		 07/13/2018 Verified housing payment history - Credit report confirms 99 months satisfactory mortgage rating.; Verified employment history - CPA letter confirms 16 yrs self-employment.   REMOVED. Not required per client.  A A A A A
6000032418 XXXXXX 07/10/2018 Credit Discrepancy between 1003 and documentation stated and/or verified in file APP 0006 2 Acknowledged REO section does not list property at XXXXX, however, tax assessment provided in file lists borrowers as owners. Per letter of explanation in file the borrowers self-employment business rents the property. Missing documentation to evidence property is owned free and clear. Also missing is evidence of insurance.     Verified housing payment history - Credit report confirms 99 months satisfactory mortgage rating.; Verified employment history - CPA letter confirms 16 yrs self-employment. 7/17/2018 - "As far as XXXXX, this property was not listed on the 1003 and it is their commercial space, as noted below. We would not request the HOI or any info as its run through the business. We would not debit them for business properties". Included is a screen print from the Data Verify reflecting no liens. ** Exception is overridden to EV2 - "Investor elects to waive the HOI requirement with compensating factors as loan is commercial space which is utilized and rented back via the business in the amount of $XXX a year per LOE:
Verified housing payment history-Credit report confirms 99 months satisfactory mortgage rating.; Verified employment history-CPA letter confirms 16 yrs self-employment". APP 0006 Exception Overridden to EV2;		 Client: 7/17/2018 - "As far as XXXXX, this property was not listed on the 1003 and it is their commercial space, as noted below. We would not request the HOI or any info as its run through the business. We would not debit them for business properties". Included is a screen print from the Data Verify reflecting no liens. ** Exception is overridden to EV2 - "Investor elects to waive the HOI requirement with compensating factors as loan is commercial space which is utilized and rented back via the business in the amount of $XXX a year per LOE:
Verified housing payment history- Credit report confirms 99 months satisfactory mortgage rating.; Verified employment history- CPA letter confirms 16 yrs self-employment". APP 0006 Exception Overridden to EV2;		 B B B B B
6000032418 XXXXXX 07/11/2018 Credit Insufficient verified reserves CRED 0100 2 Acknowledged Short Reserves in excess of the exception granted- Lender exception for 9 mths reserves vs. 12 mths does not include the additional requirement for 3 mths PITI for multiple financed properties. Per the request the total reserves required was only $XXXXX, actual reserves required $XXXXX.   Verified housing payment history - Credit report confirms 99 months satisfactory mortgage rating.; Verified employment history - CPA letter confirms 16 yrs self-employment. 7/17/2018 - "This is the file where we had an exception in there for reserves. The exception was 9 v. 12, however; we did not verify the assets because we misunderstood the exception. They only have 2.5 months. So if we were not thinking about verifying the assets, we did not request a CPA for the impact on the business nor did we complete an underwriter cash flow analysis. We do have a letter in there from the CPA stating he is 100% owner but we did not pursue it any further because of the above explanation". ** Exception is overridden to EV2 - "Investor elects to waive with compensating factors:
Verified housing payment history-Credit report confirms 99 months satisfactory mortgage rating.; Verified employment history-CPA letter confirms 16 yrs self-employment". CRED 0100 Exception Overridden to EV2;		 Client: 7/17/2018 - "This is the file where we had an exception in there for reserves. The exception was 9 v. 12, however, we did not verify the assets because we misunderstood the exception. They only have 2.5 months. So if we were not thinking about verifying the assets, we did not request a CPA for the impact on the business nor did we complete an underwriter cash flow analysis. We do have a letter in there from the CPA stating he is 100% owner but we did not pursue it any further because of the above explanation". ** Exception is overridden to EV2 - "Investor elects to waive with compensating factors: Verified housing payment history-Credit report confirms 99 months satisfactory mortgage rating.; Verified employment history-CPA letter confirms 16 yrs self-employment". CRED 0100 Exception Overridden to EV2; B B B B B
6000032418 XXXXXX 07/11/2018 Credit Asset Documentation is Insufficient CRED 0083 2 Acknowledged Missing a letter from the businesses accountant OR an underwriter cash flow analysis of the business balance sheet to confirm that the withdrawal of funds from a business account will not negatively impact the business as business accounts were used to meet the reserve requirements.   Verified housing payment history - Credit report confirms 99 months satisfactory mortgage rating.; Verified employment history - CPA letter confirms 16 yrs self-employment. 7/17/2018 - "This is the file where we had an exception in there for reserves. The exception was 9 v. 12, however; we did not verify the assets because we misunderstood the exception. They only have 2.5 months. So if we were not thinking about verifying the assets, we did not request a CPA for the impact on the business nor did we complete an underwriter cash flow analysis. We do have a letter in there from the CPA stating he is 100% owner but we did not pursue it any further because of the above explanation". ** Exception is overridden to EV2 - "Investor elects to waive with compensating factors:
Verified housing payment history-Credit report confirms 99 months satisfactory mortgage rating.; Verified employment history-CPA letter confirms 16 yrs self-employment". CRED 0083 Exception Overridden to EV2;		 Client: 7/17/2018 - "This is the file where we had an exception in there for reserves. The exception was 9 v. 12, however, we did not verify the assets because we misunderstood the exception. They only have 2.5 months. So if we were not thinking about verifying the assets, we did not request a CPA for the impact on the business nor did we complete an underwriter cash flow analysis. We do have a letter in there from the CPA stating he is 100% owner but we did not pursue it any further because of the above explanation". ** Exception is overridden to EV2 - "Investor elects to waive with compensating factors:
Verified housing payment history-Credit report confirms 99 months satisfactory mortgage rating.; Verified employment history-CPA letter confirms 16 yrs self-employment". CRED 0083 Exception Overridden to EV2;		 B B B B B
6000032419 XXXXXX 07/10/2018 Compliance Missing Affiliated Business Disclosure COMP 0010 1 Closed Missing evidence that the borrower received the Affiliated Business Disclosure, or confirmation that XXXXX does not have any affiliates. 07/17/2018 Verified credit history - Borrower has a mid FICO of 763 with a minimum requirement of 700 (DTI > 43%)
 Trade lines date back > 20 years with no derogatory information reported.; Verified reserves - Borrower has 88.32 mths verified reserves with a minimum requirement of 12 months for Loan amount < $XXXXX w/ expanded DTI > 43%.; Verified housing payment history - Borrower has more than 85 months of mortgage history verified 0x30 per the credit report.		 7/16/2018 Recd UW cert confirming that XXXXX does not have any affiliates.  Exception cleared. 7/16/2018 Recd UW cert confirming that XXXXX does not have any affiliates.  Exception cleared. A A A A A
6000032419 XXXXXX 07/11/2018 Property Missing Third Party Appraisal Review APPR 0046 1 Closed Missing investor appraisal approval. 07/17/2018 Verified credit history - Borrower has a mid FICO of 763 with a minimum requirement of 700 (DTI > 43%)
 Trade lines date back > 20 years with no derogatory information reported.; Verified reserves - Borrower has 88.32 mths verified reserves with a minimum requirement of 12 months for Loan amount < $XXXXX w/ expanded DTI > 43%.; Verified housing payment history - Borrower has more than 85 months of mortgage history verified 0x30 per the credit report.		 7/16/2018 Recd printout of Appraisal results with the value supported.  Exception cleared. 7/16/2018 Recd printout of Appraisal results with the value supported.  Exception cleared. A A A A A
6000032419 XXXXXX 07/11/2018 Compliance No evidence lender provided copies of written appraisals ECOA 0003 1 Closed Missing evidence the borrower was provided with all written appraisals.  There is no evidence the appraisal was mailed or emailed to the borrower upon completion.  The borrower did sign an acknowledgement of receipt on the closing date, but no evidence she waived her right to the three day review period prior to closing or that she received it in sufficient time for review. 09/19/2019 Verified credit history - Borrower has a mid FICO of 763 with a minimum requirement of 700 (DTI > 43%)
 Trade lines date back > 20 years with no derogatory information reported.; Verified reserves - Borrower has 88.32 mths verified reserves with a minimum requirement of 12 months for Loan amount < $XXXXX w/ expanded DTI > 43%.; Verified housing payment history - Borrower has more than 85 months of mortgage history verified 0x30 per the credit report.		 7/16/2018 Recd eSign certificate reflecting the appraisal was sent to the borrower on XX/XX/XXXX and was viewed the same day.  Exception cleared. 7/16/2018 Recd eSign certificate reflecting the appraisal was sent to the borrower on XX/XX/XXXX and was viewed the same day.  Exception cleared. A A A A A
6000032419 XXXXXX 07/11/2018 Compliance Missing LE due to Rate Lock TRID 0159 1 Closed Missing the Loan Estimate issued within 3 days of the rate lock, XX/XX/XXXX.  A change of circumstance form dated XX/XX/XXXX was included in the file indicating an LE was issued the same day, but the Loan Estimate it references was not included. The initial CD was not issued until XX/XX/XXXX. 07/17/2018 Verified credit history - Borrower has a mid FICO of 763 with a minimum requirement of 700 (DTI > 43%)
 Trade lines date back > 20 years with no derogatory information reported.; Verified reserves - Borrower has 88.32 mths verified reserves with a minimum requirement of 12 months for Loan amount < $XXXXX w/ expanded DTI > 43%.; Verified housing payment history - Borrower has more than 85 months of mortgage history verified 0x30 per the credit report.		 7/16/2018: Recd a copy of the XX/XX/XXXX LE and completed compliance review.  Exception cleared. 7/16/2018: Recd a copy of the XX/XX/XXXX LE and completed compliance review.  Exception cleared. A A A A A
6000032419 XXXXXX 07/11/2018 Credit Missing Verification of Liability (Contingent or Otherwise) CRED 0097 1 Closed Updated: Missing letter of explanation for the inquiry by Equifax on XX/XX/XXXX. The Equifax Alert report provided lists this inquiry and a comment from the loan originator stating the LOE is being obtained.  

Original: Missing gap credit report pulled within 10 days of closing or undisclosed debt acknowledgement signed by the borrower at closing (the Undisclosed Debt Acknowledgement included in the file is illegible but appears to have been signed on XX/XX/XXXX, just after the application date)		 07/23/2018 Verified credit history - Borrower has a mid FICO of 763 with a minimum requirement of 700 (DTI > 43%)
 Trade lines date back > 20 years with no derogatory information reported.; Verified reserves - Borrower has 88.32 mths verified reserves with a minimum requirement of 12 months for Loan amount < $XXXXX w/ expanded DTI > 43%.; Verified housing payment history - Borrower has more than 85 months of mortgage history verified 0x30 per the credit report.		 7/23/2018 Recd LOE stating the Equifax inquiry was another application for the mortgage but no new debt as she selected XXXXX.
7/16/2018 Recd an Equifax Alert report printed on the Note date XX/XX/XXXX with monitoring ending XX/XX/XXXX.  The report reflects an inquiry by Equifax on XX/XX/XXXX.  A comment from the originator on page 2 states they are obtaining an LOE for this inquiry.		 7/23/2018 Recd LOE stating the Equifax inquiry was another application for the mortgage but no new debt as she selected XXXXX. A A A A A
6000032419 XXXXXX 07/11/2018 Compliance Final CD Loan Calculations is Deficient TRID 0202 1 Closed The final CD dated XX/XX/XXXX reflects an appraisal fee of $XXXX that was paid by the borrower prior to closing.  The appraisal invoice reflects the appraisal fee was only $XXXX and only $XXXX was collected from the borrower on XX/XX/XXXX.  Missing additional $XXXX appraisal invoice including paid status, or post closing corrective CD reflecting the correct appraisal fee of $XXXX.   07/17/2018 Verified credit history - Borrower has a mid FICO of 763 with a minimum requirement of 700 (DTI > 43%)
 Trade lines date back > 20 years with no derogatory information reported.; Verified reserves - Borrower has 88.32 mths verified reserves with a minimum requirement of 12 months for Loan amount < $XXXXX w/ expanded DTI > 43%.; Verified housing payment history - Borrower has more than 85 months of mortgage history verified 0x30 per the credit report.		 7/16/2018: Recd an LOE and Loan Estimate issued XX/XX/XXXX reflecting the corrected appraisal fee and amount paid prior to closing by the borrower. Exception cleared. 7/16/2018: Recd an LOE and Loan Estimate issued XX/XX/XXXX reflecting the corrected appraisal fee and amount paid prior to closing by the borrower. Exception cleared. A A A A A
6000032419 XXXXXX 07/11/2018 Credit Income Calculation Discrepancy CRED 0084 2 Acknowledged The review calculation of qualifying deposits reflects a variance of greater than 10%.  
The lender's bank statement calculation did not exclude several transfers and ineligible deposits from the calculation:

Inconsistency noted in exclusion of "Checkcard" deposits.  These appear to be small POS refunds but no letter of explanation provided.    The total variance from eligible deposits when these are excluded is $95.		   Verified credit history - Borrower has a mid FICO of 763 with a minimum requirement of 700 (DTI > 43%)
 Trade lines date back > 20 years with no derogatory information reported.; Verified reserves - Borrower has 88.32 mths verified reserves with a minimum requirement of 12 months for Loan amount < $XXXXX w/ expanded DTI > 43%.; Verified housing payment history - Borrower has more than 85 months of mortgage history verified 0x30 per the credit report.		   Client: EV2 per investor, Granting Eligibility Waiver based on noted comp factors. B B B B B
6000032419 XXXXXX 07/11/2018 Credit Missing Letter of Explanation CRED 0104 2 Acknowledged Missing letter of explanation for declining income from months 13-24 to months 1-12 based on the bank statement deposits.  Qualifying deposits decreased by 29%.  Lender used the average of the bank statement deposits instead of the net income from the Earnings statement, but no explanation for why the income has declined was included.  Unable to determine what caused the decline, so unable to determine if the declining trend will continue.     Verified credit history - Borrower has a mid FICO of 763 with a minimum requirement of 700 (DTI > 43%)
 Trade lines date back > 20 years with no derogatory information reported.; Verified reserves - Borrower has 88.32 mths verified reserves with a minimum requirement of 12 months for Loan amount < $XXXXX w/ expanded DTI > 43%.; Verified housing payment history - Borrower has more than 85 months of mortgage history verified 0x30 per the credit report.		 7/16/2018: Recd from investor the following comments:"Please see loan file pages 211 213.  These are the investor income documents used to approve the loan.  Document on page 202 were part of the initial qualification by originator but not the final investor income documentation.  While income did decline it was XXXX% and not XXXX%.  Also, the owner of XXXXX stated that they foresee an increase in her workload due to their recent association with XXXXX.  Other companies who hire borrower attest that they will continue to hire borrower as a XXXXX.  Based on documentation there is no reason to conclude that decline was significant or likely to continue."
Exception will be overridden per lender confirming the income is acceptable.  Note the decline is based on IB review of qualifying deposits which varies from the seller's calculation.  Qualifying deposits in months 13-24 were $XXXXX and 1-12 $XXXXX).  The average deposits decreased by $XXXX per month.  		 Client: Override to EV2 per investor approval of income continuance. B B B B B
6000032419 XXXXXX 07/11/2018 Credit Back-end Ratio exception (DTI) CRED 0004 2 Acknowledged Residual income is insufficient for DTI above 43% (Short $167.70).  Per investor guidelines the residual income must be >/= 2 times the (agency) requirement.  The (agency) requirement for this laon is XXX.  Two times (agency) requirement and the minimum residual income requirement is $XXX.  The borrower's residual income is $XXX.  Residual income calculation by the lender does not include credit report debt or PITI in the calculation.   Verified credit history - Borrower has a mid FICO of 763 with a minimum requirement of 700 (DTI > 43%)
 Trade lines date back > 20 years with no derogatory information reported.; Verified reserves - Borrower has 88.32 mths verified reserves with a minimum requirement of 12 months for Loan amount < $XXXXX w/ expanded DTI > 43%.; Verified housing payment history - Borrower has more than 85 months of mortgage history verified 0x30 per the credit report.		   Client: EV2 per investor, Granting Eligibility Waiver based on noted comp factors. B B B B B
6000032451 XXXXXX 07/03/2018 Compliance Invalid Change of Circumstance COMP 0019 1 Closed The change of Circumstance form for the initial rate lock reflects a date that does not match the lock confirmation.  07/20/2018 Verified reserves - Borrower has more than 6 months reserves above the minimum requirement.; Low LTV/CLTV/HCLTV - LTV is 10% below the maximum. 7/20/2018 Recd an updated Change of Circumstance form with the updated date.  The disclosure was issued in sufficient time. 7/20/2018 Recd an updated Change of Circumstance form with the updated date.  The disclosure was issued in sufficient time. A A A A A
6000032451 XXXXXX 07/03/2018 Compliance Missing Affiliated Business Disclosure COMP 0010 1 Closed Missing evidence that the Affiliated Business Disclosure was provided to the borrower, or that the originator does not have any affiliated businesses. 07/20/2018 Verified reserves - Borrower has more than 6 months reserves above the minimum requirement.; Low LTV/CLTV/HCLTV - LTV is 10% below the maximum. 7/20/2018 Recd comments from lender: We do not have affiliated business disclosure as we do not have any affiliated businesses.  **Exception cleared  Recd comments from lender: We do not have affiliated business disclosure as we do not have any affiliated businesses.  **Exception cleared  A A A A A
6000032451 XXXXXX 07/03/2018 Credit Income used to qualify does not adhere to Appendix Q QMATR 0010 1 Closed Updated: Missing ATR underwriter worksheet which details the income and obligations considered in the evaluation as required by the Expanded Access guidelines. Received Income calculators but not an ATR worksheet that details the income AND obligations and the full scope of an ATR review.

Original:Missing ATR underwriter worksheet which details the income and obligations considered in the evaluation as required by the Expanded Access guidelines.		 09/16/2019 Verified reserves - Borrower has more than 6 months reserves above the minimum requirement.; Low LTV/CLTV/HCLTV - LTV is 10% below the maximum.   Based on investor review, lender completed an application which discloses the borrower's obligation and liabilities as well as a UW completed 1008. These documents in conjunction with the
income worksheets provided are sufficient to meet the ATR worksheet requirement. investor elects to waive.		 A A A A A
6000032451 XXXXXX 07/03/2018 Credit Back-end Ratio exception (DTI) CRED 0004 2 Acknowledged Missing exception for back end DTI exceeding limit.     Verified reserves - Borrower has more than 6 months reserves above the minimum requirement.; Low LTV/CLTV/HCLTV - LTV is 10% below the maximum. 7/20/2018 Recd comments from investor
Verified reserves
FICO score above minimum by 20 points or greater
Ownership of subject property of 5 years or greater 		 Client: Override to EV2 for investor acknowledged exception. B B B B B
6000032451 XXXXXX 07/03/2018 Credit Discrepancy between 1003 and documentation stated and/or verified in file APP 0006 2 Acknowledged The account number on the final 1003 is not correct.     Verified reserves - Borrower has more than 6 months reserves above the minimum requirement.; Low LTV/CLTV/HCLTV - LTV is 10% below the maximum.   Client: Override to EV2 due to immaterial issue.  Subject is a cash out transaction and funds were verified for reserves exclusive of cash proceeds received. B B B B B
6000032451 XXXXXX 07/03/2018 Credit Guideline Exception(s) GIDE 0001 1 Closed Updated: Missing XXXX Loan Submission form confirming if the loan is QM or non-QM.

Original:1.  Missing XXXX Loan Submission form confirming if the loan is QM or non-QM.  Per guidelines this must be in the file prior to submitting for loan purchase. 2. Missing evidence of agency ineligibility.  This may be satisfied through a DU or LP underwriting findings report verifying the loan does not qualify for delivery, or through an underwriter certification explaining the reason for ineligibility. 		 07/24/2018 Verified reserves - Borrower has more than 6 months reserves above the minimum requirement.; Low LTV/CLTV/HCLTV - LTV is 10% below the maximum. 7/24/2018 Recd Loan Submission form indicating the QM status as non-QM.  Exception cleared.

7/20/2018: 1. Recd a letter from the loan originator describing the loan.  Still pending the XXXX Loan Submission form.  2. Recd an AUS printout reflecting the loan is out of scope.  This part of the exception is cleared.		 7/24/2018 Recd Loan Submission form indicating the QM status as non-QM.  Exception cleared. A A A A A
6000032451 XXXXXX 07/03/2018 Credit Missing Required Fraud Tool CRED 0089 1 Closed Missing 3rd party fraud verification report with all critical items addressed.  07/20/2018 Verified reserves - Borrower has more than 6 months reserves above the minimum requirement.; Low LTV/CLTV/HCLTV - LTV is 10% below the maximum. 7/20/2018: Recd the DRIVE report reflecting a passing grade. 7/20/2018: Recd the DRIVE report reflecting a passing grade. A A A A A
6000032451 XXXXXX 07/09/2018 Credit Asset Documentation is Insufficient CRED 0083 1 Closed Updated:Original: Missing the complete asset statements.

Original: Missing the complete most recent XXXX Statement    Copy in the file appears to be incomplete.  		 07/24/2018 Verified reserves - Borrower has more than 6 months reserves above the minimum requirement.; Low LTV/CLTV/HCLTV - LTV is 10% below the maximum. 7/24/2018: Recd a comment from investor: "Based on investor review, the statement is consolidated but sufficient.  This document is acceptable."

7/20/2018: Attached documentation is insufficient to satisfy the exception. Finding Remains		 Recd a comment from investor: "Based on investor review, the statement is consolidated but sufficient.  This document is acceptable." A A A A A
6000032452 XXXXXX 05/31/2018 Credit Missing Loan Approval Date APRV 0003 1 Closed Missing Lender Final Approval and the 1008 is not signed or dated by the original underwriter. 06/05/2018 Verified credit history - FICO exceeds minimum required by more than 20 points.; Verified employment history - Borrower has been employed for than 5 years.   Cleared per XXXX-The 1008 in the file should be sufficient and is not required to be signed by the underwriter.  A A A A A
6000032452 XXXXXX 05/31/2018 Compliance LE / CD Re-Disclosure Made Post-Consummation TRID 0146 1 Closed Missing final CD reflecting the actual disbursement date and prepaid interest.  06/06/2018 Verified credit history - FICO exceeds minimum required by more than 20 points.; Verified employment history - Borrower has been employed for than 5 years.   06/06/18 Recd copy of post closing CD with updated disbursement and prepaid interest. A A A A A
6000032452 XXXXXX 05/31/2018 Compliance  Loan Disbursement Date is on or before the required Right of Rescission Expiration Date  ROR 0009 1 Closed The final Closing Disclosure reflects a disbursement date equal to the Right of Rescission expiration date.  Pending post closing CD to determine the actual disbursement date. 06/06/2018 Verified credit history - FICO exceeds minimum required by more than 20 points.; Verified employment history - Borrower has been employed for than 5 years.   06/06/18 Recd copy of post closing CD with updated disbursement after Right of Rescission expiration A A A A A
6000032452 XXXXXX 05/31/2018 Compliance Missing Affiliated Business Disclosure COMP 0010 1 Closed No evidence that the Affiliated Business Disclosure was provided to the borrower.  Unable to determine if the lender has affiliated businesses. 06/12/2018 Verified credit history - FICO exceeds minimum required by more than 20 points.; Verified employment history - Borrower has been employed for than 5 years.   06/12/18 Recd confirmation from the lender that they do not have any affiliates. A A A A A
6000032452 XXXXXX 05/31/2018 Credit Income used to qualify does not adhere to Appendix Q QMATR 0010 1 Closed Missing Appendix Q/ATR underwriter worksheets which detail the income and obligations considered in the evaluation as required by the Expanded Access guidelines. 06/12/2018 Verified credit history - FICO exceeds minimum required by more than 20 points.; Verified employment history - Borrower has been employed for than 5 years. 06/06/18 Recd copy of borrower executed ATR Certification.  Missing Underwriter QM / ATR worksheet which details the income and obligations considered in the evaluation 06/12/18 Recd from XXXX: XXXX has reviewed condition with client for the ATR UW Worksheet.  
XXXX will accept the clients 1008 that detail the income and obligations.		 A A A A A
6000032452 XXXXXX 05/31/2018 Credit Back-end Ratio exception (DTI) CRED 0004 1 Closed Guidelines do not indicate if income can be reduced by an obligation rather than included as a liability. 06/08/2018 Verified credit history - FICO exceeds minimum required by more than 20 points.; Verified employment history - Borrower has been employed for than 5 years.   Exception cancelled- Both FNMA and QM allow. A A A A A
6000032452 XXXXXX 06/01/2018 Credit Missing Letter of Explanation CRED 0104 1 Closed Missing relationship letter from joint account holder on a Bank Statement loan. 06/12/2018 Verified credit history - FICO exceeds minimum required by more than 20 points.; Verified employment history - Borrower has been employed for than 5 years.   06/12/18 Recd relationship letter A A A A A
6000032452 XXXXXX 06/01/2018 Credit Discrepancy between 1003 and documentation stated and/or verified in file APP 0006 1 Closed Final 1003 does not reflect the updated balances from statements in the file. 06/12/2018 Verified credit history - FICO exceeds minimum required by more than 20 points.; Verified employment history - Borrower has been employed for than 5 years.   06/12/18 Recd copy of corrected Final 1003 with corrected balances. A A A A A
6000032459 XXXXXX 06/26/2018 Credit Tax Returns/Transcripts are Insufficient CRED 0087 2 Acknowledged Missing tax returns or transcripts for borrower 2, only one year provided for review. Second year required to confirm if there was a loss that would need to be included for review.   Low LTV/CLTV/HCLTV - LTV is more than 20% below the Max LTV 7/6/2018: Recd from investor: "Investor elects to waive the income document requirement with compensating factors:
DTI below max by 5% or greater
PITIA reserves above minimum by 6 months or greater
Fico score above minimum by 20 points or greater  

7/5/2018 Lender posted response is insufficient to satisfy the exception. Finding Remains;

7/5/2018 Lender posted response is insufficient to satisfy the exception. Finding Remains;		 Client: Override to EV2 for XXXX acknowledged exception. B B B B B
6000032459 XXXXXX 06/26/2018 Compliance Missing "Paid To" designee on Closing Disclosure (12 CFR 1026.38(f)(1-5)) TRID 0189 1 Closed Final CD reflects an Admin Fee in Section H "01" paid by the seller with no payee name.  The seller CD does not reflect a payee eithe. 07/05/2018 Low LTV/CLTV/HCLTV - LTV is more than 20% below the Max LTV   7/3/2018 Recd PCCD along with letter of explanation to the borrower reflecting the payee. A A A A A
6000032459 XXXXXX 06/26/2018 Property Missing Third Party Appraisal Review APPR 0046 1 Closed Missing documentation to verify the appraisal was submitted and approved by investor.  07/05/2018 Low LTV/CLTV/HCLTV - LTV is more than 20% below the Max LTV   Recd a copy of the investor approval of the appraisal. A A A A A
6000032464 XXXXXX 06/20/2018 Credit Sales Contract is not executed by all Parties CRED 0106 1 Closed The Agreement increasing sales price is only signed by the buyer/borrower.   06/29/2018 Verified employment history - Borrowers have been self employed more than 5 years.; Low DTI - DTI is below 30% 6/29/2018 Recd Final Sales Price Worksheet signed by seller. 6/29/2018 Recd Final Sales Price Worksheet signed by seller. A A A A A
6000032464 XXXXXX 06/20/2018 Compliance Missing Affiliated Business Disclosure COMP 0010 1 Closed Missing affiliated business disclosure, unable to determine if the lender has any affiliates.   06/29/2018 Verified employment history - Borrowers have been self employed more than 5 years.; Low DTI - DTI is below 30%   Recd confirmation from the seller that they do not have any affiliates. A A A A A
6000032464 XXXXXX 06/20/2018 Property Missing Required Second Appraisal APPR 0004 1 Closed Per XXXX guidelines a second appraisal is required for loan amounts great than 1,500,000.  Only one appraisal was provided for review. 09/26/2019 Verified employment history - Borrowers have been self employed more than 5 years.; Low DTI - DTI is below 30%   Recd second appraisal.   A A A A A
6000032464 XXXXXX 06/20/2018 Property Missing Third Party Appraisal Review APPR 0046 1 Closed Missing XXXX approval of the appraisal. 06/29/2018 Verified employment history - Borrowers have been self employed more than 5 years.; Low DTI - DTI is below 30%   Recd XXXX approval of the 1st appraisal. A A A A A
6000032464 XXXXXX 06/20/2018 Compliance No evidence lender provided copies of written appraisals ECOA 0003 1 Closed UPDATE: Missing evidence the lender provided the appraisal to the borrowers within ECOA timing requirements.   09/26/2019 Verified employment history - Borrowers have been self employed more than 5 years.; Low DTI - DTI is below 30% 6/29/2018 Recd confirmation of delivery of the appraisal.
 7/3/2018 Recd confirmation the borrower received a copy of their appraisal/valuation in compliance with ECOA. A A A A A
6000032464 XXXXXX 06/20/2018 Credit Missing proof of PITI payment on non-subject property CRED 0096 2 Acknowledged Missing evidence that additional REO taxes and insurance payments are impounded.   Verified employment history - Borrowers have been self employed more than 5 years.; Low DTI - DTI is below 30% 6/29/2018 XXXX Comment:"XXXX elects to waive the requirement.  Borrower DTI is low enough to carry additional ins/tax if not included in mortgage payment.
Compensating factors:
Verified employment history - Borrowers have been self employed more than 5 years.		 Client: Override to EV2 for lender acknowledged exception. B B B B B
6000032464 XXXXXX 06/20/2018 Credit Income used to qualify does not adhere to Appendix Q QMATR 0010 1 Closed The XXXX Loan Submission form indicates that the loan is QM, however the income was qualified by the lender using bank statements. 08/28/2019 Verified employment history - Borrowers have been self employed more than 5 years.; Low DTI - DTI is below 30%   6.29.2018 Recd updated Submission form A A A A A
6000032464 XXXXXX 06/20/2018 Credit Missing Evidence of Verified Property Tax and / or Homeowners Insurance Information CRED 0103 1 Closed The property tax used for review was 1.25% of the purchase price.  Missing documentation verifying the higher property tax payment. 07/02/2018 Verified employment history - Borrowers have been self employed more than 5 years.; Low DTI - DTI is below 30% Stips Recd 6.29.18: Recd Tax cert for estimated taxes on the subject Stips Recd 6.29.18: Recd Tax cert for estimated taxes on the subject. A A A A A
6000032464 XXXXXX 06/20/2018 Credit Income Documentation is Insufficient CRED 0082 1 Closed Missing P&Ls covering the 24 month period for borrowers business. 06/29/2018 Verified employment history - Borrowers have been self employed more than 5 years.; Low DTI - DTI is below 30% 6/29/2018 Investor does not require a P&L if an AES is provided.   Per inevstor the printed Income analysis from the internal bank statement calculator is an acceptable earnings statement.   A A A A A
6000032464 XXXXXX 06/20/2018 Credit Missing Letter of Explanation CRED 0104 1 Closed Borrower LOE is cut off/illegible. 07/05/2018 Verified employment history - Borrowers have been self employed more than 5 years.; Low DTI - DTI is below 30%   7/3/2018 Recd the copy of the borrower's LOE with the full text available.   A A A A A
6000032464 XXXXXX 06/21/2018 Credit Insufficient Verified Reserves (Number of Months) CRED 0017 2 Acknowledged Missing verification of 12 months reserves.   Verified employment history - Borrowers have been self employed more than 5 years.; Low DTI - DTI is below 30%   Client: Exception granted by investor. CRED 0017 overridden to EV2. B B B B B
6000032473 XXXXXX 07/10/2018 Compliance Missing evidence of the Seller Closing Disclosure TRID 0193 1 Closed Missing copy of executed seller CD.  07/31/2018 Low DTI - DTI is more than 25% lower than the max DTI.; Income verified was not used in qualifying - Residual income is more than 3x the (agency) requirement. Recd seller CD signed by the seller and the title agent.   Recd seller CD signed by the seller and the title agent.   A A A A A
6000032473 XXXXXX 07/10/2018 Credit Missing Documentation or Proof of ATR Underwriting Factors QMATR 0016 1 Closed Missing Appendix Q/ATR underwriter worksheet which details the income and obligations considered in the evaluation. 07/17/2018 Low DTI - DTI is more than 25% lower than the max DTI.; Income verified was not used in qualifying - Residual income is more than 3x the (agency) requirement. 07/17/18 Recd the QM/ATR Worksheet. 07/17/18 Recd the QM/ATR Worksheet. A A A A A
6000032473 XXXXXX 07/10/2018 Compliance No Real Estate Commission(s) disclosed on final Closing Disclosure for Purchase transaction (12 CFR 1026.38(g)(4)) TRID 0196 1 Closed No sales commission to the listing or selling agents reflected on the borrowers final or PCCD.  Per the Final Settlement Statement, commissions were paid. 07/31/2018 Low DTI - DTI is more than 25% lower than the max DTI.; Income verified was not used in qualifying - Residual income is more than 3x the (agency) requirement. Recd DocMagic certificate showing the PCCD was emailed to the borrower within acceptable timeframe.  Exception cleared. Recd DocMagic certificate showing the PCCD was emailed to the borrower within acceptable timeframe.  Exception cleared. A A A A A
6000032473 XXXXXX 07/10/2018 Compliance Mortgage/Deed of Trust is not Recorded DEED 0005 1 Closed Missing Recorded Deed of Trust for proof document has been sent for recording. 07/13/2018 Low DTI - DTI is more than 25% lower than the max DTI.; Income verified was not used in qualifying - Residual income is more than 3x the (agency) requirement.   REMOVED. Not required per client.  A A A A A
6000032473 XXXXXX 07/10/2018 Compliance Last Loan Estimate Sent Method Not In Person and No Received Date TRID 0023 1 Closed Missing the DocMagic tracking details for LE.  07/27/2018 Low DTI - DTI is more than 25% lower than the max DTI.; Income verified was not used in qualifying - Residual income is more than 3x the (agency) requirement. 07/17/2018 Recd copy of DocMagic Tracking details to verify borrower receipt. 07/17/2018 Recd copy of DocMagic Tracking details to verify borrower receipt. A A A A A
6000032473 XXXXXX 07/11/2018 Compliance Missing Evidence of Re-disclosure and a valid COC for the total amount of the Closing Disclosure 10% Category fees ($) that increased by more than 10% from the amount disclosed on the prior Loan Estimate or Closing Disclosure.   TRID 0124 1 Closed Missing proof of delivery for the LOE, Corrective CD which disclosed the Real Estate Commission paid by the seller. 07/31/2018 Low DTI - DTI is more than 25% lower than the max DTI.; Income verified was not used in qualifying - Residual income is more than 3x the (agency) requirement. 07/31/2018 Recd DocMagic certificate showing the PCCD was emailed to the borrower within acceptable timeframe.  Exception cleared. 07/31/2018 Recd DocMagic certificate showing the PCCD was emailed to the borrower within acceptable timeframe.  Exception cleared. A A A A A
6000032473 XXXXXX 07/11/2018 Credit Missing Evidence of sale of property owned HUD 0011 1 Closed Missing copy of the final settlement statement from the sale of the borrowers departing residence.  Purchase agreement in file.  If not sold, proof property is owned free and clear, insurance, and taxes will be required.  Only verification of land rent and utilities provided for review. 07/27/2018 Low DTI - DTI is more than 25% lower than the max DTI.; Income verified was not used in qualifying - Residual income is more than 3x the (agency) requirement. 07/26/18 Recd copy of release of interest which is post consummation. 07/26/18 Recd copy of release of interest dated XX/XX/XXXX which is post consummation. A A A A A
6000032473 XXXXXX 07/11/2018 Credit Income Documentation is Insufficient CRED 0082 2 Acknowledged Missing the following required income documentation, final DTI pending: 1) Profit and Loss Statement covering the same calendar months as the bank statements provided (The PL/ES being used for qualifying must be signed by the borrower, unless borrower provided a CPA prepared PL) 2) Description of Business/Business Profile 3) Validation of a minimum of 2 years existence of the business from one of the following: Business License, Letter from Tax Preparer, Secretary of State Filing or equivalent.  Accountant letter only states that they have prepared the borrowers taxes for the past 3 years and purchase of property will not have a negative impact on business.    Low DTI - DTI is more than 25% lower than the max DTI.; Income verified was not used in qualifying - Residual income is more than 3x the (agency) requirement. 07/27/18 Recd from client: Borrower is 100% owner business. XXXXX search shows business is categorized under XXXXX and employs a staff of approximately 2. The file contains 24 most recent consecutive business bank statements from a single account. Income was calculated with a 50% expense factor. Large deposits and credits were excluded from income calculation. Lender income worksheet shows a qualifying income of 50% of the 24 months deposit average. Lender used qualifying income which is the lesser of the income stated on the loan application or calculated business bank statement income. Client elects to waive the requirement for P&L and business narrative with compensating factors: DTI is below max DTI by 5% or greater 0x30 24 month housing history.
Residual income greater than 3X the (agency) amount
FICO score above minimum required by 20 points or greater

Client waives requirement for P&L and business narrative with several compensating
factors.  CRED 0082 exception overridden.		 Client: Client waives requirement for P&L and business narrative with several compensating factors:
DTI is below max DTI by 5% or greater
0x30 24 month housing history.
Residual income greater than 3X the (agency) amount
FICO score above minimum required by 20 points or greater

CRED 0082 exception overridden.		 B B B B B
6000032473 XXXXXX 07/11/2018 Property Missing Third Party Appraisal Review APPR 0046 1 Closed Update:Recd appraisal desk review which supports the original market value.  

Original:Missing documentation to verify the appraisal has been submitted to investor's fulfillment vendor who will obtain a third-party appraisal review to validate the origination appraisal(s).		 07/25/2018 Low DTI - DTI is more than 25% lower than the max DTI.; Income verified was not used in qualifying - Residual income is more than 3x the (agency) requirement. 7/24/2018 Recd appraisal desk review which supports the original market value.  7/24/2018 Recd appraisal desk review which supports the original market value.  A A A A A
6000032429 XXXXXX 07/27/2018 Compliance APN Number is not listed on Security Instrument COLL 0001 2 Acknowledged Mortgage does not list the APN.   Verified credit history - Oldest tradeline is 20 years. Middle credit score 741 with no history of delinquency reported.   Client: Override to EV2 due to Immaterial Issue, Legal Description provided. B B B B B
6000032429 XXXXXX 07/27/2018 Compliance No Real Estate Commission(s) disclosed on final Closing Disclosure for Purchase transaction (12 CFR 1026.38(g)(4)) TRID 0196 2 Acknowledged CD does not disclose the seller paid fees.   Verified credit history - Oldest tradeline is 20 years. Middle credit score 741 with no history of delinquency reported.   Client: Overridden to EV2 as this issue does not carry assignee liability and thus is immaterial risk. B B B B B
6000032429 XXXXXX 07/27/2018 Credit Missing Closing Protection Letter in File TITL 0005 1 Closed Missing Closing Protection Letter 09/11/2018 Verified credit history - Oldest tradeline is 20 years. Middle credit score 741 with no history of delinquency reported. Exception is cleared with the attached CPL for subject transaction.  Exception is cleared with the attached CPL for subject transaction.  A A A A A
6000032429 XXXXXX 07/30/2018 Credit Income Documentation is Insufficient CRED 0082 2 Acknowledged Missing the following required income documentation:
1) P&L signed by the borrower.  
2) Missing business narrative.		   Verified credit history - Oldest tradeline is 20 years. Middle credit score 741 with no history of delinquency reported. Per client: "Borrower has been the owner of a XXXXX for 5 years and was qualified using a 30% Expense Ratio. Client elects to waive
requirements for P&L as expense were taken into account during income calculation and borrower's self-employment as a business owner in the XXXXX business:
DTI below max by 5% or greater
FICO score above minimum by 20 points or greater
Months reserves above minimum required by 6 months or greater"
Exception overridden per client		 Client: Overridden to EV 2 due to client-acknowledged exception. B B B B B
6000032429 XXXXXX 07/30/2018 Credit Asset Documentation is Insufficient CRED 0083 2 Acknowledged Missing complete 24 months statements for Business Account.   Verified credit history - Oldest tradeline is 20 years. Middle credit score 741 with no history of delinquency reported. Selling lender provided the missing bank statements.   Mitigated Risk: Overriden to EV 2 due to client reviewed documentation provided and finds the income acceptable.  B B B B B
6000032429 XXXXXX 07/31/2018 Property Missing Third Party Appraisal Review APPR 0046 1 Closed Missing documentation to verify the appraisal has been submitted to fulfillment vendor who will obtain a third-party appraisal review to validate the origination appraisal(s). 08/07/2018 Verified credit history - Oldest tradeline is 20 years. Middle credit score 741 with no history of delinquency reported.   Received third party appraisal review.  Original appraisal value is supported. A A A A A