Starwood Mortgage Residential Trust 2022-5 ABS-15G

Exhibit 99.3 

 

Exception Grades

Run Date - 6/28/2022 5:18:12 PM    

AMC Loan ID

Customer Loan ID

Seller Loan ID

Investor Loan Number

Loan Exception ID

Exception ID

Exception Date

Exception Type

Exception Category

Exception Subcategory

15E Category

Exception

Exception Detail

Exception Information

Compensating Factors

Compensating Factor Information

Applying Party

Follow-up Comments

Cleared Date

Cured Date

Waived Date

Exception Level Grade

Exception Level Rating

Note Date

Property State

Occupancy

Purpose

Exception Remediation

Overall Initial Loan Grade

Overall Final Loan Grade

Credit Initial Loan Grade

Credit Final Loan Grade

Compliance Initial Loan Grade

Compliance Final Loan Grade

Property Initial Loan Grade

Property Final Loan Grade

Originator QM ATR Status

TPR QM ATR Status

Is Curable

215558625

438035541

XXX

22156674

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Provided Prior to Date Performed

ECOA Valuations Rule (Dodd-Frank [redacted]): Date valuation provided to applicant is prior to the date when valuation was performed. Unable to determine compliance with appraisal timing requirements.

Documentation reports the borrower received the appraisal onXX/XX/XX, yet the appraisal was not completed untilXX/XX/XX.

Reviewer Comment (2021-08-12): Delivery provided. Clear.

08/12/2021

1

A

NJ

Second Home

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

215558625

438035541

XXX

22156676

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General Ability To Repay Provision Income and Assets - REO 25% Method

Ability to Repay (Dodd-Frank [redacted]): Unable to verify Real Estate Owned income ([redacted]) using reasonably reliable third-party records.

Missing the mortgage statement, tax verification, insurance verification, evidence of receipt of the most recent rent payment, and Lease for the xxx property.

Reviewer Comment (2021-10-05): Client decided to not use income for this property. Reviewer Comment (2021-10-04): Please update and forward the 1003 with no rental income for the xxx property, and also forward the Residual Income Worksheet. Reviewer Comment (2021-09-23): Provide revised Final 1003 removing rental income for xxx that has been signed by the borrower. Seller Comment (2021-09-23): After removing the rental income, the DTI is still below xx% without it as per the attached 1003 and 1008. Reviewer Comment (2021-09-10): The Property in question here is xxx and not the subject property. It is not a Purchase for xxx. Lease and evidence of first month rent is required. Please forward. Seller Comment (2021-09-08): Since this is a purchase, here is the appraisal to reflect property type and market rent? Reviewer Comment (2021-08-15): Property liability documentation received, however lease and evidence of payment for first months rent required. Seller Comment (2021-08-13): xxx - is XXXX Purchase that we just closed with [Redact] on xx/xx

10/05/2021

1

A

NJ

Second Home

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

215558625

438035541

XXX

22156680

Compliance

Compliance

Federal Compliance

ATR/QM

NonQM ATR

Ability-to-Repay (Dodd-Frank [redacted]): General Ability-to-Repay requirements not satisfied.

ECOA, REO exceptions outstanding.

Reviewer Comment (2021-10-05): Client decided to not use income for this property.

10/05/2021

1

A

NJ

Second Home

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

215558625

438035541

XXX

22156686

Compliance

Compliance

Federal Compliance

RESPA

RESPA -  Initial Escrow Account statement Inaccurate

RESPA: Initial escrow account statement does not match charges on HUD-1/Final Closing Disclosure.

The Initial Escrow Account Disclosure Statement reports a monthly escrow of $x,xxx.xx, the CD and escrow documentation indicate the monthly escrow to be $x,xxx.xx.

Reviewer Comment (2021-08-12): Form provided. Clear.

08/12/2021

1

A

NJ

Second Home

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

Yes

215558625

438035541

XXX

22156688

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: [redacted] Percent Fee Tolerance exceeded for Title - Notice of Settlement Fee. Fee Amount of $xx,xx exceeds tolerance of $x,xx. Sufficient or excess cure was provided to the borrower at Closing.

Notice of settlement Fee was last disclosed as $x,xx on LE but disclosed as $xx,xx on Final Closing Disclosure.  File does not contain a valid COC for this fee, and no cure provided at closing.

Reviewer Comment (2021-08-05): Sufficient Cure Provided At Closing

08/05/2021

1

A

NJ

Second Home

Refinance - Cash-out - Other

Final CD evidences Cure

C

B

C

B

C

A

A

A

Non QM

Non QM

Yes

215558625

438035541

XXX

22156992

Credit

Title

General

Title

Final Title Policy Coverage is less than Original Loan Amount.

Reviewer Comment (2021-08-12): Update provided. Clear.

08/12/2021

1

A

NJ

Second Home

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

215558625

438035541

XXX

22171792

Compliance

Compliance

Federal Compliance

ATR/QM Defect

Check Loan Designation Match - ATR

Ability to Repay (Dodd-Frank [redacted]): Originator Loan Designation of Non QM does not match Due Diligence Loan Designation of ATR Fail.

ECOA, REO exceptions outstanding.

Reviewer Comment (2021-10-05): Client decided to not use income for this property. Reviewer Comment (2021-10-04): No new documentation received. Reviewer Comment (2021-09-10): ATR exception will clear when all ATR exceptions are cleared.

10/05/2021

1

A

NJ

Second Home

Refinance - Cash-out - Other

Lender to provide updated ATR/QM status

C

B

C

B

C

A

A

A

Non QM

Non QM

Yes

215558625

438035541

XXX

22171793

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: [redacted] Percent Fee Tolerance exceeded for title - Transaction management. Fee Amount of $xx,xx exceeds tolerance of $x,xx. Sufficient or excess cure was provided to the borrower at Closing.

There was no COC or cure provided for the increase in fees.

Reviewer Comment (2021-08-06): Sufficient Cure Provided At Closing

08/06/2021

1

A

NJ

Second Home

Refinance - Cash-out - Other

Final CD evidences Cure

C

B

C

B

C

A

A

A

Non QM

Non QM

Yes

215558625

438035541

XXX

22190268

Credit

Guideline

Guideline Issue

Guideline

More than X NSFs/Overdraft Transfers occurred in the most recent XX-month period.

[redacted] NSFs occurred in the last [redacted] months. Email in the loan file indicates an exception was approved. Loan file missing actual Lender Exception with Compensating Factors. Please provide.

The representative FICO score exceeds the guideline minimum by at least xx points. Borrower has worked in the same position for more than x years. Borrower has verified disposable income of at least $xxxx.xx. Borrower has owned the subject property for at least x years. Borrower has been employed in the same industry for more than x years.

Borrower's FICO is more than [redacted] points above guideline requirements. Borrower has worked in the same position for more than [redacted] years. Borrower has sufficient residual income. Borrower has owned the subject property for at least [redacted] years. Borrower has been employed in the same industry for more than [redacted] years.

Originator,Owner Originator,Owner Originator,Owner Originator,Owner Owner,Originator

Reviewer Comment (2021-12-06): Lender approved exception. Seller Comment (2021-12-03): See attached email Reviewer Comment (2021-11-18): Provide Lender exception email approval from [Redact] XXXX. Seller Comment (2021-11-16): exception form Reviewer Comment (2021-10-07): No new docs received. Please forward as requested earlier. Reviewer Comment (2021-10-04): Received various emails. Please provide the formal Lender Exceptions with the concurrence by [Redact]. Reviewer Comment (2021-09-10): Please provided the Lender exception with Compensating Factors.

12/06/2021

2

B

NJ

Second Home

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

215558625

438035541

XXX

22190858

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Loan Underwriting and Transmittal Summary (1008) / MCAW not provided

1008 not provided.

Reviewer Comment (2021-08-12): 1008 Provided. Clear.

08/12/2021

1

A

NJ

Second Home

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

215558625

438035541

XXX

22191503

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Primary residence is being used for rental income, property reports do not reflect that property is a [redacted] property. Need to know where current residence is and additional housing payment or clarification regarding income produced by primary home's property.

Reviewer Comment (2021-08-15): Tax evidence showing the borrower's primary as a x unit provided. Clear.

08/15/2021

1

A

NJ

Second Home

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

215558625

438035541

XXX

23133300

Compliance

Compliance

Federal Compliance

ATR/QM Defect

Check Loan Designation Match - ATR Risk

Ability to Repay (Dodd-Frank [redacted]): Originator Loan Designation of Non QM does not match Due Diligence Loan Designation of ATR Risk.

DTI exceeds allowable.

Reviewer Comment (2022-03-02): lender exception provided. Reviewer Comment (2022-03-02): compensating factors provided Reviewer Comment (2021-12-29): Lender approved exception. Seller Comment (2021-12-28): You now have DTI exception, 1003, and 1008 uploaded to match calculations. Please clear and thanks for all you guys do for us! Seller Comment (2021-12-28): 1008 and 1003 with correct matching DTI. Seller Comment (2021-12-27): We are working on a 1003/1008 it's not an easy fix. Thanks! Seller Comment (2021-12-27): Exception request and approval. Reviewer Comment (2021-12-15): Qualifying was based on 75% of the $xx lease for Apt 1 included in the file, which coincides with the final 1003. Exception remains. Seller Comment (2021-12-12): Remove this waterfall condition DTI is in line when you add back the rental income from primary. That condition is invalid as it is an XX unit not a SFR. Can use rental income as underwritten originally. [Redact] Reviewer Comment (2021-11-10): Calculated DTI is [Redact].  Income calculated at $xxx.  Credit debt calculated at $xx.  PITIA for subject property is $xx.xx.  PITIA for primary residence is $xx.xx.  Negative rent on xxx is $xxx.  Negative rent on xxx is $xx.xx.  Provide revised 1008 showing correct DTI of [Redact] and required residual income of $xx. Seller Comment (2021-11-09): See attached calculation Reviewer Comment (2021-11-02): Provide Underwriter's breakdown of income/debts used to arrive at DTI of [Redact].  The revised 1008 shows All Other Monthly Payments Used in Qualifying is $xx.  We are unable to determine how this amount was calculated. Seller Comment (2021-10-29): Rental income should be well documented, is this sufficient? Reviewer Comment (2021-10-07): We removed the rental income for the homestead property as 2+ units are required for this. Our resulting DTI is xx%. Our XXXX income matches your 1008. However, total debts do not match as ours is $xxx to the 1008 $xxx. I am not following your debt totals as I do not see a breakdown in file. Please forward a breakdown of debt including the subject property and the 3 other properties, and consumer debt to reconsider. Seller Comment (2021-10-06): Per our UW the DTI is still below XX without the rental income. See Attachment.

03/02/2022

1

A

NJ

Second Home

Refinance - Cash-out - Other

Lender to provide updated ATR/QM Loan Designation

C

B

C

B

C

A

A

A

Non QM

Non QM

Yes

215558625

438035541

XXX

23133301

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General ATR Provision Investor and Non QM DTIs match and both moderately exceed Guidelines

Ability to Repay (Dodd-Frank [redacted]): The DTI calculated in accordance with the Lenders Guidelines and [redacted] of [redacted] moderately exceeds the guideline maximum of [redacted]. (DTI Exception is eligible to be regraded with compensating factors.)

DTI exceeds allowable. Debt total of $xx,xxx,xx with $xx,xxx,xx in income.

Reviewer Comment (2021-10-07): [Redact] update. Reviewer Comment (2021-10-07): We removed the rental income for the homestead property as 2+ units are required for this. Our resulting DTI is xx%. Our XXXX income matches your 1008. However, total debts do not match as ours is $xxx to the 1008 $xxx. I am not following your debt totals as I do not see a breakdown in file. Please forward a breakdown of debt including the subject property and the 3 other properties, and consumer debt to reconsider. Seller Comment (2021-10-06): Per our UW the DTI is still below XX without the rental income. See Attachment.

10/07/2021

1

A

NJ

Second Home

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

215558625

438035541

XXX

23133363

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: Investor qualifying total debt ratio discrepancy.

Excessive DTI.

The representative FICO score exceeds the guideline minimum by at least xx points. Borrower has worked in the same position for more than x years. Borrower has verified disposable income of at least $xxxx.xx. Borrower has owned the subject property for at least x years. Borrower has been employed in the same industry for more than x years.

Borrower's FICO is more than [redacted] points above guideline requirements. Borrower has worked in the same position for more than [redacted] years. Borrower has sufficient residual income. Borrower has owned the subject property for at least [redacted] years. Borrower has been employed in the same industry for more than [redacted] years.

Originator,Owner Originator,Owner Originator,Owner Originator,Owner Owner,Originator

Reviewer Comment (2021-12-29): Lender approved exception. Seller Comment (2021-12-28): 1003 and 1008 with ratios matching approved exception Reviewer Comment (2021-12-16): Rental income of $xx (at 75% vacancy rate) for borrower's primary/investment property has been included in the income calculation.  The DTI is [Redact] when rental income is included.  This DTI exceeds the guideline of [Redact]%. Seller Comment (2021-12-08): The rental income should not have been removed- the primary is a XX unit building. Will you please recalculate the DTI with the rental income? Reviewer Comment (2021-12-07): Seller Provided evidence that the property was >X units and therefore the rental income of $X,XXX was added into the calculations.  Adjusted DTI is now XX.XX which is still greater than the [Redact] DTI threshold.  Exception Remains. Reviewer Comment (2021-12-07): Exception Explanation Updated from: Calculated investor qualifying total debt ratio of [Redact] exceeds Guideline total debt ratio of [Redact]. Seller Comment (2021-12-06): Please allow the rental income for primary residence as it is an XX unit property not an SFR so rental income is usable. DTI is in line per guidelines. Reviewer Comment (2021-11-17): The total DTI is [Redact] calculated using the following information:  remaining credit debt after payoffs at closing is $xx, subject PITIA is $xx.xx, PITIA for primary residence is $xx.xx and negative rent is $xx.xx for total debt in the amount of $xxx.  Borrower's income was calculated at $xxx ($xxx / $xxx = [Redact]). Seller Comment (2021-11-15): One payoff was adjusted (xxx balance decreased) and another payoff was added (xxx) at the time of closing. Reviewer Comment (2021-10-07): We removed the rental income for the homestead property as 2+ units are required for this. Our resulting DTI is xx%. Our XXXX income matches your 1008. However, total debts do not match as ours is $xxx to the 1008 $xxx. I am not following your debt totals as I do not see a breakdown in file. Please forward a breakdown of debt including the subject property and the 3 other properties, and consumer debt to reconsider. Seller Comment (2021-10-06): Per our UW the DTI is still below XX without the rental income. See Attachment.

12/29/2021

2

B

NJ

Second Home

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

215558625

438035541

XXX

23162032

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General Ability To Repay Provision Investor Guidelines

Ability to Repay (Dodd-Frank [redacted]): Based on the loan failing one or more guideline components, the loan is at ATR risk.

We removed the rental income for the homestead property as [redacted] units are required for this. Our resulting DTI is [redacted]. Our bank statement income matches your 1008. However, total debts do not match as ours is $xx,xxx,xx to the 1008 $xx,xxx,xx. I am not following your debt totals as I do not see a breakdown in file. Please forward a breakdown of debt including the subject property and the [redacted] other properties, and consumer debt to reconsider.

Reviewer Comment (2021-12-29): Client provided Lender Exception for DTI. Reviewer Comment (2021-12-15): Provide the documentation the UW used to calculate the income for the XX unit property. the final 1003 states $xx monthly rent for the primary residence. Seller Comment (2021-12-08): The rental income should not have been removed- the primary is a XX unit building. Will you please recalculate the DTI with the rental income?

12/29/2021

1

A

NJ

Second Home

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

215880798

438035551

XXX

22881917

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

Missing Document: Closing Protection Letter not provided

Borrowers made a down payment from their own funds on this purchase transaction of at least x% and $x,xxx.xx. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least x months. Borrower has worked in the same position for more than x years. Borrower has verified disposable income of at least $xxxx.xx. Borrower has been employed in the same industry for more than x years. The representative FICO score exceeds the guideline minimum by at least xx points.

Borrower has made down payment from their own funds of more than [redacted]. Borrower's reserves exceed guideline requirements. Borrower has been in the same business for [redacted] years. Borrower's residual income is higher than guideline requirements. Borrower has [redacted] years in the same business. FICO more than [redacted] points higher the guideline requirement.

Originator,Owner Originator,Owner Originator,Owner Originator,Owner Originator,Owner Owner,Originator

Reviewer Comment (2021-11-23): Lender approved exception. Reviewer Comment (2021-09-23): Client provided Agent Authorization Letter stating xxx is a dully authorized agent of xxx. Seller Comment (2021-09-21): Please see attached Agency Authorization Letter Reviewer Comment (2021-09-20): Please forward an appropriate agent authorization letter, confined to the title insurer's liability as principal for the acts of its agent, within the scope of that agent's authority on the title insurer's behalf. Seller Comment (2021-09-17): Title has advised that the xxx does not have Closing Protection Letters. Please note this property is located in xxx. Please waive this condition.

09/23/2021

1

A

NY

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

215880798

438035551

XXX

22881921

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

FEMA Disaster Issue: The most recent valuation inspection is dated prior to the most recent FEMA disaster.

Reviewer Comment (2021-10-05): Client provided Catastrophic Disaster Area Property Inspection Report dated xx/xx/xx stating property did not suffer damage from xxx. Seller Comment (2021-09-28): Attached 1004D. Reviewer Comment (2021-09-27): Do not see any appraisal or inspection documents provided. Seller Comment (2021-09-21): Please see attached 1004D Reviewer Comment (2021-09-20): Please forward a Post Disaster Inspection Report.

10/05/2021

1

A

NY

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

215880798

438035551

XXX

22934758

Compliance

Compliance

Federal Compliance

ATR/QM Defect

Check Loan Designation Match - ATR Risk

Ability to Repay (Dodd-Frank [redacted]): Originator Loan Designation of Non QM does not match Due Diligence Loan Designation of ATR Risk.

ATR failure due to DTI.

Reviewer Comment (2022-03-02): Lender exception provided. Reviewer Comment (2022-03-02): comp factors Reviewer Comment (2021-11-23): Lender approved exception. Seller Comment (2021-11-18): Please see attached Exception Approval Email. Reviewer Comment (2021-11-17): We are in receipt of the Lender Exception Form; however, the email approval from the lender is missing.  Provide approval email from the lender. Seller Comment (2021-11-15): Please see attached Exception Request Form. Reviewer Comment (2021-11-01): The DTI variance is attributed primarily to the difference in the XXXX income calculation.  The 1008 shows a total income amount of $xxx (includes XXXX income and social security income of $xx).  The calculated income is $xxx and includes $xx.xx for SS and XXXX income of $xxx.  There is a $xxx deposit on the xx/xx/xx bank statement that was not subtracted from the deposit total.  The calculated tax reserves should be $xx.xx as shown on all the tax documents in the file.  Provide a revised 1008 showing the correct income of $xxx, DTI of [Redact] and tax reserve amount of $xx.xx. Seller Comment (2021-10-28): The only documentation confirming the property taxes that are in file that were reviewed as an underwriter and what the final approval was based on is the attached Tax Cert provided by the Title company. Our UW has not seen the other document reference by the [Redact]. The taxes that were verified by UW at the time of CTC are as follows and accurate as of closing - the figures are accurate as of [Redact] closing as the [Redact]-[Redact] tax year was still OPEN and active. The figures referenced by the [Redact]are for [Redact] and would not have been due at closing. Please clear this condition. Reviewer Comment (2021-10-20): Lender's updated 1008 is not reflecting all taxes required on the property. Reviewer Comment (2021-10-20): Documentation received. Clear. Reviewer Comment (2021-09-27): Guidelines state either 3 months of bank statements be provided reflecting the deposit or an award letter.  Audit review reveals this was not completed prior to closing. ATR requires creditor to make reasonable and good faith determination at or before consummation that the consumer will have a reasonable ability to repay the loan according to its terms. Seller Comment (2021-09-21): The provided award letter clearly states that the income was as of [Redact] [Redact] - regardless of the date it was issued. It confirms what the borrower had been receiving for the past X months at the time of closing. The asset statement only further confirms what the Award Letter already stated. Please waive or clear this condition. Reviewer Comment (2021-09-20): Will clear once all ATR exceptions are cleared. Seller Comment (2021-09-17): Income input was incorrect - Representing the borrower's XXXX. Please see the attached Updated 1003 and 1008.

03/02/2022

1

A

NY

Primary

Purchase

Lender to provide updated ATR/QM Loan Designation

C

B

C

B

C

A

A

A

Non QM

Non QM

Yes

215880798

438035551

XXX

22934759

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General ATR Provision Investor and Non QM DTIs match and both moderately exceed Guidelines

Ability to Repay (Dodd-Frank [redacted]): The DTI calculated in accordance with the Lenders Guidelines and [redacted] of [redacted] moderately exceeds the guideline maximum of [redacted]. (DTI Exception is eligible to be regraded with compensating factors.)

ATR failure due to DTI. DTI in excess of guideline due to missing income evidence for additional [redacted] in monthly income used on 1003 and 1008 but not identified as to the source. Provide evidence and source of that income.

Reviewer Comment (2021-11-01): Client has provided income documentation for Social Security and XXXX Income. Seller Comment (2021-10-28): The only documentation confirming the property taxes that are in file that were reviewed as an underwriter and what the final approval was based on is the attached Tax Cert provided by the Title company. Our UW has not seen the other document reference by the xxxx. The taxes that were verified by UW at the time of CTC are as follows and accurate as of closing - the figures are accurate as of [Redact] closing as the [Redact]-[Redact] tax year was still OPEN and active. The figures referenced by the xxxx are for [Redact] and would not have been due at closing. Please clear this condition. Reviewer Comment (2021-10-20): Lender's updated 1008 is not reflecting all taxes required on the property. Reviewer Comment (2021-10-20): Award letter provided. Reviewer Comment (2021-09-27): Guidelines state either 3 months of bank statements be provided reflecting the deposit or an award letter.  Audit review reveals this was not completed prior to closing. ATR requires creditor to make reasonable and good faith determination at or before consummation that the consumer will have a reasonable ability to repay the loan according to its terms. Reviewer Comment (2021-09-20): Social Security income partially documented. Seller Comment (2021-09-17): Income input was incorrect - Representing the borrower's XXXX. Please see the attached Updated 1003 and 1008.

11/01/2021

1

A

NY

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

215880798

438035551

XXX

22934764

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: Investor qualifying total debt ratio discrepancy.

DTI in excess of guideline due to missing income evidence for additional [redacted] in monthly income used on 1003 and 1008 but not identified as to the source. Provide evidence and source of that income.

Reviewer Comment (2021-10-20): New Exception set with smaller DTI overage. Reviewer Comment (2021-10-20): Lender's updated 1008 is not reflecting all taxes required on the property. Reviewer Comment (2021-10-20): Award letter provided. Reviewer Comment (2021-09-27): Guidelines state either 3 months of bank statements be provided reflecting the deposit or an award letter.  Audit review reveals this was not completed prior to closing. Seller Comment (2021-09-21): The provided award letter clearly states that the income was as of xxx xxxx - regardless of the date it was issued. It confirms what the borrower had been receiving for the past X months at the time of closing. The asset statement only further confirms what the Award Letter already stated. Please waive or clear this condition. Reviewer Comment (2021-09-20): The Social Security Awards Letter was received, b ut was dated post close and does not meet guideline requirements. 2 months of bank statements acct [Redact] provided, but 3 months are required per guidelines to verify social security income. Please forward a Social Security Award Letter dated at or before close, OR the 3rd month bank statement verifying the auto deposit of social security income. Seller Comment (2021-09-17): Income input was incorrect - Representing the borrower's XXXX. Please see the attached Updated 1003 and 1008.

10/20/2021

1

A

NY

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

215880798

438035551

XXX

22934773

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General Ability To Repay Provision Investor Guidelines

Ability to Repay (Dodd-Frank [redacted]): Based on the loan failing one or more guideline components, the loan is at ATR risk.

ATR failure due to DTI. DTI in excess of guideline due to missing income evidence for additional [redacted] in monthly income used on 1003 and 1008 but not identified as to the source. Provide evidence and source of that income.

Reviewer Comment (2022-03-02): lender exception provided Reviewer Comment (2022-03-02): comp factors Reviewer Comment (2021-11-23): Lender approved exception. Seller Comment (2021-11-18): Please see attached Exception Approval Email. Reviewer Comment (2021-11-17): We are in receipt of the Lender Exception Form; however, the email approval from the lender is missing.  Provide approval email from the lender. Seller Comment (2021-11-15): Please see attached Exception Request Form. Reviewer Comment (2021-11-01): The DTI variance is attributed primarily to the difference in the XXXX calculation.  The 1008 shows a total income amount of $xxx (includes XXXX and social security income of $xx.xx).  The calculated income is $xxx and includes $xx.xx for SS and XXXX of $xxx.  There is a $xxx deposit on the xx/xx/xx bank statement that was not subtracted from the deposit total.  The calculated tax reserves should be $xx.xx as shown on all the tax documents in the file.  Provide a revised 1008 showing the correct income of $xxx, DTI of [Redact] and tax reserve amount of $xx.xx. Seller Comment (2021-10-28): The only documentation confirming the property taxes that are in file that were reviewed as an underwriter and what the final approval was based on is the attached Tax Cert provided by the Title company. Our UW has not seen the other document reference by the xxxx. The taxes that were verified by UW at the time of CTC are as follows and accurate as of closing - the figures are accurate as of [Redact] closing as the [Redact]-[Redact] tax year was still OPEN and active. The figures referenced by the xxxx are for [Redact] and would not have been due at closing. Please clear this condition. Reviewer Comment (2021-10-20): Post close award letter cannot be used, also looks like lender 1008 is not reflecting all taxes required on the property. Reviewer Comment (2021-10-20): Documentation received. Clear. Reviewer Comment (2021-09-27): Guidelines state either X months of bank statements be provided reflecting the deposit or an award letter.  Audit review reveals this was not completed prior to closing. ATR requires creditor to make reasonable and good faith determination at or before consummation that the consumer will have a reasonable ability to repay the loan according to its terms. Seller Comment (2021-09-21): The provided award letter clearly states that the income was as of xxx xxxx - regardless of the date it was issued. It confirms what the borrower had been receiving for the past X months at the time of closing. The asset statement only further confirms what the Award Letter already stated. Please waive or clear this condition. Reviewer Comment (2021-09-20): The Social Security Awards Letter was received, but was dated post close and does not meet guideline requirements. 2 months of bank statements acct [Redact] provided, but 3 months are required per guidelines to verify social security income. Please forward a Social Security Award Letter dated at or before close, OR the 3rd month bank statement verifying the auto deposit of social security income. Seller Comment (2021-09-17): Income input was incorrect - Representing the borrower's XXXX. Please see the attached Updated 1003 and 1008.

03/02/2022

1

A

NY

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

215880798

438035551

XXX

23266349

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: Investor qualifying total debt ratio discrepancy.

Due to difference in property tax calculations.

Borrowers made a down payment from their own funds on this purchase transaction of at least x% and $x,xxx.xx. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least x months. Borrower has worked in the same position for more than x years. Borrower has verified disposable income of at least $xxxx.xx. Borrower has been employed in the same industry for more than x years. The representative FICO score exceeds the guideline minimum by at least xx points.

Borrower has made down payment from their own funds of more than [redacted]. Borrower's reserves exceed guideline requirements. Borrower has been in the same business for [redacted] years. Borrower's residual income is higher than guideline requirements. Borrower has [redacted] years in the same business. FICO more than [redacted] points higher the guideline requirement.

Originator,Owner Originator,Owner Originator,Owner Originator,Owner Originator,Owner Owner,Originator

Reviewer Comment (2021-11-23): Lender approved exception. Seller Comment (2021-11-18): Please see attached Exception Approval Email. Reviewer Comment (2021-11-17): We are in receipt of the Lender Exception Form; however, the email approval from the lender is missing.  Provide approval email from the lender. Seller Comment (2021-11-15): Please see attached Exception Request Form. Reviewer Comment (2021-11-01): The DTI variance is attributed primarily to the difference in the XXXX calculation.  The 1008 shows a total income amount of $xxx (includes XXXX and social security income of $xx).  The calculated income is $xxx and includes $xx.xx for SS and XXXX of $xxx.  There is a $xxx deposit on the xx/xx/xx bank statement that was not subtracted from the deposit total.  The calculated tax reserves should be $xx.xx as shown on all the tax documents in the file.  Provide a revised 1008 showing the correct income of $xxx, DTI of [Redact] and tax reserve amount of $xx.xx. Seller Comment (2021-10-28): The only documentation confirming the property taxes that are in file that were reviewed as an underwriter and what the final approval was based on is the attached Tax Cert provided by the Title company. Our UW has not seen the other document reference by the xxxx. The taxes that were verified by UW at the time of CTC are as follows and accurate as of closing - the figures are accurate as of [Redact] closing as the [Redact]-[Redact] tax year was still OPEN and active. The figures referenced by the xxxx are for [Redact] and would not have been due at closing. Please clear this condition.

11/23/2021

2

B

NY

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216131582

438035188

XXX

23245431

Compliance

Compliance

Federal Compliance

RESPA

RESPA Disclosure - List of Homeownership Counseling Organizations Missing

RESPA Disclosure Rule (Dodd-Frank [redacted]): Creditor did not provide List of Homeownership Counseling Organizations to borrower.

01/24/2022

1

A

FL

Primary

Purchase

C

A

C

A

B

A

A

A

Non QM

Non QM

No

216131582

438035188

XXX

23433338

Credit

Income / Employment

Income Documentation

Income / Employment

Large deposits were not sourced and/or letter of explanation was not provided.

Reviewer Comment (2022-02-03): Source of deposits and explanation provided; exception cleared.

02/03/2022

1

A

FL

Primary

Purchase

C

A

C

A

B

A

A

A

Non QM

Non QM

No

216350324

438035619

XXX

23694863

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank [redacted]): Creditor did not provide a copy of each valuation to applicant [redacted] business days prior to consummation.

Provide all appraisals and evidence they were all sent to the borrower at least [redacted] days prior to closing, or that the borrower signed the [redacted] waiver.

Reviewer Comment (2022-03-10): Appraisal receipt documentation received. Exception cleared Seller Comment (2022-03-08): Appraisal receipt Reviewer Comment (2022-01-31): In the absence of the borrower's acknowledgment of receipt of the appraisal, the presumed date of receipt is xx/xx/xxxx which is less than three business days prior to closing.  The exception remains. Seller Comment (2022-01-27): I have spoke to [Redact] management who advised we do not have to provide appraisal acknowledgement from the borrower, we sent on xx/xx/xxxx prior to Note xx/xx/xxxx. Please advise. Reviewer Comment (2022-01-27): Disclosure Tracking Details states appraisal was Sent xx/xx and Presumed Received xx/xx. There is no date of when the Message Viewed was. Earliest Closing Date would have been xx/xx. Loan closed [Redact] which remains non-compliant. Reviewer Comment (2022-01-27): Cleared in error. Reviewer Comment (2022-01-27): The Disclosure Tracking summary verifies the appraisal was sent via email and is sufficient evidence that the lender provided the appraisal a minimum of three days prior to closing .  Exception is cleared. Seller Comment (2022-01-24): Please note, [Redact] provided appraisal to the borrower on xx/xx/xxxx and subject disbursed on xx/xx/xxxx. [Redact] is not required to provide borrower acknowledgement of receiving appraisal. Please advise. Reviewer Comment (2021-12-01): The Disclosure Tracking Summary Report was provided for the appraisal delivery document.  The report shows the date provided as xx/xx/xxxx.  We need the borrower's acknowledgment document showing the actual date of receipt to prove borrower received appraisal at least three business days prior to consummation. Seller Comment (2021-11-29): Appraisal delivery

03/10/2022

1

A

CA

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

216350324

438035619

XXX

23694864

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of [redacted] or Final Disclosure APR of [redacted] is in excess of allowable threshold of APOR[redacted] + [redacted], or [redacted]. Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-03-10): Appraisal receipt documentation received. Exception cleared Seller Comment (2022-03-08): Appraisal receipt Reviewer Comment (2022-01-31): In the absence of the borrower's acknowledgment of receipt of the appraisal, the presumed date of receipt is xx/xx/xxxx which is less than three business days prior to closing.  The exception remains. Seller Comment (2022-01-27): I have spoke to [Redact] management who advised we do not have to provide appraisal acknowledgement from the borrower, we sent on xx/xx/xxxx prior to Note xx/xx/xxxx. Please advise. Reviewer Comment (2022-01-27): Disclosure Tracking Details states appraisal was Sent xx/xx and Presumed Received xx/xx. There is no date of when the Message Viewed was. Earliest Closing Date would have been xx/xx. Loan closed [Redact] which remains non-compliant. Seller Comment (2022-01-24): Please note [Redact] provided appraisal on xx/xx/xxxx and subject disbursed on xx/xx/xxxx. [Redact] is not required to provide acknowledgement from the borrower advising the received a copy of the appraisal. Please advise. Reviewer Comment (2021-12-01): The Disclosure Tracking Summary Report was provided for the appraisal delivery document.  The report shows the date provided as xx/xx/xxxx.  We need the borrower's acknowledgment document showing the actual date of receipt to prove borrower received appraisal at least three business days prior to consummation. Seller Comment (2021-11-29): [Redact] guides on APR

03/10/2022

1

A

CA

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

216350324

438035619

XXX

23694865

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank [redacted]): Creditor did not provide a copy of each valuation to applicant [redacted] business days prior to consummation.

Provide all appraisals and evidence they were all sent to the borrower at least [redacted] days prior to closing.

Reviewer Comment (2022-01-27): The Disclosure Tracking summary verifies the appraisal was sent via email and is sufficient evidence that the lender provided the appraisal a minimum of three days prior to closing .  Exception is cleared. Seller Comment (2022-01-24): Please note, [Redact] provided appraisal on xx/xx/xxxx and subject disbursed on xx/xx/xxxx. [Redact] is not required to provide acknowledgement from the borrower advising they have received a copy of the appraisal. Please advise. Reviewer Comment (2021-12-01): The Disclosure Tracking Summary Report was provided for the appraisal delivery document.  The report shows the date provided as xx/xx/xxxx.  We need the borrower's acknowledgment document showing the actual date of receipt to prove borrower received appraisal at least three business days prior to consummation. Seller Comment (2021-11-29): Appraisal delivery

01/27/2022

1

A

CA

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

216367527

438035616

XXX

23763457

Compliance

Compliance

Federal Compliance

ATR/QM Defect

Check Loan Designation Match - ATR Risk

Ability to Repay (Dodd-Frank [redacted]): Originator Loan Designation of Non QM does not match Due Diligence Loan Designation of ATR Risk.

Reviewer Comment (2022-02-04): Revised xx

02/04/2022

1

A

TX

Primary

Purchase

Lender to provide updated ATR/QM Loan Designation

C

A

C

A

C

A

A

A

Non QM

Non QM

Yes

216367527

438035616

XXX

23763458

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General ATR Provision Investor and Non QM DTIs match and both moderately exceed Guidelines

Ability to Repay (Dodd-Frank [redacted]): The DTI calculated in accordance with the Lenders Guidelines and [redacted] of [redacted] moderately exceeds the guideline maximum of [redacted]. (DTI Exception is eligible to be regraded with compensating factors.)

Reviewer Comment (2022-02-04): updated 1008 provided

02/04/2022

1

A

TX

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216367527

438035616

XXX

23763468

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: Investor qualifying total debt ratio discrepancy.

Reviewer Comment (2022-02-04): revised program allows [Redact]

02/04/2022

1

A

TX

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216367527

438035616

XXX

23763489

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General Ability To Repay Provision Investor Guidelines

Ability to Repay (Dodd-Frank [redacted]): Based on the loan failing one or more guideline components, the loan is at ATR risk.

Reviewer Comment (2022-02-04): Revised xx

02/04/2022

1

A

TX

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216400312

438035182

XXX

23805705

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: [redacted] Percent Fee Tolerance exceeded for Survey Fee. Fee Amount of [redacted] exceeds tolerance of [redacted]. Insufficient or no cure was provided to the borrower.

Survey Fee of [redacted] exceeds the [redacted] Percent Tolerance by [redacted]. File does not contain a valid COC for this fee, nor evidence of cure. Provide a post-close CD disclosing the tolerance cure to include [redacted], a copy of refund check, proof of delivery, and a copy of the letter of explanation sent to the borrower disclosing the changed made, or VCC.

Reviewer Comment (2022-02-28): [Redact] received Corrected PCCD, Letter of Explanation, Copy of Refund check & Proof of mailing. Seller Comment (2022-02-24): see attached

02/28/2022

2

B

FL

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

216400312

438035182

XXX

24890502

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure - 1026.19(f)(2) Cure

TILA-RESPA Integrated Disclosure: [redacted] Percent Fee Tolerance exceeded for Survey Fee. Fee Amount of [redacted] exceeds tolerance of [redacted]. Sufficient or excess cure was provided to the borrower.

XXXX received corrected PCCD, Letter of explanation, copy of refund check & Proof of mailing

Reviewer Comment (2022-02-28): Sufficient Cure Provided within 60 Days of Closing

02/28/2022

1

A

FL

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

216406309

438035175

XXX

23863948

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: [redacted] Percent Fee Tolerance exceeded for Appraisal Fee. Fee Amount of [redacted] exceeds tolerance of [redacted]. Insufficient or no cure was provided to the borrower.

Appraisal fee increased from amount reflected on Loan Estimate. Provide VCC or cure to the borrower with a PC CD and evidence it sent to the borrower with an explanation of changes. Insufficient, undesignated cure of[redacted] on Final CD.

Reviewer Comment (2022-01-20): [Redact] received valid COC dated [Redact] with reason why the Appraisal Fee was increased on the CD dated [Redact] hence after review the exception was cleared. Seller Comment (2022-01-20): Please see COC for appraisal

01/20/2022

1

A

CA

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

216406309

438035175

XXX

23863949

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: [redacted] Percent Fee Tolerance exceeded for Credit Report Fee. Fee Amount of [redacted] exceeds tolerance of [redacted]. Insufficient or no cure was provided to the borrower.

Provide VCC or cure to the borrower with a PC CD and evidence it sent to the borrower with an explanation of changes. Insufficient, undesignated cure of [redacted] on Final CD.

Reviewer Comment (2022-03-01): [Redact]  Rcvd an Email confirmation from the borrower thathe has received the Check. PCCD, LOE and copy of check is already available on file. Exception cleared. Seller Comment (2022-02-28): Borrower Email Confirmation receipt of Check Reviewer Comment (2022-02-17): [Redact] upon further review require email confirmation from borrower that he received the copy of check. Please provide borrower email confirmation. Seller Comment (2022-02-16): borrower travels frequently and does not check emails. Reviewer Comment (2022-02-16): [Redact] received attestation letter as proof of delivery which does not confirmed but the borrower, we need confirmation from borrower that they have received the refund check. Please provide the same. Exception remains. Seller Comment (2022-02-15): Please see Attestation Letter for cure funds received by borrower. Reviewer Comment (2022-01-24): [Redact] Agree we received PCCD, Copy of Check and LOE for the Cure of $xx however we need Proof of mailing to confirm whether borrower received the copy of check or not. Exception Remains. Seller Comment (2022-01-21): PCCD, letter to borrower and copy of the check all already - Please clear.. We have been going back a fourth with this and needs to be cleared today. Reviewer Comment (2022-01-21): [Redact] upon further review received copy of check however we didn't received LOE and proof of mailing. Please provide proof of mailing like tracking number and LOE which was provided with PCCD. Seller Comment (2022-01-20): Copy of refund check. confirmation mailed -  copy of borrower letter was provided with PCCD already Reviewer Comment (2022-01-20): [Redact] upon review cure is provided for $xx on PCCD dated xx/xx however we require copy of check and proof of mailing or final settlement statement to verify the same. Seller Comment (2022-01-20): The PCCD dated xx/xx was provided with the initial upload to xxxx addressing the $XX.XX cure. Please review and waive conditions..

03/01/2022

1

A

CA

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

216406309

438035175

XXX

24547647

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure - 1026.19(f)(2) Cure

TILA-RESPA Integrated Disclosure: [redacted] Percent Fee Tolerance exceeded for Credit Report Fee. Fee Amount of [redacted] exceeds tolerance of [redacted]. Sufficient or excess cure was provided to the borrower.

Reviewer Comment (2022-01-20): Sufficient Cure Provided within 60 Days of Closing

01/20/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

216407012

438035430

XXX

23819463

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Provided Prior to Date Performed

ECOA Valuations Rule (Dodd-Frank [redacted]: Date valuation provided to applicant is prior to the date when valuation was performed. Unable to determine compliance with appraisal timing requirements.

Provide all appraisals and evidence they were all sent to the borrower at least [redacted] days prior to closing.

Reviewer Comment (2021-12-21): The aggregator is electing to waive without comp factors Seller Comment (2021-12-17): Seller requests buyer review: Please waive the exception with no grade change

12/21/2021

2

B

AR

Primary

Purchase

B

B

A

A

B

B

A

A

Non QM

Non QM

No

216407852

438035170

XXX

23821563

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.XX% + X.XX%, or X.X%.  Non-Compliant Higher Priced Mortgage Loan.

Waterfall grading

Reviewer Comment (2022-05-18): XXXX  received the initial LE.

05/18/2022

1

A

CA

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216407852

438035170

XXX

23821566

Compliance

Compliance

Federal Compliance

RESPA

RESPA Disclosure - List of Homeownership Counseling Organizations Missing

RESPA Disclosure Rule (Dodd-Frank 2014): Creditor did not provide List of Homeownership Counseling Organizations to borrower.

Reviewer Comment (2021-12-08): Seller acknowledges exception.

12/08/2021

2

B

CA

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216407852

438035170

XXX

23821568

Compliance

Compliance

Federal Compliance

TILA

ARM Disclosure Timing Test

TIL variable rate disclosure: ARM loan program disclosure not provided to the borrower within three (3) days of application.

Application date is XX/XX. Loan locked as an ARM on XX/XX and initial LE included in file is dated XX/XX, however the ARM disclosure is dated XX/XX.

Reviewer Comment (2022-05-19): Client provided Initial ARM Disclosure dated XX/XX/XX. Seller Comment (2022-05-18): Early Arm attached Seller Comment (2022-05-18): Early ARM Disclosure sent to borrower on X/X.

05/19/2022

1

A

CA

Primary

Purchase

No Defined Cure

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216407852

438035170

XXX

23821630

Compliance

Compliance

Federal Compliance

TRID

TRID Settlement Service Provider Status

TILA-RESPA Integrated Disclosure: Borrower not provided with list of service providers.

Please send in SSPL. Unable to determine allocation of fees to providers and determine if the fee additions are acceptable or requires cure.

Reviewer Comment (2022-01-27): XXXX  received updated SSPL. Borrower chosen their own service provider

01/27/2022

1

A

CA

Primary

Purchase

No Defined Cure

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216407852

438035170

XXX

23821631

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Title - Loan Tie-In Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Please send in SSPL. Unable to determine allocation of fees to providers and determine if the fee addition is acceptable or requires cure. Invalid fee would require cure to the borrower with a PC CD and evidence it sent to the borrower with an explanation of changes.

Reviewer Comment (2022-01-27): XXXX  received updated SSPL. Borrower chosen their own service provider Seller Comment (2022-01-26): Providers List uploaded

01/27/2022

1

A

CA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

216407852

438035170

XXX

23821632

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Title - Processing Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Please send in SSPL. Unable to determine allocation of fees to providers and determine if the fee addition is acceptable or requires cure. Invalid fee would require cure to the borrower with a PC CD and evidence it sent to the borrower with an explanation of changes.

Reviewer Comment (2022-01-27): XXXX  received updated SSPL. Borrower chosen their own service provider Seller Comment (2022-01-26): Providers List uploaded

01/27/2022

1

A

CA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

216407852

438035170

XXX

23821633

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Title - SubEscrow Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Please send in SSPL. Unable to determine allocation of fees to providers and determine if the fee addition is acceptable or requires cure. Invalid fee would require cure to the borrower with a PC CD and evidence it sent to the borrower with an explanation of changes.

Reviewer Comment (2022-01-27): XXXX  received updated SSPL. Borrower chosen their own service provider Seller Comment (2022-01-26): Providers List uploaded

01/27/2022

1

A

CA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

216407852

438035170

XXX

23821635

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Title - Wire /Funding/ Disbursement Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Please send in SSPL. Unable to determine allocation of fees to providers and determine if the fee addition is acceptable or requires cure. Invalid fee would require cure to the borrower with a PC CD and evidence it sent to the borrower with an explanation of changes.

Reviewer Comment (2022-01-27): XXXX  received updated SSPL. Borrower chosen their own service provider Seller Comment (2022-01-26): Providers List uploaded

01/27/2022

1

A

CA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

216407852

438035170

XXX

23821636

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Title - Endorsement Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Please send in SSPL. Unable to determine allocation of fees to providers and determine if the fee addition is acceptable or requires cure. Invalid fee would require cure to the borrower with a PC CD and evidence it sent to the borrower with an explanation of changes.

Reviewer Comment (2022-01-27): XXXX  received updated SSPL. Borrower chosen their own service provider Seller Comment (2022-01-26): Providers List uploaded

01/27/2022

1

A

CA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

216407852

438035170

XXX

23821867

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Loan Estimate Timing

TILA-RESPA Integrated Disclosure: Loan Estimate not delivered or placed in the mail to Borrower(s) within three (3) business days of application.

Application date is XX/XX. Loan locked as an ARM on XX/XX and initial LE included in file is dated XX/XX.

Reviewer Comment (2022-05-18): XXXX  received the initial LE. Seller Comment (2022-05-16): LE X-X Reviewer Comment (2022-05-09): The earliest LE in the loan file is dated X/XX.  Please provide initial LE for testing. Seller Comment (2022-05-06): LOE

05/18/2022

1

A

CA

Primary

Purchase

No Defined Cure

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216407852

438035170

XXX

23821956

Compliance

Compliance

Federal Compliance

TRID

TRID Appraisal Disclosure - ECOA Timing

ECOA - File does not evidence the consumer was provided with the right to receive a copy of the Appraisal Disclosure within 3 days of the loan application date.

Application date is XX/XX. Loan locked as an ARM on XX/XX and initial LE included in file is dated XX/XX.

Reviewer Comment (2021-12-08): Seller acknowledges this exception.

12/08/2021

2

B

CA

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

216407852

438035170

XXX

23821957

Compliance

Compliance

Federal Compliance

TRID

TRID Appraisal Disclosure - HPML Timing

HPML - File does not evidence the consumer was provided with the right to receive a copy of the Appraisal Disclosure within 3 days of the loan application date.

Application date is XX/XX. Loan locked as an ARM on XX/XX and initial LE included in file is dated XX/XX.

Reviewer Comment (2022-05-18): XXXX  received the initial LE. Seller Comment (2022-05-16): LE X-X Reviewer Comment (2022-05-09): The earliest LE in the loan file is dated X/XX. Please provide initial LE for testing. Seller Comment (2022-05-06): App Ack

05/18/2022

1

A

CA

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216407852

438035170

XXX

23850960

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

If an Applicant rents from a private landlord, the most recent 12 months' consecutive cancelled checks (front and back) along with a copy of the lease must be provided. Loan file had ledger and bank statements, but no evidence those checks were paid for housing.

Reviewer Comment (2021-12-13): Client provided verification of rent documentation for XX months. Seller Comment (2021-12-09): Rental Verification Documentation

12/13/2021

1

A

CA

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216407852

438035170

XXX

24613756

Compliance

Compliance

Federal Compliance

TRID

TRID Settlement Service Provider Status

Unable to determine if the borrower received Settlement Service Provider List due to missing information.

XXXX received updated SSPL.

Reviewer Comment (2022-05-19): Client provided SSPL dated XX/XX/XX.

05/19/2022

1

A

CA

Primary

Purchase

No Defined Cure

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216421744

438035429

XXX

23871974

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Approval not provided

12/13/2021

1

A

AZ

Second Home

Refinance - Cash-out - Other

C

A

C

A

A

A

A

A

Non QM

Non QM

No

216421744

438035429

XXX

23884936

Credit

Insurance

Insurance Analysis

Insurance

Insurance address does not match Note address.

Reviewer Comment (2022-02-04): Updated policy reflecting unit number provided; exception cleared. Seller Comment (2022-02-02): • HOI with the annual premium disclosed and confirming replacement cost coverage

02/04/2022

1

A

AZ

Second Home

Refinance - Cash-out - Other

C

A

C

A

A

A

A

A

Non QM

Non QM

No

216428386

438035537

XXX

23931221

Credit

Loan Package Documentation

Application / Processing

Insurance

Missing Document: Flood Certificate not provided

Reviewer Comment (2021-12-16): Flood cert received. Seller Comment (2021-12-08): flood cert

12/16/2021

1

A

NY

Investment

Purchase

C

B

C

A

B

B

C

A

N/A

Exempt from ATR

No

216428386

438035537

XXX

23936053

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: Investor qualifying total debt ratio discrepancy.

The net rental loss at XXXX homestead duplex was [redacted] the lender used at origination. Lender used [redacted] of 1007, however only [redacted] is allowed. Please provide an UW Worksheet with your calculations or provided a Lender Exception regarding the DTI.

Reviewer Comment (2022-03-03): Updated 1008 verifying DTI exceeding [Redact] received. Exception cleared. Seller Comment (2022-03-01): 1008 uploaded Seller Comment (2022-03-01): 1008 Reviewer Comment (2021-12-27): The 1008 does not include the neg rent for the subject property. the income worksheet provided verifies the neg rent for the subject property. Provide a 1008 including the neg rent  of $[Redact] in qualifying and validating the [Redact] DTI. Exception remains. Seller Comment (2021-12-22): rental income worksheet Seller Comment (2021-12-22): 1008 Reviewer Comment (2021-12-16): The income worksheet provided applies to the borrower's wages and not the subject property rental income. As previously stated-The net rental loss at [Redact] was -$[Redact] vs -$[Redact] the lender used at origination. Lender used 100% of 1007, however only 75% is allowed. Please provide an UW Worksheet with your calculations. Provide an updated 1008 requalifying the borrower utilizing 75% of the rents for the subject property. Seller Comment (2021-12-10): income worksheet

03/03/2022

1

A

NY

Investment

Purchase

C

B

C

A

B

B

C

A

N/A

Exempt from ATR

No

216428386

438035537

XXX

23936086

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Provided Prior to Date Performed

ECOA Valuations Rule (Dodd-Frank 2014): Date valuation provided to applicant is prior to the date when valuation was performed.  Unable to determine compliance with appraisal timing requirements.

Provide all appraisals and evidence they were all sent to the borrower at least [redacted] days prior to closing.

Reviewer Comment (2022-04-28): Aggregator acknowledges exception.

04/28/2022

2

B

NY

Investment

Purchase

C

B

C

A

B

B

C

A

N/A

Exempt from ATR

No

216428386

438035537

XXX

23936277

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Missing Document: Appraisal was made "subject to" and Form 1004D/442 was not provided.

-

Please provided the Completion Cert.

Reviewer Comment (2021-12-16): 1004D/442 provided. Seller Comment (2021-12-14): appraisal

12/16/2021

1

A

NY

Investment

Purchase

C

B

C

A

B

B

C

A

N/A

Exempt from ATR

No

216428386

438035537

XXX

23936427

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

FEMA Disaster Issue: The most recent valuation inspection is dated prior to the most recent FEMA disaster.

Reviewer Comment (2021-12-16): 1004D/442 dated [Redact] provided the subject property did not sustain any damage  from [Redact].

12/16/2021

1

A

NY

Investment

Purchase

C

B

C

A

B

B

C

A

N/A

Exempt from ATR

No

216428386

438035537

XXX

23940815

Credit

Asset

Asset Calculation / Analysis

Asset

Guideline Requirement: Available for Reserves discrepancy.

The borrower did not have sufficient reserves.

Reviewer Comment (2022-03-03): Earnest money clearing [Redact] [Redact] allows for those funds to be recognized and provides sufficient reserves. Exception cleared. Seller Comment (2022-03-01): We verified the following assets: 1. [Redact] [Redact]act]: $[Redact] after backing out large deposits and gifts 2. $[Redact] gift 3. $[Redact] gift 4. [Redact] [Redact]act] $[Redact] 5. [Redact] [Redact]act] CD $[Redact] (for reserves only) 6. [Redact] [Redact] $[Redact] 7. [Redact] [Redact] $[Redact] 8. [Redact] [Redact] $[Redact] Total assets verified: $[Redact]. we verified over $[Redact] in required reserves.

03/03/2022

1

A

NY

Investment

Purchase

C

B

C

A

B

B

C

A

N/A

Exempt from ATR

No

216428386

438035537

XXX

23940816

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: PITIA reserves months discrepancy.

Entered in dollars. The borrower did not have sufficient reserves.

Reviewer Comment (2022-03-03): Earnest money clearing [Redact] [Redact] allows for those funds to be recognized and provides sufficient reserves. Exception cleared. Seller Comment (2022-03-01): We verified the following assets: 1. [Redact] [Redact]: $[Redact] after backing out large deposits and gifts 2. $[Redact] gift 3. $[Redact] gift 4. [Redact] [Redact] $[Redact] 5. [Redact] [Redact] CD $[Redact] (for reserves only) 6. [Redact] [Redact] $[Redact] 7. [Redact] [Redact] $[Redact] 8. [Redact] [Redact] $[Redact] Total assets verified: $[Redact]. we verified over $[Redact] in required reserves.

03/03/2022

1

A

NY

Investment

Purchase

C

B

C

A

B

B

C

A

N/A

Exempt from ATR

No

216428386

438035537

XXX

23954517

Credit

Missing Document

General

Missing Document

Missing Document: Official Check not provided

Provide evidence of the source account of the EMD.

Reviewer Comment (2021-12-16): [Redact] [Redact] statement verifies earnest money in the amount of $[Redact] clearing the account. Seller Comment (2021-12-08): emd acct

12/16/2021

1

A

NY

Investment

Purchase

C

B

C

A

B

B

C

A

N/A

Exempt from ATR

No

216433939

438035623

XXX

23963127

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

HOA Error: Subject is located in a project and HOA Information was not provided.

-

Appraisal Report did not disclose HOA annual amount. Please clarify HOA dues.

Reviewer Comment (2021-12-23): Verification provided verifying the condo association was dissolved in [Redact]. Exception cleared. Seller Comment (2021-12-20): email from closing attorney verifying condo association is dissolved Seller Comment (2021-12-20): Proof Condo Association was dissolved

12/23/2021

1

A

FL

Investment

Purchase

C

A

C

A

A

A

N/A

No

216433939

438035623

XXX

23997399

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

The Note Prepayment Addendum reports NA for the time period it is in affect and the CD reflects there is a Prepayment Penalty. Please forward clarifying/corrected documentation for both the Note and the Final CD, with evidence it was sent to the borrower.

Reviewer Comment (2022-01-27): Client provided corrected DOT without the PPP Rider box checked.  Also provided written attestation that there is no prepayment penalty on the loan. Seller Comment (2022-01-25): Mortgage Seller Comment (2022-01-25): Lox Reviewer Comment (2022-01-19): We are in receipt of the PCCD that shows there is no prepayment penalty.  There is a Prepayment Addendum to Note and a Prepayment Rider in the file.  Both documents have N/A in the penalty related data fields.  The Mortgage has the Other box checked for a Prepayment Rider.  Provide an attestation to confirm whether there is a prepayment penalty or not and state why the borrower signed the addendum and rider if there is no prepayment penalty. Seller Comment (2022-01-14): [Redact] [Redact] - Corrected Note

01/27/2022

1

A

FL

Investment

Purchase

C

A

C

A

A

A

N/A

No

216435406

438035085

XXX

24079464

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Not Provided at or Before Closing (3-Day Waiver In File)

ECOA Valuations Rule (Dodd-Frank 2014): Borrower waived right to receive a copy of the appraisal at least [redacted] business days prior to closing, and appraisal was not provided at or before closing.

Provide all appraisals and evidence they were all sent to the borrower at least 3 days prior to closing.

Reviewer Comment (2022-01-10): Proof of receipt of appraisal provided in trailing documents. Exception cleared.

01/10/2022

1

A

NV

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

216435406

438035085

XXX

24079465

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of [redacted] or Final Disclosure APR of [redacted] is in excess of allowable threshold of APOR [redacted].  Non-Compliant Higher Priced Mortgage Loan.

Waterfall grading

Reviewer Comment (2022-02-28): Loan is compliant Seller Comment (2022-02-24): xx/xx [Redact] -   This is a waterfall grading.  If the previous condition causing the waterfall grading was removed why is this still on?  Please advise.

02/28/2022

1

A

NV

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

216435406

438035085

XXX

24079466

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant [redacted] business days prior to consummation.

Provide all appraisals and evidence they were all sent to the borrower at least [redacted] days prior to closing.

Reviewer Comment (2022-01-10): Proof of receipt of appraisal provided in trailing documents. Exception cleared. Seller Comment (2022-01-07): xx/xx [Redact] See attached confirmation of delivery of the updated appraisal on [Redact] Seller Comment (2022-01-07): xx/xx [Redact] See attached confirmation of delivery of the updated appraisal on xx/xx/xx

01/10/2022

1

A

NV

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

216435406

438035085

XXX

24457961

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Provided Prior to Date Performed

ECOA Valuations Rule (Dodd-Frank 2014): Date valuation provided to applicant is prior to the date when valuation was performed.  Unable to determine compliance with appraisal timing requirements.

Report date on appraisal is [redacted]. Appraisal was provided prior to report date

Reviewer Comment (2022-02-04): Appraisal  effective date is [Redact] and report date is [Redact]. Appraisal was sent to borrower on [Redact]. Exception cleared. Seller Comment (2022-02-02): xx/xx [Redact] - The last report was dated xx/xx see attached. The report from xx/xx was a final inspection does not list any value  - no impacts to original report.

02/04/2022

1

A

NV

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

216439481

438035534

XXX

23955095

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

1040 Income documents not provided for XXXX and/or XXXX

Reviewer Comment (2022-01-25): 1120 for XXXX, Inc., not due yet (fiscal year); client provided Income Worksheet as requested. Seller Comment (2022-01-18): Please see attached XXXX and XXXX Inc Income worksheet. Reviewer Comment (2022-01-12): We are in receipt of the P&L Statement for XXXX.  We still need the XXXX, for XXXX.  We also need the Underwriters Income Worksheet for XXXX. Seller Comment (2022-01-10): XXXX P&L Reviewer Comment (2021-12-20): We are still missing the P&L Statement for XXXX and the XXXX., for XXXX. Seller Comment (2021-12-14): See attached

01/25/2022

1

A

SC

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216439481

438035534

XXX

23955236

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.X% + X.X%, or X.X%.  Non-Compliant Higher Priced Mortgage Loan.

High priced loan

Reviewer Comment (2022-01-11): Client provided appraisal delivery document. Seller Comment (2022-01-10): HPML is allowed on this NON-QM product

01/11/2022

1

A

SC

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216439481

438035534

XXX

23955237

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

Reviewer Comment (2022-01-11): Client provided appraisal delivery document. Seller Comment (2022-01-10): Receipt of the appraisal

01/11/2022

1

A

SC

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216439481

438035534

XXX

23955239

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General Ability To Repay Provision Income and Assets - REO Schedule E Method Test

Ability to Repay (Dodd-Frank 2014): Unable to verify Real Estate Owned income (Schedule E Method).  File does not contain most recent year Tax Transcripts, signed and dated 1040's or Schedule E.

File does not contain most recent year Tax Transcripts, signed and dated 1040's or Schedule E. XXXX/Schedule E)

Reviewer Comment (2021-12-17): Received Tax transcripts.  Exception is cleared.

12/17/2021

1

A

SC

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216439481

438035534

XXX

23955240

Compliance

Compliance

State Compliance

State Defect

South Carolina Home Loan (Complaint Agency Disclosure Not Provided)

XXXX Home Loan: Borrower not provided with a document specifying the agency designated to receive complaints or inquiries about the origination and making of the loan.

Borrower not provided with a document specifying the agency designated to receive complaints or inquiries about the origination and making of the loan.

Reviewer Comment (2021-12-17): Client provided XXXX Regulatory Agency to Receive Borrower Complaints. Seller Comment (2021-12-14): See attached

12/17/2021

1

A

SC

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216439481

438035534

XXX

23961526

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Mortgage Statement and HOA statement not provided for XXXX property

Reviewer Comment (2022-01-11): Client provided statements and HOA statement as requested. Seller Comment (2022-01-10): HOA XXXX Seller Comment (2022-01-10): Mtg statement XXXX

01/11/2022

1

A

SC

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216439481

438035534

XXX

23961565

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Loan Estimate Timing

TILA-RESPA Integrated Disclosure: Loan Estimate not delivered or placed in the mail to Borrower(s) within three (3) business days of application.

The initial Loan Estimate was not provided. Initial Loan Estimate sentXX/XX/XX and receivedXX/XX/XX. Revised Loan Estimate sent XX/XX/XX and received XX/XX/XX. Please provide all Loan Estimates

Reviewer Comment (2021-12-15): XXXX  received XX/XX LE. Seller Comment (2021-12-13): See attached LE

12/15/2021

1

A

SC

Primary

Purchase

No Defined Cure

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216439481

438035534

XXX

23961657

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General Ability To Repay Provision Income and Assets - S-Corp

Ability to Repay (Dodd-Frank 2014): Unable to verify S-Corp income using reasonably reliable third-party records.

Please provide CPA letter for all businesses verifying start date, percentage ownership, length of time borrower has been owner and that the businesses are open and active.

Reviewer Comment (2022-01-25): C-Corp does not need CPA Letter. Reviewer Comment (2022-01-25): Closed in error. Reviewer Comment (2022-01-25): Client provided income documents as requested. Reviewer Comment (2021-12-20): CPA Letter was not provided.  The exception remains. Seller Comment (2021-12-14): See attached

01/25/2022

1

A

SC

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216439481

438035534

XXX

23961701

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General Ability To Repay Provision Income and Assets - Partnership

Ability to Repay (Dodd-Frank 2014): Unable to verify Partnership income using reasonably reliable third-party records.

Please provide CPA letter for all businesses verifying start date, percentage ownership, length of time borrower has been owner and that the businesses are open and active.

Reviewer Comment (2022-01-25): Client provided income documents as requested. Reviewer Comment (2021-12-22): The CPA Letter provided does not meet guideline requirements.  Per guidelines, verification is required via a letter from a CPA, EA, licensed tax preparer or third party documentation i.e. a regulatory agency.  Provide acceptable document to verify business information. Seller Comment (2021-12-20): See attached

01/25/2022

1

A

SC

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216439481

438035534

XXX

23961721

Credit

Guideline

Guideline Issue

Guideline

Missing employment verification documentation.

-

Please provide CPA letter for all businesses verifying start date, percentage ownership, length of time borrower has been owner and that the businesses are open and active.

Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and $5,000.00. Borrower has worked in the same position for more than X years. Borrower has verified disposable income of at least $XXX. Borrower has been employed in the same industry for more than x years.

XX years verified

Owner Owner Owner Owner,Originator

Reviewer Comment (2022-05-11): Client elects to waive based on compensating factors. Seller Comment (2022-05-10): Please see the attached exception approval Reviewer Comment (2022-02-08): Still requiring CPA letter for all businesses verifying start date, percentage ownership, length of time borrower has been owner and that the businesses are open and active.  Exception remains Seller Comment (2022-02-04): Please clear condition - percentage and dates of ownership are verified via K-1s in file for all business.  Verbal verifications are in file for both businesses generating positive revenue Reviewer Comment (2021-12-20): CPA Letter was not provided.  The exception stands. Seller Comment (2021-12-14): See attached

05/11/2022

2

B

SC

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216439481

438035534

XXX

23961723

Credit

Guideline

Guideline Issue

Guideline

Two years of employment was not verified.

-

Please provide CPA letter for all businesses verifying start date, percentage ownership, length of time borrower has been owner and that the businesses are open and active.

Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and $5,000.00. Borrower has worked in the same position for more than X years. Borrower has verified disposable income of at least $XXX. Borrower has been employed in the same industry for more than x years.

XX years verified

Owner Owner Owner Owner,Originator

Reviewer Comment (2022-05-11): Client elects to waive based on compensating factors. Seller Comment (2022-05-10): Please see the attached exception approval Reviewer Comment (2022-02-08): Still requiring CPA letter for all businesses verifying start date, percentage ownership, length of time borrower has been owner and that the businesses are open and active.  Exception remains Seller Comment (2022-02-04): Please clear condition - percentage and dates of ownership are verified via K-1s in file for all business.  Verbal verifications are in file for both businesses generating positive revenue Reviewer Comment (2021-12-22): The CPA Letter provided does not meet guideline requirements.  Per guidelines, verification is required via a letter from a CPA, EA, licensed tax preparer or third party documentation i.e. a regulatory agency.  Provide acceptable document to verify business information. Seller Comment (2021-12-20): See attached

05/11/2022

2

B

SC

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216439481

438035534

XXX

24029886

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Not Provided at or Before Closing (3-Day Waiver In File)

ECOA Valuations Rule (Dodd-Frank 2014): Borrower waived right to receive a copy of the appraisal at least three (3) business days prior to closing, and appraisal was not provided at or before closing.

Provide proof borrower was provided a copy of the appraisal at least three business days prior to closing

Reviewer Comment (2022-01-11): Client provided appraisal delivery document. Seller Comment (2021-12-13): Seller requests buyer review: Grade 2

01/11/2022

1

A

SC

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216439481

438035534

XXX

24029888

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General ATR Provision Investor and Non QM DTIs match and both moderately exceed Guidelines

Ability to Repay (Dodd-Frank 2014): The DTI calculated in accordance with the Lenders Guidelines and 1026.43(c)(5) of XX.XX% moderately exceeds the guideline maximum of XX.XX%. (DTI Exception is eligible to be regraded with compensating factors.)

Income verification for XXXX.

Reviewer Comment (2021-12-22): Entered P&L data for XXXX for the period ending XXXX which resulted in higher income and lower DTI. Seller Comment (2021-12-20): See attached

12/22/2021

1

A

SC

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216439481

438035534

XXX

24029889

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General Ability To Repay Provision Income and Assets - Partnership

Ability to Repay (Dodd-Frank 2014): Unable to verify Partnership income using reasonably reliable third-party records.

Missing third party verification.

Reviewer Comment (2022-01-25): Client provided income documents as requested. Reviewer Comment (2021-12-22): The CPA Letter provided does not meet guideline requirements.  Per guidelines, verification is required via a letter from a CPA, EA, licensed tax preparer or third party documentation i.e. a regulatory agency.  Provide acceptable document to verify business information. Seller Comment (2021-12-20): See attached

01/25/2022

1

A

SC

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216439481

438035534

XXX

24030088

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: Investor qualifying total debt ratio discrepancy.

Need completed income docs to calculate borrowers income.

Reviewer Comment (2021-12-22): Entered P&L information for XXXX for the period ending XXXX which resulted in increased income amount and reduced DTI. Seller Comment (2021-12-20): See attached

12/22/2021

1

A

SC

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216439481

438035534

XXX

24030096

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General Ability To Repay Provision Investor Guidelines

Ability to Repay (Dodd-Frank 2014): Based on the loan failing one or more guideline components, the loan is at ATR risk.

Missing verification of income to calculate borrowers income

Reviewer Comment (2022-01-25): Client provided income documents as requested. Reviewer Comment (2021-12-22): The CPA Letter provided does not meet guideline requirements.  Per guidelines, verification is required via a letter from a CPA, EA, licensed tax preparer or third party documentation i.e. a regulatory agency.  Provide acceptable document to verify business information. Seller Comment (2021-12-20): See attached

01/25/2022

1

A

SC

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216439481

438035534

XXX

24101192

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Review Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2021-12-15): Sufficient Cure Provided At Closing

12/15/2021

1

A

SC

Primary

Purchase

Final CD evidences Cure

C

B

C

B

C

A

A

A

Non QM

Non QM

Yes

216439486

438035080

XXX

23936932

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Missing Final 1003

12/16/2021

1

A

MS

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216439486

438035080

XXX

23937267

Compliance

Compliance

Federal Compliance

RESPA

RESPA -  Initial Escrow Account Statement Missing

RESPA: Initial escrow account statement was not provided to the borrower.

01/27/2022

1

A

MS

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

Yes

216439486

438035080

XXX

23937268

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: [redacted] Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $XXXexceeds tolerance of $XXX  Sufficient or excess cure was provided to the borrower at Closing.

12/03/2021

1

A

MS

Primary

Purchase

Final CD evidences Cure

C

A

C

A

C

A

A

A

Non QM

Non QM

Yes

216439486

438035080

XXX

23937269

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: [redacted] Percent Fee Tolerance exceeded for Credit Report Fee.  Fee Amount of $XXXexceeds tolerance of $XXX  Sufficient or excess cure was provided to the borrower at Closing.

12/03/2021

1

A

MS

Primary

Purchase

Final CD evidences Cure

C

A

C

A

C

A

A

A

Non QM

Non QM

Yes

216439486

438035080

XXX

23946245

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Not Provided at or Before Closing (3-Day Waiver In File)

ECOA Valuations Rule (Dodd-Frank 2014): Borrower waived right to receive a copy of the appraisal at least [redacted] business days prior to closing, and appraisal was not provided at or before closing.

01/21/2022

1

A

MS

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216439486

438035080

XXX

23946246

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of [redacted] or Final Disclosure APR of [redacted] is in excess of allowable threshold of APOR [redacted].  Non-Compliant Higher Priced Mortgage Loan.

01/21/2022

1

A

MS

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216439486

438035080

XXX

23946247

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant [redacted] business days prior to consummation.

01/21/2022

1

A

MS

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216439486

438035080

XXX

24629309

Compliance

Compliance

Federal Compliance

RESPA

RESPA -  Initial Escrow Account statement Inaccurate

RESPA: Initial escrow account statement does not match charges on HUD-1/Final Closing Disclosure.

Reviewer Comment (2022-02-02): verified CD and disclosure.  Exception cleared

02/02/2022

1

A

MS

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

Yes

216495393

438035178

XXX

23999302

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Non-Owner Occupancy Declaration not provided

Reviewer Comment (2022-01-26): Occupancy Certificate provided; exception cleared. Seller Comment (2022-01-24): Occupancy Cert

01/26/2022

1

A

NJ

Investment

Purchase

C

A

C

A

A

A

N/A

No

216495393

438035178

XXX

23999305

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Business Purpose Certificate not provided

Reviewer Comment (2022-01-26): Business Purpose Certificate provided; exception cleared. Seller Comment (2022-01-24): Business Purpose Cert

01/26/2022

1

A

NJ

Investment

Purchase

C

A

C

A

A

A

N/A

No

216533397

438035631

XXX

24182428

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: Investor qualifying total debt ratio discrepancy.

Reviewer Comment (2022-02-02): Received updated 1003 and 1008 with DTI between [Redact] and [Redact].

02/02/2022

1

A

CA

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

216533397

438035631

XXX

24182429

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: PITIA reserves months discrepancy.

Reviewer Comment (2022-02-02): Assets sufficient.

02/02/2022

1

A

CA

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

216535854

438035078

XXX

24075772

Compliance

Compliance

State Compliance

State Defect

Rhode Island Home Loan (Prohibited Acts and Practices Regarding High-Cost Home Loans Disclosure Not Provided)

xxxx Home Loan: Prohibited Acts and Practices Regarding High-Cost Home Loans disclosure not provided.

Reviewer Comment (2022-01-11): Client provided signed disclosure. Seller Comment (2022-01-07): Disclosure attached

01/11/2022

1

A

RI

Primary

Refinance - Cash-out - Other

C

B

C

A

C

B

B

B

Non QM

Non QM

No

216535854

438035078

XXX

24075884

Credit

Guideline

Guideline Issue

Guideline

Missing required income documentation .

-

P&L or check stubs or bank statements reflecting YTD amount of income not provided and required by guidelines.

Reviewer Comment (2021-12-29): Received commission checks received in [Redact]. Exception cleared. Seller Comment (2021-12-27): YTD paystubs

12/29/2021

1

A

RI

Primary

Refinance - Cash-out - Other

C

B

C

A

C

B

B

B

Non QM

Non QM

No

216535854

438035078

XXX

24087203

Compliance

Compliance

Federal Compliance

Federal HPML

TIL Higher Priced Mortgage Loan Safe Harbor Test

TILA HPML appraisal Rule (Dodd-Frank 2014): Safe Harbor requirements not satisfied.

Appraisal transfer letter from broker assigning rights to the appraisal to the lender was not provided.

Reviewer Comment (2022-01-11): Seller elects to waive this exception. Seller Comment (2022-01-07): Seller requests buyer review: Please waive this exception with no grade change

01/11/2022

2

B

RI

Primary

Refinance - Cash-out - Other

C

B

C

A

C

B

B

B

Non QM

Non QM

No

216535854

438035078

XXX

24087207

Property

Property - Appraisal

Appraisal Reconciliation

Property - Appraisal

Appraisal is required to be in name of Lender

-

Appraisal transfer letter from broker assigning rights to the appraisal to the lender was not provided

Reviewer Comment (2022-01-11): Seller elects to waive this exception. Seller Comment (2022-01-07): Seller requests buyer review: Please waive this exception with no grade change

01/11/2022

2

B

RI

Primary

Refinance - Cash-out - Other

C

B

C

A

C

B

B

B

Non QM

Non QM

No

216535854

438035078

XXX

24468513

Compliance

Compliance

State Compliance

State Defect

Rhode Island Home Loan (Prohibited Acts and Practices Regarding High-Cost Home Loans Disclosure Not Signed)

xxxx Home Loan: Prohibited Acts and Practices Regarding High-Cost Home Loans disclosure not properly executed.

The disclosure was not signed by the Lender and Broker as required.

Reviewer Comment (2022-03-02): Client provided disclosure signed by the Lender. Seller Comment (2022-03-01): [Redact] [Redact] - Attached signed discloser from Broker. Reviewer Comment (2022-02-23): The Disclosure is for Prohibited Acts of Lenders and Loan Brokers in [Redact]  The disclosure is not necessarily for High Cost Loans.  The document has not been signed by the Lender and Broker as required.  The exception remains. Seller Comment (2022-02-17): [Redact] [Redact] - We do not close high-cost loans so why would we require this form- Please clarify Seller Comment (2022-02-17): We do not close high-cost loans so so this form should not be required.

03/02/2022

1

A

RI

Primary

Refinance - Cash-out - Other

C

B

C

A

C

B

B

B

Non QM

Non QM

No

216535854

438035078

XXX

24871690

Compliance

Compliance

State Compliance

State Defect

Rhode Island Home Loan (Prohibited Acts and Practices Regarding Home Loans Disclosure Not Signed)

xxxx Home Loan: Prohibited Acts and Practices Regarding Home Loans Disclosure not properly executed.

Disclosure was not signed by the Broker and the Lender.

Reviewer Comment (2022-03-02): Client provided disclosure signed by the Lender. Seller Comment (2022-03-01): [Redact] [Redact] - Attached signed discloser from Broker.

03/02/2022

1

A

RI

Primary

Refinance - Cash-out - Other

C

B

C

A

C

B

B

B

Non QM

Non QM

No

216536756

438035686

XXX

24074462

Compliance

Compliance

Federal Compliance

TRID

TRID Ten Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: [redacted] Percent Fee Tolerance exceeded. Total amount of $xxx,xx exceeds tolerance of $xxx,xx plus [redacted] or $xxx,xx.  Sufficient or excess cure was provided to the borrower at Closing.

12/13/2021

1

A

MA

Investment

Purchase

Final CD evidences Cure

C

A

C

A

C

A

A

A

N/A

Exempt from ATR

Yes

216536756

438035686

XXX

24084936

Credit

Loan Package Documentation

Loan File

Missing Document

Missing Document: Hazard Insurance Policy not provided

12/29/2021

1

A

MA

Investment

Purchase

C

A

C

A

C

A

A

A

N/A

Exempt from ATR

No

216536756

438035686

XXX

24087791

Compliance

Compliance

Federal Compliance

Missing Required Data (other than HUD-1 or Note)

Disparity in Occupancy - Not Tested As Primary

The mortgage loan file contains documenting evidence the consumer intends to occupy the subject property as their primary residence. (Compliance testing performed based on the Occupancy Type of xxxx).  Determination has not been made as to whether the loan would be High Cost and/or HPML if ran as a Primary Residence.

Reviewer Comment (2022-02-07): Cleared   Approved as investment. Seller Comment (2022-02-03): I don't believe that there is an actual guideline pertaining to the way this file was structured.  It was definitely a bit confusing and out of the box, however, the loan structure was approved by Product Help.  The loan did not meet the requirements for an owner occupied transaction with a non-occupant cosigner so it was purchased as an investment property.   Since the investment purchase guidelines are more restrictive than the o/o guidelines, this was considered acceptable.

02/07/2022

1

A

MA

Investment

Purchase

C

A

C

A

C

A

A

A

N/A

Exempt from ATR

No

216536756

438035686

XXX

24087836

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Mismatch of data related to Occupancy.

-

Reviewer Comment (2022-02-07): Evidence that the loan was approved as investment property in the file.  Exception cleared. Seller Comment (2022-02-03): I don't believe that there is an actual guideline pertaining to the way this file was structured.  It was definitely a bit confusing and out of the box, however, the loan structure was approved by Product Help.  The loan did not meet the requirements for an owner occupied transaction with a non-occupant cosigner so it was purchased as an investment property.   Since the investment purchase guidelines are more restrictive than the o/o guidelines, this was considered acceptable.

02/07/2022

1

A

MA

Investment

Purchase

C

A

C

A

C

A

A

A

N/A

Exempt from ATR

No

216571647

438035434

XXX

24168151

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Closing Disclosure Timing without Waiver

TILA-RESPA Integrated Disclosure: Closing Disclosure not provided to Borrower(s) at least [redacted] business days prior to closing.

File missing Closing disclosure sent xx/x/xxxx per the disclosure tracking summary. Missing evidence the borrower was provided final CD at least xx business day prior to closing.

Reviewer Comment (2022-01-24): [Redact] received [Redact] CD. Seller Comment (2022-01-21): initial CD dated [Redact]

01/24/2022

1

A

CA

Primary

Purchase

No Defined Cure

C

A

A

A

C

A

A

A

Non QM

Non QM

No

216571776

438035439

XXX

24181807

Credit

Legal / Regulatory / Compliance

Title / Lien Defect

Title

Title Policy is Preliminary or Commitment, and not a Final Title Policy.

Reviewer Comment (2022-03-10): Cleared. Final title provided.

03/10/2022

1

A

FL

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216571776

438035439

XXX

24181917

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Closing Disclosure Timing without Waiver

TILA-RESPA Integrated Disclosure: Closing Disclosure not provided to Borrower(s) at least [redacted] business days prior to closing.

Per the Disclosure Tracking Summary the Initial CD was issued and received on [redacted].  The only CD found in the loan file is the Final CD issued [redacted].  All other CDs including the Initial [redacted] CD are required.

Reviewer Comment (2022-01-24): [Redact] received initial CDs. Seller Comment (2022-01-21): COC CD Seller Comment (2022-01-21): initial CD

01/24/2022

1

A

FL

Primary

Purchase

No Defined Cure

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216571776

438035439

XXX

24182894

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Loan Estimate Timing Electronically Provided

TILA-RESPA Integrated Disclosure: Loan Estimate not delivered to Borrower(s) within [redacted] business days of application. Initial Loan Estimate dated [redacted] was electronically provided without or prior to borrower's consent to receive electronic disclosures. Failure to comply with the provisions of the E-Sign Act and failure to provide good faith estimate of fees timely may result in additional fee tolerance violations.

The Initial Loan Estimate and loan disclosure package were electronically sent and signed by the borrower on [redacted], while the earliest evidence of E-Sign Consent in the loan files reflects [redacted] per the Disclosure Tracking Summary and system screen capture.

Reviewer Comment (2022-01-24): [Redact] received document stating it was received within time frame. Seller Comment (2022-01-21): • [Redact] cert confirming the borrower's e-consented on [Redact]

01/24/2022

1

A

FL

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216571776

438035439

XXX

24193845

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

Title Error: Title vesting does not concur with deed

The Security Instrument vesting includes the co-borrower's spouse, XXXX.  The Warranty Deed dated [redacted] and notarized [redacted] does not include XXXX - which matches the Title Commitment in file.  Final Title not available in file.

Reviewer Comment (2022-03-10): Cleared with final title note vested vs insured mortgage and letter from title Seller Comment (2022-03-08): • Email from title confirming what the vesting means on the security instrument Seller Comment (2022-03-08): • [Redact] cert regarding the vesting on the security instrument Reviewer Comment (2022-02-10): The issue is not that she signed the security instrument, which is required for a non-borrowing spouse, but that the security instrument discloses she will be on title as joint tenants with rights of survivorship.  Final Title confirms she is not vested.  Exception remains. Seller Comment (2022-02-08): • Email from title confirming the non-borrowing spouse only signed the Mortgage for Homestead reasons and did not sign the Deed as she did not want to be on title. Reviewer Comment (2022-01-25): Received final Title which matches the Title Commitment.  Neither include [Redact] however, she signed the Security Instrument.  Exception remains. Seller Comment (2022-01-21): Final Title Policy

03/10/2022

1

A

FL

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216614927

438035432

XXX

24206931

Credit

Credit

Credit Documentation

Guideline

Credit Report Error: Credit report is missing FICO scores.

-

Credit Report captured for xxx does not provide credit scores for all xx credit bureaus . Credit report ordered xx/x/xxxx and XX/XX/XXxx.

The qualifying DTI on the loan is at least xx% less than the guideline maximum. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least x months. Borrower has worked in the same position for more than x years. Borrower has verified disposable income of at least $xxxx.xx. Borrower has been employed in the same industry for more than x years. Borrowers made a down payment from their own funds on this purchase transaction of at least x% and $x,xxx.xx.

Reserves: [redacted] Guideline Requirement: [redacted] Documentation Type: [redacted] Disposable Income: [redacted] Borrower's Own Funds Percent: [redacted] Borrower's Own Funds Amount: $xxx,xxx,xx

Owner Originator,Owner Owner Originator,Owner Owner Owner,Originator

Reviewer Comment (2022-01-25): Client has approved no credit scores. Seller Comment (2022-01-20): • Approved exception for the borrower having no FICO scores

01/25/2022

2

B

MN

Primary

Purchase

C

B

C

B

A

A

A

A

Non QM

Non QM

No

216614927

438035432

XXX

24207130

Credit

Credit

Credit Calculation / Analysis

Credit

Missing Document: Alternative credit requirements are not satisfied.

-

Credit Report captured for xxx does not provide credit scores. Credit report ordered xx/x/xxxx and XX/XX/XXxx.

The qualifying DTI on the loan is at least xx% less than the guideline maximum. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least x months. Borrower has worked in the same position for more than x years. Borrower has verified disposable income of at least $xxxx.xx. Borrower has been employed in the same industry for more than x years. Borrowers made a down payment from their own funds on this purchase transaction of at least x% and $x,xxx.xx.

Reserves: [redacted] Guideline Requirement: [redacted] Documentation Type: [redacted] Disposable Income: [redacted] Borrower's Own Funds Percent: [redacted] Borrower's Own Funds Amount: $xxx,xxx,xx

Owner Originator,Owner Owner Originator,Owner Owner Owner,Originator

Reviewer Comment (2022-01-25): Client has approved no credit scores. Seller Comment (2022-01-20): see uploaded approved exception for other condition

01/25/2022

2

B

MN

Primary

Purchase

C

B

C

B

A

A

A

A

Non QM

Non QM

No

216624700

438035187

XXX

24218656

Credit

Insurance

Insurance Analysis

Insurance

Insufficient Coverage: Hazard insurance coverage amount is insufficient.

Binder reflects extended coverage but does not disclose how much.

Reviewer Comment (2022-02-23): Replacement Cost Estimated provided. Exception cleared. Seller Comment (2022-02-17): Cost Esti Seller Comment (2022-02-17): Lender Loss Payable Endorsement breakdown Reviewer Comment (2022-02-16): Please provide one of the following for review and acceptance; A.) A complete form 438BFU acknowledged/signed and dated by the insurance company or one of it agents. B.) A copy of Endorsement FN1204 defining the additional amount of insurance for A coverage or otherwise defined by line iterm to the declarations page as additional A coverage and amount. This issue remains open. Note: Additional coverage needs to be identified by a dollar amount or the 438BFU completed and acknowledged by the agent needs to be in file and provided for review and acceptability. Seller Comment (2022-02-15): the 438BFU is a standard endorsement for the Lender Loss Payable covering the cost to rebuild. Reviewer Comment (2022-02-04): Lender guidelines do not specify that 438BFU endorsement is acceptable.  Provide documentation of the amount of extended coverage.  The dec page only lists 'Spec Addl Amt of Ins Cov A' but no percentage or dollar amount of extended coverage is disclosed. Seller Comment (2022-02-02): Please waive conditions - There is a Amendment Provision with the Hazard Insurance dec page with the endorsement 438BFU "Lenders Loss Payable" that reflects at the bottom of the page.

02/23/2022

1

A

CA

Second Home

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

216624700

438035187

XXX

24219182

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule [redacted]: Creditor did not provide a copy of each valuation to applicant xx [redacted]business days prior to consummation.

Evidence of delivery not provided.

Reviewer Comment (2022-01-13): Seller acknowledges exception.

01/13/2022

2

B

CA

Second Home

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

216637481

438035197

XXX

24217842

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Closing Disclosure Timing without Waiver

TILA-RESPA Integrated Disclosure: Closing Disclosure not provided to Borrower(s) at least xx x business days prior to closing.

The loan file does not contain an Initial Closing Disclosure or Changed Circumstance documentation.  The only borrower fee disclosures currently found are a Loan Estimate issued XX/XX/XX and the Final CD issued XX/XX/XX.  All additional Loan Estimates, Closing Disclosures, and Changed Circumstance documentation is required.

Reviewer Comment (2022-01-04): [Redact] received [Redact] CD received the same day issued. Seller Comment (2022-01-03): Initial CD

01/04/2022

1

A

CA

Primary

Purchase

No Defined Cure

C

B

A

A

C

B

A

A

Non QM

Non QM

No

216637481

438035197

XXX

24217844

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Ten Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Ten Percent Fee Tolerance exceeded. Total amount of $xxx,xx exceeds tolerance of $xxx,xx plus [redacted]or $xxx,xx.  Insufficient or no cure was provided to the borrower.

The loan file does not contain an Initial Closing Disclosure or Changed Circumstance documentation.  The only borrower fee disclosures currently found are a Loan Estimate issued XX/XX/XX and the Final CD issued XX/XX/XX.  All additional Loan Estimates, Closing Disclosures, and Changed Circumstance documentation is required.

Reviewer Comment (2022-01-31): [Redact] received letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected PCCD Seller Comment (2022-01-29): Cure LOE COC PCCD Reviewer Comment (2022-01-27): [Redact] upon further review in provided COC dated [Redact] stating as "Other rate changed updated pricing to current market title and recording fee applied additional title service required borrower choosen aettlement agent" which is not consider as valid reason for Recording Fee increases to $xxx on CD [Redact]. So kindly provide a valid COC with additional information why the fee increases to $xxx on CD [Redact] or provide Cure. Seller Comment (2022-01-26): Can you advise why the COC dated [Redact] is not valid for the recording fee to increase from $[Redact] to $[Redact]? If you take this COC into consideration the TRID violation would be the difference from the recording fee increasing from $[Redact] to $[Redact] which is the $xxhe 10% Tolerance would be for the recording fee increasing from $[Redact](+ $xx = $xxx) this amount minus the recording increase to $[Redact] has a difference $xx.    The $XX cure on the PCCD [Redact] more than covers the $xx cure needed. Seller Comment (2022-01-24): Please provide your calculations for the [Redact].  My calculations match those of our client please advise. Reviewer Comment (2022-01-24): [Redact] received cure documents for $[Redact] which is not sufficient cure provided to cover the under-disclosure of recording fee. Total cure required is $xx. Please provide revised PCCD, copy of check, LOE and mailing proof for remaining $xx Seller Comment (2022-01-21): PCCD LOX CK and shipping label Reviewer Comment (2022-01-14): Recording Fee increased from $[Redact] to $[Redact] on [Redact] CD and then further increased to $XXX on [Redact] PC-CD.  COC forms in file for [Redact] CD and [Redact] PC-CD do not indicate valid reasons for the Recording Fees to increase.  Either provide valid reasons for both fee increases and fee will be re-evaluated OR provide LOE, PC-CD with cure, copy of refund check and proof of delivery to cure this exception. Reviewer Comment (2022-01-14): Exception Detail Updated from: TILA-RESPA Integrated Disclosure: Ten Percent Fee Tolerance exceeded. Total amount of $xxx exceeds tolerance of $xxx plus 10% or $xxx.  Insufficient or no cure was provided to the borrower. (0) Seller Comment (2022-01-14): COC for recording fee Please review COC and CD [Redact] &[Redact] Seller Comment (2022-01-13): COC and PCCD Reviewer Comment (2022-01-13): [Redact] Disagree. As per Guidelines Recording Fee section E always comes Under 10% Tolerance. Please provide valid COC with additional information which can explain why Recording Fee increased on CD dated [Redact] or Cure required. Also, we require additional cure of $xx as Recording Fee increased on PCCD dated x[Redact] to $xxx from $xxx. Seller Comment (2022-01-12): The recording fee is a fee that the borrower shopped for so the 10% tolerance does not apply ... Please clear exeption Reviewer Comment (2022-01-12): [Redact] received PCCD dated [Redact] however Recording Fee was increased on the CD dated [Redact] to $[Redact] and  on CD dated [Redact] to $xxxlease provide us with valid COC which is within 3 business days from the Recording Fee increased on the CD dated [Redact] and [Redact] or cure required. Cure document consist of PCCD/ LOx/ Copy of Check Refund and Mailing Proof. Seller Comment (2022-01-11): PCCD moving fees to Bucket C.  Please update accordingly. Seller Comment (2022-01-11): These fees have been moved to bucket C.  The borrower shopped for. Reviewer Comment (2022-01-11): [Redact] received CD & COC dated xx/xx/xxxx; however, On Initial LE Recording fee $[Redact] & Initial CD $xxxitle - Electronic Document Delivery Fee added on Initial CD xx/xx/xxxx $xxxotal of 10% Tolerance is $xxx. Please provide valid COC with additional information or please provide cure. Seller Comment (2022-01-10): CD [Redact] with COC Reviewer Comment (2022-01-05): Initial CD provided, however a Changed Circumstance addressing fee changes not provided. Exception remains. Seller Comment (2022-01-03): Initial CD

01/31/2022

2

B

CA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

216637481

438035197

XXX

24217845

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $xxx,xx exceeds tolerance of $xxx,xx.  Insufficient or no cure was provided to the borrower.

The loan file does not contain an Initial Closing Disclosure or Changed Circumstance documentation.  The only borrower fee disclosures currently found are a Loan Estimate issued XX/XX/XX and the Final CD issued XX/XX/XX.  All additional Loan Estimates, Closing Disclosures, and Changed Circumstance documentation is required.

Reviewer Comment (2022-01-19): [Redact] received LE dated [Redact] therefore no cure required. Seller Comment (2022-01-18): [Redact] LE with COC Reviewer Comment (2022-01-14): Appraisal Fee increased from $[Redact] to $[Redact] on [Redact] CD.  The [Redact] COC does not indicate the Appraisal Fee is increasing.  There is an [Redact] COC form in file which indicates Appraisal Fee is increasing however, do not have an LE/CD associated with this COC.  Either provide missing LE/CD for [Redact] COC form and fee will be re-evaluated OR provide LOE, PC-CD with cure, copy of refund check and proof of delivery to cure this exception. Seller Comment (2022-01-14): Please review carefully THIS is the [Redact] COC.  Please review and clear exception Reviewer Comment (2022-01-14): [Redact] received COC dated [Redact], whereas the fee was increased on CD dated [Redact]. Please provide a valid COC for CD dated [Redact] to clear this exception or provide cure docs. Seller Comment (2022-01-13): [Redact] COC Reviewer Comment (2022-01-12): [Redact] received COC dated [Redact] for Appraisal Fee due to Complexity fee increased. However the Appraisal Fee was increased on the CD dated [Redact] to $xxxlease provide us with valid COC which is within 3 business days from the Appraisal Fee increased on the CD dated [Redact] or cure required. Cure document consist of PCCD/ LOx/ Copy of Check Refund and Mailing Proof. Seller Comment (2022-01-11): COC LE for appraisal. Reviewer Comment (2022-01-11): [Redact] received CD & COC dated xx/xx/xxxx; however, no information on what change necessitated the increase in Appraisal Fee was provided. Additional information on the change is required to determine if fee can be rebaselined. Please provide a valid COC or cure documents. Cure consists of Corrected CD, LOE to borrower, proof of mailing and copy of refund check. Seller Comment (2022-01-10): CD [Redact] with COC Reviewer Comment (2022-01-04): [Redact] received CD dated xx/xx/xx however, the appraisal fee was increased on it to $[Redact] from $[Redact] on initial CD. Please provide a valid COC for increase or need cure documents. Seller Comment (2022-01-03): Initial CD

01/19/2022

1

A

CA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

216637481

438035197

XXX

24217846

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Home Inspection Fee.  Fee Amount of $xxx,xx exceeds tolerance of $x,xx.  Insufficient or no cure was provided to the borrower.

The loan file does not contain an Initial Closing Disclosure or Changed Circumstance documentation.  The only borrower fee disclosures currently found are a Loan Estimate issued XX/XX/XX and the Final CD issued XX/XX/XX.  All additional Loan Estimates, Closing Disclosures, and Changed Circumstance documentation is required.

Reviewer Comment (2022-01-14): [Redact] received an updated PCCD along with LOE where the fee has been moved to H section. Seller Comment (2022-01-13): LOX Reviewer Comment (2022-01-12): [Redact] received PCCD dated [Redact] with fees moved to Section H. However we require LOX advising the same that the fee has been moved to Section H on the PCCD provided. Exception remains. Seller Comment (2022-01-11): Please see PCCD fee name was updated.  Please advise. Reviewer Comment (2022-01-11): [Redact] received CD & COC dated xx/xx/xxxx; however, Home Inspection Fee $[Redact] has been added on CD dated xx/xx/xxxx. Please provide a valid COC dated xx/xx/xxxx or cure documents. Cure consists of Corrected CD, LOE to borrower, proof of mailing and copy of refund check. Seller Comment (2022-01-10): CD [Redact] with COC Reviewer Comment (2022-01-04): [Redact] received Initial CD dated [Redact]. Home Inspection fee was not disclosed on initial CD and is directly added on final CD. Please provide a valid COC for adding the fee on CD dated [Redact] or Need cure for the same. Seller Comment (2022-01-03): Initial CD

01/14/2022

1

A

CA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

216637481

438035197

XXX

24220005

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Service Charges.  Fee Amount of $xxx,xx exceeds tolerance of $x,xx.  Insufficient or no cure was provided to the borrower.

The loan file does not contain an Initial Closing Disclosure or Changed Circumstance documentation.  The only borrower fee disclosures currently found are a Loan Estimate issued XX/XX/XX and the Final CD issued XX/XX/XX.  All additional Loan Estimates, Closing Disclosures, and Changed Circumstance documentation is required.

Reviewer Comment (2022-01-05): Fee correction. Exception cleared. Reviewer Comment (2022-01-04): [Redact] received initial CD dated [Redact]. Transaction coordination fee was disclosed on CD dated [Redact] without prefix "title". Please provide a valid COC for adding the fee or need cure documents. Seller Comment (2022-01-03): Initial CD

01/05/2022

1

A

CA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

216639375

438035634

XXX

24220574

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant xx (x) business days prior to consummation.

Evidence of delivery not received.

Reviewer Comment (2022-01-14): Client provided appraisal delivery document. Seller Comment (2022-01-12): appraisal proof of delivery

01/14/2022

1

A

CA

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216639375

438035634

XXX

24220577

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Total Property Costs Year 1 - October 2018 Test

TILA-RESPA Integrated Disclosure - Loan Disclosures: Amount of Estimated Property Costs over [redacted] of [redacted] on Final Closing Disclosure provided on[redacted] not accurate.

Property Costs Over 1 year - Wrong amount

Reviewer Comment (2022-01-31): [Redact] received Letter of Explanation & Corrected Closing Disclosure. Seller Comment (2022-01-27): PCD Reviewer Comment (2022-01-14): [Redact] received PCCD however total property costs on page 4 were not corrected. The calculated costs are taxes $[Redact]0 [Redact]) and HOI $v. Please reference or provide documentation if using another amount. Please provide a corrected CD and LOE to cure. Seller Comment (2022-01-12): PCD

01/31/2022

2

B

CA

Primary

Purchase

Letter of Explanation & Corrected Closing Disclosure

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

216639375

438035634

XXX

24220578

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Closing Disclosure Timing without Waiver

TILA-RESPA Integrated Disclosure: Closing Disclosure not provided to Borrower(s) at least [redacted] prior to closing.

Missing initial CD.

Reviewer Comment (2022-01-06): Initial CD provided. Seller Comment (2022-01-06): Initial CD

01/06/2022

1

A

CA

Primary

Purchase

No Defined Cure

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216639375

438035634

XXX

24220590

Credit

Title

Document Error

Title

There is no dollar amount noted on the title policy.

The preliminary title report in file did not disclose the amount of title insurance coverage.  Provide a copy of the final title policy or an addendum to the preliminary report verifying title insurance of at least the loan amount.

Reviewer Comment (2022-01-21): Received escrow instructions. Cleared. Seller Comment (2022-01-18): copy of closing instructions

01/21/2022

1

A

CA

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216639375

438035634

XXX

24224249

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Tax Certicaite not provided

Reviewer Comment (2022-01-14): Client provided tax document. Seller Comment (2022-01-12): Tax verification

01/14/2022

1

A

CA

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216639375

438035634

XXX

24426673

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Interim Closing Disclosure Timing Irregular Transactions Test

TILA-RESPA Integrated Disclosure - Corrected Closing Disclosure provided on or after [redacted] contains a change in APR and loan product and was not received by borrower at least [redacted] prior to consummation.

APR changed due to loan product change from fixed rate to interest only.  Revised CD not issued / received by borrower at least [redacted] prior to consummation.

Reviewer Comment (2022-01-21): Documentation received. Cleared. Seller Comment (2022-01-19): o Notes for investor: revised CD was send [Redact], docs were signed on [Redact] - rec'd 3 business days prior to consummation

01/21/2022

1

A

CA

Primary

Purchase

TRID timing exception, no remediation available.

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216670126

438035627

XXX

24282384

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Background Check not provided

Please provide missing Fraud/Background check.

Reviewer Comment (2022-01-11): Client provided DRIVE Fraud Report which includes background check. Seller Comment (2022-01-10): Fraud Report

01/11/2022

1

A

SC

Investment

Purchase

C

A

C

A

A

A

N/A

No

216670126

438035627

XXX

24282385

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Fraud Report not provided

Please provide missing Fraud/Background check.

Reviewer Comment (2022-01-11): Client provided DRIVE Fraud Report. Seller Comment (2022-01-10): Fraud Report

01/11/2022

1

A

SC

Investment

Purchase

C

A

C

A

A

A

N/A

No

216670126

438035627

XXX

24282395

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

(Missing Doc) Missing Note Addendum: Note P&I does not match calculated P&I

Per documents in file, the loan is an Interest Only loan for the first [redacted] but the Note is not an Interest Only Note, there are no Interest Only terms on the Note and there is no IO addendum in file.  Provide corrected, executed Note showing IO terms.

Reviewer Comment (2022-02-24): Interest only Fixed Rate Note executed by Borrowers provided. Exception cleared. Seller Comment (2022-02-22): signed note

02/24/2022

1

A

SC

Investment

Purchase

C

A

C

A

A

A

N/A

No

216716960

438035443

XXX

24309221

Credit

Loan Package Documentation

Closing / Title

Missing Document

Missing Document: Rider - Other not provided

The Prepayment Rider to the Security Instrument was required by the SI but was not provided in file.

Reviewer Comment (2022-01-25): Client provided copy of signed Prepayment Rider. Seller Comment (2022-01-20): Rider attached

01/25/2022

1

A

AZ

Investment

Purchase

C

A

C

A

A

A

N/A

No

216768029

438035194

XXX

24415075

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

[redacted]: APR on subject loan of [redacted] or Final Disclosure APR of [redacted] is in excess of allowable threshold of APOR[redacted].  Non-Compliant Higher Priced Mortgage Loan.

Federal Higher-Priced Mortgage Loan rate [redacted] exceed the allowable threshold of [redacted]. calculated difference  of [redacted]

Reviewer Comment (2022-03-16): Changed to compliant from non.

03/16/2022

1

A

FL

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216768029

438035194

XXX

24419619

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Provided Prior to Date Performed

ECOA Valuations Rule [redacted]: Date valuation provided to applicant is prior to the date when valuation was performed.  Unable to determine compliance with appraisal timing requirements.

Borrower signed Appraisal Acknowledgement [redacted]

Reviewer Comment (2022-01-21): Seller acknowledges exception.

01/21/2022

2

B

FL

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216768029

438035194

XXX

24419620

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Appraisal Not Obtained Timely)

TILA HPML Appraisal Rule[redacted]: Appraisal not obtained prior to consummation.

Borrower signed Appraisal Acknowledgement [redacted]

Reviewer Comment (2022-03-16): Cleared documentation of receipt provided. Seller Comment (2022-03-14): see attached

03/16/2022

1

A

FL

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216768029

438035194

XXX

24419645

Credit

Guideline

Guideline Issue

Guideline

Missing employment verification documentation.

-

Verification provided

Reviewer Comment (2022-02-24): Received VVOE with CPA as contact. Seller Comment (2022-02-18): see attached

02/24/2022

1

A

FL

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216769294

438035524

XXX

24413496

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

[redacted]: APR on subject loan of [redacted] or Final Disclosure APR of [redacted] is in excess of allowable threshold of APOR [redacted], or [redacted].  Non-Compliant Higher Priced Mortgage Loan.

Waterfall grading due to missing appraisals and appraisal delivery info. Please provide for re-grade.

Reviewer Comment (2022-03-10): Preliminary and revised appraisal reports provided; exception cleared. Reviewer Comment (2022-03-02): We have received the [Redact] appraisal and proof borrower received it on [Redact]. We have the updated report dated [Redact], but the borrower documented as receiving it [Redact] post close. Please forward evidence the borrower received the [Redact] appraisal at close or before. Seller Comment (2022-02-25): Please see attached... Seller Comment (2022-02-25): Please see attached appraisal Reviewer Comment (2022-02-11): Only one appraisal has been received.  Exception remains. Seller Comment (2022-02-07): appraisal Reviewer Comment (2022-02-03): This is a waterfall issue caused by a lack of all lender providing copies of all appraisal reports issued in connection of this loan and further investigation required regarding HPML rules applicable to the final appraisal report issued (held up due to lack of lender proving copies of all reports issued in connection with this loan). Seller Comment (2022-02-01): The borrower did not open the appraisal delivered for the second appraisal, that is why we do not have a receipt. Here is a screenshot showing proof that it was sent. Reviewer Comment (2022-01-25): Borrower receipt of the appraisal dated [Redact] and post close. Please provide documentation verifying the borrower received the appraisal prior to or at close. Reviewer Comment (2022-01-25): Trailing documentation confirms revised appraisal was not delivered to borrower until after closing date.  Exception remains. Seller Comment (2022-01-20): Appraisal deliver confirmation

03/10/2022

1

A

FL

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216769294

438035524

XXX

24413497

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Appraisal Not Obtained Timely)

TILA HPML Appraisal Rule [redacted]: Appraisal not obtained prior to consummation.

Appraisal was provided to the borrower on [redacted] but was not completed until [redacted]. Provide all appraisals and evidence they were all sent to the borrower at least [redacted] to closing.

Reviewer Comment (2022-03-10): Preliminary and revised appraisal reports provided; exception cleared. Reviewer Comment (2022-03-10): Nothing additional was rec'd to verify Borrower rec'd copy of final appraisal report at closing. Exception remains. Seller Comment (2022-03-07): see attached Reviewer Comment (2022-03-02): We have received the [Redact] appraisal and proof borrower received it on [Redact]. We have the updated report dated [Redact], but the borrower documented as receiving it [Redact] post close. Please forward evidence the borrower received the [Redact] appraisal at close or before. Seller Comment (2022-02-25): Please see attached... Reviewer Comment (2022-02-23): We do not have a copy of the Initial Appraisal Report that was delivered to the borrower on [Redact].  The Revised/Final Appraisal Report is dated [Redact].  The delivery document provided for this appraisal is dated [Redact] which is after the closing.  The Revised/Final Appraisal Report was not received by the borrower at least three business days prior to consummation. Seller Comment (2022-02-17): Cover letter Reviewer Comment (2022-02-11): Only one appraisal has been received for review.  Exception remains. Seller Comment (2022-02-07): Why do you ask for proof of [Redact] appraisal then ask for proof of all appraisals??? Shouldn't that have been the initial condition instead of going back and forth? Reviewer Comment (2022-02-03): Please provide copies of all appraisal reports issued in connection with this loan, along with and evidence of all issued appraisals being delivered/received by borrower no less than 3 days prior to closing. This issue remains open. Note: All issued appraisal reports must be provided for review, along with all delivery documentation for each, prior to escalation of the issue of the final appraisal, dated same day of closing, being submitted for review for clearing and/or downgrade. Seller Comment (2022-02-01): The borrower did not open the appraisal delivered for the second appraisal, that is why we do not have a receipt. Here is a screenshot showing proof that it was sent. Reviewer Comment (2022-01-25): Borrower receipt of the appraisal dated [Redact] and post close. Please provide documentation verifying the borrower received the appraisal prior to or at close. Reviewer Comment (2022-01-25): Trailing documentation confirms revised appraisal was not delivered to borrower until after closing date.  Exception remains. Seller Comment (2022-01-20): Appraisal deliver confirmation

03/10/2022

1

A

FL

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216769294

438035524

XXX

24413499

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of [redacted]exceeds tolerance of[redacted].  Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2022-01-06): Sufficient Cure Provided At Closing

01/06/2022

1

A

FL

Primary

Purchase

Final CD evidences Cure

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

216769294

438035524

XXX

24422084

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Approval not provided

The file is missing the UW Approvals and the final 1008.  Please provide the UW Approvals and/or the final 1008.

Reviewer Comment (2022-01-25): The Approval and 1008 were both received. Seller Comment (2022-01-21): 1008/approval

01/25/2022

1

A

FL

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216769294

438035524

XXX

24526970

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Not Provided at or Before Closing (3-Day Waiver In File)

ECOA Valuations Rule [redacted]: Borrower waived right to receive a copy of the appraisal at least xx (x) business days prior to closing, and appraisal was not provided at or before closing.

Provide all appraisals and evidence they were all sent to the borrower at closing.

Reviewer Comment (2022-02-11): Seller acknowledges exception. Seller Comment (2022-02-07): Seller requests buyer review: Grade 2 condition Reviewer Comment (2022-01-25): Borrower receipt of the appraisal dated [Redact] and post close. Please provide documentation verifying the borrower received the appraisal prior to or at close. Reviewer Comment (2022-01-25): Trailing documentation confirms revised appraisal was not delivered to borrower until after closing date.  Exception remains. Seller Comment (2022-01-25): Hi...when will the docs uploaded on [Redact] will be reviewed? Seller Comment (2022-01-20): Appraisal deliver confirmation

02/11/2022

2

B

FL

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216769294

438035524

XXX

24526971

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule[redacted]: Creditor did not provide a copy of each valuation to applicant xx x business days prior to consummation.

Provide all appraisals and evidence they were all sent to the borrower at closing.

Reviewer Comment (2022-01-25): Received documentation verifying revised appraisal was delivered to borrower after closing.  Exception cleared.  See new exception regarding the timing. Seller Comment (2022-01-20): Appraisal deliver confirmation

01/25/2022

1

A

FL

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216769294

438035524

XXX

24597119

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule [redacted]: Creditor did not provide a copy of revised valuation to applicant[redacted] prior to consummation.

Revised appraisal was not provided to borrower until [redacted]; Note Date was [redacted].

Reviewer Comment (2022-02-11): Seller acknowledges exception Seller Comment (2022-02-07): Seller requests buyer review: Grade 2 condition Reviewer Comment (2022-01-25): Borrower receipt of the appraisal dated [Redact] and post close. Please provide documentation verifying the borrower received the appraisal prior to or at close.

02/11/2022

2

B

FL

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216770663

438035184

XXX

24433063

Compliance

Compliance

Federal Compliance

Missing Non-Required Data

(Missing Data) Last Rate Set Date

Last Date Rate Set and Initial Rate Lock Date not provided.  Worst Case Scenario between Creditor Application Date and Transaction Date used to determine rate used for testing.

Please provide the Rate Lock documentation.

Reviewer Comment (2022-01-21): Seller acknowledges exception.

01/21/2022

2

B

FL

Primary

Purchase

B

B

A

A

B

B

A

A

Non QM

Non QM

No

216771955

438035179

XXX

24434014

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Purchase Agreement / Sales Contract not provided

Sales Contract Addendum not provided to show Final Contract Price of[redacted]

Reviewer Comment (2022-02-23): Received Seller Comment (2022-02-21): Addendum to purchase agreement Reviewer Comment (2022-01-25): No new, material documentation received. Please forward the Purchase Contract Addendum with the updated price of $[Redact] Seller Comment (2022-01-21): Sales Contract

02/23/2022

1

A

CA

Investment

Purchase

D

B

D

A

B

B

A

A

N/A

Exempt from ATR

No

216771955

438035179

XXX

24536048

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule [redacted]: Creditor did not provide a copy of each valuation to applicant[redacted] prior to consummation.

Provide all appraisals and evidence they were all sent to the borrower [redacted] prior to closing.

Reviewer Comment (2022-01-21): Seller acknowledges exception.

01/21/2022

2

B

CA

Investment

Purchase

D

B

D

A

B

B

A

A

N/A

Exempt from ATR

No

216779984

438035528

XXX

24436925

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $xxx,xx exceeds tolerance of $xxx,xx.  Sufficient or excess cure was provided to the borrower at Closing.

Appraisal fee listed on the Loan Estimate $xxx,xx. Fee increased to $xxx,xx Final Closing Disclosure. A cure was provided at close.

Reviewer Comment (2022-01-07): Sufficient Cure Provided At Closing

01/07/2022

1

A

FL

Primary

Purchase

Final CD evidences Cure

C

A

C

A

A

A

A

A

Non QM

Non QM

Yes

216779984

438035528

XXX

24436977

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Desk Review Fee.  Fee Amount of $xxx,xx exceeds tolerance of $x,xx.  Sufficient or excess cure was provided to the borrower at Closing.

Appraisal Desk Review fee was not listed on the Loan Estimate. Fee increased from $x,xx to $xxx,xx Final Closing Disclosure. A cure was provided at close.

Reviewer Comment (2022-01-07): Sufficient Cure Provided At Closing

01/07/2022

1

A

FL

Primary

Purchase

Final CD evidences Cure

C

A

C

A

A

A

A

A

Non QM

Non QM

Yes

216779984

438035528

XXX

24438802

Credit

1003

Document Error

1003

Borrower(s) is not a U.S. Citizen, and the guideline required documentation was not provided.

-

Citizenship for Co  Borrower not provided

Reviewer Comment (2022-01-26): Borrower attestation of citizenship provided. Seller Comment (2022-01-24): Good morning. Please review the attached fully executed letter form the co-borrower regarding XX residency status, thank you.

01/26/2022

1

A

FL

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

216779984

438035528

XXX

24441698

Credit

Insurance

Insurance Analysis

Insurance

Insufficient Coverage: Hazard insurance coverage amount is insufficient.

Please provide the Estimated Replacement Cost documentation to support covered amount, or increase coverage to satisfy loan amount.

Reviewer Comment (2022-01-31): Client provided Letter from the insurance company that states the property is insured for the cost to rebuild the home.  Replacement Cost Estimates are not available in the state of [Redact]. Seller Comment (2022-01-27): Please review the attached from the borrowers homeowners insurance company. It clearly states that the the insurance company insures the cost to rebuild the home. Please clear this condition, thank you. Reviewer Comment (2022-01-25): If unable to obtain Replacement Cost Estimator increased coverage would be required to clear this exception. Seller Comment (2022-01-25): Please waive this condition. This subject property is located in the State of[Redact]. Recent legislation does not allow us to request RCE from insurance agents any longer. Reviewer Comment (2022-01-25): The insurance document states the Loss Settlement Basis is Replacement Cost.  In order to use the coverage amount of $[Redact], the policy needs to state it is Guarantee Replacement Coverage.  Provide Replacement Cost Estimator or insurance document with increased coverage. Seller Comment (2022-01-20): Good afternoon. Please review the attached memorandum and supporting documentation to satisfy and clear this condition. Thank you. Seller Comment (2022-01-19): Please see attached RCE showing [Redact] which matches the HOI Policy coverage amount. Please waive this condition as the borrower is only required to cover the RCE amount.

01/31/2022

1

A

FL

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

216781555

438035525

XXX

24443632

Credit

Missing Document

General

Missing Document

Missing Document: Stated not provided

Please provide the "other" insurance binder for the payment reflected on the final CD.

Reviewer Comment (2022-01-21): Received Evidence of insurance for the hazard and wind coverage.  Exception is cleared. Seller Comment (2022-01-19): see attached windstorm policy

01/21/2022

1

A

FL

Investment

Purchase

C

A

C

A

A

A

N/A

No

216781555

438035525

XXX

24443646

Credit

Insurance

Insurance Analysis

Insurance

Insufficient Coverage: Hazard insurance coverage amount is insufficient.

Please provide hazard insurance coverage of $xxx,xxx,xx, or a replacement cost estimator of $xxx,xxx,xx. Hazard insurance coverage shortfall of $xx,xxx,xx.

Reviewer Comment (2022-01-21): Received Evidence of insurance for the hazard and wind coverage.  Exception is cleared. Seller Comment (2022-01-20): see attached uw lox and hoi policy

01/21/2022

1

A

FL

Investment

Purchase

C

A

C

A

A

A

N/A

No

216784816

438035521

XXX

24449567

Credit

Insurance

Insurance Analysis

Insurance

The Hazard Insurance Policy effective date is after the Transaction Date.

Hazard not effective at closing. Please provide valid updated Dec Page.

Reviewer Comment (2022-01-27): Client provided revised insurance document with the policy term os [Redact] to [Redact]. Seller Comment (2022-01-25): Please see attached Updated HOI Dec.

01/27/2022

1

A

FL

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

216784816

438035521

XXX

24453132

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

The Note is documented on the Interest Only form, yet the number of IO months is blank. The Security Instrument, Rate Lock and CD do not indicate Interest Only. Please clarity and forward an updated Note.

Reviewer Comment (2022-03-04): Corrected Fixed Rate note executed by Borrowers received. Exception cleared. Seller Comment (2022-03-03): Please see attached tracking for the corrected Note Seller Comment (2022-03-01): Please see the attached revised Note.

03/04/2022

1

A

FL

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

216843629

438035221

XXX

24478991

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Approval not provided

Please provided and Approval and/or 1008.

Reviewer Comment (2022-02-23): 1008 provided verifying underwriting approval. Exception cleared. Seller Comment (2022-02-17): 1008

02/23/2022

1

A

GA

Primary

Purchase

C

A

C

A

B

A

A

A

Non QM

Non QM

No

216843629

438035221

XXX

24478993

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule [redacted]: Creditor did not provide a copy of each valuation to applicant [redacted] prior to consummation.

Provide all appraisals and evidence they were all sent to the borrower at least 3 days prior to closing.

Reviewer Comment (2022-02-23): Borrower appraisal receipt acknowledgment provided. Exception cleared. Seller Comment (2022-02-17): App ack

02/23/2022

1

A

GA

Primary

Purchase

C

A

C

A

B

A

A

A

Non QM

Non QM

No

216843629

438035221

XXX

24478994

Compliance

Compliance

Federal Compliance

RESPA

RESPA Disclosure - List of Homeownership Counseling Organizations Missing

RESPA Disclosure Rule[redacted]: Creditor did not provide List of Homeownership Counseling Organizations to borrower.

Missing.

Reviewer Comment (2022-02-23): Homeownership Counseling List dated [Redact] and [Redact] provided. Exception cleared. Seller Comment (2022-02-17): Laast pages have the home counseling disclosure

02/23/2022

1

A

GA

Primary

Purchase

C

A

C

A

B

A

A

A

Non QM

Non QM

No

216843629

438035221

XXX

24481210

Credit

Missing Document

General

Missing Document

Missing Document: Bank Statements - Business not provided

XXXX were used for income. Please forward [redacted] or more of XXXX statements.

Reviewer Comment (2022-02-23): XX months of XXXX used in qualifying. Borrower does not have a business account and the CPA states the borrower is self-employed. GLs allow for the use of personal statement. Deposit history verifies direct deposits from companies he is doing work for currently. Exception cleared. Seller Comment (2022-02-17): LOE used comingled account method #1.  No additional bank statements avaiable.

02/23/2022

1

A

GA

Primary

Purchase

C

A

C

A

B

A

A

A

Non QM

Non QM

No

216851734

438035220

XXX

24480588

Compliance

Compliance

Federal Compliance

RESPA

RESPA -  Initial Escrow Account statement Inaccurate

RESPA: Initial escrow account statement does not match charges on HUD-1/Final Closing Disclosure.

01/31/2022

1

A

CA

Primary

Refinance - Cash-out - Other

B

B

A

A

B

B

A

A

Non QM

Non QM

Yes

216851734

438035220

XXX

24663849

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Escrowed Property Costs Year 1 -  October 2018 Test

TILA-RESPA Integrated Disclosure - Loan Disclosures: Amount of Escrowed Property Costs over [redacted]of [redacted]on Final Closing Disclosure provided on [redacted] not accurate.

Reviewer Comment (2022-02-04): [Redact] received LOE. Seller Comment (2022-02-02): LOE and PCDD Reviewer Comment (2022-02-01): PCCD has been received.  Please provide copy of LOE provided to borrower with PCCD to complete cure.

02/04/2022

2

B

CA

Primary

Refinance - Cash-out - Other

Letter of Explanation & Corrected Closing Disclosure

B

B

A

A

B

B

A

A

Non QM

Non QM

Yes

216851734

438035220

XXX

24663850

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Estimated Escrow Payment Under Disclosed

TILA-RESPA Integrated Disclosure - Projected Payments: Final Closing Disclosure provided on [redacted] disclosed an escrow payment for payment stream 1 that does not match the actual payment for the loan.

Reviewer Comment (2022-02-04): [Redact] received LOE. Seller Comment (2022-02-02): PCCD and LOE Reviewer Comment (2022-02-01): PCCD has been received.  Please provide copy of LOE provided to borrower with PCCD to complete cure.

02/04/2022

2

B

CA

Primary

Refinance - Cash-out - Other

TILA Material Disclosure Cure - Provide the following: Letter of Explanation, Proof of Delivery, and Corrected CD

B

B

A

A

B

B

A

A

Non QM

Non QM

Yes

216856343

438035203

XXX

24493073

Compliance

Compliance

Federal Compliance

Missing Non-Required Data

(Missing Data) Last Rate Set Date

Last Date Rate Set and Initial Rate Lock Date not provided.  Worst Case Scenario between Creditor Application Date and Transaction Date used to determine rate used for testing.

Evidence of the initial rate lock date was not provided in file.

Reviewer Comment (2022-01-28): Seller acknowledges exception.

01/28/2022

2

B

TX

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

216856343

438035203

XXX

24493074

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Loan Estimate Timing Electronically Provided

TILA-RESPA Integrated Disclosure: Loan Estimate not delivered to Borrower(s) within[redacted] of application. Initial Loan Estimate dated [redacted] was electronically provided without or prior to borrower's consent to receive electronic disclosures. Failure to comply with the provisions of the E-Sign Act and failure to provide good faith estimate of fees timely may result in additional fee tolerance violations.

Initial LE was issued [redacted] but the E-signature Consent was not signed by the borrower until [redacted]. Provide evidence that borrower signed an e-signature consent on or earlier than [redacted].

Reviewer Comment (2022-03-25): [Redact] Received LOE stating Lender closed on [Redact] and [Redact]. Seller Comment (2022-03-24): [Redact] Mortgage offices were closed [Redact] & [Redact] in observance of the [Redact] holiday.  Please see included affirmation regarding office closure on these dates.

03/25/2022

1

A

TX

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

216856343

438035203

XXX

24493075

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Attorney Review Fee.  Fee Amount of [redacted] exceeds tolerance of [redacted].  Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2022-01-13): Sufficient Cure Provided At Closing

01/13/2022

1

A

TX

Primary

Purchase

Final CD evidences Cure

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

216860228

438035205

XXX

24726944

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Mismatch of data related to Occupancy.

-

Please provide a letter of explanation regarding the occupancy discrepancy.

Reviewer Comment (2022-02-28): Client provided corrected 1003(s) showing property will not be occupied as primary residence. Seller Comment (2022-02-24): 1003 Reviewer Comment (2022-02-15): Provide corrected 1003s showing the borrower and co-borrower do not intend to occupy the subject property as their primary residence. Seller Comment (2022-02-11): LOE

02/28/2022

1

A

NV

Second Home

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

216860228

438035205

XXX

24732493

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of [redacted].  Sufficient or excess cure was provided to the borrower at Closing.

Zero percent fee tolerance exceeded by $XXX.XX, and a cure of $XXX.XX was provided.

Reviewer Comment (2022-02-08): Sufficient Cure Provided At Closing

02/08/2022

1

A

NV

Second Home

Purchase

Final CD evidences Cure

C

A

C

A

A

A

A

A

Non QM

Non QM

Yes

216874058

438035449

XXX

24517267

Compliance

Loan Package Documentation

Application / Processing

Missing, Incorrect, or Incomplete Final or Initial 1003

Missing Document: Missing Lender's Initial 1003

Reviewer Comment (2022-02-10): Received. Seller Comment (2022-02-07): Initial docs disclosure tracking Seller Comment (2022-02-07): initial URLA

02/10/2022

1

A

CA

Primary

Purchase

B

A

A

A

B

A

A

A

Non QM

Non QM

No

216879510

438035094

XXX

24530392

Property

Property - Appraisal

Appraisal Reconciliation

Property - Appraisal

Appraisal is required to be in name of Lender

-

Please provide Appraisal Transfer Letter for outside appraisal.

Reviewer Comment (2022-02-15): Documentation received.  Exception cleared. [Redact]. Seller Comment (2022-02-08): [Redact] [Redact] -  xxxx license verification provided Reviewer Comment (2022-02-04): Per guidelines: "The xxxx to provide an assignment of appraisal to the seller. In lieu of this requirement the xxxx's business license must be independently verified by the seller."  Provide acceptable documentation verifying the transferring xxxx's business license.  Approval of the xxxx by originating lender is insufficient.  Exception remains. Seller Comment (2022-02-02): [Redact] [Redact] - Ø See attached supporting document : The broker is an ED and the xxxx is on the [Redact] approved list.  [Redact] guidance states in lieu of assignment the xxxx's license must be verified by [Redact].

02/15/2022

1

A

CA

Primary

Purchase

C

B

A

A

C

B

B

A

Non QM

Non QM

No

216879510

438035094

XXX

24531198

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Ten Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Ten Percent Fee Tolerance exceeded. Total amount of [redacted] exceeds tolerance of $[redacted].  Insufficient or no cure was provided to the borrower.

Recording Fee increased from [redacted] on PC CD. [redacted]Fee Tolerance exceeded by [redacted] with No cure or changed circumstance provided. Provide a post-close CD disclosing the tolerance cure to include [redacted], a copy of refund check, proof of delivery, and a copy of the letter of explanation sent to the borrower disclosing the changed made, or VCC.

Reviewer Comment (2022-02-16): [Redact] received Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected PCCD. Seller Comment (2022-02-15): [Redact] [Redact] - PCCD, check and proof of delivery to review Reviewer Comment (2022-02-03): [Redact] further review Recording fee increased on CD dated [Redact] $[Redact] from $[Redact], file does not contain a valid COC or Cure for the fee increased due to fees were exceeds 10% tolerance $[Redact] (ILE $[Redact]+10%($[Redact])=$[Redact]-$[Redact] FCD). Please provide a valid COC with additional information for the Recording fee increased on [Redact] or Sufficient lender cure is required with Cure consists of corrected CD, LOE to borrower, proof of mailing, and copy of refund check. Seller Comment (2022-02-02): [Redact] [Redact] - SSPL for review

02/16/2022

2

B

CA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

A

A

C

B

B

A

Non QM

Non QM

Yes

216879511

438035097

XXX

24531719

Compliance

Loan Package Documentation

Application / Processing

Missing, Incorrect, or Incomplete Final or Initial 1003

Missing Document: Missing Lender's Initial 1003

Reviewer Comment (2022-02-02): Documentation received.  Exception cleared. [Redact].

02/02/2022

1

A

NJ

Primary

Purchase

B

A

A

A

B

A

A

A

Non QM

Non QM

No

216884828

438035546

XXX

24548446

Compliance

Compliance

Federal Compliance

RESPA

RESPA Disclosure - Affiliated Business Arrangement Disclosure Not Provided Within 3 Business Days of Application

RESPA Disclosure Rule: Creditor did not provide Affiliated Business Arrangement Disclosure to applicant within xx (x) business days of application.

The initial application date was [redacted] and the Affiliated Business Disclosure Statement was provided on [redacted] which is not within xx (x) business days of application.

Reviewer Comment (2022-02-03): Seller Acknowledges Exception. Seller Comment (2022-02-01): Seller requests buyer review: Grade 2

02/03/2022

2

B

TX

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

216884828

438035546

XXX

24548734

Credit

Guideline

Guideline Issue

Guideline

Missing required income documentation .

-

Loan file missing 1099 Transcripts for [redacted].

Reviewer Comment (2022-03-15): [Redact] Wage and Income Transcript received. Seller Comment (2022-03-10): Good morning. Please refer to the attached [Redact] 1099 transcripts. Thank you for your assistance. Reviewer Comment (2022-02-11): Please note, documentation provided shows only one attempt with no evidence of a result provided.  No lender exception was provided and documentation is insufficient.  Exception remains. Seller Comment (2022-02-04): See attached, thank you. Reviewer Comment (2022-02-04): Please forward the results from the [Redact] 1099 Transcript pull. Forward the pull attempt or the [Redact] 1099 Transcript. Seller Comment (2022-02-01): Good afternoon. Please review the attached memorandum and supporting documentation to clear and satisfy this condition. Thank you.

03/15/2022

1

A

TX

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

216884828

438035546

XXX

24659026

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Reviewer Comment (2022-03-15): [Redact] Wage and Income Transcript received. Seller Comment (2022-03-10): Good morning. Please refer to the attached [Redact] 1099 transcripts. Thank you for your assistance. Reviewer Comment (2022-02-11): Please note, documentation provided shows only one attempt with no evidence of a result provided.  No lender exception was provided and documentation is insufficient.  Exception remains. Seller Comment (2022-02-04): Good afternoon. Please refer to the attached documentation. [Redact] made every attempt at ordering the [Redact] 1099 transcripts.    I ask that you please clear this from the suspense notice. Thank you for your time and consideration. Reviewer Comment (2022-02-04): Please forward the results from the [Redact] 1099 Transcript pull. Forward the pull attempt or the [Redact] 1099 Transcript. Seller Comment (2022-02-01): Good afternoon. Please review the attached memorandum and supporting documentation to clear and satisfy this condition. Thank you.

03/15/2022

1

A

TX

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

216885278

438035204

XXX

24545365

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Fraud Report not provided

Reviewer Comment (2022-02-24): Fraud report dated [Redact] provided. Exception cleared. Seller Comment (2022-02-23): see attached

02/24/2022

1

A

TN

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216885278

438035204

XXX

24546772

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of [redacted] exceeds tolerance of [redacted].  Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2022-01-20): Sufficient Cure Provided At Closing

01/20/2022

1

A

TN

Primary

Purchase

Final CD evidences Cure

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

216885278

438035204

XXX

24548554

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant xx (x) business days prior to consummation.

Borrower acknowledgment of appraisal receipt xx business days prior to closing signed at closing not included in file.

Reviewer Comment (2022-02-23): Seller acknowledges exception.

02/23/2022

2

B

TN

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216885278

438035204

XXX

24548555

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of [redacted] or Final Disclosure APR of [redacted] is in excess of allowable threshold of APOR [redacted] + [redacted], or [redacted].  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-02-24): Acknowledgement provided. Exception cleared. Seller Comment (2022-02-23): see attached.

02/24/2022

1

A

TN

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216885278

438035204

XXX

24548556

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant xx (x) business days prior to consummation.

Borrower acknowledgment of appraisal receipt xx business days prior to closing signed at closing not included in file.

Reviewer Comment (2022-02-24): Acknowledgement provided. Exception cleared.

02/24/2022

1

A

TN

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216885278

438035204

XXX

24548614

Credit

Asset

Asset Documentation

Asset

Missing Document: Gift Letter not provided

Borrower received [redacted] in gift funds at the time of closing. Gift funds documentation not included in the file. Provide the gift letter meeting guideline requirements and proof of donor's source.

Reviewer Comment (2022-02-24): Fully executed gift letter and copy of cashier's check payable to the escrow company provided. Gift disclosed on final CD. Exception cleared. Seller Comment (2022-02-18): see attached

02/24/2022

1

A

TN

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216885278

438035204

XXX

24677588

Credit

Guideline

Guideline Issue

Guideline

Loan does not meet minimum income documentation requirements.

-

VVOE missing for borrower's employment in [redacted] and prior.

Reviewer Comment (2022-03-03): Client provided requested income documents for past employment. Seller Comment (2022-02-28): see attached Reviewer Comment (2022-02-24): Lender Cert regarding previous employment verification. Provide the [Redact] verification and [Redact] employment letter referenced in the Processor Cert. Exception remains. Seller Comment (2022-02-22): see attached

03/03/2022

1

A

TN

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216885278

438035204

XXX

24677605

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

VVOE missing for borrower's employment in [redacted] and prior.

Reviewer Comment (2022-03-03): Client provided requested income documents for past employment. Seller Comment (2022-02-28): see attached Reviewer Comment (2022-02-24): Lender Cert regarding previous employment verification. Provide the [Redact] verification and[Redact] employment letter referenced in the Processor Cert. Exception remains. Seller Comment (2022-02-18): see attached

03/03/2022

1

A

TN

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216885278

438035204

XXX

24875477

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of revised valuation to applicant xx (x) business days prior to consummation.

Provide a copy of the appraisal delivered to the borrower on [redacted].

Reviewer Comment (2022-03-04): Appraisal issued [Redact] provided. Exception cleared. Seller Comment (2022-03-01): see attached

03/04/2022

1

A

TN

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

216886264

438035098

XXX

24572017

Compliance

Compliance

Federal Compliance

RESPA

RESPA Disclosure -  List of Homeownership Counseling Organizations Older Than 30 days When Provided to Borrower

RESPA Disclosure Rule (Dodd-Frank 2014): List of Homeownership Counseling Organizations was older than xx days when provided to borrower.

Homeownership Counseling Organization list [redacted] was older than xx days when provided to the borrower/signed [redacted]

Reviewer Comment (2022-02-16): Seller Acknowledges Exception. Seller Comment (2022-02-15): Seller requests buyer review: [Redact] [Redact] - "Please waive the exception with no grade change"

02/16/2022

2

B

OK

Primary

Purchase

B

B

A

A

B

B

A

A

Non QM

Non QM

No

216886264

438035098

XXX

24572647

Compliance

Compliance

State Compliance

State HPML

(State HPML) Oklahoma Higher-Priced Mortgage Loan (APR Exceeds HPML Threshold)

xxxx Higher-Priced Mortgage Loan: APR on subject loan of [redacted] or Final Disclosure APR of [redacted] is in excess of allowable threshold of APOR [redacted] + [redacted], or [redacted].  Compliant Higher Priced Loan.

Reviewer Comment (2022-02-28): Seller elects to waive exception with no grade change. Seller Comment (2022-02-24): Please waive condition so file can be cleared Reviewer Comment (2022-02-16): Exception for informational purposes. Seller Comment (2022-02-11): [Redact] [Redact] - This is a non-qm loan failing HPML which is permitted,  what exactly are you requiring for this condition?

02/28/2022

2

B

OK

Primary

Purchase

No obvious cure

B

B

A

A

B

B

A

A

Non QM

Non QM

No

216886264

438035098

XXX

24572648

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of [redacted] exceeds tolerance of [redacted].  Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2022-01-24): Sufficient Cure Provided At Closing

01/24/2022

1

A

OK

Primary

Purchase

Final CD evidences Cure

B

B

A

A

B

B

A

A

Non QM

Non QM

Yes

216887885

438035636

XXX

24577247

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Credit

Guideline Requirement: Maximum Loan Amount discrepancy.

Note loan amount of ___ is greater than Guideline maximum loan amount of ___.

Proposed Lender exception in file but not signed and approved for an exception for NOO, Loan amount exceeding [redacted], [redacted] home exception being within [redacted] and concurrent closing [redacted].

The representative FICO score exceeds the guideline minimum by at least xx points. The qualifying DTI on the loan is at least xx% less than the guideline maximum. Borrower has worked in the same position for more than x years. Borrower has verified disposable income of at least $xxxx.xx. Borrower has been employed in the same industry for more than x years.

Borrower's [redacted] credit score exceeds [redacted] minimum. Borrower's DTI is [redacted] Borrower has owned his business and been in the same profession for over [redacted] years. Borrower's residual exceeds minimum of [redacted]. Borrower has owned his business and been in the same profession for over [redacted] years.

Originator Pre-Close,Owner Originator Pre-Close,Owner Originator Pre-Close,Owner Originator Pre-Close,Owner Originator Pre-Close,Owner

Reviewer Comment (2022-03-07): Lender approved exception for investment property with a $[Redact] loan amount. Seller Comment (2022-03-03): Exception Seller Comment (2022-03-03): Uploaded revised exception request Reviewer Comment (2022-02-18): Lender Exception with [Redact]'s Approval received. However, the Comp Factors required are not met. Max LTV/CLTV is [Redact] (subject loan is at [Redact]), yet the exception requires [Redact] under requirement. Please update the Lender Exception (with [Redact]'s concurrence),with Comp Factors that can be attained. Seller Comment (2022-02-15): Uploaded exception approved by [Redact].

03/07/2022

2

B

CA

Investment

Refinance - Cash-out - Other

C

B

C

B

C

B

A

A

N/A

Non QM

No

216887885

438035636

XXX

24577779

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Please provide the Underwriters income worksheet (1084)

Reviewer Comment (2022-02-09): Client provided XXXX Worksheet. Seller Comment (2022-02-04): Income WS

02/09/2022

1

A

CA

Investment

Refinance - Cash-out - Other

C

B

C

B

C

B

A

A

N/A

Non QM

No

216887885

438035636

XXX

24578368

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Provided Prior to Date Performed

ECOA Valuations Rule (Dodd-Frank 2014): Date valuation provided to applicant is prior to the date when valuation was performed.  Unable to determine compliance with appraisal timing requirements.

The borrower was sent a copy of the appraisal on [redacted] ,however the appraisal was sent back to the  appraiser for corrections, the corrected appraisal wasn't received until 2 days after the closing date of [redacted]. Please provide proof that a copy of this corrected appraisal was set to the borrower.

Reviewer Comment (2022-02-18): Seller Acknowledges Exception. Seller Comment (2022-02-04): Seller requests buyer review: Unable to clear.

02/18/2022

2

B

CA

Investment

Refinance - Cash-out - Other

C

B

C

B

C

B

A

A

N/A

Non QM

No

216887885

438035636

XXX

24578369

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Provided Prior to Date Performed

ECOA Valuations Rule (Dodd-Frank 2014): Date valuation provided to applicant is prior to the date when valuation was performed.  Unable to determine compliance with appraisal timing requirements.

The borrower was sent a copy of the appraisal on [redacted],however the appraisal was sent back to the  appraiser for corrections, the corrected appraisal wasn't received until 2 days after the closing date of [redacted]. Please provide proof that a copy of this corrected appraisal was set to the borrower.

Reviewer Comment (2022-02-18): Seller Acknowledges Exception. Seller Comment (2022-02-04): Seller requests buyer review: Unable to clear.

02/18/2022

2

B

CA

Investment

Refinance - Cash-out - Other

C

B

C

B

C

B

A

A

N/A

Non QM

No

216887885

438035636

XXX

24578370

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Total Property Costs Year 1 - October 2018 Test

TILA-RESPA Integrated Disclosure - Loan Disclosures: Amount of Estimated Property Costs over Year 1 of [redacted] on Final Closing Disclosure provided on [redacted] not accurate.

The cost over 1 year was disclosed to the borrower on the final closing Disclosure as [redacted], The correct total is [redacted] (Taxes [redacted] HOI=[redacted]) Please provide a corrected closing Disclosure

Reviewer Comment (2022-02-17): [Redact] received Letter of Explanation & Corrected Closing Disclosure. Seller Comment (2022-02-15): PCCD

02/17/2022

2

B

CA

Investment

Refinance - Cash-out - Other

Letter of Explanation & Corrected Closing Disclosure

C

B

C

B

C

B

A

A

N/A

Non QM

Yes

216887885

438035636

XXX

24585482

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Mismatch of data related to Occupancy.

-

Final 1003 page 6 of 12 states: Will you occupy the property as your primary residence? Yes

Reviewer Comment (2022-03-03): Client provided corrected 1003 showing borrower does not intend to occupy the property as primary residence. Seller Comment (2022-02-28): Uploaded final 1003 Reviewer Comment (2022-02-18): Please update the 1003 and address the Occupancy question 5a (A) on page 6.

03/03/2022

1

A

CA

Investment

Refinance - Cash-out - Other

C

B

C

B

C

B

A

A

N/A

Non QM

No

216894375

438035192

XXX

24582885

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points.  Fee Amount of [redacted] exceeds tolerance of [redacted].  Insufficient or no cure was provided to the borrower.

The Loan Discount fee. was not disclosed to the borrower on the initial  loan estimate as but it appeared on the closing disclosure as [redacted] with no cure provided

Reviewer Comment (2022-02-22): [Redact] received COC dated [Redact] showing rate lock. No additional cure is needed. Seller Comment (2022-02-18): Please see COC [Redact] adding discount points $[Redact]to redisclosed LE [Redact]

02/22/2022

1

A

FL

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

216894375

438035192

XXX

24585528

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Provided Prior to Date Performed

ECOA Valuations Rule (Dodd-Frank 2014): Date valuation provided to applicant is prior to the date when valuation was performed.  Unable to determine compliance with appraisal timing requirements.

Reviewer Comment (2022-02-23): Seller elects to waive.

02/23/2022

2

B

FL

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

216894375

438035192

XXX

25178107

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of revised valuation to applicant xx (x) business days prior to consummation.

Appraisal was updated date on [redacted] (post close) and emailed to Borrower on xx/xx. Delivery proof included in the file.

Reviewer Comment (2022-04-08): Seller acknowledges exception.

04/08/2022

2

B

FL

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

216924589

438035635

XXX

24588689

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Spousal Consent Form not provided

Need the signed Spousal Consent form for any married borrower.

Reviewer Comment (2022-02-15): Interspousal Deed granting the property to the borrower received.  Exception is cleared. Seller Comment (2022-02-11): Spouse deed

02/15/2022

1

A

CA

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

216924938

438035637

XXX

24590658

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Documentation required to support the newer refinance amount per the Letter of Explanation and amount used by lender and the Hazard Policy premium not included in the policy document.

Reviewer Comment (2022-02-11): property is vacant land.  No hazard.  Exception cleared. Seller Comment (2022-02-08): Property at [Redact] does not have a house on it so therefore they are no longer insuring the empty land

02/11/2022

1

A

WA

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

216924942

438035086

XXX

24590355

Compliance

Loan Package Documentation

Application / Processing

Missing, Incorrect, or Incomplete Final or Initial 1003

Missing Document: Missing Lender's Initial 1003

Reviewer Comment (2022-02-04): Received and associated Initial 1003. Exception Cleared. Seller Comment (2022-02-02): [Redact] [Redact] - URLA for review

02/04/2022

1

A

LA

Primary

Refinance - Cash-out - Other

C

B

A

A

C

B

A

A

Non QM

Non QM

No

216924942

438035086

XXX

24590480

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant xx (x) business days prior to consummation.

Please provide all appraisals and evidence that it was sent to the borrower at least x days prior to closing

Reviewer Comment (2022-02-18): Seller Acknowledges Exception. Seller Comment (2022-02-16): Seller requests buyer review: [Redact] [Redact] - unable to cure please  have it waived

02/18/2022

2

B

LA

Primary

Refinance - Cash-out - Other

C

B

A

A

C

B

A

A

Non QM

Non QM

No

216924942

438035086

XXX

24590482

Compliance

Compliance

Federal Compliance

Federal HPML

TIL Higher Priced Mortgage Loan Safe Harbor Test

TILA HPML appraisal Rule (Dodd-Frank 2014): Safe Harbor requirements not satisfied.

Reviewer Comment (2022-03-15): Seller acknowledges exception. Seller Comment (2022-03-14): [Redact] Please update to Waived - Thank you [Redact] Seller Comment (2022-03-11): [Redact] [Redact] - Accept as is, there is no remediation. Seller Comment (2022-03-11): [Redact] [Redact] -sent to investor -  Please waive the exception with no grade change" Reviewer Comment (2022-03-07): This is graded a 2, grading would not change if another exception was waived.  It can be acknowledged and accepted as is if remediation is not available. Seller Comment (2022-03-07): [Redact] [Redact] - Can you please clarify - is this cleared? Reviewer Comment (2022-03-04): Waterfall of the appraisal exception that was waived.

03/15/2022

2

B

LA

Primary

Refinance - Cash-out - Other

C

B

A

A

C

B

A

A

Non QM

Non QM

No

216924942

438035086

XXX

24590484

Compliance

Compliance

Federal Compliance

RESPA

RESPA Disclosure - Affiliated Business Arrangement Disclosure Not Provided Within 3 Business Days of Application

RESPA Disclosure Rule: Creditor did not provide Affiliated Business Arrangement Disclosure to applicant within xx (x) business days of application.

Reviewer Comment (2022-03-15): Seller acknowledges exception. Seller Comment (2022-03-11): [Redact] [Redact] -sent to investor -  Please waive the exception with no grade change" Seller Comment (2022-03-10): XX/XX [Redact] -  *** please dispute ** See attached  Broker disclosure email in hopes that we can get this one cleared. Per the Broker, this is the form they use for the Affiliated Business Arrangement Disclosure. On the last page of the notice attached it shows the following information below. Will this be sufficient to satisfy this finding? Seller Comment (2022-03-10): XX/XX [Redact] -  *** please dispute ** See attached email in hopes that we can get this one cleared. Per the Broker, this is the form they use for the Affiliated Business Arrangement Disclosure. On the last page of the notice attached it shows the following information below. Will this be sufficient to satisfy this finding? Reviewer Comment (2022-03-04): Received only a Privacy Notice. Please forward the Affiliated Business Arrangement Disclosure to applicant within three (3) business days of application. Reviewer Comment (2022-03-04): Application date is [Redact]. The Affiliated Business Disclosure Statement is signed and dated [Redact]. Exception remains. Seller Comment (2022-03-01): [Redact] [Redact] -  Affiliated Business Arrangement Disclosure date within 3 business days of application. Reviewer Comment (2022-02-18): No new docs received. Affiliated Business Arrangement Disclosure dated [Redact] and Ap date [Redact]. Please forward the Affiliated Business Arrangement Disclosure within 3 business days of the Application date. Seller Comment (2022-02-14): [Redact] [Redact] -  See attached: Affiliated Business Arrangement Disclosure

03/15/2022

2

B

LA

Primary

Refinance - Cash-out - Other

C

B

A

A

C

B

A

A

Non QM

Non QM

No

216924942

438035086

XXX

24590485

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Processing Fee.  Fee Amount of [redacted] exceeds tolerance of [redacted].  Insufficient or no cure was provided to the borrower.

Cancellation Fee was last disclosed as [redacted] on LE but disclosed as [redacted] on Final Closing Disclosure. File does not contain a valid COC for this fee, nor evidence of cure in file. Provide a post-close CD disclosing the tolerance cure to include [redacted], a copy of refund check, proof of delivery, and a copy of the letter of explanation sent to the borrower disclosing the changes made.

Reviewer Comment (2022-02-14): [Redact] received PCCD dated [Redact] with LOX stating that the Title fee description has been corrected, hence after review exception has been cleared. Seller Comment (2022-02-11): [Redact] [Redact] - Title fee description corrected, attached is the  SSPL Seller Comment (2022-02-11): [Redact] [Redact] - Title fee description corrected, attached is the PCCD

02/14/2022

1

A

LA

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

216924942

438035086

XXX

24592473

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Provided Prior to Date Performed

ECOA Valuations Rule (Dodd-Frank 2014): Date valuation provided to applicant is prior to the date when valuation was performed.  Unable to determine compliance with appraisal timing requirements.

Disclosure Summary indicates valuation was sent on [redacted].  Valuation report is dated [redacted]

Reviewer Comment (2022-02-18): Seller Acknowledges Exception. Seller Comment (2022-02-16): Seller requests buyer review: [Redact] [Redact] - unable to cure please  have it waived

02/18/2022

2

B

LA

Primary

Refinance - Cash-out - Other

C

B

A

A

C

B

A

A

Non QM

Non QM

No

216924953

438035107

XXX

24593659

Property

Property - Appraisal

Appraisal Reconciliation

Property - Appraisal

Appraisal is required to be in name of Lender

-

File is missing appraisal transfer letter.

Borrower has verified disposable income of at least $xxxx.xx. Borrowers made a down payment from their own funds on this purchase transaction of at least x% and $x,xxx.xx.

Borrower's Own Funds Percent: [redacted] Borrower's Own Funds Amount: [redacted]

Owner Owner,Originator

Reviewer Comment (2022-02-25): Client approved appraisal transfer from Broker to Lender.  No transfer letter available. Seller Comment (2022-02-23): [Redact] - [Redact] -   See attached: Approved [Redact] exception as this appraisal did NOT utilize any xxxx and we thus cannot provide xxxx assignment to seller or verify xxxx license. This requirement was waived by [Redact] in their exception. Seller Comment (2022-02-23): [Redact] - [Redact] -   See attached: AIR Cert Reviewer Comment (2022-02-22): Please provided the AIR Cert and the xxxx's assignment of the appraisal to the Seller. Seller Comment (2022-02-16): [Redact]- [Redact] - Ø Exception approved by [Redact] for transferred appraisal subject to receipt of all items on [Redact] guidelines except for the xxxx guidance which includes requirement for a transfer letter. All other requirements met for transferred appraisal. Seller Comment (2022-02-15): [Redact] [Redact] -"Please waive the exception with no grade change"

02/25/2022

2

B

AZ

Investment

Purchase

C

B

C

A

B

B

B

B

N/A

Exempt from ATR

No

216924953

438035107

XXX

24594016

Credit

Income / Employment

Income Documentation

Income / Employment

The verification of employment is required and was not found in file.

-

File missing verification of employment for prior employment, start and end dates, to confirm two year employment history.

Reviewer Comment (2022-03-07): Verification or previous employment received. Exception cleared. Reviewer Comment (2022-03-07): The Verification of Employment for borrower's prior employment are dated post close.  Verification documents must be dated prior to closing.  The exception remains. Seller Comment (2022-03-03): [Redact] [Redact] -  Please see attached VOE for [Redact] . Reviewer Comment (2022-02-22): Please provided Employment Verification for prior employment at [Redact] with start and end dates. Seller Comment (2022-02-16): [Redact] [Redact] -   Verification of employment form is on file for this employment.

03/07/2022

1

A

AZ

Investment

Purchase

C

B

C

A

B

B

B

B

N/A

Exempt from ATR

No

216924953

438035107

XXX

24600824

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Provided Prior to Date Performed

ECOA Valuations Rule (Dodd-Frank 2014): Date valuation provided to applicant is prior to the date when valuation was performed.  Unable to determine compliance with appraisal timing requirements.

Please provide all appraisals and evidence that it was sent to the borrower at least 3 days prior to closing.

Reviewer Comment (2022-02-22): Seller Acknowledges Exception. Seller Comment (2022-02-15): Seller requests buyer review: [Redact] [Redact] -"Please waive the exception with no grade change"

02/22/2022

2

B

AZ

Investment

Purchase

C

B

C

A

B

B

B

B

N/A

Exempt from ATR

No

216924953

438035107

XXX

25262094

Credit

Guideline

Guideline Issue

Guideline

Borrower has been on current job less than 2 years, and prior employment history was not documented as required.

-

Reviewer Comment (2022-04-08): Verification or previous employment received. Exception cleared.

04/08/2022

1

A

AZ

Investment

Purchase

C

B

C

A

B

B

B

B

N/A

Exempt from ATR

No

216925090

438035189

XXX

24574196

Compliance

Compliance

Federal Compliance

TRID

TRID Ten Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Ten Percent Fee Tolerance exceeded. Total amount of $XXXexceeds tolerance of $XXXplus [redacted] or $XXX  Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2021-12-23): Sufficient Cure Provided At Closing

12/23/2021

1

A

OR

Primary

Purchase

Final CD evidences Cure

C

B

B

B

C

A

A

A

Non QM

Non QM

Yes

216925090

438035189

XXX

24574197

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Deposits decreased over the last [redacted] months.

The qualifying DTI on the loan is at least xx% less than the guideline maximum. Borrowers made a down payment from their own funds on this purchase transaction of at least x% and $XXX. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least x months. Borrower has verified disposable income of at least $xxxx.xx. Borrower has been employed in the same industry for more than x years.

Lender Exception with Comp Factors provided for regrade and waive.

Originator,Owner Owner Owner Owner Owner

Reviewer Comment (2022-01-03): Lender Exception with Comp Factors provided for regrade and waive.

01/03/2022

2

B

OR

Primary

Purchase

C

B

B

B

C

A

A

A

Non QM

Non QM

No

216925090

438035189

XXX

24574198

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Borrower rented from private individual and did not have XX months canceled checks. Some months were paid in cash per LOE.

The qualifying DTI on the loan is at least xx% less than the guideline maximum. Borrowers made a down payment from their own funds on this purchase transaction of at least x% and $XXX. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least x months. Borrower has verified disposable income of at least $xxxx.xx. Borrower has been employed in the same industry for more than x years.

Lender Exception with Comp Factors provided for regrade and waive.

Originator,Owner Owner Owner Owner Owner

Reviewer Comment (2022-01-03): Lender Exception with Comp Factors provided for regrade and waive.

01/03/2022

2

B

OR

Primary

Purchase

C

B

B

B

C

A

A

A

Non QM

Non QM

No

216925090

438035189

XXX

24574200

Compliance

Compliance

Federal Compliance

TILA

ARM Disclosure Status Test

TIL variable rate disclosure: ARM loan program disclosure not provided to the borrower.

Disclosure missing from the loan file.

Reviewer Comment (2022-01-10): Client provided copy of ARM Disclosure which includes acknowledgement of CHARM Booklet. Seller Comment (2022-01-06): see attached

01/10/2022

1

A

OR

Primary

Purchase

No Defined Cure

C

B

B

B

C

A

A

A

Non QM

Non QM

No

216925090

438035189

XXX

24574201

Compliance

Compliance

Federal Compliance

TILA

CHARM Booklet Provided Through Home Loan Toolkit

TIL variable rate disclosure: Consumer Handbook on Adjustable Rate Mortgages, CHARM Booklet provided to the borrower through Home Loan Toolkit.

Disclosure missing from the loan file.

Reviewer Comment (2022-01-10): Client provided copy of ARM Disclosure which includes acknowledgement of CHARM Booklet.

01/10/2022

1

A

OR

Primary

Purchase

C

B

B

B

C

A

A

A

Non QM

Non QM

No

216925101

438035617

XXX

24574277

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Loan Underwriting and Transmittal Summary (1008) / MCAW not provided

Reviewer Comment (2022-01-12): Client provided 1008. Seller Comment (2022-01-11): 1008

01/12/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216925101

438035617

XXX

24574278

Compliance

Compliance

Federal Compliance

TILA Right-to-Cancel Missing, Incorrect, Incomplete and/or provided on the wrong form

TILA Rescission - Disbursement Date Less than 3 Business Days From Transaction Date

Truth in Lending Act:  Subject loan transaction disbursed on [redacted], prior to xx x business days from transaction date of [redacted].

Loan was disbursed prior to midnight of third business day after consummation.  Lender to re-open rescission, provide copy of new right to cancel form, copy of letter of explanation sent to borrower, and proof of delivery. Or provide certified closing statement from the title company verifying the funding date was on or after [redacted], or a funding department screen shot verifying disbursement date.

Reviewer Comment (2022-01-13): Client provided Certified copy of Final Settlement Statement showing disbursement date of  [Redact]. Seller Comment (2022-01-11): Final SS Seller Comment (2022-01-11): PCD

01/13/2022

1

A

CA

Primary

Refinance - Cash-out - Other

TILA ROR - Provide the following: Letter of Explanation, Proof of Delivery, and Re-open Rescission using the correct model form

C

B

C

B

C

A

A

A

Non QM

Non QM

Yes

216925101

438035617

XXX

24574279

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Reviewer Comment (2022-02-04): Note and CPA letter provided in trailing documents. Borrower does not personally make payments. Exception cleared Seller Comment (2022-02-02): documents attached reflects payment schedule.  Brw does not receive a mortgage statement.  Loan is paid for by the business.  The following documents to confirm are attached: Note, Property Profile (to match APN # for this property on the Note) and CPA letter. Reviewer Comment (2022-01-31): The 1003 shows a monthly payment for this property in the amount of $[Redact] to [Redact].  Provide mortgage statement or equivalent document showing payment information for this loan. Seller Comment (2022-01-27): Please refer to the property profile provided for this OREO business property listed as xxxx or basically Raw Land, we don't normally provide HOI on raw land, in this instance [Redact]

02/04/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216925101

438035617

XXX

24574280

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Reviewer Comment (2022-01-31): Client has provided tax document.  Property is raw land and has no hazard insurance. Seller Comment (2022-01-27): Please refer to the property profile provided for this OREO business property listed as xxxx or basically Raw Land, we don't normally provide HOI on raw land, in this instance [Redact]

01/31/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216925101

438035617

XXX

24574281

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Credit

Guideline Requirement: Maximum Loan Amount discrepancy.

Note loan amount of ___ is greater than Guideline maximum loan amount of ___.

The representative FICO score exceeds the guideline minimum by at least xx points. The qualifying DTI on the loan is at least xx% less than the guideline maximum. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least x months. Borrower has worked in the same position for more than x years. Borrower has verified disposable income of at least $xxxx.xx. Borrower has been employed in the same industry for more than x years.

Lender Exception with Comp Factors provided for regrade and waive. Lender Exception with Comp Factors provided for regrade and waive. Lender Exception with Comp Factors provided for regrade and waive.

Originator,Owner Originator,Owner Originator,Owner Owner Owner Owner

Reviewer Comment (2022-01-03): Lender Exception with Comp Factors provided for regrade and waive.

01/03/2022

2

B

CA

Primary

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216925101

438035617

XXX

24574282

Credit

Guideline

Guideline Issue

Guideline

Per guidelines, the subject property cannot be greater than XX acres.

The representative FICO score exceeds the guideline minimum by at least xx points. The qualifying DTI on the loan is at least xx% less than the guideline maximum. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least x months. Borrower has worked in the same position for more than x years. Borrower has verified disposable income of at least $xxxx.xx. Borrower has been employed in the same industry for more than x years.

Lender Exception with Comp Factors provided for regrade and waive. Lender Exception with Comp Factors provided for regrade and waive. Lender Exception with Comp Factors provided for regrade and waive.

Originator,Owner Originator,Owner Originator,Owner Owner Owner Owner

Reviewer Comment (2022-01-03): Lender Exception with Comp Factors provided for regrade and waive.

01/03/2022

2

B

CA

Primary

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216925127

438035183

XXX

24574454

Compliance

Compliance

Federal Compliance

Federal HPML

TIL Higher Priced Mortgage Loan Safe Harbor Test

TILA HPML appraisal Rule (Dodd-Frank 2014): Safe Harbor requirements not satisfied.

Waterfall

Reviewer Comment (2022-05-23): Appraisal was in the name of the broker. Reviewer Comment (2022-05-23): seller does not want to waive. Reviewer Comment (2022-01-13): Seller acknowledges exception.

05/23/2022

1

A

TX

Primary

Refinance - Cash-out - Other

C

A

A

A

C

A

B

A

Non QM

Non QM

No

216925127

438035183

XXX

24574455

Compliance

Compliance

State Compliance

State Defect

(TX50(a)(6)) Texas Cash-out Loan  (No evidence that borrower received copies of all documents signed at closing)

xxxx Constitution Section xxxx:  [redacted].   No evidence that borrower(s) received copies of all documents signed at time of closing.

Reviewer Comment (2022-05-24): Received evidence of receipt Reviewer Comment (2022-05-24): cleared in error Reviewer Comment (2022-03-08): Client provided signed documents Seller Comment (2022-03-04): [Redact] receipt of documents. Reviewer Comment (2022-03-04): For [Redact] X loans, Borrowers usually sign an Affidavit/Acknowledgment of Receipt of Copies and a signed acknowledgment is not included in the file. Exception remains Seller Comment (2022-03-01): We have provided evidence borrower received all documents.  Please review and clear this condition or let us know why it remains open at this time.

05/24/2022

1

A

TX

Primary

Refinance - Cash-out - Other

Either Deliver the required documents to the borrower or refund or credit the borrower $1,000 and offer the borrower the right to refinance the extension of credit for the remaining term of the loan at no cost to the borrower on the same terms, including interest, as the original extension of credit with any modifications necessary to comply with this section or on terms on which the borrower and the lender or holder otherwise agree.

C

A

A

A

C

A

B

A

Non QM

Non QM

Yes

216925127

438035183

XXX

24574456

Compliance

Compliance

State Compliance

State Defect

(TX50(a)(6)) Texas Cash-out Loan  (Loan closed prior to expiration of 12-day cooling off period)

xxxx Constitution Section xxxx: Revised Notice Concerning Extensions of Credit not provided on xxxx Home Equity Loan made on or after [redacted] as required by Section X(X).

Reviewer Comment (2022-02-22): Client provided Notice Concerning Extension of Credit Seller Comment (2022-02-15): Notice concerning extensions of credit.

02/22/2022

1

A

TX

Primary

Refinance - Cash-out - Other

Refund or credit the borrower $1,000 and offer the borrower the right to refinance the extension of credit for the remaining term of the loan at no cost to the borrower on the same terms, including interest, as the original extension of credit with any modifications necessary to comply with this section or on terms on which the borrower and the lender or holder otherwise agree.

C

A

A

A

C

A

B

A

Non QM

Non QM

Yes

216925127

438035183

XXX

24574457

Compliance

Compliance

State Compliance

State Defect

(TX50(a)(6)) Texas Cash-out Loan  (Acknowledgment of Fair Market Value Disclosure Not Provided)

xxxx Constitution Section xxxx: Borrower did not receive written "Acknowledgment of the Fair Market Value" of homestead property securing loan.

Reviewer Comment (2022-02-22): Client provided Acknowledgment of Fair Market Value Seller Comment (2022-02-15): Acknowledgement Regarding Fair Market Value of Homestead Property.

02/22/2022

1

A

TX

Primary

Refinance - Cash-out - Other

To Remediate: the lender or holder may either: (1) Deliver to the borrower the required disclosure documents and obtain an executed copy; OR, (2) refund or credit the borrower $1,000 and offer the borrower the right to refinance the extension of credit for the remaining term of the loan at no cost to the borrower on the same terms, including interest, as the original extension of credit with any modifications necessary to comply with this section or on terms on which the borrower and the lender or holder otherwise agree.  Letter of explanation and proof of delivery of cure documents required, and, if cured with refund or credit, copy of refund check or evidence of principal reduction also required.

C

A

A

A

C

A

B

A

Non QM

Non QM

Yes

216925127

438035183

XXX

24574459

Property

Property - Appraisal

Appraisal Reconciliation

Property - Appraisal

Appraisal is required to be in name of Lender

-

Please forward an updated appraisal or transfer letter.

Reviewer Comment (2022-05-23): Appraisal is in the name of the broker Reviewer Comment (2022-05-23): Seller does not want to waive. Reviewer Comment (2022-01-13): Seller acknowledges this exception.

05/23/2022

1

A

TX

Primary

Refinance - Cash-out - Other

C

A

A

A

C

A

B

A

Non QM

Non QM

No

216925127

438035183

XXX

24574460

Compliance

Compliance

State Compliance

State Defect

(TX50(a)(6)) Texas Cash-out Loan  (Loan Not Closed At Office of Lender, Attorney, or Title Company)

xxxx Constitution Section xxxx:  Unable to determine if loan was closed at an authorized location due to missing documentation.

Reviewer Comment (2022-05-24): affidavit provided that reflected closed at an authorized location Reviewer Comment (2022-05-24): Seller no longer wants to waive the exception Reviewer Comment (2022-01-13): Seller acknowledges exception.

05/24/2022

1

A

TX

Primary

Refinance - Cash-out - Other

Refund or credit the borrower $1,000 and offer the borrower the right to refinance the extension of credit for the remaining term of the loan at no cost to the borrower on the same terms, including interest, as the original extension of credit with any modifications necessary to comply with this section or on terms on which the borrower and the lender or holder otherwise agree.

C

A

A

A

C

A

B

A

Non QM

Non QM

No

216925127

438035183

XXX

24860883

Compliance

Compliance

State Compliance

State Defect

(TX50(a)(6)) Texas Cash-out Loan  (Acknowledgment of Fair Market Value Disclosure Not Properly Executed by all persons vested on title)

xxxx Constitution Section xxxx: Acknowledgment of the Fair Market Value not properly executed.

Missing signature of Lender on this document.

Reviewer Comment (2022-02-28): Closed in error; need to clear via Compliance run. Reviewer Comment (2022-02-28): Client provided document signed by all parties. Seller Comment (2022-02-24): Fully executed Acknowledgement regarding Fair Market Value

02/28/2022

1

A

TX

Primary

Refinance - Cash-out - Other

To Remediate: the lender or holder may either: (1) Deliver to the borrower the required disclosure documents and obtain an executed copy; OR, (2) refund or credit the borrower $1,000 and offer the borrower the right to refinance the extension of credit for the remaining term of the loan at no cost to the borrower on the same terms, including interest, as the original extension of credit with any modifications necessary to comply with this section or on terms on which the borrower and the lender or holder otherwise agree.  Letter of explanation and proof of delivery of cure documents required, and, if cured with refund or credit, copy of refund check or evidence of principal reduction also required.

C

A

A

A

C

A

B

A

Non QM

Non QM

Yes

216925127

438035183

XXX

24860884

Compliance

Compliance

State Compliance

State Defect

(TX50(a)(6)) Texas Cash-out Loan  (Acknowledgment of Fair Market Value Disclosure Not Signed by the Lender)

xxxx Constitution Section xxxx: Acknowledgment of the Fair Market Value not properly executed by the Lender.

Missing signature of Lender on this document.

Reviewer Comment (2022-02-28): Client provided document signed by all parties.

02/28/2022

1

A

TX

Primary

Refinance - Cash-out - Other

To Remediate: the lender or holder may either: (1) Deliver to the borrower the required disclosure documents, (AFMV signed by the lender), and obtain an executed copy; OR (2) refund or credit the borrower $1,000 and offer the borrower the right to refinance the extension of credit for the remaining term of the loan at no cost to the borrower on the same terms, including interest, as the original extension of credit with any modifications necessary to comply with this section or on terms on which the borrower and the lender or holder otherwise agree. Letter of explanation and proof of delivery of cure documents required, and, if cured with refund or credit, copy of refund check or evidence of principal reduction also required.

C

A

A

A

C

A

B

A

Non QM

Non QM

Yes

216925198

438035445

XXX

24574903

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Closing Disclosure Timing without Waiver

TILA-RESPA Integrated Disclosure: Closing Disclosure not provided to Borrower(s) at least xx x business days prior to closing.

Initial Closing Disclosure not provided. Per Disclosure Summary, Initial Closing Disclosure sent to borrower [redacted]

Reviewer Comment (2022-01-25): [Redact] received [Redact] CD. Seller Comment (2022-01-24): COC CD Seller Comment (2022-01-24): initial CD

01/25/2022

1

A

CA

Primary

Purchase

No Defined Cure

C

B

C

B

C

B

A

A

Non QM

Non QM

No

216925198

438035445

XXX

24574904

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Total Property Costs Year 1 - October 2018 Test

TILA-RESPA Integrated Disclosure - Loan Disclosures: Amount of Estimated Property Costs over Year 1 of [redacted] on Final Closing Disclosure provided on [redacted] not accurate.

Lender listed HOA dues at [redacted] monthly, however, the appraisal list the HOA dues at [redacted] monthly, a difference of [redacted], resulting. Lender calculations reflects the higher estimate property cost over year 1 of [redacted], but should be [redacted]

Reviewer Comment (2022-01-27): Received [Redact] LOE and PC-CD correcting this issue.  Exception cured. Seller Comment (2022-01-24): • PCCD with the accurate estimated property costs

01/27/2022

2

B

CA

Primary

Purchase

Letter of Explanation & Corrected Closing Disclosure

C

B

C

B

C

B

A

A

Non QM

Non QM

Yes

216925198

438035445

XXX

24574905

Credit

Guideline

Guideline Issue

Guideline

Two years of employment was not verified.

-

Missing verification of 2 year history of self-employment. The CPA letter does not list how long the borrower's business has been open. The name of the business on the CPA letter/bank statements and the corporate documentation provided do not match. Documentation to support the business listed on the bank statements.

Reviewer Comment (2022-01-26): Client provided document showing business start date of [Redact].  Also provided revised Final 1003 with correct business name that matches verification documents and bank statements. Seller Comment (2022-01-24): • Fictitious Business Name Report confirming the business has been open since [Redact] Seller Comment (2022-01-24): • VVOE confirming 2 years employment and with the correct business name Seller Comment (2022-01-24): • Final 1003 with the correct business name

01/26/2022

1

A

CA

Primary

Purchase

C

B

C

B

C

B

A

A

Non QM

Non QM

No

216925198

438035445

XXX

24574906

Credit

Credit

Credit Documentation

Guideline

Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided

Missing housing history for previous address for a complete a [redacted] months

The qualifying DTI on the loan is at least xx% less than the guideline maximum. Borrowers made a down payment from their own funds on this purchase transaction of at least x% and $x,xxx.xx. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least x months. Borrower has worked in the same position for more than x years. Borrower has verified disposable income of at least $xxxx.xx. Borrower has been employed in the same industry for more than x years. The representative FICO score exceeds the guideline minimum by at least xx points.

DTI is greater than [redacted] less than the [redacted] maximum. Borrower has been self-employed as a xxxx xxxx since [redacted]. Residual income exceed [redacted] minimum by more than [redacted]. Borrower has been self-employed as a xxxx xxxx since [redacted]. Credit score is [redacted] points or more than requirement.

Originator,Owner Owner Owner Originator,Owner Originator,Owner Originator,Owner Owner,Originator

Reviewer Comment (2022-03-30): Post close [Redact] exception approval to allow for private party VOR for a portion of XX months rent verification without canceled checks. Seller Comment (2022-03-28): • Approved exception for the private party VOR Reviewer Comment (2022-01-26): The VOR provided for xxxx is from a private party.  Per guidelines, if an applicant rents from a private landlord, the most recent XX months' consecutive cancelled checks (front and back) along with a copy of the lease must be provided.  We have a VOR from a professional management company for the most recent nine months at the most recent residence so we only need three months cancelled checks for the prior residence as well as the lease. Seller Comment (2022-01-24): • VOR for prior residence

03/30/2022

2

B

CA

Primary

Purchase

C

B

C

B

C

B

A

A

Non QM

Non QM

No

216925203

438035450

XXX

24574968

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Closing Disclosure Timing without Waiver

TILA-RESPA Integrated Disclosure: Closing Disclosure not provided to Borrower(s) at least xx x business days prior to closing.

Closing Disclosure not provided to Borrower(s) at least xx x business days prior to consummation. [redacted] CD not provided.

Reviewer Comment (2022-01-20): [Redact] received initial CDs. Seller Comment (2022-01-18): COC CD Seller Comment (2022-01-18): initial CD

01/20/2022

1

A

FL

Second Home

Purchase

No Defined Cure

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216925203

438035450

XXX

24574969

Credit

Guideline

Guideline Issue

Guideline

Loan does not meet minimum income documentation requirements.

-

WVOE dated prior to loan application date.

Reviewer Comment (2022-03-10): Income documentation requirements met; exception cleared. Seller Comment (2022-03-07): Previous VVOE wasn't transmitting properly.   New version attached. Reviewer Comment (2022-03-04): [Redact] search received. VVOE is blank and does not include any previous employment information and is not signed. Exception remains Reviewer Comment (2022-03-04): No new documents received. Please forward a timely employment verification for prior employment at [Redact] Seller Comment (2022-03-01): Re-uploaded VVOE - Reviewer Comment (2022-02-25): The VVOE form provided is blank. Provided completed VVOE document. Exception remains. Seller Comment (2022-02-23): • VVOE for the borrowers prior employment Reviewer Comment (2022-02-03): Received LOE from lender explaining Broker was trying to qualify borrower so WVOE  was completed prior to Broker application date.  Issue is the WVOE for prior employment, which was required to verify complete two year employment history, was completed [Redact] which was 123 days old at time of consummation. Seller Comment (2022-02-01): • [Redact] cert addressing the date on the WVOE Reviewer Comment (2022-01-24): Please provide an explanation as to why a Written Verification of Employment was obtained prior to application. Seller Comment (2022-01-18): WVOE Cert Seller Comment (2022-01-18): • WVOE Cert confirming the WVOE in the file meets [Redact] Guideline Requirements

03/10/2022

1

A

FL

Second Home

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216925203

438035450

XXX

24574970

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of [redacted] exceeds tolerance of [redacted].  Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2022-01-06): Sufficient Cure Provided At Closing

01/06/2022

1

A

FL

Second Home

Purchase

Final CD evidences Cure

C

B

C

B

C

A

A

A

Non QM

Non QM

Yes

216925203

438035450

XXX

24574971

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Credit

Guideline Requirement: Investor Qualifying Residual income discrepancy.

DTI [redacted] and [redacted] requires [redacted] residual income or [redacted] mos. additional reserves which borrower does not have.

Reviewer Comment (2022-01-24): Client provided Residual Income Worksheet showing residual income of [Redact].  Corrected data which resulted in removal of exception. Seller Comment (2022-01-18): Residual Income Worksheet Seller Comment (2022-01-18): Payroll Calculator

01/24/2022

1

A

FL

Second Home

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216925203

438035450

XXX

24574972

Compliance

Loan Package Documentation

Application / Processing

Missing, Incorrect, or Incomplete Final or Initial 1003

Missing Document: Missing Lender's Initial 1003

Reviewer Comment (2022-01-24): Client provided copy of Initial 1003. Seller Comment (2022-01-18): initial 1003

01/24/2022

1

A

FL

Second Home

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216925203

438035450

XXX

24574973

Credit

Borrower and Mortgage Eligibility

Mortgage / Program Eligibility

Borrower and Mortgage Eligibility

Guideline Requirement: Loan to value discrepancy.

Calculated loan to value percentage of ___ exceeds Guideline loan to value percentage of ___.

Max LTV with credit event only .[redacted]yr old is [redacted].

The representative FICO score exceeds the guideline minimum by at least xx points. Borrowers made a down payment from their own funds on this purchase transaction of at least x% and $x,xxx.xx. Borrower has verified disposable income of at least $xxxx.xx. Borrower has been employed in the same industry for more than x years.

Lender Exception with Comp Factors provided for regrade and waive.

Originator,Owner Owner Owner Owner

Reviewer Comment (2022-01-06): Lender Exception with Comp Factors provided for regrade and waive.

01/06/2022

2

B

FL

Second Home

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216925203

438035450

XXX

24574974

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: Combined loan to value discrepancy.

Calculated combined loan to value percentage of ___ exceeds Guideline combined loan to value percentage of ___.

Max CLTV with credit event only .[redacted]yr old is [redacted].

The representative FICO score exceeds the guideline minimum by at least xx points. Borrowers made a down payment from their own funds on this purchase transaction of at least x% and $x,xxx.xx. Borrower has verified disposable income of at least $xxxx.xx. Borrower has been employed in the same industry for more than x years.

Lender Exception with Comp Factors provided for regrade and waive.

Originator,Owner Owner Owner Owner

Reviewer Comment (2022-01-06): Lender Exception with Comp Factors provided for regrade and waive.

01/06/2022

2

B

FL

Second Home

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

216925241

438035177

XXX

24575224

Compliance

Compliance

Federal Compliance

Missing Non-Required Data

(Missing Data) Last Rate Set Date

Last Date Rate Set and Initial Rate Lock Date not provided.  Worst Case Scenario between Creditor Application Date and Transaction Date used to determine rate used for testing.

Reviewer Comment (2022-01-13): Seller acknowledges exception.

01/13/2022

2

B

GA

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

216925241

438035177

XXX

24575225

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points.  Fee Amount of [redacted] exceeds tolerance of [redacted].  Insufficient or no cure was provided to the borrower.

Provide VCC or cure to the borrower with a PC CD and evidence it sent to the borrower with an explanation of changes.

Reviewer Comment (2022-03-10): [Redact] received CD dated [Redact] and valid COC dated [Redact] was in file. Seller Comment (2022-03-08): Initial CD X/XX Reviewer Comment (2022-03-08): [Redact] received valid COC dated X/XX for addition of discount points, however, COC dated xx/xx shows discount points further increased to [Redact]. There is no CD disclosed within 3 business days from COC dated X/XX. Closest available CD is dated XX/XX. Please provide missing CD that was disclosed within 3 days from xx/xx or a valid COC for increased discount points on XX/XX CD or cure documents. Exception remains. Seller Comment (2022-03-04): COC - xx/xx that accompanied initial CD disclosing increase in discount fee t[Redact] Seller Comment (2022-03-04): COC/LE - XX/XX for disclosure o[Redact] discount fee

03/10/2022

1

A

GA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

216925244

438035171

XXX

24575238

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Mismatch of data related to Occupancy.

-

Declaration updated as per final 1003 declaration form.

Reviewer Comment (2022-03-10): Cleared. Revised document provided. Seller Comment (2022-03-08): Revised 1003

03/10/2022

1

A

TX

Investment

Purchase

C

A

C

A

A

A

A

A

N/A

Exempt from ATR

No

216925256

438035169

XXX

24575339

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Mismatch of data related to Occupancy.

-

Updated declaration as per final 1003 declaration form.

Reviewer Comment (2022-03-11): 1003 updating Section 5:Declarations. A. to Will you occupy the property as your primary residence? from Yes to No received. Seller Comment (2022-03-09): 1003 Declarations page

03/11/2022

1

A

TX

Investment

Purchase

C

B

C

A

B

B

A

A

N/A

Exempt from ATR

No

216925256

438035169

XXX

24575341

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Reviewer Comment (2022-02-23): Client provided signed 4506-C for [Redact] and [Redact]. Seller Comment (2022-02-16): Signed 4506-C

02/23/2022

1

A

TX

Investment

Purchase

C

B

C

A

B

B

A

A

N/A

Exempt from ATR

No

216925256

438035169

XXX

24575342

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant xx (x) business days prior to consummation.

Provide all appraisals and evidence they were all sent to the borrower at least x days prior to closing.

Reviewer Comment (2022-01-13): Seller acknowledges exception.

01/13/2022

2

B

TX

Investment

Purchase

C

B

C

A

B

B

A

A

N/A

Exempt from ATR

No

216925258

438035172

XXX

24575347

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Please provide the mortgage statement, current lease, tax, insurance and HOA information for this property.

Reviewer Comment (2022-03-11): Final executed purchase CD and updated 1003 and 1008 eliminating rental income for REO property received. Borrower requalified without rental income. Seller Comment (2022-03-09): [Redact] PITI Docs

03/11/2022

1

A

TX

Investment

Purchase

C

A

C

A

A

A

A

A

N/A

Exempt from ATR

No

216925258

438035172

XXX

24575348

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Please provide the mortgage statement, current lease, tax, insurance and HOA information for this property.

Reviewer Comment (2022-03-11): Final executed purchase CD and updated 1003 and 1008 eliminating rental income for REO property received. Borrower requalified without rental income. Seller Comment (2022-03-09): [Redact] PITI Docs

03/11/2022

1

A

TX

Investment

Purchase

C

A

C

A

A

A

A

A

N/A

Exempt from ATR

No

216925258

438035172

XXX

24575349

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Please provide the mortgage statement, current lease, tax, insurance and HOA information for this property.

Reviewer Comment (2022-03-11): Final executed purchase CD and updated 1003 and 1008 eliminating rental income for REO property received. Borrower requalified without rental income. Seller Comment (2022-03-09): UW memo and revised 1003/1008 Seller Comment (2022-03-09): [Redact] PITI Docs

03/11/2022

1

A

TX

Investment

Purchase

C

A

C

A

A

A

A

A

N/A

Exempt from ATR

No

216925261

438035181

XXX

24575358

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

1003/Declarations are incomplete:  F. Are you a co-signer or guarantor on any debt or loan that is not disclosed on this application? reflects neither Yes nor No.  Unable to determine qualification without this information.

-

Declarations section of 1003 is incomplete.

Reviewer Comment (2022-02-25): 1003 provided with Declarations completed. Exception cleared. Seller Comment (2022-02-23): Revised 1003 with completed declarations section.

02/25/2022

1

A

TX

Primary

Purchase

C

A

C

A

A

A

C

A

Non QM

Non QM

No

216925261

438035181

XXX

24575360

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Attorney Review Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2022-01-04): Sufficient Cure Provided At Closing

01/04/2022

1

A

TX

Primary

Purchase

Final CD evidences Cure

C

A

C

A

A

A

C

A

Non QM

Non QM

Yes

216925261

438035181

XXX

24575362

Property

Property - Appraisal

Appraisal Data Integrity

Property - Appraisal

Appraiser's license or certification was not active at the time of the appraisal.

-

Please provide prior licensing.

Reviewer Comment (2022-05-24): Client provided copy of appraiser's license that expires XX/XX/XX as well as the license that expires XX/XX/XX. Seller Comment (2022-05-23): Appraiser's license that expires X/XX/XX as requested. Reviewer Comment (2022-04-28): Received appraiser's license expiring X/XX/XXXX. The current license was issuedX/X/XX per the asc.gov website. Provide a copy of the appraiser's license issued X/X/XX that expires on X/XX/XX. Excpeption remains. Seller Comment (2022-04-27): Appraiser's license showing expiration XXXX Reviewer Comment (2022-04-27): Appraiser's license attached to the appraisal is effective X/X/XX. Effective date (inspection date) is X/XX, which is prior to the appraiser's license effective date. Appraiser's license must be in effect to complete the conduct the appraisal. Provide a copy of the appraiser's license that expires X/XX/XX. Exception remains. Seller Comment (2022-04-25): Appraiser's license expires in XXXX not XXXX.  Please re-review. Reviewer Comment (2022-02-24): The appraiser did not sign the report until XX/XX/XX.  The appraiser's license must be in effect on the date of the report/signature date.  The exception remains. Seller Comment (2022-02-22): The effective date of appraisal was X/XX/XX and appraiser's license expired on X/XX/XX.  Please re-review as the license was valid at the time of the effective date.

05/24/2022

1

A

TX

Primary

Purchase

C

A

C

A

A

A

C

A

Non QM

Non QM

No

216925280

438035092

XXX

24575422

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $xxx,xx exceeds tolerance of $xxx,xx.  Insufficient or no cure was provided to the borrower.

Zero percent fee tolerance exceeded by $xx,xx, and a cure of $xx,xx was provided. Provide VCC or cure to the borrower with a PC CD and evidence it sent to the borrower with an explanation of changes.

Reviewer Comment (2022-01-24): [Redact] received clarification, cure provided at closing. Seller Comment (2022-01-21): [Redact] [Redact] - Section J of the CD reflects the $xx appraisal cure.

01/24/2022

1

A

CA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

216925280

438035092

XXX

24577768

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $xxx,xx exceeds tolerance of $xxx,xx.  Sufficient or excess cure was provided to the borrower at Closing.

Sufficient cure provided at closing.

Reviewer Comment (2022-01-24): Sufficient Cure Provided At Closing

01/24/2022

1

A

CA

Primary

Purchase

Final CD evidences Cure

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

216925284

438035440

XXX

24575445

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Closing Disclosure Timing without Waiver

TILA-RESPA Integrated Disclosure: Closing Disclosure not provided to Borrower(s) at least xx x business days prior to closing.

Initial Closing Disclosure not provided

Reviewer Comment (2022-02-10): [Redact] received the initial CD, exception is cleared. Seller Comment (2022-02-09): Initial CD

02/10/2022

1

A

NJ

Primary

Purchase

No Defined Cure

C

A

A

A

C

A

A

A

Non QM

Non QM

No

216925284

438035440

XXX

24575446

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant xx (x) business days prior to consummation.

Provide all appraisals and evidence that they we all sent to the borrower at least x days prior to closing

Reviewer Comment (2022-02-14): Received Disclosure Summary verifying receipt of appraisal.  Exception is cleared. Seller Comment (2022-02-09): See submissions for "TIL HPML Receipt of Preliminary Appraisal" condition

02/14/2022

1

A

NJ

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

216925284

438035440

XXX

24575447

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant xx (x) business days prior to consummation.

Provide all appraisals and evidence that they we all sent to the borrower at least x days prior to closing

Reviewer Comment (2022-02-14): Borrower signed acknowledgement of receipt of appraisal at least three days prior to closing.  Exception is cleared. Seller Comment (2022-02-09): See submissions for "TIL HPML Receipt of Preliminary Appraisal" condition

02/14/2022

1

A

NJ

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

216925284

438035440

XXX

24575448

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant xx (x) business days prior to consummation.

Provide all appraisals and evidence that they we all sent to the borrower at least x days prior to closing

Reviewer Comment (2022-02-14): Disclosure Tracking summary provided verifies receipt of appraisal.  Exception is cleared. Seller Comment (2022-02-09): See submissions for "TIL HPML Receipt of Preliminary Appraisal" condition

02/14/2022

1

A

NJ

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

216925284

438035440

XXX

24575449

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant xx (x) business days prior to consummation.

Provide all appraisals and evidence that they we all sent to the borrower at least x days prior to closing

Reviewer Comment (2022-02-14): Borrower signed acknowledgement of receipt of appraisal at least three days prior to closing.  Exception is cleared. Seller Comment (2022-02-09): • Copy of the CDA delivered to the borrower Seller Comment (2022-02-09): • Copy of the Appraisal delivered to the borrower Seller Comment (2022-02-09): • Disclosure tracking confirming the appraisal and CDA were delivered to the borrower on [Redact]

02/14/2022

1

A

NJ

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

216925284

438035440

XXX

24575450

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Lender Credit Tolerance Violation

TILA-RESPA Integrated Disclosure: Zero Percent Tolerance exceeded for Lender Credits. Final Lender Credit of [redacted]  is less than amount of binding Lender Credit previously disclosed in the amount of [redacted].

Provide VCC or cure to the borrower with a PC CD and evidence it sent to the borrower with an explanation of changes.

Reviewer Comment (2022-02-10): Upon further review lender credit correctly disclosed to consumer. Seller Comment (2022-02-09): Final CD Seller Comment (2022-02-09): COC CD Seller Comment (2022-02-09): initial CD

02/10/2022

1

A

NJ

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

216925284

438035440

XXX

24575451

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of [redacted] or Final Disclosure APR of [redacted] is in excess of allowable threshold of APOR [redacted] + [redacted], or [redacted].  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-02-14): Borrower signed acknowledgement of receipt of appraisal at least three days prior to closing.  Exception is cleared. Seller Comment (2022-02-09): See submissions for "TIL HPML Receipt of Preliminary Appraisal" condition

02/14/2022

1

A

NJ

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

216925300

438035685

XXX

24575564

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of [redacted] exceeds tolerance of [redacted].  Insufficient or no cure was provided to the borrower.

A valid COC for increased Appraisal Fee on [redacted] was not found in the file.  An updated post-close CD disclosing the tolerance cure, a copy of refund check, proof of delivery, and a copy of the letter of explanation sent to the borrower disclosing the changed made was not provided, or VCC.

Reviewer Comment (2022-02-07): [Redact] received valid COC dated [Redact] for increase in fee. Seller Comment (2022-02-04): COC Reviewer Comment (2022-02-02): [Redact] agreed the below comment for the Appraisal fee increased due to turn time. However, provided corresponding COC does not mentioned about turn time. Please provide a COC with reflects the same per the below comment to verify and associated to LE dated [Redact] or Cure is required to clear this exception. Seller Comment (2022-02-02): The change in price had to do with the xxxx selected.  Originally the [Redact] was for[Redact]xxxx at time of initial disclosures.  At time of appraisal order due to turn times, the xxxx was switched to [Redact] and they fee was [Redact] Reviewer Comment (2022-02-01): [Redact] received the copy of message from appraiser that gives the information about invoice amount only. We need information about the increase in fee. Please provide the same or need cure documents for $XX. Seller Comment (2022-01-31): email for appraisal fee increase Reviewer Comment (2022-01-25): [Redact] received COC dated [Redact] with the reason for additional services required for increase in appraisal fee. Further information or additional documents are required to verify the changes that impacted the appraisal fee or need cure documents. Seller Comment (2022-01-24): COC & LE

02/07/2022

1

A

NV

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

216925300

438035685

XXX

24575565

Compliance

Compliance

Federal Compliance

Federal HPML

TIL Higher Priced Mortgage Loan Safe Harbor Test

TILA HPML appraisal Rule (Dodd-Frank 2014): Safe Harbor requirements not satisfied.

Waterfall

Reviewer Comment (2022-02-28): Seller acknowledges exception. Seller Comment (2022-02-24): Seller requests buyer review: lvl 2 condition, please waive Reviewer Comment (2022-02-22): The name of the Lender on the appraisal is different that our lender. Appraisal verified license and E&O in file. Please provide AIR Cert and xxxx assignment of appraisal to the Seller. Seller Comment (2022-02-15): Please see current compliance report

02/28/2022

2

B

NV

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

216925306

438035083

XXX

24575618

Credit

Credit

Credit Documentation

Guideline

The Verification of Rent (VOR) / Verification of Mortgage (VOM) is required and was not found in file.

Lease Agreement and/or proof of payment not provided

Reviewer Comment (2022-03-28): The Lease from [Redact] reports the borrower as Occupant and not Tenant. Updated correspondence directly from Landlord confirms. Address matches current address on Credit Report. Seller Comment (2022-03-24): [Redact] XX - LOX - lease at current address Seller Comment (2022-03-24): [Redact] [Redact] - Rental agreement Seller Comment (2022-03-24): [Redact] [Redact] - Final executed 1003 confirming the borrower lived there rent free for [Redact] years. Seller Comment (2022-03-24): [Redact] [Redact] - see attached LOX from U/W manager - " The attached documents and my written response clearly support the borrower does not have a rental history.  He lives rent free.  The Rental lease shows he is occupant only.  Emails from the property manager confirm he does not pay rent but is an occupant.  His bank statement confirms he shares and address with  [Redact] who is the responsible party on the lease.  No other documents or letters should be required." Reviewer Comment (2022-02-07): Received statement from property management stating borrower is not on the lease, however does not state how long he has been living rent free.  Further, the lease provided was from [Redact].  Exception remains Seller Comment (2022-02-03): [Redact] [Redact] Letter of Explanation Seller Comment (2022-02-03): [Redact] [Redact] - [Redact]See attached: The mentioned lease and confirmation from the property management company . (Borrower was not obligated on the current lease.) Reviewer Comment (2022-01-31): Provide Letter of Explanation from the individual who owns the property located at [Redact] stating that borrower has been living at the property rent free and for how long. Seller Comment (2022-01-27): [Redact] [Redact] -  Borrower was not obligated on the current lease. - please see attached LLC agreement Seller Comment (2022-01-27): [Redact] [Redact] -  Borrower was not obligated on the current lease. - please see attached LOX for rent

03/28/2022

1

A

TX

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

216925306

438035083

XXX

24575621

Compliance

Compliance

Federal Compliance

Federal HPML

TIL Higher Priced Mortgage Loan Safe Harbor Test

TILA HPML appraisal Rule (Dodd-Frank 2014): Safe Harbor requirements not satisfied.

Reviewer Comment (2022-03-28): Seller Acknowledges Exception. Seller Comment (2022-03-25): [Redact] [Redact] -  Please waive the exception with no grade change

03/28/2022

2

B

TX

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

216925306

438035083

XXX

24575622

Credit

Guideline

Guideline Issue

Guideline

Missing required income documentation .

-

Loan file missing 1099 transcripts for Payer with TIN number ending [redacted]. Transcript provided however it did not reflect this income source.

Reviewer Comment (2022-01-31): Client provided 1099-Misc required for [Redact] Seller Comment (2022-01-27): [Redact] [Redact] -  transcripts Seller Comment (2022-01-27): [Redact] [Redact] -   Transcripts are on file the evidence the [Redact] Income and we have document the borrower is 100% owner

01/31/2022

1

A

TX

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

216925306

438035083

XXX

24575623

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

- ___

Loan file missing 1099 transcripts for Payer with TIN number ending [redacted], Transcript provided however it did not reflect this income source.

Reviewer Comment (2022-01-31): Client provided 1099-Misc required for[Redact] Seller Comment (2022-01-27): [Redact] [Redact] -  4506 [Redact] - Seller Comment (2022-01-27): [Redact] [Redact] -   Transcripts are on file the evidence the [Redact] Income and we have document the borrower is 100% owner

01/31/2022

1

A

TX

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

216925312

438035081

XXX

24575650

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points.  Fee Amount of [redacted] exceeds tolerance of [redacted].  Insufficient or no cure was provided to the borrower.

Provide VCC or cure to the borrower with a PC CD and evidence it sent to the borrower with an explanation of changes.

Reviewer Comment (2022-01-24): [Redact] received a updated CD [Redact] and corresponding COC on [Redact] for the Loan Discount Point increased due to Lock extension. Seller Comment (2022-01-21): [Redact] [Redact] - COC for lock extension

01/24/2022

1

A

FL

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

C

A

C

A

A

A

Non QM

Non QM

Yes

216925312

438035081

XXX

24575651

Credit

Guideline

Guideline Issue

Guideline

Two years of employment was not verified.

-

Reviewer Comment (2022-01-31): CPA Letter verifies borrower's previous therapy practice was in existence for XXXX years.  Borrower's combined their respective therapy practices in [Redact]. Seller Comment (2022-01-27): [Redact] [Redact] - income worksheet - Scenario was reviewed by the investor Seller Comment (2022-01-27): [Redact] [Redact] - credit memo - Scenario was reviewed by the investor

01/31/2022

1

A

FL

Primary

Refinance - Cash-out - Other

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216925312

438035081

XXX

24575652

Credit

Guideline

Guideline Issue

Guideline

Two years of employment was not verified.

-

Reviewer Comment (2022-01-31): CPA Letter verifies borrower's previous therapy practice was in existence for XXXX years.  Borrower's combined their respective therapy practices in [Redact]. Seller Comment (2022-01-27): [Redact] [Redact] -credit memo - Scenario was reviewed by the investor Seller Comment (2022-01-27): [Redact] [Redact] - income worksheet - Scenario was reviewed by the investor

01/31/2022

1

A

FL

Primary

Refinance - Cash-out - Other

C

A

C

A

C

A

A

A

Non QM

Non QM

No

216925313

438035437

XXX

24575657

Compliance

Loan Package Documentation

Application / Processing

Missing, Incorrect, or Incomplete Final or Initial 1003

Missing Document: Missing Lender's Initial 1003

Reviewer Comment (2022-02-11): Initial 1003 provided in trailing documents. Exception cleared. Seller Comment (2022-02-08): initial 1003 tracking info Seller Comment (2022-02-08): initial 1003

02/11/2022

1

A

OH

Primary

Purchase

C

B

B

B

C

B

A

A

Non QM

Non QM

No

216925313

438035437

XXX

24575660

Compliance

Compliance

State Compliance

Misc. State Level

Ohio Consumer Sales Practices Act (Closing Disclosure Not Provided Timely)

xxxx Consumer Sales Practices Act:  Consumer did not receive the required Closing Disclosure at the time of closing.

The Closing Disclosure was sent to the borrower [redacted] less than [redacted] days prior to the note date of [redacted]

Reviewer Comment (2022-02-11): Seller Acknowledges Exception. Seller Comment (2022-02-08): Seller requests buyer review: Please waive this exception with no grade change

02/11/2022

2

B

OH

Primary

Purchase

C

B

B

B

C

B

A

A

Non QM

Non QM

No

216925313

438035437

XXX

24575661

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Closing Disclosure Timing without Waiver

TILA-RESPA Integrated Disclosure: Closing Disclosure not provided to Borrower(s) at least xx x business days prior to closing.

[redacted] CD missing from the loan file.

Reviewer Comment (2022-02-09): [Redact] received [Redact] CD. Seller Comment (2022-02-08): • Initial CD from [Redact]

02/09/2022

1

A

OH

Primary

Purchase

No Defined Cure

C

B

B

B

C

B

A

A

Non QM

Non QM

No

216925313

438035437

XXX

24575663

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Business assets used and borrower owns less than [redacted] of the company.

The qualifying DTI on the loan is at least xx% less than the guideline maximum. Borrowers made a down payment from their own funds on this purchase transaction of at least x% and $x,xxx.xx. Borrower has worked in the same position for more than x years. Borrower has verified disposable income of at least $xxxx.xx. Borrower has been employed in the same industry for more than x years.

Lender Exception with Comp Factors provided for regrade and waive. Lender Exception with Comp Factors provided for regrade and waive.

Originator,Owner Owner Owner Owner Originator,Owner

Reviewer Comment (2022-01-13): Lender Exception with Comp Factors provided for regrade and waive.

01/13/2022

2

B

OH

Primary

Purchase

C

B

B

B

C

B

A

A

Non QM

Non QM

No

216925352

438035218

XXX

24576026

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Articles of Organization/Formation not provided

Please provide all required business documents for xxx.

Reviewer Comment (2022-01-11): Client provided copy of signed Operating Agreement which includes the Article of Organization in paragraph X.XX. Seller Comment (2022-01-07): Secretary of State Cert in Good Standing, Operating Agreement, Articles and by Laws, [Redact]Business Portal uploaded. Seller Comment (2022-01-07): Articles and By Laws uploaded.

01/11/2022

1

A

NV

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

216925352

438035218

XXX

24576027

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Corporate Resolution not provided

Please provide all required business documents for xxx.

Reviewer Comment (2022-01-13): Received operating agreement. Seller Comment (2022-01-12): Articles of Inc uploaded

01/13/2022

1

A

NV

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

216925352

438035218

XXX

24576028

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Operating Agreement not provided

Please provide all required business documents for xxx.

Reviewer Comment (2022-01-11): Client provided copy of signed Operating Agreement. Reviewer Comment (2022-01-07): The Guaranty Agreement has been uploaded again.  Provide Operating Agreement for [Redact]. Seller Comment (2022-01-06): [Redact]. Agreement uploaded.

01/11/2022

1

A

NV

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

216925352

438035218

XXX

24576030

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Certificate of Good Standing not provided

Please provide all required business documents for xxx including Good Standing from the xxx Secretary of State dated within[redacted]days of closing.

Reviewer Comment (2022-01-13): Client provided the Certificate of Existence with Status in Good Standing. Seller Comment (2022-01-12): Secretary of State Cert of Existence with Good Status in Good Standing uploaded.

01/13/2022

1

A

NV

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

216925352

438035218

XXX

24576031

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Employer Identification Number (EIN) not provided

Please provide all required business documents for xxx.

Reviewer Comment (2022-01-20): Received Seller Comment (2022-01-19): Copy of signed W-9 with the company EIN uploaded. Please clear this exception. Reviewer Comment (2022-01-13): The documents uploaded were the Acceptance of Appointment by Registered Agent and a Corporate Entity Search, neither of which show the Employer Identification Number.  Provide a copy of the Employer Identification Number assignment letter from the IRS. Seller Comment (2022-01-12): Employer Entity information form uploaded.

01/20/2022

1

A

NV

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

216925368

438035527

XXX

24576059

Credit

Missing Document

General

Missing Document

ACH was missing from file.

Please provided the ACH documentation (XXXX).

Reviewer Comment (2022-01-28): Client provided copy of signed ACH Authorization. Seller Comment (2022-01-26): ACH Reviewer Comment (2022-01-19): The document provided is a Direct Deposit Set-Up Form; not ACH documentation showing payment deducted from account to make monthly payment.  The exception remains. Seller Comment (2022-01-14): see attached ach Reviewer Comment (2022-01-14): The Underwriting Conditional Approval - Prior to Funding Conditions state "Any loan made to a  [Redact] must have an ACH agreement signed at the closing table.  The ACH must be set to draw for a  XXXX  account. . ."  The exception remains.

01/28/2022

1

A

FL

Investment

Purchase

C

A

C

A

A

A

N/A

No

216925397

438035180

XXX

24576127

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Business Purpose Certificate not provided

Reviewer Comment (2022-03-10): Received Business Purpose Certificate, Exception Cleared Seller Comment (2022-03-08): Non-QM Borrower Cert attached

03/10/2022

1

A

FL

Investment

Purchase

C

A

C

A

A

A

N/A

No

216925397

438035180

XXX

24576129

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Non-Owner Occupancy Declaration not provided

Reviewer Comment (2022-03-10): Rec'd Occupancy Certificate in trailing docs. Seller Comment (2022-03-08): OCC Cert attached

03/10/2022

1

A

FL

Investment

Purchase

C

A

C

A

A

A

N/A

No

216925404

438035444

XXX

24576149

Property

Valuation

Valuation Issue

Valuation

The desk review has a effective date that is other than what the appraisal effective date is. The desk review should have the same effective date as the appraisal

The CDA effective date isXX/XX/XX and the appraisal effective date is XX/XX/XX. The CDA shows the same appraiser for the appraisal reviewed as the appraisal in file.  If the CDA was done from an earlier appraisal, provide a copy of that appraisal and when it was furnished to the borrower. Effective date of the CDA is prior to the application date on the initial application. Please provide the appraisal report with the effective date o[redacted]

Reviewer Comment (2022-01-31): Client provided CDA from XXXX with the correct effective date of xx/xx/xx. Seller Comment (2022-01-27): • CDA for the appraisal that was used for qualifying from xx/xx/xx

01/31/2022

1

A

VA

Investment

Purchase

C

A

A

A

C

A

N/A

No

216929755

438035630

XXX

24607541

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Missing Document: Appraisal was made "subject to" and Form 1004D/442 was not provided.

-

Please provide[redacted] completion certification, for required repairs

Reviewer Comment (2022-02-28): Appraisal dated [Redact] provided eliminating repairs and FHA requirements. Exception cleared. Seller Comment (2022-02-24): appraisal

02/28/2022

1

A

IL

Investment

Purchase

C

A

A

A

C

A

N/A

No

216929764

438035514

XXX

24596191

Credit

Missing Document

General

Missing Document

Missing Document: Official Check not provided

Provide Agreement that states the borrower is contributing an additional[redacted]/mo toward purchase.

Reviewer Comment (2022-02-15): created new exception with greater detail Reviewer Comment (2022-02-07): Please provide a fully executed copy of the Purchase Lease Agreement. This issue remains open. Note : Page 2, Item 2;A;3 identifies the Purchase Lease Agreement as the document defining the terms of the borrower's deposits as being paid by excess amounts added to rent ($xxxx) each month to support the borrower's collected deposit of $xxxx over a XX month period. This document must be provided and in file.. Seller Comment (2022-02-03): see attached uw lox and vor

02/15/2022

1

A

PA

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

216929764

438035514

XXX

24795389

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

FNMA requires Copy of the rental agreement evidencing a minimum original term of at least [redacted] months clearly stating the monthly renal amount and specifying terms of lease. Copies of the borrower' canceled checks or money order receipts for the last[redacted]months evidencing the rental payments Market rent as determined by the subject property appraisal The amount used for the credit for down payment is determined between the difference between the market rent and actual rent paid for the last[redacted] months. Market rent is taken from the appraisal.

Reviewer Comment (2022-03-25): [Redact]:  Since the full payment is being used to qualify the borrower and a lease agreement has been provided this exception is being cleared. Reviewer Comment (2022-03-21): The sales contract refers to the "Lease Purchase Agreement"; however, only standard leases were provided and did not reflect verbiage regarding rent payments being applied to purchase. LOE from Landlord/Seller in file; no bank statements/canceled checks/money orders to support the additional [Redact] down payment started on [Redact] through xx/xx/xxxx; exception remains Seller Comment (2022-03-16): deposit of [Redact] a month history. Seller Comment (2022-03-16): Leases from [Redact] to present Reviewer Comment (2022-03-03): Provide copy of the Lease to Purchase Agreement. Seller Comment (2022-03-03): please rvw upld docs and clear. Seller Comment (2022-02-28): see attached

03/25/2022

1

A

PA

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

216929838

438035089

XXX

24597247

Compliance

Loan Package Documentation

Application / Processing

Missing, Incorrect, or Incomplete Final or Initial 1003

Missing Document: Missing Lender's Initial 1003

Reviewer Comment (2022-02-07): Received and associated Lender's Initial 1003. Exception cleared. Seller Comment (2022-02-04): [Redact] [Redact] send initial 1003 for review

02/07/2022

1

A

MD

Primary

Refinance - Cash-out - Other

C

B

A

A

C

B

A

A

Non QM

Non QM

No

216929838

438035089

XXX

24597700

Compliance

Compliance

State Compliance

State HPML

(State HPML Disclosure) Maryland Higher-Priced Mortgage Loan (Disclosure of Non-HPML Loans Borrower Qualifies For Not Provided)

xxxx Higher-Priced Mortgage Loan:  Borrower not provided with written disclosure of non-higher priced loans otherwise qualified for.

Reviewer Comment (2022-02-25): Seller elects to waive this exception with no grade change. Seller Comment (2022-02-23): [Redact]  [Redact] - please waive  with no grade changes

02/25/2022

2

B

MD

Primary

Refinance - Cash-out - Other

Lender attestation indicating that (1) the borrower did not qualify for any non-higher-priced loans or (2) the lender does not offer non-higher-priced loans.

C

B

A

A

C

B

A

A

Non QM

Non QM

No

216929838

438035089

XXX

24597701

Compliance

Compliance

State Compliance

State HPML

xxxx HPML Threshold Test Non-Compliant

xxxx Higher-Priced Mortgage Loan: APR on subject loan of[redacted]or Final Disclosure APR of [redacted]% is in excess of allowable threshold of APOR[redacted], or [redacted]Non-Compliant Higher Priced Loan.

Reviewer Comment (2022-02-25): Seller elects to waive this exception with no grade change. Seller Comment (2022-02-23): [Redact]  [Redact] -  sent message to investor - please waive  with no grade changes

02/25/2022

2

B

MD

Primary

Refinance - Cash-out - Other

C

B

A

A

C

B

A

A

Non QM

Non QM

No

216929838

438035089

XXX

24597740

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Lender Credit Tolerance Violation

TILA-RESPA Integrated Disclosure: Zero Percent Tolerance exceeded for Lender Credits. Final Lender Credit of[redacted] is less than amount of binding Lender Credit previously disclosed in the amount of[redacted]

Lender credit on LE was greater than lender credit on final CD. Provide VCC or cure to the borrower with a PC CD and evidence it sent to the borrower with an explanation of changes

Reviewer Comment (2022-02-14): [Redact] received [Redact] CD and changed circumstance. Seller Comment (2022-02-11): [Redact] [Redact] - see attached  CD and COC for credit change

02/14/2022

1

A

MD

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

217053144

438035111

XXX

24725899

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant[redacted]business days prior to consummation.

Provide all appraisals and evidence they were all sent to the borrower at least[redacted]days prior to closing.

Reviewer Comment (2022-02-22): Seller elects to waive this exception with no grade change. Seller Comment (2022-02-22): [Redact] [Redact] - Please waive the exception with no grade change Seller Comment (2022-02-15): [Redact] [Redact] - unable to clear - Please have it waived Seller Comment (2022-02-15): Seller requests buyer review: [Redact] [Redact] - Please waive the exception with no grade change Reviewer Comment (2022-02-14): Appraisal is sent on [Redact] which is not 3 business days prior to closing and there is no waiver in the file.  Exception remains.  [Redact]. Seller Comment (2022-02-10): [Redact] [Redact] - Please see attached proof of delivery for review

02/22/2022

2

B

AL

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

217053144

438035111

XXX

24725900

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of[redacted]or Final Disclosure APR o[redacted] is in excess of allowable threshold of APOR [redacted], or[redacted].  Non-Compliant Higher Priced Mortgage Loan.

Provide all appraisals and evidence they were all sent to the borrower at least[redacted]days prior to closing.

Reviewer Comment (2022-02-14): Documentation received.  Exception cleared. [Redact].

02/14/2022

1

A

AL

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

217053144

438035111

XXX

24725901

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applican[redacted] business days prior to consummation.

Provide all appraisals and evidence they were all sent to the borrower at least [redacted]days prior to closing.

Reviewer Comment (2022-02-14): Documentation received.  Exception cleared. [Redact].

02/14/2022

1

A

AL

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

217053144

438035111

XXX

24774285

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of revised valuation to applicant [redacted]business days prior to consummation.

Exception added[redacted] when the appraisal notice was received.

Reviewer Comment (2022-03-15): Seller acknowledges exception. Seller Comment (2022-03-11): [Redact] [Redact] -sent to investor -  Please waive the exception with no grade change" Reviewer Comment (2022-03-10): Complete appraisal received, however, exception remains as most recent appraisal was not received 3 business days priore to closing and waiver was notsigned. Seller Comment (2022-03-08): [Redact] [Redact] - Please see appraisal delivered [Redact] per your request Reviewer Comment (2022-03-03): D178  Disclosure Tracking Summary reports the first appraisal was provided to the borrower [Redact]. Please provide the appraisal completed prior to [Redact]. Seller Comment (2022-02-28): [Redact] [Redact] -  The report in XX that shows the date of [Redact] is the XX report. The appraisal we sent and is the copy of the report is dated [Redact]. No other copies of the appraisal was provided, just XX Reviewer Comment (2022-02-22): The appraisal delivery document is for the Initial Appraisal.  Provide the appraisal delivery document for the Revised/Final Appraisal Report dated [Redact]. Seller Comment (2022-02-18): [Redact] [Redact] - Appraisal Delivery confirmation - Seller Comment (2022-02-18): [Redact] [Redact] - appraisal delivered

03/15/2022

2

B

AL

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

217054608

438035620

XXX

24683318

Compliance

Loan Package Documentation

Application / Processing

Missing, Incorrect, or Incomplete Final or Initial 1003

Missing Document: Missing Lender's Initial 1003

Reviewer Comment (2022-02-14): Received initial 1003.  Exception cleared Seller Comment (2022-02-10): initial 1003

02/14/2022

1

A

NJ

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217054608

438035620

XXX

24683661

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Closing Disclosure Timing without Waiver

TILA-RESPA Integrated Disclosure: Closing Disclosure not provided to Borrower(s) at least [redacted]business days prior to closing.

No proof borrower received CD at least [redacted] business days prior to closing. Initial CD dated [redacted]not included in file. Disclosure Tracking Summary verifies sent on [redacted].

Reviewer Comment (2022-02-11): [Redact] received [Redact] CD, Seller Comment (2022-02-10): Initial CD

02/11/2022

1

A

NJ

Primary

Purchase

No Defined Cure

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217054608

438035620

XXX

24683755

Credit

Guideline

Guideline Issue

Guideline

Loan does not meet minimum income documentation requirements.

-

Borrower's start date with current employer, XXXX, not verified. VVOE included in file does not include company name or borrower's start date with this employer.

Reviewer Comment (2022-03-04): VVOE for [Redact] verifying start date received. Exception cleared. Seller Comment (2022-03-01): VVOE Reviewer Comment (2022-02-28): The VVOE provided is the same VVOE included in the file. The VVOE does not include employer name. Provide employer specific VVOE verifying [Redact] current employment. Exception remains. Seller Comment (2022-02-24): VOE Reviewer Comment (2022-02-23): Received the same VVOE as already in file, with start date added. Please provide update with employer name for the borrower at [Redact] Seller Comment (2022-02-18): VOE

03/04/2022

1

A

NJ

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217054608

438035620

XXX

24684710

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Loan Underwriting and Transmittal Summary (1008) / MCAW not provided

Uniform Underwriting and Transmittal Summary Form 1008 not included in file.

Reviewer Comment (2022-02-28): 1008 provided. Exception cleared. Seller Comment (2022-02-24): 1008 Reviewer Comment (2022-02-23): Please provide the 1008.

02/28/2022

1

A

NJ

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217054611

438035113

XXX

24682188

Compliance

Loan Package Documentation

Application / Processing

Missing, Incorrect, or Incomplete Final or Initial 1003

Missing Document: Missing Lender's Initial 1003

Reviewer Comment (2022-02-14): Lender provided the initial 1003. This issue is cleared. Seller Comment (2022-02-10): [Redact]- [Redact] - initial 1003 for review

02/14/2022

1

A

CO

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217054611

438035113

XXX

24682834

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Loan Estimate Timing Electronically Provided

TILA-RESPA Integrated Disclosure: Loan Estimate not delivered or placed in the mail to Borrower(s) within[redacted]business days of application.

Disclosure Tracking Summary verifies a LE sent to Borrower on[redacted]which is not included in the file. Provide initial LE dated [redacted]

Reviewer Comment (2022-02-11): [Redact] received the initial LE, exception is cleared. Seller Comment (2022-02-10): [Redact] [Redact] - Attached LE for review

02/11/2022

1

A

CO

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217054611

438035113

XXX

24683025

Compliance

Compliance

Federal Compliance

TRID

TRID Appraisal Disclosure - ECOA Timing

ECOA - File does not evidence the consumer was provided with the right to receive a copy of the Appraisal Disclosure within[redacted] days of the loan application date.

Failed to have the Appraisal Disclosure within [redacted]days of the loan application date. Disclosure Tracking Summary verifies a LE sent to Borrower on [redacted] which is not included in the file. Provide initial LE dated [redacted] or the Right to Receive Copy of Appraisal Disclosure dated within xx days of application.

Reviewer Comment (2022-02-11): [Redact] received the initial LE, exception is cleared.

02/11/2022

1

A

CO

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217054611

438035113

XXX

24684232

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure[redacted]t Fee Tolerance exceeded for Transfer Tax.  Fee Amount of[redacted] exceeds tolerance o[redacted].  Sufficient or excess cure was provided to the borrower at Closing.

Lender cure of[redacted] provided at closing to accommodate the fee tolerance being exceeded.

Reviewer Comment (2022-02-02): Sufficient Cure Provided At Closing

02/02/2022

1

A

CO

Primary

Purchase

Final CD evidences Cure

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217055100

438035199

XXX

24697865

Credit

Income / Employment

Income Documentation

Income / Employment

Verification(s) of employment is not within 10 business days of the Note.

-

Borrower has been employed in the same industry for more than x years.

Lender Exception provided with Comp Factors for Re-Grade and Waive.

Originator,Owner

Reviewer Comment (2022-03-30): Lender Exception provided with Comp Factors for Re-Grade and Waive. Reviewer Comment (2022-03-30): Post Close TWN employment and income verification dated [Redact]. Lender Exception provided. Seller Comment (2022-03-29): [Redact] attached Seller Comment (2022-03-29): VOE attached

03/30/2022

2

B

MA

Investment

Purchase

C

B

C

B

A

A

A

A

N/A

Exempt from ATR

No

217055268

438035109

XXX

24685873

Compliance

Loan Package Documentation

Application / Processing

Missing, Incorrect, or Incomplete Final or Initial 1003

Missing Document: Missing Lender's Initial 1003

Reviewer Comment (2022-02-14): Initial 1003 provided.  Exception cleared. Seller Comment (2022-02-10): [Redact] -  [Redact] - Initial 1003 for review

02/14/2022

1

A

IN

Primary

Purchase

B

A

A

A

B

A

A

A

Non QM

Non QM

No

217055375

438035519

XXX

24705409

Compliance

Compliance

Federal Compliance

Missing Required Data (other than HUD-1 or Note)

Disparity in Occupancy - Not Tested As Primary

The mortgage loan file contains documenting evidence the consumer intends to occupy the subject property as their primary residence. (Compliance testing performed based on the Occupancy Type of xxxx).  Determination has not been made as to whether the loan would be High Cost and/or HPML if ran as a Primary Residence.

The initial 1003 indicates that borrower intends to occupy the subject  property as a primary residence. The final 1003 section 4 was corrected to indicate as a second home, however, the declarations section 5 A, Will you occupy the property as your primary residence? reflects Yes. Please provide LOE.

Reviewer Comment (2022-03-09): Received updated documents. Seller Comment (2022-03-07): Please see the attached 1003. Please note the borrower correction and initial on Page 5. Reviewer Comment (2022-02-16): Rec'd Borrower attestation of Yes marked in error; still missing corrected and signed 1003.  Exception to remain Seller Comment (2022-02-14): Please see the attached Borrower Attestation LOE addressing residency.

03/09/2022

1

A

MD

Second Home

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217055375

438035519

XXX

24705412

Compliance

Compliance

Federal Compliance

TRID

TRID Ten Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure:[redacted] Percent Fee Tolerance exceeded. Total amount of [redacted] exceeds tolerance of [redacted] plus[redacted] or [redacted].  Sufficient or excess cure was provided to the borrower at Closing.

Ten percent fee tolerance exceeded by[redacted] and a cure of[redacted] was provided.

Reviewer Comment (2022-02-03): Sufficient Cure Provided At Closing

02/03/2022

1

A

MD

Second Home

Purchase

Final CD evidences Cure

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

217055375

438035519

XXX

24705413

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: [redacted]Fee Tolerance exceeded for Title - Abstract / Title Search.  Fee Amount of[redacted]exceeds tolerance of[redacted]  Sufficient or excess cure was provided to the borrower at Closing.

Zero percent fee tolerance exceeded by[redacted] and a cure of[redacted]was provided.

Reviewer Comment (2022-02-03): Sufficient Cure Provided At Closing

02/03/2022

1

A

MD

Second Home

Purchase

Final CD evidences Cure

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

217055375

438035519

XXX

24705430

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Mismatch of data related to Occupancy.

-

Initial 1003  Application indicated subject property occupancy as Primary. Final 1003 corrected subject property occupancy to Second Home, however the Declarations Section A, Will you occupier the property as your primary residence? was answered Yes. Please provide LOE.

Reviewer Comment (2022-03-09): Corrected documents received. Seller Comment (2022-03-07): [Redact] [Redact] Uploaded Final 1003 w/borr correction and initials to investor// Reviewer Comment (2022-02-16): Rec'd Borrower attestation of Yes marked in error; still missing corrected and signed 1003.  Exception to remain Seller Comment (2022-02-14): Please see the attached Borrower Attestation LOE addressing residency.

03/09/2022

1

A

MD

Second Home

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217055375

438035519

XXX

24998902

Compliance

Compliance

Federal Compliance

Missing Required Data (other than HUD-1 or Note)

Disparity in Occupancy - Higher Priced as Primary

The mortgage loan file contains documenting evidence the consumer intends to occupy the subject property as their primary residence. (Compliance testing performed based on the Occupancy Type of xxxx). If tested as primary residence, loan exceeds one or more HPML thresholds. Additional compliance testing required to determine if loan would be a compliant or non-compliant HPML.

Reviewer Comment (2022-03-14): Seller Acknowledges Exception. Seller Comment (2022-03-10): We acknowledge this exception and request it be waived without compensating factors. Condition Grade 2. Seller Comment (2022-03-10): Seller requests buyer review: We acknowledge this exception and request it be waived without compensating factors. Condition Grade 2.

03/14/2022

2

B

MD

Second Home

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217055375

438035519

XXX

25026213

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Please provide the mortgage statement or equivalent documentation for the [redacted] property.

Reviewer Comment (2022-03-29): Received Mortgage statement and HUD for property "[Redact]." Exception cleared Seller Comment (2022-03-28): Please see the attached mortgage statement and HUD for [Redact]

03/29/2022

1

A

MD

Second Home

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217058094

438035643

XXX

24710826

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Missing Final 1003

Please provide the final 1003.

Reviewer Comment (2022-03-22): Trailing doc provided Seller Comment (2022-03-17): final 1003

03/22/2022

1

A

TX

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217058094

438035643

XXX

24710971

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Please provide the Underwriter's final  income worksheet or 1084.

Reviewer Comment (2022-03-02): Client provided Business Bank Statement UW worksheet. Seller Comment (2022-02-25): income worksheet

03/02/2022

1

A

TX

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217058094

438035643

XXX

24711122

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant[redacted] business days prior to consummation.

Please provide evidence that the appraisal was sent to the borrower at least[redacted]days prior to closing.

Reviewer Comment (2022-02-23): Client provided appraisal delivery document. Seller Comment (2022-02-17): Appr Proof

02/23/2022

1

A

TX

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217058094

438035643

XXX

24711123

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of [redacted] or Final Disclosure APR o[redacted] is in excess of allowable threshold of APOR[redacted] or[redacted].  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-02-23): Client provided appraisal delivery document.

02/23/2022

1

A

TX

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217058094

438035643

XXX

24711124

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant[redacted]business days prior to consummation.

Please provide evidence that the appraisal was sent to the borrower at least[redacted]days prior to closing.

Reviewer Comment (2022-02-23): Client provided appraisal delivery document.

02/23/2022

1

A

TX

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217058095

438035622

XXX

24721460

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Please provide the underwriter's income analysis worksheet.

Reviewer Comment (2022-02-23): Received. Seller Comment (2022-02-17): income worksheets

02/23/2022

1

A

CA

Primary

Refinance - Rate/Term

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217058095

438035622

XXX

24721695

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant [redacted]business days prior to consummation.

Provide evidence that each valuation was provided to the borrower at least[redacted]days prior to closing.

Reviewer Comment (2022-02-23): Received borrower receipt. Seller Comment (2022-02-17): Both appraisals delivered in same email

02/23/2022

1

A

CA

Primary

Refinance - Rate/Term

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217058095

438035622

XXX

24721696

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applican[redacted] business days prior to consummation.

Provide all appraisals and evidence that they were sent to the borrower at least[redacted]days prior to closing

Reviewer Comment (2022-02-23): Received borrower receipt. Seller Comment (2022-02-17): Both appraisals delivered in same email

02/23/2022

1

A

CA

Primary

Refinance - Rate/Term

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217058095

438035622

XXX

24723566

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Total Property Costs Year 1 - October 2018 Test

TILA-RESPA Integrated Disclosure - Loan Disclosures: Amount of Estimated Property Costs over Year [redacted]of[redacted] on Final Closing Disclosure provided on[redacted]not accurate.

Please provide a post closing CD reflecting the correct amount of estimated property costs over year. The final CD reflects[redacted] months insurance of[redacted] The file has a Dwelling Insurance Policy Declaration page from XXXX that reflects an annual premium of [redacted]  There is also an Evidence of Property Insurance fromXXXX that shows the premium amount is [redacted].  Clarify which insurance document is correct.

Reviewer Comment (2022-02-25): Amount on page four correctly disclosed to borrower. Seller Comment (2022-02-23): • [Redact] #[Redact]$[Redact] a yr, $[Redact] a mo W/ EFFECTIVE DATE [Redact] - [Redact] PAYMENT PLAN, LAST PAID [Redact], $[Redact] PAID AT CLOSING • [Redact] #[Redact] $[Redact]a yr, $[Redact] a mo W/ EFFECTIVE DATE OF [Redact] -[Redact], ZERO BALANCE DUE • Property Taxes: $[Redact] a yr, $[Redact] a mo • HOA Dues: $[Redact] a yr, $[Redact] a mo Seller Comment (2022-02-23): • [Redact] #[Redact] $[Redact] a yr, [Redact] a mo W/ EFFECTIVE DATE [Redact] - [Redact] PAYMENT PLAN, LAST PAID [Redact], $[Redact] PAID AT CLOSING • [Redact] #[Redact] $[Redact] a yr, $[Redact] a mo W/ EFFECTIVE DATE OF [Redact] -[Redact], ZERO BALANCE DUE • Property Taxes: $[Redact] a yr, $[Redact] a mo • HOA Dues: $[Redact] a yr, $[Redact] a mo Seller Comment (2022-02-23): • [Redact] #[Redact] $[Redact] a yr, $[Redact] a mo W/ EFFECTIVE DATE [Redact] - [Redact] 3PAYMENT PLAN, LAST PAID [Redact], $[Redact] PAID AT CLOSING • [Redact] #[Redact] [Redact] a yr, $[Redact] a mo W/ EFFECTIVE DATE OF [Redact] -[Redact], ZERO BALANCE DUE • Property Taxes: $[Redact] a yr, $[Redact] a mo • HOA Dues: $[Redact] a yr, $[Redact] a mo Seller Comment (2022-02-23): • [Redact] #[Redact] $[Redact] a yr, $[Redact] a mo W/ EFFECTIVE DATE [Redact] - [Redact] PAYMENT PLAN, LAST PAID [Redact], $[Redact] PAID AT CLOSING • [Redact] SE #[Redact] $[Redact] a yr, $[Redact] a mo W/ EFFECTIVE DATE OF [Redact] -[Redact], ZERO BALANCE DUE • Property Taxes: $[Redact] a yr, $[Redact] a mo • HOA Dues: $[Redact] a yr, $[Redact] a mo

02/25/2022

1

A

CA

Primary

Refinance - Rate/Term

Letter of Explanation & Corrected Closing Disclosure

C

A

C

A

C

A

A

A

Non QM

Non QM

Yes

217060102

438035198

XXX

24723560

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Purchase Agreement / Sales Contract not provided

Reviewer Comment (2022-03-11): Received and associated Purchase Agreement. Exception Cleared. Seller Comment (2022-03-09): Please see Purchase Agreement attached

03/11/2022

1

A

FL

Primary

Purchase

D

A

D

A

A

A

A

A

Non QM

Non QM

No

217061170

438035248

XXX

24788970

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure:[redacted]Percent Fee Tolerance exceeded for Second Appraisal Fee.  Fee Amount of[redacted]exceeds tolerance o[redacted]  Insufficient or no cure was provided to the borrower.

Please provide clarification as to why the second valuation was not present on the initial LE. No VCC present in the file. Provide VCC or cure to the borrower with a PC CD and evidence it sent to the borrower with an explanation of changes.

Reviewer Comment (2022-03-07): [Redact] Received PCCD, LOE, Refund Check and Proof of Mailing. Seller Comment (2022-03-03): Copy of refund check uploaded. Reviewer Comment (2022-03-02): [Redact] received corrected PCCD, LOE and proof of mailing however, we does not receive copy of refund check to the borrower. Kindly provide the same to cure this exception. Seller Comment (2022-03-01): Proof of Delivery, PCCD and LOE uploaded.

03/07/2022

2

B

FL

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

217061352

438035207

XXX

24722988

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points.  Fee Amount of $XXX. exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

No cure or changed circumstance provided.

Reviewer Comment (2022-03-18): XXXX  received valid COC for increase in Loan Discount points. Seller Comment (2022-03-16): Please see XX-XX COC attached addressing increase in points

03/18/2022

1

A

CA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

217061352

438035207

XXX

24722990

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Mortgage Broker Fee.  Fee Amount of $XXX. exceeds tolerance of $X.  Insufficient or no cure was provided to the borrower.

No cure or changed circumstance provided.

Reviewer Comment (2022-03-18): XXXX  received valid COC for increase in Mortgage Broker fee. Seller Comment (2022-03-16): Please see coc XX-XX

03/18/2022

1

A

CA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

217061352

438035207

XXX

24764975

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

Provide appraisal delivery document for the appraisal report signed by Jaejin Lee on XX/XX/XX.

Reviewer Comment (2022-02-23): Seller elects to waive.

02/23/2022

2

B

CA

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

217061352

438035207

XXX

24764976

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.X% + X.X%, or X.X%.  Non-Compliant Higher Priced Mortgage Loan.

Provide appraisal delivery document for the appraisal report signed by Jaejin Lee on XX/XX/XX.

Reviewer Comment (2022-05-12): Appraisal acknowledgment dated XX/XX verifying receipt of 2nd appraisal received.

05/12/2022

1

A

CA

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

217061352

438035207

XXX

24764977

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

Provide appraisal delivery document for the appraisal report signed by XXXX on XX/XX/XX.

Reviewer Comment (2022-05-12): Appraisal acknowledgment dated XX/XX verifying receipt of 2nd appraisal received. Seller Comment (2022-05-10): app ack

05/12/2022

1

A

CA

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

217061671

438035174

XXX

24724411

Compliance

Compliance

State Compliance

State HPML

xxxx Rate Spread Threshold Test Compliant

xxxx Rate Spread Home Loan: APR on subject loan of[redacted] or Final Disclosure APR of[redacted] is in excess of allowable threshold of APOR[redacted], or [redacted].  Compliant Rate Spread Home Loan.

APR on subject loan of [redacted] or Final Disclosure APR of[redacted] is in excess of allowable threshold of APOR[redacted], or [redacted]. Compliant Rate Spread Home Loan.

Reviewer Comment (2022-02-23): Seller acknowledges exception.

02/23/2022

2

B

NC

Primary

Purchase

Within 90 days of closing and prior to institution of any action against the lender, (1) notify the borrower, and (2) make appropriate restitution at the option of the borrower to either (a) make the loan comply with prohibited acts and practices or (b) change the terms of the loan in a manner beneficial to the borrower so the loan is no longer rate spread.   (Narrow Defense - Requires CHD Approval) Within 120 days of discovery , which compliance failure was not intentional and resulted from a bona fide error,  creditor must: (1) provide Lender Attestation to AMC attesting the failure was not intentional and was a bona fide error notwithstanding procedures in place to prevent such loans from being made (specific details on how rate spread home loan was made despite procredures to prevent); (2) notify the borrower, and make appropriate restitution at the option of the borrower to either (a) make the loan comply with prohibited acts and practices or (b) change the terms of the loan in a manner beneficial to the borrower so the loan is no longer rate spread.

C

B

B

B

C

B

A

A

Non QM

Non QM

Yes

217061671

438035174

XXX

24728822

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant xx (x) business days prior to consummation.

Provide all appraisals and evidence they were all sent to the borrower at least [redacted] days prior to closing or that the borrower signed the 72-hour waiver.

Reviewer Comment (2022-02-23): Seller acknowledges exception.

02/23/2022

2

B

NC

Primary

Purchase

C

B

B

B

C

B

A

A

Non QM

Non QM

No

217061671

438035174

XXX

24728823

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of[redacted]or Final Disclosure APR of[redacted]is in excess of allowable threshold of APOR[redacted], or[redacted].  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-03-01): Client provided appraisal delivery document. Seller Comment (2022-02-25): see attached

03/01/2022

1

A

NC

Primary

Purchase

C

B

B

B

C

B

A

A

Non QM

Non QM

No

217061671

438035174

XXX

24728824

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applican[redacted] business days prior to consummation.

Provide all appraisals and evidence they were all sent to the borrower at least[redacted] days prior to closing or that the borrower signed the 72-hour waiver.

Reviewer Comment (2022-03-01): Client provided appraisal delivery document. Seller Comment (2022-02-25): see attached

03/01/2022

1

A

NC

Primary

Purchase

C

B

B

B

C

B

A

A

Non QM

Non QM

No

217061671

438035174

XXX

24728894

Credit

Guideline

Guideline Issue

Guideline

Missing required income documentation .

-

Approved lender exception provided waiving the XXXX years of 1099 transcripts for both borrowers.

Borrowers made a down payment from their own funds on this purchase transaction of at least x% and $x,xxx.xx. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least x months. Borrower has worked in the same position for more than x years. Borrower has been employed in the same industry for more than x years.

Both Borrowers have been employed by the same company since [redacted]. Both Borrowers have been employed with the same company since [redacted].

Owner Owner Originator Pre-Close,Owner Owner,Originator Pre-Close

Reviewer Comment (2022-02-10): Lender exception approved; unable to obtain 1099 transcripts. Reviewer Comment (2022-02-08): Approved lender exception provided waiving the XX years of 1099 transcripts for both borrowers.

02/10/2022

2

B

NC

Primary

Purchase

C

B

B

B

C

B

A

A

Non QM

Non QM

No

217061671

438035174

XXX

24728895

Credit

Guideline

Guideline Issue

Guideline

Missing required income documentation .

-

Approved lender exception provided waiving the XXXX years of 1099 transcripts for both borrowers.

Borrowers made a down payment from their own funds on this purchase transaction of at least x% and $x,xxx.xx. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least x months. Borrower has worked in the same position for more than x years. Borrower has been employed in the same industry for more than x years.

Both Borrowers have been employed by the same company since [redacted]. Both Borrowers have been employed with the same company since [redacted].

Owner Owner Originator Pre-Close,Owner Owner,Originator Pre-Close

Reviewer Comment (2022-02-10): Lender exception approved; unable to obtain 1099 transcripts. Reviewer Comment (2022-02-08): Approved lender exception provided waiving the XX years of 1099 transcripts for both borrowers.

02/10/2022

2

B

NC

Primary

Purchase

C

B

B

B

C

B

A

A

Non QM

Non QM

No

217061671

438035174

XXX

24728942

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

- ___ ___

Two years 1099 transcripts not provided for both Borrowers.

Borrowers made a down payment from their own funds on this purchase transaction of at least x% and $x,xxx.xx. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least x months. Borrower has worked in the same position for more than x years. Borrower has been employed in the same industry for more than x years.

Both Borrowers have been employed by the same company since [redacted]. Both Borrowers have been employed with the same company since [redacted].

Owner Owner Originator Pre-Close,Owner Owner,Originator Pre-Close

Reviewer Comment (2022-02-10): Lender exception approved; unable to obtain 1099 transcripts. Reviewer Comment (2022-02-08): Approved lender exception provided waiving the XX years 1099 transcripts for both borrowers.

02/10/2022

2

B

NC

Primary

Purchase

C

B

B

B

C

B

A

A

Non QM

Non QM

No

217061671

438035174

XXX

24913279

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of revised valuation to applicant [redacted] business days prior to consummation.

Appraisal delivered to borrowers on[redacted] which is less than xx business days prior to consummation.

Reviewer Comment (2022-03-08): Seller acknowledges exception. Reviewer Comment (2022-03-04): The document uploaded is not acceptable as it states both that the borrowers received the appraisal and also that the borrowers waived the right to review the appraisal report at least three business days prior to closing.  Because both statements are present, the purpose of the document is unclear. Seller Comment (2022-03-04): see attached Seller Comment (2022-03-01): Seller requests buyer review: unable to clear will accept grade

03/08/2022

2

B

NC

Primary

Purchase

C

B

B

B

C

B

A

A

Non QM

Non QM

No

217062908

438035084

XXX

24873233

Credit

Asset

Asset Calculation / Analysis

Asset

Available for Closing is insufficient to cover Cash From Borrower.

There was a wire transfer of[redacted] from account[redacted] on [redacted] leaving a balance in that account of [redacted].  Unable to determine where those funds were transferred to or if they were used for closing.

Reviewer Comment (2022-03-24): Received LOX from closing agent confirming the receipt of a wire in amount of [Redact] dated [Redact] for cash to close. Verified sufficient funds for closing . Exception Cleared. Seller Comment (2022-03-22): [Redact] [Redact] - Attached is a letter from closing agent addressing the incoming wire. Reviewer Comment (2022-03-01): Received wire transfer details for $[Redact]. However, unable to verify the details whether the funds transferred from borrowers account as account number and transfer date is not available. Also, Account Statement [Redact] shows transfer is in process and not completed. Please provide valid wire transfer document with transfer date. Exception remains. Seller Comment (2022-02-28): [Redact] [Redact] -  Proof wire was transferred to title company.

03/24/2022

1

A

FL

Investment

Purchase

C

A

C

A

A

A

N/A

No

217062911

438035435

XXX

24724590

Credit

Insurance

Insurance Analysis

Insurance

Insufficient Coverage: Hazard insurance coverage amount is insufficient.

Please provide sufficient coverage to satisfy the Loan Amount or Estimated cost new as indicated on the appraisal, or provide the Replacement Cost Estimator indicating the coverage is sufficient.

Reviewer Comment (2022-03-01): Received Seller Comment (2022-02-25): • HOI confirming 100% replacement cost

03/01/2022

1

A

NY

Investment

Purchase

C

A

C

A

A

A

N/A

No

217073664

438035461

XXX

24796363

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Higher lease payments used instead of lower Market Rents.

The representative FICO score exceeds the guideline minimum by at least xx points. Borrowers made a down payment from their own funds on this purchase transaction of at least x% and $x,xxx.xx.

From Lender From Lender

Originator,Owner Originator,Owner

Reviewer Comment (2022-02-15): From Lender

02/15/2022

2

B

CA

Investment

Purchase

B

B

B

B

A

A

N/A

No

217076869

438035232

XXX

24741934

Credit

Hazard Insurance

Insufficient Coverage

Hazard Insurance

The Hazard Insurance Policy Effective Date is after closing.

Provide hazard effective at closing, [redacted].

Reviewer Comment (2022-02-15): Client provided Certificate of Property Insurance with policy effective date of [Redact]. Seller Comment (2022-02-11): HOI with an effective date of [Redact] provided. Please clear.

02/15/2022

1

A

FL

Primary

Purchase

D

A

D

A

A

A

A

A

Non QM

Non QM

No

217076869

438035232

XXX

24742668

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Purchase Agreement / Sales Contract not provided

Reviewer Comment (2022-02-25): Purchase agreement for subject property provided. Exception cleared. Seller Comment (2022-02-23): Purchase Agreement provided. Reviewer Comment (2022-02-15): Received signed and dated Purchase agreement and '[Redact] Addendum to Real Estate Purchase Agreement' however page 1 and page 2 of '[Redact] Addendum to Real Estate Purchase Agreement' are missing. Please provide the missing page 1 and page. As per final CD, seller paid owner's policy per contract $XXX.lease provide document to support the amount. Exception remains. Seller Comment (2022-02-11): Purchase Agreement signed by seller and buyer provided. Please clear.

02/25/2022

1

A

FL

Primary

Purchase

D

A

D

A

A

A

A

A

Non QM

Non QM

No

217076871

438035212

XXX

24788364

Credit

Loan Package Documentation

Closing / Title

Missing Document

Missing Document: Security Instrument - Subject Lien not provided

Security Instrument not provided

Reviewer Comment (2022-02-25): Client provided signed copy of Mortgage. Seller Comment (2022-02-23): Deed

02/25/2022

1

A

FL

Investment

Purchase

D

A

D

A

A

A

A

A

N/A

Exempt from ATR

No

217080403

438035629

XXX

24745065

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant[redacted]business days prior to consummation.

Reviewer Comment (2022-02-24): Seller elects to waive this exception with no grade change. Seller Comment (2022-02-18): Seller requests buyer review: lvl 2 condition, please waive

02/24/2022

2

B

CA

Primary

Refinance - Cash-out - Other

C

B

C

B

B

B

A

A

Non QM

Non QM

No

217080403

438035629

XXX

24748283

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Credit

Guideline Requirement: Maximum Loan Amount discrepancy.

Note loan amount of ___ is greater than Guideline maximum loan amount of ___.

Max loan amount for a primary residence cash out refinance with a[redacted] credit score is [redacted]. Loan amount exceeds maximum by[redacted]. A lender approved exception not included in the file.

Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least x months. Borrower has worked in the same position for more than x years. Borrower has verified disposable income of at least $xxxx.xx.

Borrower's reserves exceeds the [redacted] month minimum. Borrower's residual exceeds the [redacted] minimum.

Originator Pre-Close,Owner Owner Owner,Originator Pre-Close

Reviewer Comment (2022-03-02): Lender approved exception in file for exceeding maximum loan amount of[Redact]. Reviewer Comment (2022-03-02): Lender approved exception in file issued for loan amount exceeding maximum of[Redact]. Seller Comment (2022-02-28): Exception request Reviewer Comment (2022-02-23): We are in receipt of the approval email; however, the Lender Exception Form was not uploaded.  Please provide the Lender Exception that lists the reason for the request and the compensating factors. Seller Comment (2022-02-17): attached approval and LOE

03/02/2022

2

B

CA

Primary

Refinance - Cash-out - Other

C

B

C

B

B

B

A

A

Non QM

Non QM

No

217080406

438035110

XXX

24745049

Compliance

Compliance

State Compliance

State HPML

xxxx HPML Threshold Test Compliant

xxxx Higher-Priced Mortgage Loan: APR on subject loan o[redacted] or Final Disclosure APR of[redacted]is in excess of allowable threshold of APOR[redacted] or [redacted] Compliant Higher Priced Loan.

Reviewer Comment (2022-03-15): Seller Acknowledges Exception. Seller Comment (2022-03-11): [Redact] [Redact]   Please waive the exception with no grade change" Reviewer Comment (2022-03-02): The Compliance Ease report shows this loan is a Higher Priced Mortgage Loan. Seller Comment (2022-02-28): [Redact] [Redact] - Please see attached Disclosure Tracking Summary and Appraisal delivered to the borrower on [Redact].

03/15/2022

2

B

MA

Primary

Purchase

No obvious cure

B

B

A

A

B

B

A

A

Non QM

Non QM

No

217080406

438035110

XXX

24803263

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of revised valuation to applicant [redacted] business days prior to consummation.

72 hour Appraisal Waivers not allowed on HPML loans.  Second appraisal not delivered 3 days prior to close.

Reviewer Comment (2022-03-02): Client provided appraisal delivery document. Seller Comment (2022-02-28): [Redact] [Redact] - Please see attached Disclosure Tracking Summary and Appraisal delivered to the borrower on [Redact].

03/02/2022

1

A

MA

Primary

Purchase

B

B

A

A

B

B

A

A

Non QM

Non QM

No

217080406

438035110

XXX

24848792

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Ten Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure:[redacted] Percent Fee Tolerance exceeded. Total amount o[redacted]exceeds tolerance of [redacted] plus [redacted] or[redacted]  Insufficient or no cure was provided to the borrower.

XXXX - [redacted] Tolerance of[redacted]on LE exceeded by[redacted]ie. [redacted] fees on final CD/PCCD is [redacted] Recording fees increased to[redacted] on [redacted] CD, Title - Attorney Fee increased from[redacted]& Title - Document Prep Fee was added for [redacted] on [redacted] CD  & provider is listed on SSPL, hence these fee are subject to [redacted] tolerance. There is no valid CIC for increase. Please provide a valid COC or cure documents. Cure docs consist of PCCD, LOE, copy of check & mailing proof.

Reviewer Comment (2022-03-09): [Redact] received PCCD, LOE, proof of mailing & copy of refund check Seller Comment (2022-03-08): [Redact] [Redact] -  TRID Ten Percent Tolerance Violation Without Sufficient Cure Provided.

03/09/2022

2

B

MA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

B

B

A

A

B

B

A

A

Non QM

Non QM

Yes

217080406

438035110

XXX

24848796

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero[redacted] Percent Fee Tolerance exceeded for Title - Survey Fee.  Fee Amount of [redacted]exceeds tolerance of [redacted].  Insufficient or no cure was provided to the borrower.

XXXX - Title - Survey Fee is paid to a different provider other than title service provider. Please provide an attestation that indicates the survey fee was outsourced by the borrower selected provider. Exception will be cleared on cure/resolution received on all open [redacted] & [redacted] exceptions.

Reviewer Comment (2022-03-09): [Redact] received attestation hence no further action required Seller Comment (2022-03-07): [Redact] [Redact] - see attached - Attestation Reviewer Comment (2022-02-24): [Redact] upon further review require attestation to specify that the survey fee was title required as the payee name for other title fees are different as of survey fee. Please provide attestation. Seller Comment (2022-02-23): [Redact] - [Redact]  **  ON  [Redact]  -  I have uploaded the following  - PCCD and LOX to borrower correcting the Survey to "title Survey" - xxxx - Cancelled complete - Please review and revise - thank you

03/09/2022

1

A

MA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

B

B

A

A

B

B

A

A

Non QM

Non QM

Yes

217081023

438035123

XXX

24737912

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Mismatch of data related to Occupancy.

-

Rightly updated as per - Final 1003

Reviewer Comment (2022-03-23): Rec'd fully executed and corrected 1003's in trailing docs; exception cleared. Seller Comment (2022-03-21): [Redact] [Redact] -  fully executed updated Final 1003 reflecting borrower will not occupy as a primary residence.

03/23/2022

1

A

CO

Investment

Purchase

C

A

C

A

B

A

A

A

N/A

Exempt from ATR

No

217081023

438035123

XXX

24747151

Compliance

Loan Package Documentation

Application / Processing

Missing, Incorrect, or Incomplete Final or Initial 1003

Missing Document: Missing Lender's Initial 1003

Reviewer Comment (2022-02-21): Received Initial 1003. Exception Cleared Reviewer Comment (2022-02-18): Awaiting for documents to be uploaded. Seller Comment (2022-02-17): [Redact] [Redact] - Initial 1003 for review

02/21/2022

1

A

CO

Investment

Purchase

C

A

C

A

B

A

A

A

N/A

Exempt from ATR

No

217081023

438035123

XXX

24747231

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure:[redacted] Percent Fee Tolerance exceeded for Transfer Tax.  Fee Amount of [redacted] exceeds tolerance of[redacted]  Sufficient or excess cure was provided to the borrower at Closing.

Lender credit was issued to borrowers in the amount of [redacted]

Reviewer Comment (2022-02-10): Sufficient Cure Provided At Closing

02/10/2022

1

A

CO

Investment

Purchase

Final CD evidences Cure

C

A

C

A

B

A

A

A

N/A

Exempt from ATR

Yes

217085069

438035213

XXX

24763802

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant[redacted] business days prior to consummation.

Provide appraisal delivery document for the appraisal report signed by[redacted]on[redacted]

Reviewer Comment (2022-02-23): Seller acknowledges exception.

02/23/2022

2

B

FL

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

217085069

438035213

XXX

24816015

Credit

Credit

Credit Documentation

Guideline

Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided

When borrower is renting from a private landlord, the most recent [redacted] months' consecutive cancelled checks (front and back) along with a copy of the lease must be provided.  We are in receipt of a copy of the Lease.  Provide copies of cancelled checks per guidelines.

Reviewer Comment (2022-03-08): Client provided XX months bank statements showing rental payments. Seller Comment (2022-03-04): see attached Reviewer Comment (2022-02-28): Per guidelines, a copy of the front and back of cancelled checks is required when borrower rents from a private party.  Cancelled checks have not been provided.  The exception remains. Seller Comment (2022-02-24): see attached

03/08/2022

1

A

FL

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

217086520

438035261

XXX

24764433

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Business Purpose Certificate not provided

Please forward the signed Business Purpose Cert.

Reviewer Comment (2022-03-21): Received signed Business Purpose Certificate. Exception cleared Seller Comment (2022-03-18): BPL

03/21/2022

1

A

GA

Investment

Refinance - Rate/Term

C

A

C

A

A

A

N/A

No

217089562

438035104

XXX

24787216

Credit

Missing Document

General

Missing Document

Missing Document: Verification of Non-US Citizen Status not provided

Please provide verification of non-US citizen status.

Reviewer Comment (2022-02-24): Client provided Permanent Resident Card for borrower. Seller Comment (2022-02-23): [Redact] [Redact] -  See attached:  Permanent Resident Card

02/24/2022

1

A

TX

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217089562

438035104

XXX

24788163

Credit

Business Purpose

General

Business Purpose

Verification of Borrower's identity is missing.

-

Please provide verification of [redacted]

Reviewer Comment (2022-02-24): Client provided Permanent Resident Card for borrower. Seller Comment (2022-02-22): [Redact] [Redact] - DataVerify - Identity Report Seller Comment (2022-02-22): [Redact] [Redact] - sent to the investor - USA Patriot Act Disclosure-   Identity Report

02/24/2022

1

A

TX

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217089562

438035104

XXX

24789594

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Verification of Identification not provided

Please provide verification of the borrower's identity.

Reviewer Comment (2022-02-24): Client provided Permanent Resident Card for borrower. Seller Comment (2022-02-22): [Redact] [Redact] - sent to the investor -   DataVerify - Identity Report Seller Comment (2022-02-22): [Redact] [Redact] -    [Redact] [Redact] -  USA Patriot Act Disclosure- - Identity Report

02/24/2022

1

A

TX

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217096926

438035641

XXX

24771031

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant[redacted] business days prior to consummation.

The Disclosure Tracking Summary shows the appraisal was provided[redacted]  The presumed date of receipt is[redacted] .  The appraisal was not received by the borrower at least xx business days prior to consummation.

Reviewer Comment (2022-03-10): Proof of delivery received. Seller Comment (2022-03-08): LOE

03/10/2022

1

A

CA

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217096926

438035641

XXX

24771032

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of[redacted]or Final Disclosure APR of[redacted] is in excess of allowable threshold of APOR[redacted], or[redacted].  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-03-10): Proof of delivery received. Seller Comment (2022-03-08): LOE

03/10/2022

1

A

CA

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217096926

438035641

XXX

24771033

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant xx (x) business days prior to consummation.

The Disclosure Tracking Summary shows the appraisal was provided[redacted].  The presumed date of receipt is[redacted]  The appraisal was not received by the borrower at least xx business days prior to consummation.

Reviewer Comment (2022-03-10): Proof of delivery received. Seller Comment (2022-03-08): LOE

03/10/2022

1

A

CA

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217096928

438035119

XXX

24772229

Credit

Guideline

Guideline Issue

Guideline

Two years of employment was not verified.

-

Borrower has not been S/E for full [redacted] years and there was no verification in file of same line of work. Per guidelines, if an applicant has less than [redacted] years' self-employment, a lesser history with a general minimum of one year may be acceptable provided the applicant has a minimum [redacted] year previous history in the same line of work.

The representative FICO score exceeds the guideline minimum by at least xx points.

Lender Exception provided with Comp Factors for Re-Grade and Waive.

Originator,Owner

Reviewer Comment (2022-02-24): Lender Exception provided with Comp Factors for Re-Grade and Waive. Seller Comment (2022-02-22): [Redact] [Redact]  - attached is the exception email Seller Comment (2022-02-22): [Redact] [Redact]  - attached is the exception form

02/24/2022

2

B

TX

Primary

Purchase

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217097801

438035544

XXX

24795930

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Reviewer Comment (2022-03-07): Received updated final 1003 and 1008 with correction of monthly mortgage expenses. Per CD, Loan is escrow with insurance, tax and flood insurance ([Redact]+[Redact]+[Redact] =[Redact]) + PI [Redact] + HOA [Redact] = [Redact]. All required docs are provided hence exception cleared. Seller Comment (2022-03-04): Good afternoon. See attached, thank you. Reviewer Comment (2022-03-03): Received Final CD for the property [Redact] reflects monthly payment of [Redact], however final 1003 reflects monthly payment of[Redact]. Also there is HOA amount [Redact] reflecting on appraisal report however, final 1003 does not have the amount included on it. Please provide explanation for the variance Exception remains. Seller Comment (2022-03-02): Good morning. Please refer to the attached final Closing Disclosure for [Redact]. Thank you. Reviewer Comment (2022-02-28): We are in receipt of the tax and insurance documents.  We still need the mortgage statement or Final CD as applicable. Seller Comment (2022-02-24): see attached docs for [Redact] Reviewer Comment (2022-02-24): Nothing received. Please forward the Mortgage Statement/HOI/Tax to verify the PITIA. Seller Comment (2022-02-21): see uw lox and reo docs Seller Comment (2022-02-18): see attached reo docs

03/07/2022

1

A

FL

Investment

Purchase

C

B

C

A

B

B

A

A

N/A

Exempt from ATR

No

217097801

438035544

XXX

24795933

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Reviewer Comment (2022-03-07): Client provided tax and insurance documents for [Redact] that match escrows from CD. Seller Comment (2022-03-04): Good afternoon. See attached, thank you. Reviewer Comment (2022-03-04): The Final CD shows a monthly payment of [Redact] (P&I [Redact] and Escrow [Redact]). There is a variance in Escrow payments of [Redact]. As per documents, monthly Taxes [Redact] + Insurance [Redact], Total [Redact]. Please provide HOA/evidence for the remaining [Redact]. Exception Remains. Seller Comment (2022-03-02): Good morning. Please refer to the attached final Closing Disclosure for [Redact]. Thank you. Reviewer Comment (2022-02-28): We are in receipt of the tax and insurance documents.  We still need the mortgage statement or Final CD as applicable. Seller Comment (2022-02-24): see attached docs for [Redact] Reviewer Comment (2022-02-24): The mortgage statement alluded in the correspondence was not received. Please forward the Mortgage Statement for[Redact]. Seller Comment (2022-02-21): see uw lox and reo docs Seller Comment (2022-02-18): see attached reo docs

03/07/2022

1

A

FL

Investment

Purchase

C

B

C

A

B

B

A

A

N/A

Exempt from ATR

No

217097801

438035544

XXX

24795936

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Reviewer Comment (2022-02-24): Signed Final CD received. Seller Comment (2022-02-21): see uw lox and reo docs

02/24/2022

1

A

FL

Investment

Purchase

C

B

C

A

B

B

A

A

N/A

Exempt from ATR

No

217097801

438035544

XXX

24795939

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Reviewer Comment (2022-02-24): Signed Final CD received. Seller Comment (2022-02-21): see uw lox and reo docs Seller Comment (2022-02-18): see attached reo docs

02/24/2022

1

A

FL

Investment

Purchase

C

B

C

A

B

B

A

A

N/A

Exempt from ATR

No

217097801

438035544

XXX

24795942

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Reviewer Comment (2022-03-04): Loan is currently in process for the property [Redact], hence received Loan Estimate reflecting monthly payment of [Redact], taxes and insurance escrowed. Exception cleared. Seller Comment (2022-03-02): Good afternoon. Please refer to the attached Loan Estimate. The borrower is currently in process with  [Redact]. The loan is not closing for 2 more weeks. The attached LE should be more than sufficient to show what the total PITI payment will be on this property. Thank you. Reviewer Comment (2022-02-28): We are in receipt of the tax and insurance documents.  We still need the mortgage statement or Final CD as applicable. Seller Comment (2022-02-28): Good morning. Please refer to the attached document to clear this condition, thank you. Reviewer Comment (2022-02-24): LE received. Pleased forward the Final signed CD or mortgage statement/HOI/Tax cert to verify the PITIA. Seller Comment (2022-02-21): see uw lox and reo docs

03/04/2022

1

A

FL

Investment

Purchase

C

B

C

A

B

B

A

A

N/A

Exempt from ATR

No

217097801

438035544

XXX

24828311

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Not Provided at or Before Closing (3-Day Waiver In File)

ECOA Valuations Rule (Dodd-Frank 2014): Borrower waived right to receive a copy of the appraisal at leas[redacted] business days prior to closing, and appraisal was not provided at or before closing.

Provide appraisal delivery document for Revised/Final Appraisal Report dated [redacted]

Reviewer Comment (2022-02-24): Seller Acknowledges Exception. Seller Comment (2022-02-18): Seller requests buyer review: EV2, please waive.

02/24/2022

2

B

FL

Investment

Purchase

C

B

C

A

B

B

A

A

N/A

Exempt from ATR

No

217097801

438035544

XXX

24828312

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant [redacted]business days prior to consummation.

Provide appraisal delivery document for secondary valuation.

Reviewer Comment (2022-02-24): Seller Acknowledges Exception. Seller Comment (2022-02-18): Seller requests buyer review: EV2, please waive.

02/24/2022

2

B

FL

Investment

Purchase

C

B

C

A

B

B

A

A

N/A

Exempt from ATR

No

217104296

438035638

XXX

24792256

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

- ___

Missing co-borrower's W2 for [redacted].

Borrowers made a down payment from their own funds on this purchase transaction of at least x% and $x,xxx.xx. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least x months. Borrower has worked in the same position for more than x years. Borrower has verified disposable income of at least $xxxx.xx. Borrower has been employed in the same industry for more than x years.

Residual Income [redacted] = [redacted] vs. actual of [redacted] Long Term Employment C1: [redacted] years

Owner Owner Owner Owner Owner,Originator

Reviewer Comment (2022-03-17): Rec'd approved Lender exception Seller Comment (2022-03-16): Exception request form Reviewer Comment (2022-03-11): We received [Redact] OK, but not the formal Lender Exception form with parameters and Comp Factors. Please forward the formal Lender Exception. Seller Comment (2022-03-09): Exception request form and exception approval. Reviewer Comment (2022-03-02): This exception is for the co-borrower's W2 for [Redact].  Document has not been provided.  The exception remains. Seller Comment (2022-03-01): paystub Seller Comment (2022-03-01): [Redact] transcripts, paystub, [Redact] 1099 & [Redact] transcripts Reviewer Comment (2022-03-01): The 1005 is not sufficient. Please forward the last 2 years W2's and W2 transcripts for the co-borrower. Seller Comment (2022-02-25): CB did not have the [Redact] w2 yet at time of closing. Will investor accept the WVOE in file with the [Redact] income figure

03/17/2022

2

B

WA

Primary

Purchase

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217104296

438035638

XXX

24792540

Credit

Guideline

Guideline Issue

Guideline

Loan does not meet minimum income documentation requirements.

-

The Gap Letter of Explanation does not contain specific dates as they relate to the employment gap between [redacted]and [redacted]  File is also missing VOEs for past employment with [redacted] and[redacted]

Reviewer Comment (2022-03-01): Received. Seller Comment (2022-02-25): Attached are the VOEs from XXXX and XXXX.  Please disregard the previous attachment and note. Seller Comment (2022-02-25): Please see the attached LOE again. it indicated the exact month and year. Since we have the VOEs too, do we really need to have the exact dates on the LOE? please clarify.

03/01/2022

1

A

WA

Primary

Purchase

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217104296

438035638

XXX

24792541

Credit

Guideline

Guideline Issue

Guideline

Missing required income documentation .

-

Per guidelines, documentation of receipt of year to date income via a check stub showing YTD income or bank statements showing receipt of YTD income is required.

Reviewer Comment (2022-03-01): [Redact] Bank Statement with deposits reflected received. Seller Comment (2022-02-25): Attached is the XXXX I have showing receipt of income from [Redact] and [Redact].

03/01/2022

1

A

WA

Primary

Purchase

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217104296

438035638

XXX

24792542

Credit

Guideline

Guideline Issue

Guideline

Two years of employment was not verified.

-

The VVOE shows a CPA Letter was used to verify borrower's employment.  The CPA letter was not found in the file.  Provide CPA Letter, Business License or equivalent document showing a minimum employment history [redacted]to years.

Reviewer Comment (2022-03-01): CPA Letter received. Seller Comment (2022-02-25): CPA Letter

03/01/2022

1

A

WA

Primary

Purchase

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217104296

438035638

XXX

24832991

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Missing 1099 Transcripts for [redacted] and [redacted] for borrower.

Reviewer Comment (2022-03-11): Received the [Redact] 1099 for the borrower and the [Redact] 1099 no results document Seller Comment (2022-03-09): Exception request form and exception approval. Reviewer Comment (2022-03-02): The Wage and Income Transcript for [Redact] shows "No record of return filed."  The exception for the [Redact] transcript remains. Seller Comment (2022-03-01): [Redact] 1099 and transcript Reviewer Comment (2022-03-01): Received the [Redact] 1099 Transcript. Please forward the [Redact] 1099 Transcript. Seller Comment (2022-02-25): [Redact] Transcripts

03/11/2022

1

A

WA

Primary

Purchase

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217104296

438035638

XXX

24835351

Credit

Missing Document

General

Missing Document

Missing Document: Explanation Letter not provided

Letter of explanation for gap in employment does not contain specific dates as they relate to the employment gap between [redacted]to[redacted].  The gap letter needs to state the gap period.

Reviewer Comment (2022-03-01): Received. Seller Comment (2022-02-25): Please see the attached LOE again. it indicated the exact month and year. Since we have the VOEs too, do we really need to have the exact dates on the LOE? please clarify.

03/01/2022

1

A

WA

Primary

Purchase

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217104303

438035106

XXX

24792477

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Reviewer Comment (2022-02-25): UW Income Analysis Worksheet provided. Exception cleared. Seller Comment (2022-02-23): [Redact] [Redact] - Income worksheet  for review

02/25/2022

1

A

OK

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217104303

438035106

XXX

24792525

Compliance

Loan Package Documentation

Application / Processing

Missing, Incorrect, or Incomplete Final or Initial 1003

Missing Document: Missing Lender's Initial 1003

Reviewer Comment (2022-03-02): Received Initial 1003 on [Redact], Exception Cleared Seller Comment (2022-03-01): [Redact] [Redact] -  initial 1003 was submitted  on [Redact]  -  see attached initial 1003 (page 1 Self Income shows $[Redact]) Seller Comment (2022-03-01): [Redact] [Redact] - initial 1003 Reviewer Comment (2022-02-25): Initial URLA / 1003 not included with UW Income Analysis Worksheet. Exception remains. Seller Comment (2022-02-23): [Redact] [Redact]  - initial URLA / 1003 for review

03/02/2022

1

A

OK

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217104303

438035106

XXX

24793716

Compliance

Compliance

State Compliance

State HPML

(State HPML) Oklahoma Higher-Priced Mortgage Loan (APR Exceeds HPML Threshold)

xxxx Higher-Priced Mortgage Loan: APR on subject loan of[redacted]% or Final Disclosure APR of [redacted] is in excess of allowable threshold of APOR[redacted], or [redacted].  Compliant Higher Priced Loan.

Reviewer Comment (2022-03-15): Seller acknowledges the exception Seller Comment (2022-03-11): [Redact] [Redact] -sent to investor -  Please waive the exception with no grade change" Seller Comment (2022-03-10): [Redact]  please clear condition thank you XXXX Seller Comment (2022-03-10): [Redact] [Redact] - sent to investor -  This is an HPML loan, is their another condition that goes with this? please advise -

03/15/2022

2

B

OK

Primary

Purchase

No obvious cure

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217104303

438035106

XXX

24793718

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Ten Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Ten Percent Fee Tolerance exceeded. Total amount of[redacted] exceeds tolerance of [redacted] plus[redacted]% or [redacted].  Insufficient or no cure was provided to the borrower.

No cure or changed circumstance provided.

Reviewer Comment (2022-03-07): [Redact] received PCCD, LOE, proof of mailing & copy of refund check. Seller Comment (2022-03-03): [Redact] [Redact] - see attached  Check for[Redact] Seller Comment (2022-03-03): [Redact] [Redact] -  see attached   UPS Label Seller Comment (2022-03-03): [Redact] [Redact] -  see attached PCCD Reviewer Comment (2022-02-25): [Redact] upon further review as Title - closing fee provider is selected from sspl, the title - closing fee and recording fee will come under 10% tolerance and title- closing fee increased from [Redact] on LE to [Redact] on CD therefore we require cure of [Redact]. Please provide cure docs or valid COC for the same. Seller Comment (2022-02-25): [Redact] [Redact] - Please clarify what fees changed from the LE to the CD that  show a 10% cure of [Redact]

03/07/2022

2

B

OK

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

217104307

438035103

XXX

24796182

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of [redacted] or Final Disclosure APR of[redacted]% is in excess of allowable threshold of APOR [redacted][redacted], or[redacted].  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-04-01): HPML Compliant. Seller Comment (2022-03-30): [Redact] [Redact] - please review - and clear - thank you --- [Redact] received lender attestation that office was closed [Redact], XXXX after [Redact] holiday and not to be included in business days timing. Reviewer Comment (2022-03-23): XXXX [Redact] is not counted as a Federal holiday; exception remains. Seller Comment (2022-03-21): [Redact] [Redact] - The RTC does not need to be resigned by the borrower, we only need to prove one was provided.

04/01/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217104307

438035103

XXX

24796183

Compliance

Compliance

Federal Compliance

RESPA

RESPA Disclosure - Affiliated Business Arrangement Disclosure Not Provided Within 3 Business Days of Application

RESPA Disclosure Rule: Creditor did not provide Affiliated Business Arrangement Disclosure to applicant within [redacted]business days of application.

The Initial 1003 is signed by the Loan Officer on [redacted].  The ABA Disclosure was not provided to borrowers until [redacted]

Reviewer Comment (2022-03-04): Application date of [Redact] (day before [Redact]) is three business days prior to [Redact] excluding [Redact] and the day after [Redact] XXXX) and XXXX/XXXX (2 non-business/weekend days), which meets the three day RESPA requirement. Exception cleared. Seller Comment (2022-03-02): [Redact] [Redact] - The application was taken on [Redact] (We have three business days to send out to borrower) [Redact]  Wednesday (the day before [Redact]) [Redact] Closed (Not business day) [Redact] Closed (Not Business day) [Redact] Open for business  Day1 [Redact] Open for business  Day2 [Redact] Open for business  Day3 Please find the Homeownership Counselling Organizations on pg. 16 of the above attachment (Delivered withing three days of application)

03/04/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217104307

438035103

XXX

24796185

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Loan Estimate Timing Electronically Provided

TILA-RESPA Integrated Disclosure: Loan Estimate not delivered or placed in the mail to Borrower(s) within[redacted] business days of application.

The Initial 1003 is signed by the Loan Officer on [redacted].  The Initial LE was not issued until [redacted].

Reviewer Comment (2022-03-23): [Redact] received attestation confirming their offices were closed on XXXX and XXXX, which is on [Redact] and [Redact] therefore the 3rd business day would be [Redact] which is within three business days of initial application. Seller Comment (2022-03-22): [Redact] [Redact] -  see attachment  The [Redact]is the date the application was taken It is pulling on the 1003 but is not the date LO signed The Loan Officer Signed the LE on [Redact] Note: [Redact] was the day before [Redact]- Wednesday.  ([Redact] closed on  [Redact])             Disclosures were issued on [Redact]   3rd compliant Day to execute

03/23/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217104307

438035103

XXX

24796219

Compliance

Compliance

Federal Compliance

TRID

TRID Appraisal Disclosure - ECOA Timing

ECOA - File does not evidence the consumer was provided with the right to receive a copy of the Appraisal Disclosure within[redacted] days of the loan application date.

The Initial 1003 is signed by the Loan Officer on [redacted].  The Initial LE with the required Right to Receive Appraisal language was not issued until [redacted]

Reviewer Comment (2022-03-29): [Redact] received lender attestation that office was clossed [Redact], XXXX after [Redact] holiday and not to be included in business days timing. Reviewer Comment (2022-03-23): XXXX [Redact] is not counted as a Federal holiday; exception remains.

03/29/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217104307

438035103

XXX

24796220

Compliance

Compliance

Federal Compliance

TRID

TRID Appraisal Disclosure - HPML Timing

HPML - File does not evidence the consumer was provided with the right to receive a copy of the Appraisal Disclosure within[redacted] days of the loan application date.

The Initial 1003 is signed by the Loan Officer on [redacted].  The Initial LE with the required Right to Receive Appraisal language was not issued until [redacted].

Reviewer Comment (2022-03-29): [Redact] received lender attestation that office was clossed [Redact], XXXX after [Redact] holiday and not to be included in business days timing. Reviewer Comment (2022-03-23): XXXX [Redact] is not counted as a Federal holiday; exception remains.

03/29/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217104307

438035103

XXX

24796221

Compliance

Compliance

Federal Compliance

RESPA

RESPA Disclosure - List of Homeownership Counseling Organizations Not Provided Within 3 Business Days of Application

RESPA Disclosure Rule (Dodd-Frank 2014): List of Homeownership Counseling Organizations not provided to applicant within[redacted] business days of application.

The Initial 1003 is signed by the Loan Officer on [redacted].  The List of Counseling Agencies was not provided to borrowers until [redacted].

Reviewer Comment (2022-03-04): Application date of [Redact] (day before [Redact]) is three business days prior to [Redact] excluding [Redact] and the day after [Redact] (XXXX) and XXXX/XXXX (2 non-business/weekend days), which meets the three day RESPA requirement. Exception cleared. Seller Comment (2022-03-02): [Redact] [Redact] - The application was taken on [Redact] (We have three business days to send out to borrower) [Redact]  Wednesday (the day before [Redact]) [Redact] Closed (Not business day) [Redact] Closed (Not Business day) [Redact] Open for business  Day1 [Redact] Open for business  Day2 [Redact] Open for business  Day3 Please find the Homeownership Counselling Organizations on pg. 16 of the above attachment (Delivered withing three days of application)

03/04/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217104307

438035103

XXX

25133649

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Loan Estimate Timing

TILA-RESPA Integrated Disclosure: Loan Estimate not delivered or placed in the mail to Borrower(s) within[redacted] business days of application.

Disclosure tracking (D30) indicates LE was mailed on [redacted] and was electronically provided on [redacted], however, Borrower did not e-consent until [redacted].

Reviewer Comment (2022-03-29): [Redact] received lender attestation on holiday. Seller Comment (2022-03-25): [Redact] [Redact] - Rebuttal to Comment dated [Redact]: According CFPB guidelines the lender must provide A Loan Estimate to the borrower within three business days of receiving application XXXX was not a federal holiday but [Redact] was closed for business, thus day cannot be counted As a business day.   https://www.consumerfinance.gov/ask-cfpb/what-is-a-loan-estimate-en-XX95/ Reviewer Comment (2022-03-23): XXXX [Redact] is not counted as a Federal holiday; exception remains.

03/29/2022

1

A

CA

Primary

Refinance - Cash-out - Other

No Defined Cure

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217104310

438035099

XXX

24801260

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Finance Charge

TILA-RESPA Integrated Disclosure - Loan Calculations: Final Closing Disclosure provided on [redacted] disclosed an inaccurate Finance Charge on page 5 that does not match the actual Finance Charge for the loan (fee amounts included in Finance Charge calculation are based on Closing Disclosure dated [redacted]).

The Calculated Finance Charge is[redacted].  The Finance Charge that was disclosed on the Final CD is [redacted].  The Finance Charge was under-disclosed by [redacted].

Reviewer Comment (2022-03-14): [Redact] received Letter of Explanation, Copy of cure refund, proof of mailing & Corrected Closing Disclosure. Seller Comment (2022-03-10): [Redact] [Redact] - Investment properties do not have a RTC.  Please clear this condition. Reviewer Comment (2022-03-04): [Redact] received PCCD, LOE, refund check, and proof of mailing. Please re open rescission with proof of delivery to cure. Seller Comment (2022-03-02): [Redact] [Redact] - The attached PCCD, copy of the check and proof of delivery should cover all 3 conditions

03/14/2022

2

B

HI

Investment

Refinance - Cash-out - Other

TILA Material Disclosure Cure - Provide the following: Letter of Explanation, Proof of Delivery, Refund check for underdisclosed amount, Corrected CD, and Re-open Rescission if Applicable

C

B

C

A

C

B

A

A

N/A

Non QM

Yes

217104310

438035099

XXX

24801261

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Total Of Payments

TILA-RESPA Integrated Disclosure - Loan Calculations: Final Closing Disclosure provided on [redacted] disclosed an inaccurate Total of Payments on page 5 that does not match the actual total of payments for the loan (fee amounts included in TOP calculation are based on Closing Disclosure dated [redacted]).

The Calculated Total of Payments is [redacted]  The Total of Payments disclosed on the Final CD is [redacted].  The variance is[redacted].

Reviewer Comment (2022-03-14): [Redact] received Letter of Explanation, Copy of cure refund, proof of mailing & Corrected Closing Disclosure. Seller Comment (2022-03-10): [Redact] [Redact] - Investment properties do not have a RTC.  Please clear this condition. Reviewer Comment (2022-03-04): [Redact] received PCCD, LOE, refund check, and proof of mailing. Please re open rescission with proof of delivery to cure. Seller Comment (2022-03-02): [Redact] [Redact] - The attached PCCD, copy of the check and proof of delivery should cover all 3 conditions

03/14/2022

2

B

HI

Investment

Refinance - Cash-out - Other

TILA Material Disclosure Cure - Provide the following: Letter of Explanation, Proof of Delivery, Refund check for underdisclosed equivalent amount, Corrected CD, and Re-open Rescission if Applicable

C

B

C

A

C

B

A

A

N/A

Non QM

Yes

217104310

438035099

XXX

24801262

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: [redacted]Percent Fee Tolerance exceeded for Loan Discount Points.  Fee Amount of [redacted] exceeds tolerance o[redacted].  Insufficient or no cure was provided to the borrower.

The Loan Discount Fee of increased from [redacted] to [redacted].  There is no Lender Cure on the Final CD nor is there a valid Change of Circumstance in the file to support the increase in this fee.  Provide a copy of a valid CoC or a PCCD, copy of refund check, copy of letter of explanation to the borrower and proof of delivery.

Reviewer Comment (2022-03-03): [Redact] Received PCCD, LOE, Refund Check and Proof of Mailing. Seller Comment (2022-03-02): [Redact] [Redact] - The attached PCCD, copy of the check and proof of delivery should cover all 3 conditions

03/03/2022

2

B

HI

Investment

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

A

C

B

A

A

N/A

Non QM

Yes

217104310

438035099

XXX

24803959

Credit

Insurance

Insurance Analysis

Insurance

Insufficient Coverage: Hazard insurance coverage amount is insufficient.

Hazard insurance policy dwelling coverage is[redacted], which is insufficient. The replacement cost estimate is [redacted]. Provide an updated policy providing sufficient coverage.

Reviewer Comment (2022-02-25): Certificate of Liability Insurance Certificate states coverage includes Replacement Cost which meets guidelines. Seller Comment (2022-02-23): Ø See attached: The HOI policy for the subject property, [Redact] states "includes replacement cost". The guidelines state that "replacement cost coverage or similar verbiage as stated in the declarations page" is acceptable.  Attached for informational purposes only - ** Please note the Replacement Cost Estimator noted in the reviewers comments for $[Redact] is for a different loan #[Redact].  The RCE is for that loan, property,[Redact]. Seller Comment (2022-02-23): [Redact] - [Redact] - Ø See attached: The HOI policy for the subject property, [Redact] states "includes replacement cost". The guidelines state that "replacement cost coverage or similar verbiage as stated in the declarations page" is acceptable.  Attached for informational purposes only - ** Please note the Replacement Cost Estimator noted in the reviewers comments for $[Redact] is for a different loan [Redact].  The RCE is for that loan, property,[Redact].

02/25/2022

1

A

HI

Investment

Refinance - Cash-out - Other

C

B

C

A

C

B

A

A

N/A

Non QM

No

217104314

438035117

XXX

24796575

Property

Property - Appraisal

Appraisal Data Integrity

Property - Appraisal

Appraiser's license or certification was not active at the time of the appraisal.

-

Reviewer Comment (2022-02-28): Renewal received Seller Comment (2022-02-24): [Redact] [Redact] - See attached: Department of Consumer Affairs. Appraiser license was renewed and valid until [Redact]

02/28/2022

1

A

CA

Primary

Purchase

C

A

A

A

C

A

C

A

Non QM

Non QM

No

217104314

438035117

XXX

24797130

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Compliance Audit / Quality Control Fee.  Fee Amount of[redacted] exceeds tolerance of[redacted].  Insufficient or no cure was provided to the borrower.

No valid change of circumstance or cure for borrower provided.

Reviewer Comment (2022-03-01): [Redact] has received true & certified Final SS. Seller Comment (2022-02-28): [Redact] [Redact] - CTC of settlement statement Reviewer Comment (2022-02-25): [Redact] has received corrected PCCD reflecting reduced charges, however, the final settlement statement provided is not signed. Kindly provide a true and certified copy of the FSS in order to clear the exception. Seller Comment (2022-02-24): [Redact] [Redact] -  settlement statement reflecting $XXX fee was not charged. Seller Comment (2022-02-24): [Redact] [Redact] - PCCD  reflecting $XXX fee was not charged.

03/01/2022

1

A

CA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

A

A

C

A

C

A

Non QM

Non QM

Yes

217104393

438035632

XXX

24807148

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Non Escrowed Property Costs Year 1

TILA-RESPA Integrated Disclosure - Loan Disclosures: Final Closing Disclosure provided on [redacted] did not disclose Amount of Non-Escrowed Property Costs over Year 1

The Purchase Contract and the appraisal show HOA dues in the amount of[redacted]per year.  The Final CD does not show HOA dues included in the Estimated Taxes, Insurance and Assessments on page 1 or Non-Escrowed Property Costs over Year 1 on page 4.  If there are no HOA dues, provide a corrected appraisal.  If there are HOA dues, provide PCCD, letter of explanation and proof of delivery.

Reviewer Comment (2022-03-02): [Redact] received a PCCD correcting non escrowed property costs and LOE. Seller Comment (2022-03-01): PCD and LOE

03/02/2022

2

B

FL

Second Home

Purchase

Letter of Explanation & Corrected Closing Disclosure

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

217104393

438035632

XXX

24858843

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant [redacted] business days prior to consummation.

Disclosure Tracking Summary shows appraisal was provided[redacted] The presumed date of receipt is[redacted] The appraisal was not received by the borrower at least xx business days prior to consummation.

Reviewer Comment (2022-03-04): Seller acknowledges exception. Seller Comment (2022-03-03): Seller requests buyer review: Level II condition please waive and clear file Reviewer Comment (2022-03-02): The receipt of appraisal documentation was for a different property. Please resend the correct document. Seller Comment (2022-02-28): Appr Proof

03/04/2022

2

B

FL

Second Home

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

217104402

438035260

XXX

24804110

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

Reviewer Comment (2022-03-04): Received CDA on [Redact], Exception Cleared Seller Comment (2022-03-02): CDA

03/04/2022

1

A

NJ

Primary

Refinance - Cash-out - Other

D

A

A

A

C

A

D

A

Non QM

Non QM

No

217104402

438035260

XXX

24804352

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Finance Charge

TILA-RESPA Integrated Disclosure - Loan Calculations: Final Closing Disclosure provided on[redacted] disclosed an inaccurate Finance Charge on page 5 that does not match the actual Finance Charge for the loan (fee amounts included in Finance Charge calculation are based on Closing Disclosure dated[redacted]

The finance charges are under-disclosed by[redacted]. Title-Judgment Fee paid to XXXX not included in Prepaid Finance charge per compliance report.

Reviewer Comment (2022-03-04): [Redact] received PCCD within 60 days of consummation correcting fees. Seller Comment (2022-03-02): PCCD

03/04/2022

1

A

NJ

Primary

Refinance - Cash-out - Other

TILA Material Disclosure Cure - Provide the following: Letter of Explanation, Proof of Delivery, Refund check for underdisclosed amount, Corrected CD, and Re-open Rescission if Applicable

D

A

A

A

C

A

D

A

Non QM

Non QM

Yes

217108644

438035453

XXX

24807010

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Note Addendum - Prepayment not provided

Please forward the Note Prepayment Addendum.

Reviewer Comment (2022-03-07): Received and associated Note Addendum - Prepayment. Exception cleared. Seller Comment (2022-03-04): • Prepayment Addendum to the Note

03/07/2022

1

A

CA

Investment

Purchase

C

A

C

A

A

A

N/A

Yes

217108645

438035454

XXX

24807396

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Fraud Report not provided

Please provide the fraud report.

Reviewer Comment (2022-03-01): Received Fraud report. Exception Cleared. Seller Comment (2022-02-26): • Data Verify/Fraud Report

03/01/2022

1

A

CA

Investment

Refinance - Cash-out - Other

C

B

C

B

A

A

N/A

No

217108645

438035454

XXX

24807946

Credit

Borrower and Mortgage Eligibility

Mortgage / Program Eligibility

Borrower and Mortgage Eligibility

Guideline Requirement: Loan to value discrepancy.

Calculated loan to value percentage of ___ exceeds Guideline loan to value percentage of ___.

There is a LTV lender exception in the loan file.

Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least x months. The qualifying DSCR on the loan is greater than the guideline minimum. Borrower has a clean housing payment history

The DSCR of [redacted] is greater than the minimum required DSCR of [redacted]. Housing payment history clean for [redacted] months

Owner Owner Originator

Reviewer Comment (2022-02-22): Lender Exception with Comp Factors provided for regrade and waive.

02/22/2022

2

B

CA

Investment

Refinance - Cash-out - Other

C

B

C

B

A

A

N/A

No

217108645

438035454

XXX

24807947

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: Combined loan to value discrepancy.

Calculated combined loan to value percentage of ___ exceeds Guideline combined loan to value percentage of ___.

There is a CLTV lender exception in the loan file.

Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least x months. The qualifying DSCR on the loan is greater than the guideline minimum. Borrower has a clean housing payment history

The DSCR of [redacted] is greater than the minimum required DSCR of [redacted]. Housing payment history clean for [redacted] months

Owner Owner Originator

Reviewer Comment (2022-02-22): Lender Exception with Comp Factors provided for regrade and waive.

02/22/2022

2

B

CA

Investment

Refinance - Cash-out - Other

C

B

C

B

A

A

N/A

No

217112771

438035457

XXX

24805227

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Note Addendum - Prepayment not provided

Please provide the prepayment addendum to the note.

Reviewer Comment (2022-03-07): Received and associated Note Addendum - Prepayment . Exception Cleared. Reviewer Comment (2022-03-04): Waiting for the documents to be uploaded. Seller Comment (2022-03-03): • Prepayment Addendum to the Note

03/07/2022

1

A

CA

Investment

Purchase

C

A

C

A

A

A

N/A

Yes

217112772

438035465

XXX

24807236

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Business Purpose Certificate not provided

Please provide signed Business Purpose Certificate.

Reviewer Comment (2022-03-07): Received Business Purpose Certificate dated and signed by the borrower and document associated. Exception cleared. Reviewer Comment (2022-03-04): Documents are not received. Awaiting for documents to be uploaded. Exception remains. Seller Comment (2022-03-03): • Borrower Affidavit - Certification of Business Purpose

03/07/2022

1

A

FL

Investment

Purchase

C

A

C

A

A

A

N/A

No

217114046

438035249

XXX

24809649

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Fraud Report not provided

Please provide the fraud report.

Reviewer Comment (2022-02-22): Fraud Report received and all red flags addressed. Exception cleared. Seller Comment (2022-02-19): Fraud Report provided.

02/22/2022

1

A

TX

Investment

Purchase

D

A

C

A

D

A

N/A

No

217114046

438035249

XXX

24809675

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Background Check not provided

Please provide the fraud report containing the background check.

Reviewer Comment (2022-03-04): XXXX finding reported dated X/X/XX received. Exception cleared. Seller Comment (2022-03-02): Please disregard the Fraud report .Wrong upload. Seller Comment (2022-03-02): Fraud report

03/04/2022

1

A

TX

Investment

Purchase

D

A

C

A

D

A

N/A

No

217114046

438035249

XXX

24809705

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

Please provide the secondary valuation as required.

Reviewer Comment (2022-04-04): Received CDA on XX/XX/XX, Exception Cleared Seller Comment (2022-04-01): CDA uploaded Reviewer Comment (2022-03-30): Received duplicate copy of appraisal, Please provide Desk Review or secondary appraisal to clear this exception hence Exception remains. Seller Comment (2022-03-29): 2nd review appraisal. Reviewer Comment (2022-03-08): Please provide Desk Review or secondary appraisal . AVM is not acceptable document. Exception remains. Seller Comment (2022-03-07): XXXX AVM provided. Reviewer Comment (2022-03-04): FNMA UCDP CU Score is XXX and FHLMC UCDP findings state not eligible. Secondary valuation as required based on FNMA/FHLMC UCDP results. Provide secondary valuation. Exception remains. Seller Comment (2022-03-04): SSR

04/04/2022

1

A

TX

Investment

Purchase

D

A

C

A

D

A

N/A

No

217114053

438035472

XXX

24808140

Credit

Missing Document

General

Missing Document

Missing Document: Bank Statements - Business not provided

Business bank statements for [redacted] are missing for the following months: [redacted] and [redacted] thru [redacted]. the statement included in the file for [redacted] is a  [redacted] statement for acct [redacted], which does not reflect the same total deposits and ineligible deposits entered by the UW on the the income analysis worksheet. Provide the correct statement(s) for [redacted] XXXX supporting the amounts on the worksheet

Reviewer Comment (2022-03-22): Received. Seller Comment (2022-03-18): See submission for other conditions

03/22/2022

1

A

AZ

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

A

A

N/A

Exempt from ATR

No

217114053

438035472

XXX

24808143

Credit

Missing Document

General

Missing Document

Missing Document: Bank Statements - Business not provided

Business bank statements for[redacted] are missing for the following months: [redacted] and [redacted] thru [redacted]. the statement included in the file for [redacted] is a  [redacted] statement for acct [redacted], which does not reflect the same total deposits and ineligible deposits entered by the UW on the the income analysis worksheet. Provide the correct statement(s) for [redacted] supporting the amounts on the worksheet

Reviewer Comment (2022-03-22): Received. Seller Comment (2022-03-18): XXXX [Redact] Seller Comment (2022-03-18): [Redact] [Redact] Seller Comment (2022-03-18): • Updated income analysis worksheet reflecting all 3 bank acct numbers used for qualifying

03/22/2022

1

A

AZ

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

A

A

N/A

Exempt from ATR

No

217114053

438035472

XXX

24808422

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Business bank statements for [redacted] are missing for the following months:[redacted]. the statement included in the file for [redacted] XXXX is a  [redacted] statement for acct[redacted], which does not reflect the same total deposits and ineligible deposits entered by the UW on the the income analysis worksheet. Provide the correct statement(s) for [redacted] XXXX supporting the amounts on the worksheet

Reviewer Comment (2022-03-22): Received. Seller Comment (2022-03-18): XXXX [Redact] Seller Comment (2022-03-18): [Redact] [Redact] Seller Comment (2022-03-18): • [Redact] [Redact], [Redact] [Redact], [Redact] [Redact], XXXX [Redact], and [Redact] [Redact] XXXX supporting the income on the income analysis worksheet Seller Comment (2022-03-18): • Updated income analysis worksheet reflecting all 3 bank acct numbers used for qualifying

03/22/2022

1

A

AZ

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

A

A

N/A

Exempt from ATR

No

217117513

438035554

XXX

24810750

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of[redacted]or Final Disclosure APR o[redacted] is in excess of allowable threshold of APOR[redacted] or [redacted].  Non-Compliant Higher Priced Mortgage Loan.

APR on subject loan of[redacted] or Final Disclosure APR of [redacted] is in excess of allowable threshold of APOR [redacted], or [redacted]. Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-03-01): HPML Compliant.

03/01/2022

1

A

CT

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

217117513

438035554

XXX

24810751

Compliance

Compliance

State Compliance

State HPML

(State HPML) Connecticut Non-Prime Home Loan (APR Exceeds Non-Prime Threshold)

xxxx Non-Prime Home Loan: APR on subject loan of[redacted] or Final Disclosure APR of[redacted] is in excess of allowable threshold of APOR[redacted] or[redacted].  Non-Compliant Loan.

: APR on subject loan of[redacted] or Final Disclosure APR of[redacted] is in excess of allowable threshold of APOR [redacted], or [redacted]. Non-Compliant Loan.

Reviewer Comment (2022-04-08): Seller Acknowledges Exception. Seller Comment (2022-02-25): Seller requests buyer review: Grade 2

04/08/2022

2

B

CT

Primary

Purchase

Within 90 days of closing, and prior to the commencement of any action against a lender, the borrower is notified of the violation and the lender makes appropriate restitution by either: (a) making the nonprime home loan comply with the applicable provisions of the law; or (b) changing the terms of the mortgage in a manner beneficial to the borrower so that the mortgage will no longer be considered a nonprime home loan; Provide: Letter of Explanation and either:  For option (a), proof of cure for each of the prohibited practice violations noted; or For option (b), a copy of refund check and proof of mailing. OR (Narrow Defense - CHD Approval Required)  The lender is able to show by a preponderance of evidence (no timeframe noted) that the compliance failure was not intentional and resulted from a bona fide error notwithstanding the maintenance of procedures reasonably adapted to avoid such errors.  Provide:  (1) Lender Attestation to AMC attesting (i) the failure was not intentional and was a bona fide error notwithstanding procedures in place to prevent such loans from being made and (ii) the lender has not received any notice from borrower of the failure; (2) refund of amount over the Non-Prime Home Loan  threshold maximum; and (3) proof of delivery. OR The lender and borrower otherwise reach a mutual agreement on an appropriate remedy or curative action.

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

217117513

438035554

XXX

24810777

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (1st Lien, Escrow Not Established)

Federal Higher-Priced Mortgage Loan (2013): Mandatory escrow account not established on 1st lien mortgage loan.

Reviewer Comment (2022-03-01): HOI covered through walls in master policy.  Property taxes are escrowed.  Exception cleared. Seller Comment (2022-02-25): Please see the initial escrow disclosure on D0131. There is an escrow account.

03/01/2022

1

A

CT

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

217117513

438035554

XXX

24810778

Compliance

Compliance

State Compliance

State HPML

(State HPML Provision) Connecticut Non-Prime Home Loan (Escrow Not Established)

xxxx Non-Prime Home Loan (xxxx): Escrow Account not established on first lien mortgage for payment of taxes and insurance.

Reviewer Comment (2022-04-08): Seller Acknowledges Exception. Seller Comment (2022-02-25): Seller requests buyer review: Grade 2

04/08/2022

2

B

CT

Primary

Purchase

See any available cure under the Connecticut Non-Prime Home Loan threshold exception.

C

B

A

A

C

B

A

A

Non QM

Non QM

No

217117513

438035554

XXX

24810784

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of[redacted] exceeds tolerance of[redacted].  Sufficient or excess cure was provided to the borrower at Closing.

The lender provided a cure of[redacted] for the appraisal fee

Reviewer Comment (2022-02-16): Sufficient Cure Provided At Closing

02/16/2022

1

A

CT

Primary

Purchase

Final CD evidences Cure

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

217117513

438035554

XXX

24879622

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant xx (x) business days prior to consummation.

There is an appraisal delivery document in the file dated [redacted].  We do not have the associated appraisal report.  Provide an appraisal delivery document for the Revised/Final appraisal report dated [redacted].

Reviewer Comment (2022-03-01): Updated appraisal docs provided. Seller Comment (2022-02-25): Seller requests buyer review: Grade 2

03/01/2022

1

A

CT

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

217117513

438035554

XXX

24879623

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Appraisal Not Obtained Timely)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Appraisal not obtained prior to consummation.

There is an appraisal delivery document in the file dated [redacted] We do not have the associated appraisal report.  Provide an appraisal delivery document for the Revised/Final appraisal report dated [redacted]

Reviewer Comment (2022-03-01): Original appraisal provided. Seller Comment (2022-02-25): Please see the attached original appraisal

03/01/2022

1

A

CT

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

217117513

438035554

XXX

24879624

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant[redacted]business days prior to consummation.

There is an appraisal delivery document in the file dated [redacted].  We do not have the associated appraisal report.  Provide an appraisal delivery document for the Revised/Final appraisal report dated [redacted].

Reviewer Comment (2022-03-01): Updated appraisal docs provided. Seller Comment (2022-02-25): Please see attached proof of appraisal delivery

03/01/2022

1

A

CT

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

217117614

438035547

XXX

24818217

Credit

Guideline

Guideline Issue

Guideline

Loan does not meet minimum income documentation requirements.

-

WVOE for [redacted] is dated[redacted].  Per guidelines, a VOE is required within[redacted] business days of the Note.

Reviewer Comment (2022-03-01): Received. Seller Comment (2022-02-25): Good afternoon. Please refer to the attached verification of employment, dated [Redact]. The loan closed on [Redact]. The employment verification is dated within ten days of the note date. Thank you.

03/01/2022

1

A

FL

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217117614

438035547

XXX

24880127

Credit

Income / Employment

Income Documentation

Income / Employment

Verification(s) of employment is not within 10 business days of the Note.

-

WVOE for [redacted] is dated [redacted]  Per guidelines, a VOE is required within[redacted]business days of the Note.

Reviewer Comment (2022-03-01): Received. Seller Comment (2022-02-25): Good afternoon. Please refer to the attached verification of employment, dated [Redact]. The loan closed on [Redact]. The employment verification is dated within ten days of the note date. Thank you.

03/01/2022

1

A

FL

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217117614

438035547

XXX

24880128

Credit

Income / Employment

Income Documentation

Income / Employment

Verification(s) of employment is not within 10 business days of the Note.

-

Verification of employment for[redacted] is dated[redacted].  Per guidelines, VOE must be obtained within ten business days of the Note.

Reviewer Comment (2022-03-01): Received. Seller Comment (2022-02-25): Good afternoon. Please refer to the attached verification of employment, dated [Redact]. The loan closed on [Redact]. The employment verification is dated within ten days of the note date. Thank you.

03/01/2022

1

A

FL

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217117710

438035265

XXX

24828801

Credit

Hazard Insurance

Insufficient Coverage

Hazard Insurance

The Hazard Insurance Policy effective date is after the funds disbursed.

Hazard Insurance Policy Effective Date ___; Disbursement Date: ___; Note Date: ___; Transaction Date: ___

Hazard  insurance policy effective date is [redacted] which is after the disbursement date of [redacted]. Therefore, the policy was not in effect at time of consummation. Provide updated insurance policy effective date on or before [redacted].

Reviewer Comment (2022-02-25): Insurance declarations page provided with adjusted effective date of [Redact]. Loan disbursed [Redact]. Exception cleared. Seller Comment (2022-02-23): Uploaded PCCD Seller Comment (2022-02-23): Uploaded Revised HOI effective date of [Redact]

02/25/2022

1

A

CA

Investment

Purchase

C

A

C

A

A

A

N/A

No

217121274

438035224

XXX

24818330

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Missing Final 1003

Please provide signed final 1003.

Reviewer Comment (2022-03-21): Signed final 1003 received. Exception cleared Seller Comment (2022-03-17): Final 1003 attached

03/21/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

B

C

B

A

A

N/A

No

217121274

438035224

XXX

24818386

Credit

Missing Document

General

Missing Document

Missing Document: Verification of Non-US Citizen Status not provided

Missing verification of  XXXX  status.

Reviewer Comment (2022-03-23): Received VISA and Passport to Verify the Non-US Citizen Status. Condition Cleared. Seller Comment (2022-03-22): [Redact] Visa attached

03/23/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

B

C

B

A

A

N/A

No

217121274

438035224

XXX

24818542

Credit

Borrower and Mortgage Eligibility

Credit Eligibility

Borrower and Mortgage Eligibility

Non-permanent Resident Aliens or Foreign Nationals are considered on a case by case basis.  Confirm residency requirements with Investor Guidelines.

-

Missing verification of  XXXX  status.

Reviewer Comment (2022-03-22): Seller acknowledges exception.

03/22/2022

2

B

FL

Investment

Refinance - Cash-out - Other

C

B

C

B

A

A

N/A

No

217121274

438035224

XXX

24818551

Credit

Business Purpose

General

Business Purpose

Verification of Borrower's identity is missing.

-

Missing verification of  XXXX  status.  Photo ID was not provided in file.

Reviewer Comment (2022-03-23): Received VISA and Passport with photograph and signature. Condition Cleared.

03/23/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

B

C

B

A

A

N/A

No

217121657

438035185

XXX

24823862

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Note Addendum - Prepayment not provided

Promissory Note Section 3(d) states "prepayment note addendum attached", however the prepayment addendum is not included in the file. Provide prepayment addendum executed by the Borrowers.

Reviewer Comment (2022-04-04): Received prepayment note addendum with the borrower name correction. Exception cleared Seller Comment (2022-04-01): see attached Reviewer Comment (2022-03-30): Received prepayment note addendum reflects borrower name incorrectly. Provide corrected prepayment note addendum reflecting borrower name as  [Redact]. Exception remains. Seller Comment (2022-03-29): see attached

04/04/2022

1

A

NY

Investment

Purchase

D

B

C

B

D

A

N/A

Yes

217121657

438035185

XXX

24824819

Credit

Property - Appraisal

Appraisal Data Integrity

Property - Appraisal

Appraisal not on GSE sanctioned form and thus FIRREA compliance is called into question.

-

Property type is a mixed use property with XXXX rental units in addition to a XXXX store. Subject property exceeds guideline maximum of XX units resulting in the subject property being ineligible per guidelines.

Borrowers made a down payment from their own funds on this purchase transaction of at least x% and $x,xxx.xx. The qualifying [redacted] on the loan is greater than the guideline minimum. Borrower's Experience/Track Record

Borrower's Own Funds Percent: [redacted] Borrower's Own Funds Amount: [redacted] The qualifying [redacted] on the loan is greater than the guideline minimum. Borrower's Experience/Track Record

Owner,Originator Originator Originator

Reviewer Comment (2022-02-28): Lender approved exception for Mixed Use & Multi-Unit Property. Seller Comment (2022-02-24): see attached

02/28/2022

2

B

NY

Investment

Purchase

D

B

C

B

D

A

N/A

No

217121657

438035185

XXX

24824867

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Supporting secondary BPO was provided.; Sec ID: 5

Note Date:  ___; Lien Position: ___

Property type is a mixed use property with XXXX rental units in addition to a XXXX store. Subject property exceeds guideline maximum of XX units resulting in the subject property being ineligible per guidelines.

Borrowers made a down payment from their own funds on this purchase transaction of at least x% and $x,xxx.xx. The qualifying [redacted] on the loan is greater than the guideline minimum. Borrower's Experience/Track Record

Borrower's Own Funds Percent: [redacted] Borrower's Own Funds Amount: [redacted] The qualifying [redacted] on the loan is greater than the guideline minimum. Borrower's Experience/Track Record

Owner,Originator Originator Originator

Reviewer Comment (2022-03-09): Commercial property, CDA is not available, BPO is an acceptable product. Reviewer Comment (2022-03-08): This exception is a securitization requirement, a lender exception will not downgrade the finding. Reviewer Comment (2022-02-28): Lender approved exception for Mixed Use & Multi-Unit Property. Seller Comment (2022-02-24): see attached

03/09/2022

1

A

NY

Investment

Purchase

D

B

C

B

D

A

N/A

No

217121657

438035185

XXX

24824952

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Credit

Guideline Requirement: Property type discrepancy.

Property type is a mixed use property with XXXX rental units in addition to a XXXX store. Subject property exceeds guideline maximum of XX units resulting in the subject property being ineligible per guidelines.

Borrowers made a down payment from their own funds on this purchase transaction of at least x% and $x,xxx.xx. The qualifying [redacted] on the loan is greater than the guideline minimum. Borrower's Experience/Track Record

Borrower's Own Funds Percent: [redacted] Borrower's Own Funds Amount: [redacted] The qualifying [redacted] on the loan is greater than the guideline minimum. Borrower's Experience/Track Record

Owner,Originator Originator Originator

Reviewer Comment (2022-02-28): Lender approved exception for Mixed Use & Multi-Unit Property. Seller Comment (2022-02-24): see attached

02/28/2022

2

B

NY

Investment

Purchase

D

B

C

B

D

A

N/A

No

217121845

438035549

XXX

24838051

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Not Provided at or Before Closing (3-Day Waiver In File)

ECOA Valuations Rule (Dodd-Frank 2014): Borrower waived right to receive a copy of the appraisal at least [redacted] business days prior to closing, and appraisal was not provided at or before closing.

Please provide evidence that the appraisal dated [redacted] was provided to borrower at least 3 days prior to consummation.

Reviewer Comment (2022-03-04): Seller acknowledges exception. Seller Comment (2022-03-03): please review and waive. Seller Comment (2022-03-01): Seller requests buyer review: Ev2, please waive.

03/04/2022

2

B

NY

Primary

Purchase

B

B

A

A

B

B

A

A

Non QM

Non QM

No

217123875

438035523

XXX

24830759

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

There are two signed Prepayment Note Addendums, with two different sets of terms for the prepayment penalty; [redacted]% on one and [redacted] months interest on the other. Provide documentation that confirms the correct prepayment terms such as the rate lock, approval or screen shot that sets forth the terms of the prepayment.

Reviewer Comment (2022-03-01): Client provided screen shot showing prepayment penalty is[Redact]. Seller Comment (2022-03-01): please review and clear. Seller Comment (2022-02-25): see attached ppp screen shot-ppp term is[Redact]

03/01/2022

1

A

TX

Investment

Purchase

C

A

C

A

A

A

N/A

No

217124789

438035287

XXX

24830005

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

An acceptable CU score or CDA was not provided.

Reviewer Comment (2022-03-01): Received and associated CDA . Exception Cleared. Seller Comment (2022-02-26): CDA

03/01/2022

1

A

IL

Primary

Purchase

D

A

C

A

A

A

D

A

Non QM

Non QM

No

217124789

438035287

XXX

24830078

Credit

Hazard Insurance

Insufficient Coverage

Hazard Insurance

The Hazard Insurance Policy Effective Date is after closing.

Hazard Insurance was not effective as of the Note Date/Disbursement Date.

Reviewer Comment (2022-03-04): Client provided revised insurance document with coverage starting [Redact]. Seller Comment (2022-03-02): HOI X-XX

03/04/2022

1

A

IL

Primary

Purchase

D

A

C

A

A

A

D

A

Non QM

Non QM

No

217135634

438035291

XXX

24857401

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Fraud Report not provided

Reviewer Comment (2022-03-03): DRIVE/Fraud Report dated [Redact] received. Exception cleared

03/03/2022

1

A

CA

Investment

Purchase

C

A

C

A

A

A

N/A

No

217135634

438035291

XXX

24858000

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Background Check not provided

Reviewer Comment (2022-03-03): DRIVE/Fraud Report dated [Redact] received. Exception cleared. Seller Comment (2022-03-01): Fraud report

03/03/2022

1

A

CA

Investment

Purchase

C

A

C

A

A

A

N/A

No

217135634

438035291

XXX

24858001

Credit

Credit

Credit Documentation

Credit

Missing Document: OFAC not provided

Reviewer Comment (2022-03-03): DRIVE/Fraud Report dated [Redact] including OFAC check received. Exception cleared. Seller Comment (2022-03-01): Fraud report

03/03/2022

1

A

CA

Investment

Purchase

C

A

C

A

A

A

N/A

No

217135634

438035291

XXX

24858152

Credit

Credit

Credit Documentation

Credit

OFAC was not checked and required per guidelines.

-

Reviewer Comment (2022-03-03): DRIVE/Fraud Report dated [Redact] including OFAC check received. Exception cleared. Seller Comment (2022-03-01): Fraud report

03/03/2022

1

A

CA

Investment

Purchase

C

A

C

A

A

A

N/A

No

217135634

438035291

XXX

24858154

Credit

Credit

Credit Documentation

Credit

Background check is missing.

-

Reviewer Comment (2022-03-03): DRIVE/Fraud Report dated [Redact] received. Exception cleared. Seller Comment (2022-03-01): Fraud report

03/03/2022

1

A

CA

Investment

Purchase

C

A

C

A

A

A

N/A

No

217135691

438035234

XXX

24869273

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Missing personal bank statement for B1 with the end date of [redacted]

Reviewer Comment (2022-03-09): Cleared. Seller Comment (2022-03-04): ATR

03/09/2022

1

A

NY

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217135691

438035234

XXX

24869299

Credit

Missing Document

General

Missing Document

Missing Document: Bank Statements - Personal not provided

Personal Bank Statement with [redacted] end date not provided

Reviewer Comment (2022-03-09): Cleared. document provided. Seller Comment (2022-03-04): End of [Redact]

03/09/2022

1

A

NY

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217135691

438035234

XXX

24879876

Compliance

Compliance

Federal Compliance

ATR/QM Defect

Check Loan Designation Match - ATR Risk

Ability to Repay (Dodd-Frank 2014): Originator Loan Designation of Non QM does not match Due Diligence Loan Designation of ATR Risk.

Waterfall due to DTI.

Reviewer Comment (2022-03-16): Updated worksheets and 1008 including savings account as a secondary income source for self employed Borrower received. Seller Comment (2022-03-14): Revised documents - Seller Comment (2022-03-14): Borrower and Co-borrower have two bank accounts where they deposit their income. Both accounts are with [Redact]. Due to the co-mingled, accounts UW is unable to determine which deposits may be from the spouse. Since both are on title, UW has taken into account both bank accounts, removed the ineligible amounts, including tax refunds, tax credits, UI, and all transfers between the two accounts. UW added back all possible spousal net paychecks, and then deducted out the borrower's estimated net take home pay based on the [Redact] and [Redact] W-2's and deductions shown on said W-2s'. UW also deducted out of the  Dues (per LOE) of $[Redact] ($[Redact] per weekly paycheck - see paystub - but not shown on W-2 as these are most likely not tax deductible. UW used income for [Redact] of $[Redact].  This worksheet shows that the income used is supported.  UW is submitting 3 income calculation worksheets on this this loan file. Please see the updated income worksheets. Reviewer Comment (2022-03-11): UW explanation letter details the deposits included from the [Redact], [Redact] and [Redact] [Redact] stmts (3) used in qualifying, however justification was not provided for the $[Redact]/$[Redact]/$[Redact] ([Redact] stmt) $[Redact] ([Redact] stmt) and $[Redact] ([Redact]0 stmt) mobile deposits when other mobile deposits were excluded. Provide evidence that those deposits are eligible. Exception remains. Seller Comment (2022-03-09): Please review the LOE from the UW Reviewer Comment (2022-03-09): Exception remains see prior comments. Discrepancy in excluded deposits for [Redact], [Redact] (note 3 statements for this month) and[Redact]. Seller Comment (2022-03-08): Income Calculator Reviewer Comment (2022-03-08): The Business XXXX does not reflect all the the deposits that should be netted from the totals for statement ending [Redact] (should be total of [Redact] netted from total) and statement ending [Redact] (should be total of[Redact] netted from total) and statement ending [Redact] (should be total of[Redact]).  When the applicable unsourced deposits are netted from deposit totals, the DTI exceeds [Redact].  The exception remains. Seller Comment (2022-03-04): ATR

03/16/2022

1

A

NY

Primary

Purchase

Lender to provide updated ATR/QM Loan Designation

C

A

C

A

C

A

A

A

Non QM

Non QM

Yes

217135691

438035234

XXX

24879878

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General ATR Provision Investor and Non QM DTIs match and both moderately exceed Guidelines

Ability to Repay (Dodd-Frank 2014): The DTI calculated in accordance with the Lenders Guidelines and [redacted]) of [redacted]% moderately exceeds the guideline maximum of [redacted]%. (DTI Exception is eligible to be regraded with compensating factors.)

1008 reflects a DTI of [redacted].

Reviewer Comment (2022-03-16): Updated worksheets and 1008 including savings account as a secondary income source for self employed borrower received. Seller Comment (2022-03-14): Revised docs Seller Comment (2022-03-14): Borrower and Co-borrower have two bank accounts where they deposit their income. Both accounts are with [Redact]. Due to the co-mingled, accounts UW is unable to determine which deposits may be from the spouse. Since both are on title, UW has taken into account both bank accounts, removed the ineligible amounts, including tax refunds, tax credits, UI, and all transfers between the two accounts. UW added back all possible spousal net paychecks, and then deducted out the borrower's estimated net take home pay based on the [Redact] and [Redact] W-2's and deductions shown on said W-2s'. UW also deducted out of the  Dues (per LOE) of $[Redact] ($[Redact] per weekly paycheck - see paystub - but not shown on W-2 as these are most likely not tax deductible. UW used income for [Redact] of $[Redact].  This worksheet shows that the income used is supported.  UW is submitting 3 income calculation worksheets on this this loan file. Please see the updated income worksheets. Reviewer Comment (2022-03-11): UW explanation letter details the deposits included from the [Redact], [Redact] and [Redact] [Redact] stmts (3) used in qualifying, however justification was not provided for the $[Redact]/$[Redact]/$[Redact] ([Redact] stmt) $[Redact] ([Redact] stmt) and $[Redact] ([Redact]0 stmt mobile deposits when other mobile deposits were excluded. Provide evidence that those deposits are eligible. Exception remains. Seller Comment (2022-03-09): Please review the LOE from the UW Reviewer Comment (2022-03-09): Exception remains see prior comments. Discrepancy in excluded deposits for [Redact], [Redact] (note 3 statements for this month) and[Redact]. Seller Comment (2022-03-08): Income Calculator Reviewer Comment (2022-03-08): The Business XXXX does not reflect all the the deposits that should be netted from the totals for statement ending [Redact] (should be total of [Redact] netted from total) and statement ending [Redact] (should be total of [Redact] netted from total) and statement ending [Redact] (should be total of [Redact]).  When the applicable unsourced deposits are netted from deposit totals, the DTI exceeds [Redact].  The exception remains. Seller Comment (2022-03-04): ATR

03/16/2022

1

A

NY

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217135691

438035234

XXX

24880017

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: Investor qualifying total debt ratio discrepancy.

Income on the 1008 was higher than the income calculated at review. DTI increased over [redacted]%. Please provide updated 1003 and 1008.

Reviewer Comment (2022-03-16): Updated worksheets and 1008 including savings account as a secondary income source for self employed Borrower received. Seller Comment (2022-03-14): Revised Seller Comment (2022-03-14): Borrower and Co-borrower have two bank accounts where they deposit their income. Both accounts are with [Redact]. Due to the co-mingled, accounts UW is unable to determine which deposits may be from the spouse. Since both are on title, UW has taken into account both bank accounts, removed the ineligible amounts, including tax refunds, tax credits, UI, and all transfers between the two accounts. UW added back all possible spousal net paychecks, and then deducted out the borrower's estimated net take home pay based on the [Redact] and [Redact] W-2's and deductions shown on said W-2s'. UW also deducted out of the  Dues (per LOE) of [Redact] ([Redact]per weekly paycheck - see paystub - but not shown on W-2 as these are most likely not tax deductible. UW used income for [Redact] of[Redact].  This worksheet shows that the income used is supported.  UW is submitting 3 income calculation worksheets on this this loan file. Please see the updated income worksheets. Reviewer Comment (2022-03-11): UW explanation letter details the deposits included from the [Redact], [Redact] and [Redact] [Redact] stmts (3) used in qualifying, however justification was not provided for the $[Redact]/$[Redact]/$[Redact] ([Redact] stmt) $[Redact] ([Redact] stmt) and $[Redact] ([Redact]0 stmt mobile deposits when other mobile deposits were excluded. Provide evidence that those deposits are eligible. Exception remains. Seller Comment (2022-03-09): Please review the LOE from the UW Reviewer Comment (2022-03-09): Exception remains see prior comments. Discrepancy in excluded deposits for [Redact], [Redact] (note 3 statements for this month) and[Redact]. Seller Comment (2022-03-08): Income Calculator Reviewer Comment (2022-03-08): The Business XXXX does not reflect all the the deposits that should be netted from the totals for statement ending [Redact] (should be total of [Redact] netted from total) and statement ending [Redact] (should be total of [Redact]netted from total) and statement ending [Redact] (should be total of [Redact]).  When the applicable unsourced deposits are netted from deposit totals, the DTI exceeds [Redact].  The exception remains. Seller Comment (2022-03-04): 1008

03/16/2022

1

A

NY

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217135691

438035234

XXX

24880111

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General Ability To Repay Provision Investor Guidelines

Ability to Repay (Dodd-Frank 2014): Based on the loan failing one or more guideline components, the loan is at ATR risk.

DTI increased over [redacted]%. PLease provide updated 1003 and 1008.

Reviewer Comment (2022-03-16): Updated worksheets and 1008 including savings account as a secondary income source for self employed Borrower received. Seller Comment (2022-03-14): Revised Seller Comment (2022-03-14): Borrower and Co-borrower have two bank accounts where they deposit their income. Both accounts are with [Redact]. Due to the co-mingled, accounts UW is unable to determine which deposits may be from the spouse. Since both are on title, UW has taken into account both bank accounts, removed the ineligible amounts, including tax refunds, tax credits, UI, and all transfers between the two accounts. UW added back all possible spousal net paychecks, and then deducted out the borrower's estimated net take home pay based on the [Redact] and [Redact] W-2's and deductions shown on said W-2s'. UW also deducted out of the  Dues (per LOE) of[Redact] ([Redact] per weekly paycheck - see paystub - but not shown on W-2 as these are most likely not tax deductible. UW used income for[Redact] of [Redact].  This worksheet shows that the income used is supported.  UW is submitting 3 income calculation worksheets on this this loan file. Please see the updated income worksheets. Reviewer Comment (2022-03-11): UW explanation letter details the deposits included from the [Redact], [Redact] and [Redact] [Redact] stmts (3) used in qualifying, however justification was not provided for the $[Redact]/$[Redact]/$[Redact] ([Redact] stmt) $[Redact] ([Redact] stmt) and $[Redact] ([Redact]0 stmt mobile deposits when other mobile deposits were excluded. Provide evidence that those deposits are eligible. Exception remains. Seller Comment (2022-03-09): Please review the LOE from the UW Reviewer Comment (2022-03-09): Exception remains see prior comments. Discrepancy in excluded deposits for [Redact], [Redact] (note 3 statements for this month) and[Redact]. Seller Comment (2022-03-08): Income Calculator Reviewer Comment (2022-03-08): The Business XXXX does not reflect all the the deposits that should be netted from the totals for statement ending [Redact] (should be total of [Redact] netted from total) and statement ending [Redact] (should be total of [Redact] netted from total) and statement ending [Redact] (should be total of [Redact]).  When the applicable unsourced deposits are netted from deposit totals, the DTI exceeds [Redact].  The exception remains. Seller Comment (2022-03-04): ATR

03/16/2022

1

A

NY

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217136707

438035114

XXX

24863023

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Employer Identification Number (EIN) not provided

Please provide required Business Entity documentation for [redacted].

Reviewer Comment (2022-03-02): Received Form SS-4. Exception cleared Seller Comment (2022-03-01): [Redact] [Redact] - EIN

03/02/2022

1

A

CO

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217136707

438035114

XXX

24863085

Credit

Legal / Regulatory / Compliance

Title / Lien Defect

Title

Title Policy is Preliminary or Commitment, and not a Final Title Policy.

Final policy not provided.

Reviewer Comment (2022-03-02): Received Final Title with Policy amount of [Redact] Exception Cleared.

03/02/2022

1

A

CO

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217136707

438035114

XXX

24863090

Credit

Title

General

Title

Title Policy Coverage is less than Original Loan Amount.

Reviewer Comment (2022-03-02): Received Final Title with Policy amount of [Redact] Exception Cleared. Seller Comment (2022-03-01): [Redact] [Redact] -  Please see attached Title policy

03/02/2022

1

A

CO

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217136709

438035116

XXX

24863746

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Fraud Report not provided

Please provide the fraud report.

Reviewer Comment (2022-03-02): Received Fraud report from Drive. Exception Cleared. Seller Comment (2022-03-01): [Redact] [Redact] - sent to investor - Data Verify report from file

03/02/2022

1

A

CO

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217136709

438035116

XXX

24863929

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Employer Identification Number (EIN) not provided

Please provide the employer identification number (EIN), SS-4.

Reviewer Comment (2022-03-03): Received form SS-4 reflecting the Employer Identification Number and document associated. Exception cleared. Seller Comment (2022-03-01): [Redact] [Redact] - [Redact] LLC package - see pg 5

03/03/2022

1

A

CO

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217136709

438035116

XXX

24863931

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Background Check not provided

Please provide the fraud report, which includes the background check.

Reviewer Comment (2022-03-03): DRIVE Scoring Results received. Exception cleared. Seller Comment (2022-03-01): [Redact] [Redact] - sent to investor - Data Verify report from file

03/03/2022

1

A

CO

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217136709

438035116

XXX

24863984

Credit

Legal / Regulatory / Compliance

Title / Lien Defect

Title

Title Policy is Preliminary or Commitment, and not a Final Title Policy.

Preliminary title provided.

Reviewer Comment (2022-03-03): Final title policy received verifying correct loan amount coverage. Exception cleared.

03/03/2022

1

A

CO

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217136709

438035116

XXX

24863986

Credit

Title

General

Title

Title Policy Coverage is less than Original Loan Amount.

Please provide an updated title commitment, or final title policy, with coverage of $[redacted]. There is a  title insurance coverage shortfall of $[redacted], based on the preliminary title commitment.

Reviewer Comment (2022-03-03): Final title policy received verifying correct loan amount coverage. Exception cleared. Seller Comment (2022-03-01): [Redact] [Redact] - Lender's policy jacket Seller Comment (2022-03-01): [Redact] [Redact] - Full lender Policy

03/03/2022

1

A

CO

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217137594

438035533

XXX

24871937

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points.  Fee Amount of $[redacted] exceeds tolerance of $[redacted].  Insufficient or no cure was provided to the borrower.

No cure or changed circumstance provided.

Reviewer Comment (2022-03-06): [Redact] Received Valid COC. Seller Comment (2022-03-03): Please see the attached COC

03/06/2022

1

A

VA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

B

B

C

B

A

A

Non QM

Non QM

Yes

217137594

438035533

XXX

24871938

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $[redacted] exceeds tolerance of $[redacted].  Insufficient or no cure was provided to the borrower.

Cure of $[redacted] provided.

Reviewer Comment (2022-03-06): [Redact] Sufficient Cure provided at Closing Seller Comment (2022-03-03): Cure given at closing

03/06/2022

1

A

VA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

B

B

C

B

A

A

Non QM

Non QM

Yes

217137594

438035533

XXX

24871964

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Closing Disclosure Timing without Waiver

TILA-RESPA Integrated Disclosure: Closing Disclosure not provided to Borrower(s) at least [redacted] business days prior to closing.

CD issue date is [redacted].

Reviewer Comment (2022-03-04): [Redact] received [Redact] CD received the same day issued. Seller Comment (2022-03-02): Please see attached

03/04/2022

1

A

VA

Primary

Purchase

No Defined Cure

C

B

B

B

C

B

A

A

Non QM

Non QM

No

217137594

438035533

XXX

24885529

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Not Provided at or Before Closing (3-Day Waiver In File)

ECOA Valuations Rule (Dodd-Frank 2014): Borrower waived right to receive a copy of the appraisal at least [redacted] business days prior to closing, and appraisal was not provided at or before closing.

Reviewer Comment (2022-03-04): Seller Acknowledges Exception. Seller Comment (2022-03-02): Seller requests buyer review: Grade 2

03/04/2022

2

B

VA

Primary

Purchase

C

B

B

B

C

B

A

A

Non QM

Non QM

No

217137594

438035533

XXX

24920778

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Borrower has excessive NSFs.

Borrowers made a down payment from their own funds on this purchase transaction of at least x% and $x,xxx.xx. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least x months. Borrower has worked in the same position for more than x years. Borrower has verified disposable income of at least $xxxx.xx. The representative FICO score exceeds the guideline minimum by at least xx points.

Lender Exception with Comp Factors provided for regrade and waive.

Owner Owner Owner Owner Originator,Owner

Reviewer Comment (2022-03-01): Lender Exception with Comp Factors provided for regrade and waive.

03/01/2022

2

B

VA

Primary

Purchase

C

B

B

B

C

B

A

A

Non QM

Non QM

No

217137594

438035533

XXX

24949288

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $[redacted] exceeds tolerance of $[redacted].  Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2022-03-06): Sufficient Cure Provided At Closing

03/06/2022

1

A

VA

Primary

Purchase

Final CD evidences Cure

C

B

B

B

C

B

A

A

Non QM

Non QM

Yes

217137599

438035131

XXX

24920713

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant [redacted] business days prior to consummation.

Provide all appraisals and evidence they were sent to the borrower at least 3 days prior to close.

Reviewer Comment (2022-03-15): Seller acknowledges exception. Seller Comment (2022-03-11): [Redact] [Redact] -   Please waive the exception with no grade change"

03/15/2022

2

B

CA

Primary

Purchase

B

B

A

A

B

B

A

A

Non QM

Non QM

No

217137601

438035079

XXX

24914624

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

The Business Purpose Certification was not signed .

Reviewer Comment (2022-03-22): Business Purpose Cert received. Seller Comment (2022-03-18): [Redact] [Redact] -  See attached: Borrower Certification of Business Purpose fully executed Reviewer Comment (2022-03-10): Non-QM Borrower Affirmation-[Redact] signed form received, however the form requiring signature is the Borrower Affirmation & Certificate of Business Purpose / [Redact] product. Provide Borrower Affirmation & Certificate of Business Purpose signed by borrowers. Exception remains. Seller Comment (2022-03-08): [Redact] [Redact] -  See attached Executed Business Purpose Certification

03/22/2022

1

A

NJ

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

A

A

N/A

Exempt from ATR

No

217137601

438035079

XXX

24919938

Compliance

Compliance

Federal Compliance

TRID

TRID Ten Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Ten Percent Fee Tolerance exceeded. Total amount of $ [redacted] exceeds tolerance of $ [redacted] plus [redacted]% or $ [redacted].  Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2022-03-01): Sufficient Cure Provided At Closing

03/01/2022

1

A

NJ

Investment

Refinance - Cash-out - Other

Final CD evidences Cure

C

A

C

A

A

A

A

A

N/A

Exempt from ATR

Yes

217138019

438035141

XXX

24878212

Compliance

Compliance

Federal Compliance

Missing Disclosure

Notice of Special Flood Hazard Disclosure Not Provided Timely

FDPA Notification Rule: Creditor did not provide a Notice of Special Flood Hazard Disclosure within a reasonable time prior to closing.

Creditor did not provide a Notice of Special Flood Hazard Disclosure within a reasonable time prior to closing.

Reviewer Comment (2022-03-17): Seller Acknowledges Exception. Seller Comment (2022-03-15): [Redact] [Redact] - Please waive - unable to clear with no grade change Reviewer Comment (2022-03-15): Please provide a Notice of Special Flood Hazard Disclosure within a reasonable time prior to closing

03/17/2022

2

B

CA

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

217138019

438035141

XXX

24881096

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $ [redacted] exceeds tolerance of $ [redacted].  Sufficient or excess cure was provided to the borrower at Closing.

Appraisal Fee Amount of $ [redacted] exceeds tolerance of $ [redacted],  lender gave $ [redacted] in cure for the appraisal fee.

Reviewer Comment (2022-02-24): Sufficient Cure Provided At Closing

02/24/2022

1

A

CA

Primary

Purchase

Final CD evidences Cure

C

B

C

A

B

B

A

A

Non QM

Non QM

Yes

217138019

438035141

XXX

24889635

Credit

Insurance

Insurance Analysis

Insurance

Insufficient Coverage: Hazard insurance coverage amount is insufficient.

Please provide sufficient coverage to satisfy the Loan Amount or Estimated cost new as indicated on the appraisal or provide the Replacement Cost Estimator indicating the coverage is sufficient.

Reviewer Comment (2022-03-15): ERC received. Seller Comment (2022-03-10): [Redact] [Redact] -  Please see attached replacement cost estimator showing replacement coast as [Redact] Reviewer Comment (2022-03-07): The Evidence of Property Insurance contains language that states "100% Replacement Cost Up to Policy Limit."  The policy amount is [Redact] which is less than the loan amount and replacement cost shown on the appraisal.  The exception remains. Seller Comment (2022-03-03): [Redact][Redact] - see attached - HOI policy included in initial submission that shows 100% replacement cost.

03/15/2022

1

A

CA

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

217140362

438035102

XXX

24882026

Credit

Guideline

Guideline Issue

Guideline

Missing required income documentation .

-

Missing 1099 Wage and Income Transcript for  [redacted].

Reviewer Comment (2022-03-08): 1099 for [Redact] not yet due to borrowers at time of loan Seller Comment (2022-03-07): [Redact] [Redact] -  see attached [Redact] Underwriting guidelines - conduit Most recent years' ([Redact]) information cannot be verified due to 1099s recently being sent to the borrower. Previous year ([Redact]) 1099s were verified per the guidelines when most recent years' transcripts are not available.

03/08/2022

1

A

WI

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217140362

438035102

XXX

24928782

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Missing 1099 Wage and Income Transcript for  [redacted].

Reviewer Comment (2022-03-08): 1099s are not needed or required yet for [Redact] Seller Comment (2022-03-07): [Redact] [Redact] -  Please see attached [Redact] Underwriting Guidelines - Conduit  - Most recent years' ([Redact]) information cannot be verified due to 1099s recently being sent to the borrower. Previous year ([Redact]) 1099s were verified per the guidelines when most recent years' transcripts are not available.

03/08/2022

1

A

WI

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217140365

438035456

XXX

24874097

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Articles of Organization/Formation not provided

Please provide the articles of organization/formation.

Reviewer Comment (2022-03-11): Received and associated Certificate of formation and Operating Agreement . Exception Cleared. Seller Comment (2022-03-09): • Evidence that the state of [Redact] only requires a Certificate of Formation and Operating Agreement for LLC's Seller Comment (2022-03-09): • [Redact] approval for the LLC and all LLC documents

03/11/2022

1

A

WA

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217140755

438035186

XXX

24882237

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Third party verification of [redacted] years self employment, business start date and verification of active business required.

Reviewer Comment (2022-03-11): Two business licenses in file verifying an excess of two years employment in the same field. Seller Comment (2022-03-08): see attached

03/11/2022

1

A

CA

Primary

Refinance - Cash-out - Debt Consolidation

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217140755

438035186

XXX

24882533

Compliance

Compliance

Federal Compliance

Missing Required Data (other than HUD-1 or Note)

Payoff Statement Missing

Missing Payoff Statement: Unable to determine if a prepayment penalty was included in the pay-off which may impact high cost findings.

Reviewer Comment (2022-04-05): Seller Acknowledges Exception. Seller Comment (2022-03-17): Seller requests buyer review: Please leave as a 2, unable to clear

04/05/2022

2

B

CA

Primary

Refinance - Cash-out - Debt Consolidation

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217140755

438035186

XXX

24882535

Compliance

Compliance

Federal Compliance

TILA

ARM Disclosure Status Test

TIL variable rate disclosure: ARM loan program disclosure not provided to the borrower.

Reviewer Comment (2022-03-11): ARM Disclosure dated [Redact] received. Exception restated. Reviewer Comment (2022-03-09): Document yet to be uploaded. Seller Comment (2022-03-08): see attached

03/11/2022

1

A

CA

Primary

Refinance - Cash-out - Debt Consolidation

No Defined Cure

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217140755

438035186

XXX

24882536

Compliance

Compliance

Federal Compliance

TILA

CHARM Booklet Disclosure Status

TIL variable rate disclosure: Consumer Handbook on Adjustable Rate Mortgages, CHARM Booklet, not provided to the borrower.

Reviewer Comment (2022-03-15): Document provided. Seller Comment (2022-03-11): see attached charm booklet Reviewer Comment (2022-03-09): Document yet to be uploaded. Seller Comment (2022-03-08): see attached

03/15/2022

1

A

CA

Primary

Refinance - Cash-out - Debt Consolidation

No Defined Cure

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217140755

438035186

XXX

24882643

Credit

Guideline

Guideline Issue

Guideline

Two years of employment was not verified.

-

Third party verification of [redacted] years self employment, business start date and verification of active business required.

Reviewer Comment (2022-03-11): Two years verified with the two business licenses in file dated [Redact]. Seller Comment (2022-03-08): see attached

03/11/2022

1

A

CA

Primary

Refinance - Cash-out - Debt Consolidation

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217140755

438035186

XXX

24882644

Credit

Guideline

Guideline Issue

Guideline

Two years of employment was not verified.

-

Third party verification of [redacted] years self employment, business start date and verification of active business required.

Reviewer Comment (2022-03-11): Two years verified with the two business licenses in file dated [Redact]. Seller Comment (2022-03-08): see attached

03/11/2022

1

A

CA

Primary

Refinance - Cash-out - Debt Consolidation

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217140755

438035186

XXX

25012456

Compliance

Compliance

Federal Compliance

TILA

ARM Disclosure Timing Test

TIL variable rate disclosure: ARM loan program disclosure not provided to the borrower within [redacted] days of application.

ARM Disclosure received is dated [redacted] is after the application date, however the loan was locked as and ARM loan on [redacted]. Application originally taken as a Fixed Rate loan.

Reviewer Comment (2022-03-16): Not on initial 1003 Reviewer Comment (2022-03-15): Document reviewed.  Provided within three days of lock but not within three days of application. Exception remains. Seller Comment (2022-03-11): see attached arm disclosure

03/16/2022

1

A

CA

Primary

Refinance - Cash-out - Debt Consolidation

No Defined Cure

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217140755

438035186

XXX

25034711

Compliance

Compliance

Federal Compliance

TILA

CHARM Booklet Disclosure Timing

TIL variable rate disclosure: Consumer Handbook on Adjustable Rate Mortgages, CHARM Booklet, not provided to the borrower within [redacted] days of application.

CHARM disclosure was  not provided within [redacted] of application.

Reviewer Comment (2022-03-16): Not on initial 1003

03/16/2022

1

A

CA

Primary

Refinance - Cash-out - Debt Consolidation

No Defined Cure

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217140756

438035190

XXX

24882141

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Fraud Report not provided

Reviewer Comment (2022-03-14): Received and associated Fraud report . Exception cleared. Seller Comment (2022-03-10): see attached

03/14/2022

1

A

NJ

Primary

Refinance - Cash-out - Other

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217140756

438035190

XXX

24893413

Compliance

Compliance

Federal Compliance

TILA

CHARM Booklet Disclosure Timing

TIL variable rate disclosure: Consumer Handbook on Adjustable Rate Mortgages, CHARM Booklet, not provided to the borrower within [redacted] days of application.

Reviewer Comment (2022-03-22): Provided as a trailing doc Seller Comment (2022-03-17): see attached Reviewer Comment (2022-03-14): Please forward documentation verifying the borrower received the Consumer Handbook on Adjustable Rate Mortgages, CHARM Booklet, within three (3) days of application. Seller Comment (2022-03-10): see attached

03/22/2022

1

A

NJ

Primary

Refinance - Cash-out - Other

No Defined Cure

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217140757

438035191

XXX

24890644

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Fraud Report not provided

Reviewer Comment (2022-03-11): Received Fraud Report , verified and associated the document, hence exception cleared. Seller Comment (2022-03-10): see attached

03/11/2022

1

A

NJ

Second Home

Refinance - Cash-out - Other

C

B

C

A

B

B

A

A

Non QM

Non QM

No

217140757

438035191

XXX

24891170

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant [redacted] business days prior to consummation.

The borrower was provided a copy of the appraisal  [redacted] however the appraisal was sent back to the appraiser for corrections. Provide initial appraisal issued and evidence updated was sent to the borrower at least  [redacted] prior to closing or that the borrower signed the  [redacted]-hour waiver.

Reviewer Comment (2022-04-05): Seller Acknowledges Exception. Seller Comment (2022-03-14): Seller requests buyer review: Leave as a 2 - unable to clear.

04/05/2022

2

B

NJ

Second Home

Refinance - Cash-out - Other

C

B

C

A

B

B

A

A

Non QM

Non QM

No

217150570

438035090

XXX

24888009

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Business Purpose Certificate not provided

Please provide signed Business Purpose Certificate.  The document in file was not signed.

Reviewer Comment (2022-03-09): Received signed copy of Business Purpose Certificate, verified and associated the document, hence exception cleared. Seller Comment (2022-03-07): [Redact] [Redact] -   Business Purpose Certificate

03/09/2022

1

A

NY

Investment

Purchase

C

A

C

A

A

A

N/A

No

217151236

438035542

XXX

24895112

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

The REO documents required to verify the housing expenses

Reviewer Comment (2022-03-28): Received updated 1008. Exception cleared Seller Comment (2022-03-25): Please see attached Reviewer Comment (2022-03-25): Notice of real estate settlement docs and fraud report reflects property at  XXXX is not owned by Borrower. Received and associated corrected 1003. 1003 does not reflect this property under REO section. Please provide updated 1008 reflecting correct Other monthly payments used in qualifying since property at  XXXX is not owned by borrower  .Exception remains. Seller Comment (2022-03-24): Please see attached, thank you! Reviewer Comment (2022-03-14): As notice of real estate settlement docs and fraud report reflect that REO for XXXX does not owned by borrower anymore, please have the debts on 1008/1003 corrected and re-uploaded the document. Exception remains Reviewer Comment (2022-03-11): Provide Tax and insurance verification for the property at  XXXX. Exception remains. Seller Comment (2022-03-10): Please see attached

03/28/2022

1

A

NJ

Investment

Refinance - Cash-out - Other

C

A

C

A

C

A

A

A

N/A

Exempt from ATR

No

217151236

438035542

XXX

24895485

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Desk Review Fee.  Fee Amount of $XXX  exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

The Appraisal Desk Review Fee was not disclosed to the borrower on the loan estimate but it appeared on the closing disclosure ( section b) with no cure provided. Loan testing as QM due to LOE indicating cash out is for estate planning (personal use, not business.)

Reviewer Comment (2022-03-15): XXXX - Sufficient cure was provided at closing. Reviewer Comment (2022-03-11): XXXX: Cure provided at closing is insufficient to cure for all the citing (Appraisal Desk Review Fee + Appraisal Fee  + Appraisal Re-Inspection fee) exceptions. Exception will be cleared on resolution of Appraisal Re-Inspection fee. Seller Comment (2022-03-10): cured at closing, please waive

03/15/2022

1

A

NJ

Investment

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

C

A

C

A

A

A

N/A

Exempt from ATR

Yes

217151236

438035542

XXX

24895486

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Re-Inspection Fee.  Fee Amount of $XXX  exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

The Appraisal Re-inspection Fee was not disclosed to the borrower on the loan estimate but it appeared on the closing disclosure ( section b) with no cure provided.  Loan testing as QM due to LOE indicating cash out is for estate planning (personal use, not business.)

Reviewer Comment (2022-03-15): XXXX received valid COC datedXX/XX/XXXXor Re-inspection Fee. Seller Comment (2022-03-14): Here is the appraisal in question. Reviewer Comment (2022-03-14): XXXX received CD dated XX/XX/XXXX and COC dated XX/XX/XXXX was in file but need additional information on COC dated XX/XX/XXXX what was the change that affected geographic market eligibility or the appraisal got expired is required to determine if fee can be rebase lined. Exception remains open. Seller Comment (2022-03-11): Please see attached COC Reviewer Comment (2022-03-11): XXXX: COC dated XX/XX/XXXX states "Appraisal was expired due to geographic market eligibility". COC with addition information is required on what was the change that affected geographic market eligibility or the appraisal got expired is required to determine if fee can be rebaselined." Ecxeption remains open.

03/15/2022

1

A

NJ

Investment

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

C

A

C

A

A

A

N/A

Exempt from ATR

Yes

217151236

438035542

XXX

24895497

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $XXX  exceeds tolerance of $XXX .  Insufficient or no cure was provided to the borrower.

The Appraisal Fee. was disclosed to the borrower on the loan estimate as $XXX but it appeared on the closing disclosure as $XXX with no cure provided.  Loan testing as QM due to LOE indicating cash out is for estate planning (personal use, not business.)

Reviewer Comment (2022-03-15): XXXX - Sufficient cure was provided at closing. Reviewer Comment (2022-03-11): XXXX: Cure provided at closing is insufficient to cure for all the citing (Appraisal Desk Review Fee + Appraisal Fee  + Appraisal Re-Inspection fee) exceptions. Exception will be cleared on resolution of Appraisal Re-Inspection fee. Seller Comment (2022-03-10): Cured at closing please waive

03/15/2022

1

A

NJ

Investment

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

C

A

C

A

A

A

N/A

Exempt from ATR

Yes

217151236

438035542

XXX

24969496

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Please provide the closing CDs, mortgage statement, or first payment coupon from the other refinances for PITIA information.

Reviewer Comment (2022-03-18): Received CD for  XXXX. Taxes and insurance are escrowed . HOA verification is provided in file for both the properties. Verified PITIA. Exception Cleared. Seller Comment (2022-03-16): Please see attached Reviewer Comment (2022-03-14): Received CD for  XXXX. Provide  closing CDs, mortgage statement, or first payment coupon  to verify PITIA information for XXXX. Exception remains. Seller Comment (2022-03-11): Please see attached

03/18/2022

1

A

NJ

Investment

Refinance - Cash-out - Other

C

A

C

A

C

A

A

A

N/A

Exempt from ATR

No

217151236

438035542

XXX

25033664

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Desk Review Fee.  Fee Amount of $XXX  exceeds tolerance of $XXX.  Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2022-03-15): Sufficient Cure Provided At Closing

03/15/2022

1

A

NJ

Investment

Refinance - Cash-out - Other

Final CD evidences Cure

C

A

C

A

C

A

A

A

N/A

Exempt from ATR

Yes

217151236

438035542

XXX

25033665

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $XXX  exceeds tolerance of $XXX .  Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2022-03-15): Sufficient Cure Provided At Closing

03/15/2022

1

A

NJ

Investment

Refinance - Cash-out - Other

Final CD evidences Cure

C

A

C

A

C

A

A

A

N/A

Exempt from ATR

Yes

217151236

438035542

XXX

25782676

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Loan was originated as a XXXX however a business purpose cert or cash out letter of explanation was not provided to confirm purpose.

Reviewer Comment (2022-06-08): Client provided copy of signed Business Purpose Certificate. Seller Comment (2022-06-08): Business purpose cert

06/08/2022

1

A

NJ

Investment

Refinance - Cash-out - Other

C

A

C

A

C

A

A

A

N/A

Exempt from ATR

No

217152230

438035470

XXX

24894422

Credit

Investment Product

General

Investment Product

REO property does not have a lease in place and required by guidelines.

-

Please provide the lease for the subject property.

Reviewer Comment (2022-03-23): Market rents from appraisal used per guidelines; lease not required when property is vacant. Seller Comment (2022-03-21): • [Redact] Guidelines confirming if the property is vacant on a refinance transaction, 100% of the market rents are to be used Seller Comment (2022-03-21): • Appraisal confirming the property is vacant

03/23/2022

1

A

FL

Investment

Refinance - Rate/Term

C

A

C

A

A

A

N/A

No

217169121

438035441

XXX

24913938

Compliance

Compliance

Federal Compliance

RESPA

RESPA Disclosure -  List of Homeownership Counseling Organizations Older Than 30 days When Provided to Borrower

RESPA Disclosure Rule (Dodd-Frank 2014): List of Homeownership Counseling Organizations was older than [redacted] days when provided to borrower.

List of Homeownership Counseling Organizations is dated [redacted] and the list provided is dated [redacted], which is older than [redacted] days when provided to borrower.

Reviewer Comment (2022-03-24): Seller Acknowledges Exception. Seller Comment (2022-03-22): Seller requests buyer review: Please waive this exception with no grade change

03/24/2022

2

B

FL

Primary

Refinance - Cash-out - Other

B

B

A

A

B

B

A

A

Non QM

Non QM

No

217169121

438035441

XXX

24925618

Compliance

Compliance

Federal Compliance

RESPA

RESPA Disclosure -  Missing Signature on Affiliated Business Arrangement Disclosure

RESPA Disclosure Rule: Creditor did not obtain signature on Affiliated Business Arrangement Disclosure.

Affiliated Business Arrangement Disclosure is not executed by the Borrowers.

Reviewer Comment (2022-03-24): Seller Acknowledges Exception. Seller Comment (2022-03-22): Seller requests buyer review: Please waive this exception with no grade change

03/24/2022

2

B

FL

Primary

Refinance - Cash-out - Other

B

B

A

A

B

B

A

A

Non QM

Non QM

No

217169121

438035441

XXX

24925636

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $[redacted] exceeds tolerance of $[redacted].  Sufficient or excess cure was provided to the borrower at Closing.

Lender cure of $[redacted] provided at closing to accommodate the fee tolerance being exceeded.

Reviewer Comment (2022-03-02): Sufficient Cure Provided At Closing

03/02/2022

1

A

FL

Primary

Refinance - Cash-out - Other

Final CD evidences Cure

B

B

A

A

B

B

A

A

Non QM

Non QM

Yes

217169152

438035644

XXX

24910072

Credit

Investment Product

General

Investment Product

REO property does not have a lease in place and required by guidelines.

-

Please provide the lease agreement for the subject property. The borrower provided a letter of explanation that he is remodeling the property to keep up with the rental market.

Reviewer Comment (2022-03-15): Rec'd vacation rental listing and income statement; exception cleared. Seller Comment (2022-03-11): This is a short term beach rental . There is no lease.  Attached is a rental agreement

03/15/2022

1

A

FL

Investment

Refinance - Cash-out - Home Improvement

C

A

C

A

A

A

N/A

No

217177342

438035477

XXX

24917360

Property

Property - Appraisal

Appraisal Reconciliation

Property - Appraisal

Appraisal is required to be in name of Lender

-

Guidelines require: A copy of the appraiser's current license, to be independently verified by the seller, • A copy of the appraiser's current E&O Policy with sufficient coverage name the appraiser as insured, • The AIR certificate confirming compliance with Dodd-Frank AIR requirements, and • The AMC to provide an assignment of appraisal to the seller. In lieu of this requirement the AMC's business license must be independently verified by the seller.

Reviewer Comment (2022-03-23): All required docs rec'd Seller Comment (2022-03-21): • xxxx license and license history Seller Comment (2022-03-21): • AIR Cert Seller Comment (2022-03-21): • Appraiser E&O Seller Comment (2022-03-21): • Appraiser licensed verified by [Redact] Seller Comment (2022-03-21): • Appraiser license

03/23/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

B

C

B

C

A

B

A

Non QM

Non QM

No

217177342

438035477

XXX

24920009

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Lender Credit Tolerance Violation

TILA-RESPA Integrated Disclosure: Zero Percent Tolerance exceeded for Lender Credits. Final Lender Credit of $[redacted]  is less than amount of binding Lender Credit previously disclosed in the amount of $[redacted].

No lender credit provided on final CD.

Reviewer Comment (2022-03-23): [Redact] received  VCC, exception is cleared. Seller Comment (2022-03-21): • COC CD removing the lender credit

03/23/2022

1

A

CA

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

B

C

A

B

A

Non QM

Non QM

Yes

217177342

438035477

XXX

24920012

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Credit

Guideline Requirement: Maximum Loan Amount discrepancy.

Note loan amount of ___ is greater than Guideline maximum loan amount of ___.

Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least x months. Borrower has worked in the same position for more than x years. Borrower has verified disposable income of at least $xxxx.xx. Borrower has been employed in the same industry for more than x years.

Reserves: [redacted] Guideline Requirement: [redacted] Borrower has worked in the same position for more than [redacted] years. Documentation Type: [redacted] Disposable Income: [redacted] Borrower has been employed in the same industry for more than [redacted] years.

Originator,Owner Originator,Owner Originator,Owner Owner,Originator

Reviewer Comment (2022-03-08): Lender Approval for Loan Amount of[Redact]

03/08/2022

2

B

CA

Primary

Refinance - Cash-out - Other

C

B

C

B

C

A

B

A

Non QM

Non QM

No

217177342

438035477

XXX

24933938

Credit

Missing Document

General

Missing Document

Missing Document: Bank Statements - Business not provided

Please provided [redacted] months business bank statements per guidelines.

Reviewer Comment (2022-03-23): Personal statements treated as Business account per guidelines; additional business account stmt's not required Seller Comment (2022-03-21): • [Redact] cert confirming [Redact] Guides do not require 3 months business bank statements when the borrower doesn't have deposits coming from a business account

03/23/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

B

C

B

C

A

B

A

Non QM

Non QM

No

217177342

438035477

XXX

24973033

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

A CDA is required for the appraisal completed by [redacted] on [redacted].  A CDA is required when the appraisal is not in the name of the Lender.

Reviewer Comment (2022-03-23): Rec'd CDA in trailing docs. Seller Comment (2022-03-21): • CDA for the appraisal completed by [Redact]

03/23/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

B

C

B

C

A

B

A

Non QM

Non QM

No

217177346

438035458

XXX

24922375

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Will Have Escrow -  Monthly Escrow Payment Overdisclosed

TILA-RESPA Integrated Disclosure - Loan Disclosures: Final Closing Disclosure provided on [redacted] disclosed the Monthly Escrow Payment that does not match the actual escrow payment for the loan.

.

Reviewer Comment (2022-03-02): Sufficient Cure Provided At Closing

03/02/2022

1

A

FL

Primary

Purchase

Letter of Explanation & Corrected Closing Disclosure

A

A

A

A

A

A

A

A

Non QM

Non QM

Yes

217187718

438035462

XXX

24924294

Credit

Hazard Insurance

Insufficient Coverage

Hazard Insurance

The Hazard Insurance Policy effective date is after the funds disbursed.

Please provide an updated hazard insurance policy with an effective date of XX/XX/XX.

Reviewer Comment (2022-04-13): Received and associated  Hazard Insurance Policy that was effective at the time of closing for the subject transaction . Exception cleared. Seller Comment (2022-04-12): • HOI that was effective at closing for the subject transaction

04/13/2022

1

A

CA

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

A

A

N/A

Non QM

No

217187718

438035462

XXX

24939033

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Please provide the mortgage statements for XXXX, and  XXXX .

Reviewer Comment (2022-05-17): Received Updated 1003 and 1008, Exception Cleared Seller Comment (2022-05-16): Ø XXXX.   Taxes Seller Comment (2022-05-16): Ø XXXX.   HOI Seller Comment (2022-05-16): Ø XXXX.  1st payment letter Seller Comment (2022-05-16): Ø  XXXX   Taxes Seller Comment (2022-05-16): Ø  XXXX   HOI Seller Comment (2022-05-16): Ø  XXXX   1st payment letter Seller Comment (2022-05-16): Ø XXXX.  Taxes Seller Comment (2022-05-16): Ø XXXX  HOI Seller Comment (2022-05-16): Ø XXXX First payment letter Seller Comment (2022-05-16): • Updated final 1008 Seller Comment (2022-05-16): • Updated final 1003 Seller Comment (2022-05-16): • Rental income worksheet Reviewer Comment (2022-05-03): Received updated 1003 on X/X/XX however, XXXX mortgage loan information is incorrect. The interest rate and monthly expense does not match with other documents in the file. Updated 1008 needs to be amend too. As per supporting docs, Credit debts $XXX + REO expenses $XXXX.XX + primary housing expense $XXXX.XX =$XXX.XXPlease have 1003 and 1008 amended and re-upload the documents. Exception remains Seller Comment (2022-05-02): • Updated 1008 with the correct payments for  XXXX  &  XXXX Seller Comment (2022-05-02): • Updated 1003 with the correct payments for  XXXX  &  XXXX Reviewer Comment (2022-04-13): Received and associated First payment letter, Tax and insurance verification for the properties at  XXXX .,  XXXX  and   XXXX ,  XXXX .  P&I on first payment letter does not match with the P&I on Final 1003 for both the properties. Provide updated 1003 and 1008 reflecting correct         P&I for the properties at  XXXX .,  XXXX  and   XXXX ,  XXXX . Exception remains. Seller Comment (2022-04-12): Taxes for  XXXX Seller Comment (2022-04-12): •Taxes for  XXXX Seller Comment (2022-04-12): • HOI for  XXXX Seller Comment (2022-04-12): • 1st payment letter for  XXXX

05/17/2022

1

A

CA

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

A

A

N/A

Non QM

No

217187889

438035475

XXX

24927819

Compliance

Compliance

Federal Compliance

TRID

TRID Ten Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Ten Percent Fee Tolerance exceeded. Total amount of $[redacted] exceeds tolerance of $[redacted] plus [redacted]% or $[redacted].  Sufficient or excess cure was provided to the borrower at Closing.

Ten percent fee exceeds guideline tolerance without COC.

Reviewer Comment (2022-03-02): Sufficient Cure Provided At Closing

03/02/2022

1

A

PA

Primary

Purchase

Final CD evidences Cure

C

B

C

A

B

B

A

A

Non QM

Non QM

Yes

217187889

438035475

XXX

24997532

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

The Business Bank Statement Spreadsheet shows the CPA Stated Expense Ratios is [redacted]%; however, the CPA Letter does not include an expense ratio.  Provide CPA Letter that includes the borrower's expense ratio.

Reviewer Comment (2022-03-31): Received. Seller Comment (2022-03-30): • CPA letter confirming the expense ratio

03/31/2022

1

A

PA

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

217187889

438035475

XXX

24997650

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant [redacted] business days prior to consummation.

Appraisal delivery document in file is for the Initial Appraisal Report.  Provide appraisal delivery document for the Revised/Final Appraisal Report dated [redacted].

Reviewer Comment (2022-03-31): Seller Acknowledges Exception. Seller Comment (2022-03-30): Seller requests buyer review: Please waive this exception with no grade change

03/31/2022

2

B

PA

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

217187932

438035256

XXX

25050446

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $[redacted] exceeds tolerance of $[redacted].  Insufficient or no cure was provided to the borrower.

The Appraisal Fee. was disclosed to the borrower on the loan estimate as $[redacted] but it appeared on the closing disclosure as $[redacted] with no cure provided. Provide valid changed circumstance or a cure to the borrower by delivering a PC CD and evidence of refund to the borrower with an explanation of changes.

Reviewer Comment (2022-03-18): [Redact] received  VCC, exception is cleared. Seller Comment (2022-03-17): COC

03/18/2022

1

A

CO

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217187932

438035256

XXX

25050463

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points.  Fee Amount of $[redacted] exceeds tolerance of $[redacted].  Insufficient or no cure was provided to the borrower.

The Loan Discount Points was disclosed to the borrower on the loan estimate as $[redacted] but it appeared on the closing disclosure as $[redacted] with no cure provided. Provide valid changed circumstance or a cure to the borrower by delivering a PC CD and evidence of refund to the borrower with an explanation of changes.

Reviewer Comment (2022-03-18): [Redact] received  VCC, exception is cleared. Seller Comment (2022-03-17): COC

03/18/2022

1

A

CO

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217187932

438035256

XXX

25050476

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Re-Inspection Fee.  Fee Amount of $[redacted] exceeds tolerance of $[redacted].  Insufficient or no cure was provided to the borrower.

The Appraisal Re-Inspection Fee  was not disclosed to the borrower on the loan estimate. Provide valid changed circumstance or a cure to the borrower by delivering a PC CD and evidence of refund to the borrower with an explanation of changes.

Reviewer Comment (2022-03-18): [Redact] received  VCC, exception is cleared. Seller Comment (2022-03-17): LE COC

03/18/2022

1

A

CO

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217187932

438035256

XXX

25050488

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Water Testing Fee.  Fee Amount of $[redacted] exceeds tolerance of $[redacted].  Insufficient or no cure was provided to the borrower.

Water Testing Fee entered on page 2 of the final CD in Section C and not Section H. This fee is not a lender fee, but a property-related required charge. Please provide cure or corrected CD with evidence it was sent to the Borrower with an explanation.

Reviewer Comment (2022-03-28): [Redact] received corrected PCCD moving fee to Section H with LOE Seller Comment (2022-03-25): PCCD [Redact] Reviewer Comment (2022-03-22): [Redact] received corrected PCCD along with LOE for the Water Testing fee moved to Section H from Section C. However, the provided LOX doesn't specify the correction made on Post CD. Please provide Letter of explanation stating the correction made on Post CD. Seller Comment (2022-03-21): PCCD

03/28/2022

1

A

CO

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217187932

438035256

XXX

25050584

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Ten Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Ten Percent Fee Tolerance exceeded. Total amount of $[redacted] exceeds tolerance of $[redacted] plus [redacted]% or $[redacted].  Insufficient or no cure was provided to the borrower.

Total amount of $[redacted] exceeds tolerance of $[redacted] plus [redacted]% or $[redacted]. Insufficient or no cure was provided to the borrower. Provide valid changed circumstance or a cure to the borrower by delivering a PC CD and evidence of refund to the borrower with an explanation of changes.

Reviewer Comment (2022-03-18): [Redact] received  VCC, exception is cleared. Seller Comment (2022-03-17): CD

03/18/2022

1

A

CO

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217187932

438035256

XXX

25050613

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Closing Disclosure Timing without Waiver

TILA-RESPA Integrated Disclosure: Closing Disclosure not provided to Borrower(s) at least [redacted] business days prior to closing.

Initial Closing Disclosure not included in file. Provide initial CD delivered to Borrower(s) at least [redacted] business days prior to closing.

Reviewer Comment (2022-03-18): [Redact] received the initial CD, exception is cleared. Seller Comment (2022-03-17): cd

03/18/2022

1

A

CO

Primary

Purchase

No Defined Cure

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217187932

438035256

XXX

25057988

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Survey Fee.  Fee Amount of $[redacted] exceeds tolerance of $[redacted].  Insufficient or no cure was provided to the borrower.

Transaction Coordinator Fee entered on page 2 of the final CD in Section C and not Section H. This fee is not a lender fee, but a property-related required charge. Please provide cure or corrected CD with evidence it was sent to the Borrower with an explanation.

Reviewer Comment (2022-03-28): [Redact] received corrected PCCD moving fee to Section H with LOE Seller Comment (2022-03-25): PCCD [Redact] Reviewer Comment (2022-03-22): [Redact] received corrected PCCD along with LOE for the Survey fee moved to section H from C and PCCD fee name changed to reflects "Transaction Coordinate fee". However, the provided LOX doesn't specify the correction made on Post CD. Please provide Letter of explanation stating the correction made on per Post CD along with Certified copy of the Final SS to verify the same fee has been collected from borrower. Or else required corrected PCCD with LOE for the same. exception remains. Seller Comment (2022-03-21): PCCD fee name corrected Reviewer Comment (2022-03-18): Fee added on final CD without VCC.  Please provide VCC or cure in order to complete testing. Seller Comment (2022-03-17): cd

03/28/2022

1

A

CO

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217195571

438035274

XXX

24941419

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

Please provide the secondary valuation as required.

Reviewer Comment (2022-03-14): Received CDA report with value of $[Redact] on [Redact]. Exception cleared Seller Comment (2022-03-11): CDA uploaded.

03/14/2022

1

A

NJ

Investment

Refinance - Cash-out - Other

D

A

A

A

D

A

N/A

No

217196087

438035193

XXX

24935123

Credit

Credit

Credit Documentation

Guideline

The Verification of Rent (VOR) / Verification of Mortgage (VOM) is required and was not found in file.

Reviewer Comment (2022-03-21): Received bank statements . Verified XX months rental payment history . Exception cleared. Seller Comment (2022-03-17): see attached

03/21/2022

1

A

CA

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217196087

438035193

XXX

24936191

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $[redacted] exceeds tolerance of $[redacted].  Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2022-03-03): Sufficient Cure Provided At Closing

03/03/2022

1

A

CA

Primary

Purchase

Final CD evidences Cure

C

A

C

A

A

A

A

A

Non QM

Non QM

Yes

217196092

438035215

XXX

24931948

Compliance

Compliance

Federal Compliance

TILA

ARM Disclosure Status Test

TIL variable rate disclosure: ARM loan program disclosure not provided to the borrower.

Provide ARM Disclosure provided to borrower when the loan product changed from Fixed Rate to ARM.

Reviewer Comment (2022-03-23): Received ARM Disclosure document , Exception Cleared Seller Comment (2022-03-22): see attached

03/23/2022

1

A

SC

Primary

Purchase

No Defined Cure

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217196092

438035215

XXX

25007952

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant [redacted] business days prior to consummation.

Borrower received the appraisal less than [redacted] days prior to closing. Loan file does not contain Waiver.

Reviewer Comment (2022-03-23): waiver in file acknowledging the email receipt Seller Comment (2022-03-17): Seller requests buyer review: Leave as a 2, unable to clear.

03/23/2022

1

A

SC

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217196092

438035215

XXX

25007953

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of [redacted]% or Final Disclosure APR of[redacted]% is in excess of allowable threshold of APOR[redacted]% + [redacted]%, or [redacted]%.  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-03-23): waiver in file acknowledging the email receipt

03/23/2022

1

A

SC

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217196092

438035215

XXX

25007954

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant [redacted] business days prior to consummation.

Borrower received the appraisal less than [redacted] days prior to closing. Loan file does not contain Waiver.

Reviewer Comment (2022-03-23): waiver in file acknowledging the email receipt Seller Comment (2022-03-22): see attached

03/23/2022

1

A

SC

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217207861

438035322

XXX

24940152

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Fraud Report not provided

Please provide required Fraud Report/Background Check for borrower.

Reviewer Comment (2022-03-18): Received  Fraud Report. Exception Cleared. Seller Comment (2022-03-16): DRIVE report

03/18/2022

1

A

CA

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217207861

438035322

XXX

24940156

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Approval not provided

Please provide UW Approvals and the final 1008 for the subject loan.

Reviewer Comment (2022-03-18): Received UW Approvals and the final 1008. Exception Cleared. Seller Comment (2022-03-16): 1008

03/18/2022

1

A

CA

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217218376

438035308

XXX

24952534

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Missing Final 1003

Please provide the final signed 1003.

Reviewer Comment (2022-03-11): Received and associated  final 1003 signed and dated by borrower. Exception Cleared. Seller Comment (2022-03-09): Final 1003 signed.

03/11/2022

1

A

NJ

Investment

Purchase

D

A

D

A

A

A

N/A

No

217218376

438035308

XXX

24952541

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Certificate of Good Standing not provided

Please provide the certificate of good standing.

Reviewer Comment (2022-03-18): Received and associated Certificate of Good Standing. Exception Cleared. Seller Comment (2022-03-16): Certificate of Good Standing Reviewer Comment (2022-03-14): Please provide the Cert of Good Standing.

03/18/2022

1

A

NJ

Investment

Purchase

D

A

D

A

A

A

N/A

No

217218376

438035308

XXX

24952580

Credit

Loan Package Documentation

Closing / Title

Missing Document

Missing Document: Security Instrument - Subject Lien not provided

Please provide the signed and notarized security instrument.

Reviewer Comment (2022-03-11): Received and associated Security Instrument - Subject Lien. Exception cleared. Seller Comment (2022-03-09): Security Instrument

03/11/2022

1

A

NJ

Investment

Purchase

D

A

D

A

A

A

N/A

No

217218376

438035308

XXX

24954500

Compliance

Compliance

Miscellaneous Compliance

Compliance

Other Compliance Exception (Manual Add)

Please provide the borrower's signature on the subject lien note.  Incomplete note, as it is unsigned.

Reviewer Comment (2022-03-14): Received. Seller Comment (2022-03-09): Signed Note

03/14/2022

1

A

NJ

Investment

Purchase

D

A

D

A

A

A

N/A

Yes

217218376

438035308

XXX

24954546

Compliance

Compliance

Miscellaneous Compliance

Compliance

Other Compliance Exception (Manual Add)

Please provide the signature on the prepayment penalty note addendum. Incomplete prepayment penalty addendum, as the addendum is unsigned.

Reviewer Comment (2022-03-14): Received. Seller Comment (2022-03-09): Signed PPP Addendum to the Note

03/14/2022

1

A

NJ

Investment

Purchase

D

A

D

A

A

A

N/A

Yes

217218376

438035308

XXX

24954633

Compliance

Compliance

Miscellaneous Compliance

Compliance

Other Compliance Exception (Manual Add)

Please provide the signature on the final HUD/CD, as the document is not signed by the borrower.

Reviewer Comment (2022-03-17): Executed final CD dated [Redact] received Seller Comment (2022-03-16): Signed Final CD. Seller Comment (2022-03-14): Final CD signed on [Redact] uploaded. Reviewer Comment (2022-03-14): Please provide the signed, Final Hud/CD.

03/17/2022

1

A

NJ

Investment

Purchase

D

A

D

A

A

A

N/A

Yes

217218376

438035308

XXX

24954916

Credit

Loan Package Documentation

Closing / Title

Missing Document

Missing Document: Rider - Other not provided

Please provide the signed prepayment rider to the security instrument.

Reviewer Comment (2022-03-14): PPP Rider Received. Seller Comment (2022-03-09): PPP rider to the Security instrument

03/14/2022

1

A

NJ

Investment

Purchase

D

A

D

A

A

A

N/A

No

217218376

438035308

XXX

24955021

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

Missing Document: Rider - 1-4 Family not provided

Please provide the signed 1-4 family rider to the security instrument.

Reviewer Comment (2022-03-11): Received and associated Rider - 1-4 Family. Exception cleared. Seller Comment (2022-03-09): 1-4 Family Rider

03/11/2022

1

A

NJ

Investment

Purchase

D

A

D

A

A

A

N/A

No

217227277

438035137

XXX

24982076

Credit

System

General

System

Flood Certificate Subject Address does not match Note address.

Please provide an updated flood certificate with the address that matches the note address.

Reviewer Comment (2022-03-16): Received updated flood certificate with the address that matches the note address, verified and associated the document, hence exception cleared. Seller Comment (2022-03-15): [Redact] [Redact] - see attached Flood Cert

03/16/2022

1

A

NJ

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217229095

438035344

XXX

25004343

Credit

Legal / Regulatory / Compliance

Title / Lien Defect

Title

Title Policy is Preliminary or Commitment, and not a Final Title Policy.

Please provide the final title policy

Reviewer Comment (2022-04-01): Final title policy received.

04/01/2022

1

A

CA

Investment

Purchase

C

A

C

A

A

A

N/A

No

217229095

438035344

XXX

25004441

Credit

Asset

Asset Documentation

Asset

Guideline Issue:Insufficient asset documentation.

-

Statement in file covers [redacted]-[redacted].  Please provide additional consecutive statement to cover a [redacted] day period.

Reviewer Comment (2022-03-23): [Redact] [Redact] 401k XXXX statement received. Two months of statements now in file. Seller Comment (2022-03-21): [Redact]

03/23/2022

1

A

CA

Investment

Purchase

C

A

C

A

A

A

N/A

No

217229095

438035344

XXX

25004608

Credit

Title

Lien

Title

Missing evidence of lien position on Other Financing.

-

Please provide Subordination Agreement or Final Title, to evidence lien position

Reviewer Comment (2022-04-01): Final title policy received verifying simultaneous second lien is in second lien position. Seller Comment (2022-03-29): Final Title Policy Reviewer Comment (2022-03-23): Installment Note and Deed of Trust with Assignment of Rents is dated [Redact] and notarized [Redact], which is the same as the closing date of the subject lien. To ensure [Redact] lien is in second position, provide final title policy validating lien position. Seller Comment (2022-03-21): sub

04/01/2022

1

A

CA

Investment

Purchase

C

A

C

A

A

A

N/A

No

217229095

438035344

XXX

25007376

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Note Addendum - Interest Only not provided

The Note is not an Interest-Only Note and there is no Interest Only Note Addendum provided in file.

Reviewer Comment (2022-04-01): Executed Interest Only Period Adjustable Rate Note received. Seller Comment (2022-03-30): Intertest Only Note Reviewer Comment (2022-03-18): The Note provided is not an IO ARM Note, therefore, an IO Addendum to the Note is required.  Exception remains. Seller Comment (2022-03-16): Please review the Section 4 of the Note, the IO period is detailed there.  There is no need for an addendum.

04/01/2022

1

A

CA

Investment

Purchase

C

A

C

A

A

A

N/A

No

217230372

438035327

XXX

25003729

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

Missing Document: Rider - 1-4 Family not provided

Please provide the 1-4 family rider to the security instrument.

Reviewer Comment (2022-03-21): 1-4 family rider received and verified the details. Exception cleared Seller Comment (2022-03-18): deed

03/21/2022

1

A

NY

Investment

Purchase

C

A

C

A

A

A

N/A

No

217230372

438035327

XXX

25003730

Credit

Loan Package Documentation

Closing / Title

Missing Document

Missing Document: Rider - Other not provided

Please provide the prepayment penalty rider to the security instrument.

Reviewer Comment (2022-03-25): Received. Seller Comment (2022-03-23): Prepayment rider re-uploaded individually Reviewer Comment (2022-03-22): The Mortgage was uploaded again.  The missing document is the Prepayment Rider to Mortgage.  Provide the Prepayment Rider to Mortgage. Seller Comment (2022-03-18): deed

03/25/2022

1

A

NY

Investment

Purchase

C

A

C

A

A

A

N/A

No

217230513

438035124

XXX

25007647

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $[redacted] exceeds tolerance of $[redacted].  Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2022-03-10): Sufficient Cure Provided At Closing

03/10/2022

1

A

FL

Primary

Purchase

Final CD evidences Cure

A

A

A

A

A

A

A

A

Non QM

Non QM

Yes

217233782

438035628

XXX

25002787

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Reviewer Comment (2022-03-21): Rec'd worksheet in trailing docs; exception cleared. Seller Comment (2022-03-16): income worksheet

03/21/2022

1

A

FL

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217234031

438035482

XXX

25015490

Property

Valuation

Valuation Issue

Valuation

The desk review has a effective date that is other than what the appraisal effective date is. The desk review should have the same effective date as the appraisal

Please provide a desk review with the same effective date as the appraisal.

Reviewer Comment (2022-04-05): CDA dated [Redact] with a [Redact] effective date received. Seller Comment (2022-04-01): • CDA for the appraisal used for qualifying

04/05/2022

1

A

NJ

Investment

Purchase

C

A

A

A

C

A

N/A

No

217241732

438035293

XXX

25034604

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Purchase Agreement / Sales Contract not provided

Please provide the purchase agreement/sales contract for the subject transaction.

Reviewer Comment (2022-03-21): Received Purchase Agreement / Sales Contract , Exception Cleared Seller Comment (2022-03-18): Purchase Contract uploaded.

03/21/2022

1

A

CA

Investment

Purchase

D

A

D

A

A

A

N/A

No

217241817

438035200

XXX

25069043

Compliance

Compliance

Federal Compliance

RESPA

RESPA Disclosure - List of Homeownership Counseling Organizations Missing

RESPA Disclosure Rule [redacted]: Creditor did not provide List of Homeownership Counseling Organizations to borrower.

Reviewer Comment (2022-03-23): Seller acknowledges exception.

03/23/2022

2

B

NJ

Primary

Purchase

B

B

A

A

B

B

A

A

Non QM

Non QM

No

217242446

438035143

XXX

25051981

Credit

Missing Document

General

Missing Document

ACH was missing from file.

Please provide the ACH, as the borrower is a foreign national.

Reviewer Comment (2022-03-28): Automatic Loan Payment Agreement received. Seller Comment (2022-03-24): [Redact] [Redact] - please see attached ACH Reviewer Comment (2022-03-23): No new documentation received. ACH Agreement is required and a loan approval condition. Exception remains. Seller Comment (2022-03-21): [Redact]  [Redact]  - Please clarify ACH  - Is ACH the Automatic loan payment agreement?

03/28/2022

1

A

FL

Investment

Purchase

C

A

C

A

A

A

N/A

No

217242449

438035087

XXX

25014743

Compliance

Compliance

Federal Compliance

TRID

TRID [redacted] Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: [redacted] Fee Tolerance exceeded for XX Guaranty Fee.  Fee Amount of [redacted] exceeds tolerance of [redacted].  Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2022-03-11): Sufficient Cure Provided At Closing

03/11/2022

1

A

TX

Primary

Purchase

Final CD evidences Cure

A

A

A

A

A

A

A

A

Non QM

Non QM

Yes

217242450

438035100

XXX

25016902

Compliance

Compliance

Federal Compliance

RESPA

RESPA Disclosure -  List of Homeownership Counseling Organizations Older Than 30 days When Provided to Borrower

RESPA Disclosure Rule [redacted]: List of Homeownership Counseling Organizations was older than xx days when provided to borrower.

List of Homeownership Counseling Organization list provided to the borrower [redacted]. List older than xx days . Last update [redacted]

Reviewer Comment (2022-03-28): Seller Acknowledges Exception. Seller Comment (2022-03-24): [Redact] [Redact] -  Please waive the exception with no grade change

03/28/2022

2

B

NJ

Primary

Purchase

B

B

A

A

B

B

A

A

Non QM

Non QM

No

217243099

438035144

XXX

25032618

Credit

Credit

Credit Documentation

Credit

There is no lease in place for the subject property and the absence of this document casts doubt on business purpose of loan.

Please provide the lease agreements for the subject property.

Reviewer Comment (2022-03-24): Not required for vacant property; exception cleared. Seller Comment (2022-03-22): [Redact] [Redact] -  Appraisal is marked vacant. Based off the guidelines for refinance "If the unit is currently vacant, utilize 100% of the market rent". Market rent is being used for qualification as guideline does not require a lease to be in place.

03/24/2022

1

A

MA

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217243107

438035088

XXX

25018560

Compliance

Compliance

Federal Compliance

TRID

TRID [redacted] Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: [redacted] Fee Tolerance exceeded for Transfer Tax.  Fee Amount of $xxx.xx exceeds tolerance of [redacted].  Sufficient or excess cure was provided to the borrower at Closing.

The lender provided  credit to cure of [redacted] to cure the increase in the Transfer  fee

Reviewer Comment (2022-03-11): Sufficient Cure Provided At Closing

03/11/2022

1

A

PA

Primary

Purchase

Final CD evidences Cure

A

A

A

A

A

A

A

A

Non QM

Non QM

Yes

217245806

438035276

XXX

25027737

Compliance

Compliance

Federal Compliance

TRID

TRID [redacted] Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: [redacted] Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of [redacted] exceeds tolerance of [redacted].  Sufficient or excess cure was provided to the borrower at Closing.

The Appraisal Fee Amount of [redacted] exceeds tolerance of [redacted], however there was a lender credit of [redacted] to cover the cost to cure.

Reviewer Comment (2022-03-14): Sufficient Cure Provided At Closing

03/14/2022

1

A

TX

Primary

Purchase

Final CD evidences Cure

A

A

A

A

A

A

A

A

Non QM

Non QM

Yes

217246606

438035173

XXX

25025765

Credit

Guideline

Guideline Issue

Guideline

Two years of employment was not verified.

-

Borrower has less than XXXX year history with current business.  She has greater than XXXX year history as aXXXX.  Sufficient reserves have been documented.  Declining income.

The qualifying DTI on the loan is at least xx% less than the guideline maximum. Borrowers made a down payment from their own funds on this purchase transaction of at least x% and $x,xxx.xx. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least x months. Borrower has worked in the same position for more than x years. Borrower has verified disposable income of at least $xxxx.xx. Borrower has been employed in the same industry for more than x years.

Borrower has been employed in the same industry for more than [redacted] years.

Owner Owner Owner Owner Owner Owner,Originator

Reviewer Comment (2022-03-21): Lender approved less than two year history with current business with declining income.

03/21/2022

2

B

NJ

Primary

Purchase

B

B

B

B

A

A

A

A

Non QM

Non QM

No

217246607

438035211

XXX

25028075

Compliance

Compliance

State Compliance

Misc. State Level

(TX50(a)(6)) Texas Cash-out Loan (T-42 Endorsement Not Obtained)

xxxx Constitution Section xxxx: Acceptable FNMA title insurance endorsements not obtained for home equity loan.  The loan file does not evidence the Title Policy includes the xxxx endorsement or the XXXX endorsement. (The loan is a xxxx Section XXXX home equity loan.)

Acceptable FNMA title insurance endorsements not obtained for home equity loan. The loan file does not evidence the Title Policy includes the xxxx  endorsement or the XXXX endorsement.

Reviewer Comment (2022-03-25): Email from title company validating the endorsements to be attached to the title policy received. Reviewer Comment (2022-03-25): Please provide [Redact] [Redact] Equity Mortgage Endorsement or the [Redact] Supplemental Coverage Equity Loan endorsement. Exception remain. Seller Comment (2022-03-23): see title info

03/25/2022

1

A

TX

Primary

Refinance - Cash-out - Other

The endorsements would be required at the time of original title policy issuance, there is not an obvious remediation

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217246607

438035211

XXX

25028076

Compliance

Compliance

State Compliance

State Defect

(TX50(a)(6)) Texas Cash-out Loan  (Acknowledgment of Fair Market Value Disclosure Not Provided)

xxxx Constitution Section xxxx: Borrower did not receive written "Acknowledgment of the Fair Market Value" of homestead property securing loan.

Please provide the signed "Acknowledgment of the Fair Market Value".

Reviewer Comment (2022-03-25): Acknowledgment of Fair Market Value of Homestead property signed by both Lender and Borrowers received. Seller Comment (2022-03-23): see atttached

03/25/2022

1

A

TX

Primary

Refinance - Cash-out - Other

To Remediate: the lender or holder may either: (1) Deliver to the borrower the required disclosure documents and obtain an executed copy; OR, (2) refund or credit the borrower $1,000 and offer the borrower the right to refinance the extension of credit for the remaining term of the loan at no cost to the borrower on the same terms, including interest, as the original extension of credit with any modifications necessary to comply with this section or on terms on which the borrower and the lender or holder otherwise agree.  Letter of explanation and proof of delivery of cure documents required, and, if cured with refund or credit, copy of refund check or evidence of principal reduction also required.

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217246607

438035211

XXX

25028126

Compliance

Compliance

State Compliance

State Defect

(TX50(a)(6)) Texas Cash-out Loan  (No evidence that borrower received copies of all documents signed at closing)

xxxx Constitution Section xxxx:  xxxx Cash-out Loan.   No evidence that borrower(s) received copies of all documents signed at time of closing.

Please provide evidence that borrowers received copies of all documents signed at time of closing.

Reviewer Comment (2022-03-25): [Redact] Receipt of Document Copies signed at closing received. Seller Comment (2022-03-23): see attached

03/25/2022

1

A

TX

Primary

Refinance - Cash-out - Other

Either Deliver the required documents to the borrower or refund or credit the borrower $1,000 and offer the borrower the right to refinance the extension of credit for the remaining term of the loan at no cost to the borrower on the same terms, including interest, as the original extension of credit with any modifications necessary to comply with this section or on terms on which the borrower and the lender or holder otherwise agree.

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217246607

438035211

XXX

25028127

Compliance

Compliance

Federal Compliance

TRID

TRID [redacted] Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: [redacted] Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of [redacted] exceeds tolerance of [redacted].  Sufficient or excess cure was provided to the borrower at Closing.

The Appraisal Fee. was disclosed to the borrower on the loan estimate as [redacted] but it appeared on the closing disclosure as [redacted] with no cure provided

Reviewer Comment (2022-03-14): Sufficient Cure Provided At Closing

03/14/2022

1

A

TX

Primary

Refinance - Cash-out - Other

Final CD evidences Cure

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217246610

438035253

XXX

25028568

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Non Escrowed Property Costs Year 1

TILA-RESPA Integrated Disclosure - Loan Disclosures: Amount of Non-Escrowed Property Costs over Year 1 of [redacted] on Final Closing Disclosure provided on [redacted] not accurate.

Per the Final CD, the non-escrowed amount for the year is [redacted]. Per the Appraisal in file, the monthly HOA dues are[redacted], resulting in [redacted]. Please provide corrected CD with evidence it was sent to the borrower with an explanation, or corrected supporting escrow documentation.

Reviewer Comment (2022-04-05): Seller Acknowledges Exception. Seller Comment (2022-03-22): Seller requests buyer review: unable to clear

04/05/2022

2

B

NY

Primary

Purchase

Letter of Explanation & Corrected Closing Disclosure

B

B

A

A

B

B

A

A

Non QM

Non QM

Yes

217246610

438035253

XXX

25028569

Compliance

Compliance

Federal Compliance

TRID

TRID [redacted] Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: [redacted] Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of [redacted] exceeds tolerance of [redacted].  Sufficient or excess cure was provided to the borrower at Closing.

Provide VCC or cure to the borrower with a PC CD and evidence it was sent to the borrower with an explanation of the changes.

Reviewer Comment (2022-03-14): Sufficient Cure Provided At Closing

03/14/2022

1

A

NY

Primary

Purchase

Final CD evidences Cure

B

B

A

A

B

B

A

A

Non QM

Non QM

Yes

217246610

438035253

XXX

25028570

Compliance

Compliance

Federal Compliance

TRID

TRID [redacted] Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: [redacted] Fee Tolerance exceeded for Appraisal Re-Inspection Fee.  Fee Amount of [redacted] exceeds tolerance of [redacted].  Sufficient or excess cure was provided to the borrower at Closing.

Provide VCC or cure to the borrower with a PC CD and evidence it was sent to the borrower with an explanation of the changes.

Reviewer Comment (2022-03-14): Sufficient Cure Provided At Closing

03/14/2022

1

A

NY

Primary

Purchase

Final CD evidences Cure

B

B

A

A

B

B

A

A

Non QM

Non QM

Yes

217246613

438035275

XXX

25022555

Compliance

Compliance

State Compliance

State HPML

(State HPML Disclosure) Maryland Higher-Priced Mortgage Loan (Disclosure of Non-HPML Loans Borrower Qualifies For Not Provided)

xxxx Higher-Priced Mortgage Loan:  Borrower not provided with written disclosure of non-higher priced loans otherwise qualified for.

Reviewer Comment (2022-04-05): Seller Acknowledges Exception. Seller Comment (2022-03-22): Seller requests buyer review: unable to clear

04/05/2022

2

B

MD

Primary

Purchase

Lender attestation indicating that (1) the borrower did not qualify for any non-higher-priced loans or (2) the lender does not offer non-higher-priced loans.

B

B

A

A

B

B

A

A

Non QM

Non QM

No

217246613

438035275

XXX

25022556

Compliance

Compliance

State Compliance

State HPML

xxxx HPML Threshold Test Non-Compliant

xxxx Higher-Priced Mortgage Loan: APR on subject loan of [redacted] or Final Disclosure APR of [redacted] is in excess of allowable threshold of APOR [redacted] + [redacted], or [redacted].  Non-Compliant Higher Priced Loan.

Reviewer Comment (2022-04-05): Seller Acknowledges Exception. Seller Comment (2022-03-22): Seller requests buyer review: unable to clear

04/05/2022

2

B

MD

Primary

Purchase

B

B

A

A

B

B

A

A

Non QM

Non QM

No

217248733

438035334

XXX

25028414

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Fraud Report not provided

Please provide required Fraud Report/Background Check.

Reviewer Comment (2022-03-22): Received Fraud Report , Exception Cleared Seller Comment (2022-03-21): Fraud

03/22/2022

1

A

GA

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217254025

438035279

XXX

25049959

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Missing the CPA Letter for XXXX.  Also missing third party verification of the existence of both XXXX and XXXX within xx days of closing.

Reviewer Comment (2022-03-23): CPA letter and business license received for XXXX. CPA verifies both companies are currently active and in good standing. Seller Comment (2022-03-21): CPA , state license and CPA verification

03/23/2022

1

A

CA

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217254799

438035225

XXX

25049149

Credit

Borrower and Mortgage Eligibility

Mortgage / Program Eligibility

Borrower and Mortgage Eligibility

The asset/income documentation does not show the borrower(s) at an address different than the subject property and thus casts doubt on the business purpose of the loan.

XXXX

Reviewer Comment (2022-04-06): 1007 reports tenant occupied. LOE received. No other conflicting docs found. Seller Comment (2022-04-04): LOE attached

04/06/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217254799

438035225

XXX

25127525

Credit

Borrower and Mortgage Eligibility

Mortgage / Program Eligibility

Borrower and Mortgage Eligibility

Guideline Requirement: Loan to value discrepancy.

Maximum per Guidelines for a  XXXX , Cash-out Refinance, no score, NOO is [redacted] for loans of [redacted] to [redacted]..

Reviewer Comment (2022-03-30): New 1008 received updating appraised value correcting the LTV. Seller Comment (2022-03-28): Memo attached

03/30/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217254799

438035225

XXX

25127526

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: Combined loan to value discrepancy.

Maximum per Guidelines for a  XXXX , Cash-out Refinance, no score, NOO is [redacted] for loans of [redacted] to [redacted]..

Reviewer Comment (2022-03-30): New 1008 received updating appraised value correcting the LTV. Seller Comment (2022-03-28): 1008 attached

03/30/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217254801

438035645

XXX

25102307

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Business Purpose Certificate not provided

Please provide the Business Purpose Cert.

Reviewer Comment (2022-03-25): Received Business Purpose Certificate, Exception Cleared Seller Comment (2022-03-24): Business Cert

03/25/2022

1

A

FL

Investment

Purchase

C

A

C

A

A

A

N/A

No

217254801

438035645

XXX

25102337

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

The Note is an Interest Only, Period Fixed Rate Note. However, the number of months for the IO period is blank. Also, the payment number of months is blank the the payment amount is not Interest Only. Please provide an updated and corrected Note.

Reviewer Comment (2022-04-06): Corrected Note without the IO received and matches CD in file. Seller Comment (2022-04-05): [Redact] [Redact] -  Corrected  & Updated NOTE

04/06/2022

1

A

FL

Investment

Purchase

C

A

C

A

A

A

N/A

No

217254884

438035325

XXX

25047986

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Please provide the underwriter's 1084/income worksheet and the CPA Letter forXXXX.

Reviewer Comment (2022-03-31): Correction: the CPA Letter for [Redact] was received. Reviewer Comment (2022-03-31): The CPA form Letter received was for [Redact] and not [Redact]. Please forward the CPA Letter for [Redact] or equivalent reflecting percent ownership. Seller Comment (2022-03-30): CPA Letter reflecting 100% ownership of [Redact] uploaded. Seller Comment (2022-03-29): CPA  Self-Employed Business Narrative Form. Number of owners - One(1). Please clear. Reviewer Comment (2022-03-29): UW Income Analysis Worksheet for [Redact] received and the Certificate of Good Standing for [Redact] also received, which was already in the file. Provide ownership percentage documentation/verification for [Redact]. Exception remains. Seller Comment (2022-03-25): State of [Redact] Business Cert Seller Comment (2022-03-25): Income Worksheet

03/31/2022

1

A

NJ

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217254884

438035325

XXX

25068766

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Loan Underwriting and Transmittal Summary (1008) / MCAW not provided

Please provide revised 1008 that matches the loan information at closing.  1008 in file shows rental income of [redacted].  There is no evidence of rental income

Reviewer Comment (2022-03-28): Received revised 1008, Exception Cleared Seller Comment (2022-03-25): 1008

03/28/2022

1

A

NJ

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217254885

438035343

XXX

25048535

Credit

Insurance

Insurance Analysis

Insurance

Insufficient Coverage: Hazard insurance coverage amount is insufficient.

Provide sufficient hazard insurance. Hazard coverage is [redacted]. The Replacement Cost Estimator shows the replacement cost is [redacted].  Insurance coverage is insufficient.

Reviewer Comment (2022-03-29): Updated HOI policy received with dwelling coverage of $[Redact] Seller Comment (2022-03-26): HOI

03/29/2022

1

A

CA

Primary

Purchase

D

A

C

A

A

A

D

A

Non QM

Non QM

No

217254885

438035343

XXX

25048557

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

CDA is not provided when FNMA CU score is at [redacted]

Reviewer Comment (2022-03-28): Received and associated CDA. Exception Cleared. Seller Comment (2022-03-26): CDA

03/28/2022

1

A

CA

Primary

Purchase

D

A

C

A

A

A

D

A

Non QM

Non QM

No

217254885

438035343

XXX

25129819

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

The CPA Letter does not state that use of business funds will not have a negative impact on the business.

Reviewer Comment (2022-03-29): CPA letter dated [Redact] received with added commentary to the CPA letter dated [Redact] stating use of business funds will not have a negative impact on the business. Seller Comment (2022-03-26): CPA

03/29/2022

1

A

CA

Primary

Purchase

D

A

C

A

A

A

D

A

Non QM

Non QM

No

217255749

438035254

XXX

25111290

Compliance

Loan Package Documentation

Application / Processing

Missing, Incorrect, or Incomplete Final or Initial 1003

Missing Document: Missing Lender's Initial 1003

The 1003 initial on file was not signed by the borrower, please provide a signed document

Reviewer Comment (2022-04-04): Received and associated Initial 1003 signed by the borrower. Exception Cleared. Seller Comment (2022-04-01): Signed initial 1003 Reviewer Comment (2022-03-31): Please provide a signed, Initial 1003.

04/04/2022

1

A

CA

Primary

Refinance - Cash-out - Other

B

A

A

A

B

A

A

A

Non QM

Non QM

No

217257917

438035459

XXX

25137136

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Borrower has had more than XX NSFs in the past [redacted].

Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least x months. Borrower has owned the subject property for at least x years. Borrower has verified disposable income of at least $xxxx.xx.

Borrower has owned the subject property for at least [redacted] years. Documentation Type: [redacted] Disposable Income: [redacted]

Owner Originator,Owner Owner,Originator

Reviewer Comment (2022-03-23): Lender Exception Approval for excessive NSFs.

03/23/2022

2

B

CA

Primary

Refinance - Cash-out - Other

B

B

B

B

A

A

A

A

Non QM

Non QM

No

217259954

438035235

XXX

25137356

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Verification of Rent is from a Private Party; no lease in place.  Outstanding collection account for [redacted].

Borrowers made a down payment from their own funds on this purchase transaction of at least x% and $x,xxx.xx. Borrower has worked in the same position for more than x years. Borrower has verified disposable income of at least $xxxx.xx. Borrower has been employed in the same industry for more than x years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least x months.

Reserves: [redacted] Guideline Requirement: [redacted]

Owner Owner Owner Owner Owner,Originator

Reviewer Comment (2022-03-23): Lender Exception Approval for VOR from private party and to leave collection account in the amount of $[Redact] open.

03/23/2022

2

B

CA

Primary

Purchase

B

B

B

B

A

A

A

A

Non QM

Non QM

No

217262888

438035250

XXX

25109251

Credit

Missing Document

General

Missing Document

Missing Document: Lease Agreement not provided

Subject property is currently rented. Provide lease agreements currently in effect.

Reviewer Comment (2022-04-04): Received and associated Owner statement . Owner statement reflects XX months YTD of the rental amount received by the borrower. Subject property is short term Vacation rental . 1007 is provided in file. Exception cleared. Seller Comment (2022-04-01): stmt attached Seller Comment (2022-04-01): Memo attached Reviewer Comment (2022-03-31): As per guidelines, average of XX months rent receipt for short term rental need to be considered. Kindly provide XXmonths rental income receipts for the subject property to calculate short-term rental income. Exception remains Seller Comment (2022-03-30): [Redact] cottage Seller Comment (2022-03-30): [Redact] attached Seller Comment (2022-03-30): memo attached

04/04/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217263112

438035436

XXX

25101821

Credit

Missing Document

General

Missing Document

Missing Document: Bank Statements - Business not provided

Please provide 3 months Business Bank Statements for XXXX.

Reviewer Comment (2022-04-29): Borrower qualified based on personal bank statements per GLs using XXX% expense ratio. Seller Comment (2022-04-27): • XXXX cert confirming the borrower qualified under the Personal Bank Statements, Comingled Accounts, Uniform Expense Ratio guidelines which require the borrower to be qualified using XXX% of the eligible deposits and do not require 3 months business bank statements

04/29/2022

1

A

WA

Primary

Refinance - Cash-out - Other

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217263112

438035436

XXX

25101935

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Please provided CPA Letter, or equivalent document, to verify percentage of ownership for XXXX., and to confirm use of business funds will not have a negative impact on the business.

Reviewer Comment (2022-05-02): Percentage of ownership verification documentation received. Business funds not used for this cash back transaction. Cash back procees used for reserves. Seller Comment (2022-04-29): • Final CD confirming the borrower received over $XXXK cash back Seller Comment (2022-04-29): • Final 1003 confirming no business assets were used for qualifying Seller Comment (2022-04-29): • XX Secretary of State Annual Report confirming the borrower is the only governor for the company and that there have been no changes to the company ownership Seller Comment (2022-04-29): • Articles of Incorporation confirming the borrower is the only incorporator for the company Reviewer Comment (2022-04-29): No additional documentation received.

05/02/2022

1

A

WA

Primary

Refinance - Cash-out - Other

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217263112

438035436

XXX

25101958

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Please provided CPA Letter or the equivalent to verify percent ownership by the borrower for XXXX.

Reviewer Comment (2022-05-02): Percentage of ownership documentation received and other inluded in the file a time of review. Reviewer Comment (2022-04-29): No additional documentation received.

05/02/2022

1

A

WA

Primary

Refinance - Cash-out - Other

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217263112

438035436

XXX

25154177

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

The  XXXX  spreadsheets for  XXXX  personal account numbers XXXX and XXXX reflect XXX% usage.  Personal accounts may be used at 100%.  Provide revised 1003 and 1008 showing correct income using 100% of personal accounts, less unsourced deposits.  Also provide revised Business Bank Statement worksheets for these two personal accounts showing the correct income at 100% usage, less unsourced deposits.

Reviewer Comment (2022-04-29): Borrower qualified based on personal bank statements per GLs using XXX% expense ratio. Seller Comment (2022-04-27): • XXXX cert confirming the borrower qualified under the Personal Bank Statements, Comingled Accounts, Uniform Expense Ratio guidelines which require the borrower to be qualified using XXX% of the eligible deposits and do not require 3 months business bank statements

04/29/2022

1

A

WA

Primary

Refinance - Cash-out - Other

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217263112

438035436

XXX

25155072

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Bank statements reflect declining income.

Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least X months. Borrower has worked in the same position for more than X years. Borrower has verified disposable income of at least $XXX. Borrower has been employed in the same industry for more than x years.

Lender Exception with Comp Factors provided for regrade and waive. Lender Exception with Comp Factors provided for regrade and waive.

Originator,Owner Owner Owner Originator,Owner

Reviewer Comment (2022-05-24): Lender acknowledges exception. Reviewer Comment (2022-03-24): Lender Exception with Comp Factors provided for regrade and waive.

05/24/2022

2

B

WA

Primary

Refinance - Cash-out - Other

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217263112

438035436

XXX

25495523

Compliance

Compliance

Federal Compliance

ATR/QM Defect

Check Loan Designation Match - ATR Risk

Ability to Repay (Dodd-Frank 2014): Originator Loan Designation of Non QM does not match Due Diligence Loan Designation of ATR Risk.

Correcting qualfying based on personal bank statements per GLs using XXX% expenses resulted in DTI exceeding XXX% max.

Reviewer Comment (2022-05-17): Updated 1008, signed 1003, UW Income Analysis Worksheets and Underwriting Residual Worksheet received. Reviewer Comment (2022-05-02): No new documentation received.

05/17/2022

1

A

WA

Primary

Refinance - Cash-out - Other

Lender to provide updated ATR/QM Loan Designation

C

B

C

B

A

A

A

A

Non QM

Non QM

Yes

217263112

438035436

XXX

25495524

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General ATR Provision Investor and Non QM DTIs match and both moderately exceed Guidelines

Ability to Repay (Dodd-Frank 2014): The DTI calculated in accordance with the Lenders Guidelines and 1026.43(c)(5) of XX.XX% moderately exceeds the guideline maximum of XX.XX%. (DTI Exception is eligible to be regraded with compensating factors.)

Correcting qualfying based on personal bank statements per GLs using XX% expenses resulted in DTI exceeding XX% max.

Reviewer Comment (2022-05-17): Updated 1003, 1008, UW Income Analysis Worksheets and Underwriting Residual Worksheet received. Seller Comment (2022-05-13): • Updated residual income worksheet Seller Comment (2022-05-13): Personal acct #XXXX Seller Comment (2022-05-13): • Updated income worksheets for XXXX and the borrowers 2 personal accounts Seller Comment (2022-05-13): • Exception approval to qualify borrower with X business account andX personal accounts Seller Comment (2022-05-13): • Updated final 1008 Seller Comment (2022-05-13): • Updated final 1003 Reviewer Comment (2022-05-02): No new documentation received.

05/17/2022

1

A

WA

Primary

Refinance - Cash-out - Other

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217263112

438035436

XXX

25495553

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: Investor qualifying total debt ratio discrepancy.

Correcting qualfying based on personal bank statements per GLs using XXX% expenses resulted in DTI exceeding XXX% max. UW Income Analysis Worksheet for XXXX  XXXX  acct #XXXX did not exclude $XXX transfer from XXXX  XXXX  acct #XXXX on XX/XX/XX and $XXX transfer from XXXX XXXX acct #XXXX on XX/XX/XX. Both business accounts are being used for qualfying. Provide an updated UW Analysis Income Worksheet,1008 and final 1003 updating the income accordingly.

Reviewer Comment (2022-05-17): Updated 1008,  signed 1003, UW Income Analysis Worksheets and Underwriting Residual Worksheet received. Seller Comment (2022-05-13): • Updated residual income worksheet Seller Comment (2022-05-13): Personal account #XXXX Seller Comment (2022-05-13): • Updated income worksheets for XXXX and the borrowers 2 personal accounts Seller Comment (2022-05-13): • Exception approval to qualify borrower with X business account and X personal accounts Seller Comment (2022-05-13): • Updated final 1008 Seller Comment (2022-05-13): • Updated final 1003 Reviewer Comment (2022-05-02): No new documentation received.

05/17/2022

1

A

WA

Primary

Refinance - Cash-out - Other

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217263112

438035436

XXX

25509243

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General Ability To Repay Provision Investor Guidelines

Ability to Repay (Dodd-Frank 2014): Based on the loan failing one or more guideline components, the loan is at ATR risk.

No new documentation received.

Reviewer Comment (2022-05-17): Updated 1008, signed 1003, UW Income Analysis Worksheets and Underwriting Residual Worksheet received.

05/17/2022

1

A

WA

Primary

Refinance - Cash-out - Other

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217263268

438035278

XXX

25152836

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

Missing Document: Title Preliminary not provided

Please provide preliminary title to confirm lien paid off.

Reviewer Comment (2022-04-06): Received closure letter on [Redact], Verified mortgage by [Redact] account number ([Redact]) and dated  ([Redact]) in security instrument and same has been verified in closure letter is fully paid and close, Exception Cleared Seller Comment (2022-04-04): see atached Reviewer Comment (2022-04-01): As per Short form title HELOC equity line of credit mortgage by [Redact] dated [Redact] is not reflected however we don't have any proof the Heloc loan is fully paid or closed status so, kindly provide the satisfactory letter/Closure letter from lender or supporting letter to verify the loan is fully paid and close to clear this exception, Exception Remains. Seller Comment (2022-03-31): Final title policy that was uploaded confirms HELOC was omitted.  Please clear. Reviewer Comment (2022-03-31): Received duplicate copy of Short form Title document on [Redact]. On Title commitment,  Equity line of credit mortgage by [Redact] dated [Redact] is listed. Please provide supporting document which reflects the loan is paid in full and the account is closed. Exception remains Seller Comment (2022-03-30): see attached Reviewer Comment (2022-03-29): Received Title commitment . Provide evidence for the closing of the Line of Credit executed by [Redact] to xxxx dated [Redact] . Provide documents for this account to verify the amount is paid in full and account is closed. Exception remains. Seller Comment (2022-03-28): see attached

04/06/2022

1

A

MI

Investment

Refinance - Rate/Term

C

A

C

A

A

A

N/A

No

217263271

438035176

XXX

25074129

Compliance

Compliance

Federal Compliance

TRID Defect

TRID [redacted] Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: [redacted] Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of [redacted] exceeds tolerance of [redacted].  Insufficient or no cure was provided to the borrower.

Provide VCC or cure to the borrower with a PC CD and evidence it sent to the borrower with an explanation of changes.

Reviewer Comment (2022-04-04): [Redact] Received PCCD and LOE Seller Comment (2022-03-31): see attached

04/04/2022

2

B

MI

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

217263271

438035176

XXX

25074130

Compliance

Compliance

Federal Compliance

TRID Defect

TRID [redacted] Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: [redacted] Fee Tolerance exceeded for Transfer Tax.  Fee Amount of [redacted] exceeds tolerance of [redacted]  Insufficient or no cure was provided to the borrower.

Provide VCC or cure to the borrower with a PC CD and evidence it sent to the borrower with an explanation of changes.

Reviewer Comment (2022-04-04): [Redact] Sufficient Cure provided at Closing. Seller Comment (2022-03-31): see attached Reviewer Comment (2022-03-28): [Redact] upon further review, cure provided at closing is insufficient to cure all the citing's. We will clear Transfer Tax exception once we received resolution for Appraisal Fee citing. Exception remains. Seller Comment (2022-03-28): the cure was on the final CD for the above.  Please clear

04/04/2022

1

A

MI

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

217263271

438035176

XXX

25075413

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Provide all appraisals and evidence they were all sent to the borrower at least [redacted] prior to closing.

Reviewer Comment (2022-03-30): Appraisal dated [Redact] received. Seller Comment (2022-03-29): see attached Reviewer Comment (2022-03-28): The Appraisal Acknowledgements indicate an email was sent to the borrower on [Redact] and [Redact]. Appraisal with Report date [Redact] in file. Please forward the appraisal completed [Redact] or before. Seller Comment (2022-03-25): see attached

03/30/2022

1

A

MI

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217263271

438035176

XXX

25075439

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Please provided the 1084/Income Calculation Worksheet.

Reviewer Comment (2022-03-30): UW Income Analysis worksheet received. Seller Comment (2022-03-28): see attached Reviewer Comment (2022-03-28): Please forward the 1084 Worksheet.

03/30/2022

1

A

MI

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217272590

438035298

XXX

25111178

Credit

Credit

Credit Documentation

Guideline

Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided

Please provide Verification of rental payment history by the borrower.

Reviewer Comment (2022-03-29): Per GLs, in the event an Applicant is not a first time home buyer and can demonstrate a mortgage history payment history, the requirement to verify current rental payment history may be waived at underwriter discretion. Reviewer Comment (2022-03-28): Borrower is staying on rent from past three years on "[Redact]" . Please provide VOR/Lease agreement/LOE/rent receipts . Exception remains Seller Comment (2022-03-25): Please see memo attached

03/29/2022

1

A

FL

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217272590

438035298

XXX

25113492

Credit

Missing Document

General

Missing Document

Missing Document: Bank Statements - Business not provided

Please forward the [redacted] Bank Statement for acct[redacted] as income verification as Guidelines require.

Reviewer Comment (2022-04-05): Received [Redact] statement for [Redact], updated 1008, 1003 and 1084 verifying updated income calculations based on addition of [Redact] statement. Seller Comment (2022-04-01): 1008 & 1003 attached Seller Comment (2022-04-01): Memo attached Seller Comment (2022-04-01): [Redact] XX month worksheet attached Seller Comment (2022-04-01): [Redact] [Redact] stmt attached Reviewer Comment (2022-03-31): The UW response received is referring to the verification of rental history and not addressing the missing [Redact] business bank statement for acct [Redact] used in qualifying and listed on the UW Income Analysis Worksheet. Exception remains. Seller Comment (2022-03-29): memo attached Reviewer Comment (2022-03-29): [Redact] [Redact] business bank statement for acct [Redact] received. [Redact] statement is missing. Exception remains. Seller Comment (2022-03-25): [Redact] acct [Redact] Bank stmts attached

04/05/2022

1

A

FL

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217283989

438035237

XXX

25125132

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

Please provide the secondary valuation.

Reviewer Comment (2022-04-04): Received and associated CDA. Exception cleared. Seller Comment (2022-03-31): see attached

04/04/2022

1

A

NY

Investment

Refinance - Rate/Term

D

A

C

A

D

A

N/A

No

217283989

438035237

XXX

25158595

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

Missing Document: Title Preliminary not provided

Please provide preliminary title to verify liens paid off.

Reviewer Comment (2022-04-04): Received and associated Title commitment. Exception cleared. Seller Comment (2022-03-31): see attached

04/04/2022

1

A

NY

Investment

Refinance - Rate/Term

D

A

C

A

D

A

N/A

No

217291736

438035242

XXX

25155955

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule [redacted]: Creditor did not provide a copy of each valuation to applicant [redacted] prior to consummation.

There is an appraisal delivery document in the file dated [redacted].  Provide a copy of this appraisal for compliance testing.  Also, provide the appraisal delivery document for the Revised/Final Appraisal Report dated [redacted].

Reviewer Comment (2022-03-29): Copy of appraisal and borrower receipt acknowledgment dated [Redact] received. Seller Comment (2022-03-28): see attached

03/29/2022

1

A

SC

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217291736

438035242

XXX

25155956

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of [redacted] or Final Disclosure APR of [redacted] is in excess of allowable threshold of APOR [redacted] + [redacted], or [redacted].  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-03-29): Borrower receipt acknowledgment dated [Redact] received. Seller Comment (2022-03-28): see attached

03/29/2022

1

A

SC

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217291736

438035242

XXX

25155957

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Appraisal Not Obtained Timely)

TILA HPML Appraisal Rule [redacted]: Appraisal not obtained prior to consummation.

There is an appraisal delivery document in the file dated [redacted].  Provide a copy of this appraisal for compliance testing.  Also, provide the appraisal delivery document for the Revised/Final Appraisal Report dated [redacted].

Reviewer Comment (2022-03-29): Copy of appraisal and borrower receipt acknowledgment dated [Redact] received. Seller Comment (2022-03-28): see attached

03/29/2022

1

A

SC

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217291736

438035242

XXX

25155958

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule [redacted]: Creditor did not provide a copy of each valuation to applicant [redacted] prior to consummation.

There is an appraisal delivery document in the file dated [redacted].  Provide a copy of this appraisal for compliance testing.  Also, provide the appraisal delivery document for the Revised/Final Appraisal Report dated [redacted].

Reviewer Comment (2022-03-29): Copy of appraisal and borrower receipt acknowledgment dated [Redact] received. Seller Comment (2022-03-28): see attached

03/29/2022

1

A

SC

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217291737

438035264

XXX

25155972

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

The CPA Letter does not state the Expense Factor percentage/  The Business Bank Statement worksheet shows an Expense Factor of [redacted].  Provide a CPA Letter that shows the Expense Factor percentage used to calculate income.

Reviewer Comment (2022-03-29): CPA letter dated [Redact] received verifying income to expense ratio being less than [Redact]. Seller Comment (2022-03-28): see attached

03/29/2022

1

A

NY

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217296517

438035338

XXX

25159582

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Approval not provided

Reviewer Comment (2022-03-29): Received 1008 and verified, Exception Cleared Seller Comment (2022-03-29): 1008

03/29/2022

1

A

NJ

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217300927

438035240

XXX

25173335

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

- ___

Borrowers made a down payment from their own funds on this purchase transaction of at least x% and $x,xxx.xx. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least x months. Borrower has worked in the same position for more than x years. Borrower has been employed in the same industry for more than x years.

Reserves: [redacted] Guideline Requirement: [redacted] Borrower has been employed in the same industry for more than [redacted] years.

Owner Originator,Owner Owner Owner,Originator

Reviewer Comment (2022-03-28): Lender Exception Approval to use written VOE from [Redact] in law firm in lieu of 1099 Transcripts which are not available.

03/28/2022

2

B

MA

Primary

Purchase

B

B

B

B

A

A

A

A

Non QM

Non QM

No

217300972

438035219

XXX

25129406

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Articles of Organization/Formation not provided

Please provide the articles or organization/formation.

Reviewer Comment (2022-04-06): Received Articles of Organization/Formation, Exception Cleared Seller Comment (2022-04-04): see attached Reviewer Comment (2022-04-04): Provide articles of organization/formation for [Redact]. Exception remains. Seller Comment (2022-04-01): see attached Reviewer Comment (2022-03-31): Please provide the articles or organization/formation

04/06/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217300972

438035219

XXX

25129411

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Corporate Resolution not provided

Please provide the corporate resolution.

Reviewer Comment (2022-04-05): Borrowing Resolution for [Redact] for subject property received. Seller Comment (2022-04-01): see attached Reviewer Comment (2022-03-31): Please provide the corporate resolution.

04/05/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217300972

438035219

XXX

25129415

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Operating Agreement not provided

Please provide the operating agreement.

Reviewer Comment (2022-04-04): Received and associated Operating Agreement. Exception cleared. Seller Comment (2022-04-01): see attached Reviewer Comment (2022-03-31): Please provide the Operating Agreement.

04/04/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217300972

438035219

XXX

25162387

Credit

Insurance

Insurance Analysis

Insurance

Insufficient Coverage: Hazard insurance coverage amount is insufficient.

Please provide a replacement cost estimator of [redacted], or provide an updated hazard insurance binder with dwelling coverage of [redacted]. There is a hazard insurance coverage shortfall of [redacted].

Reviewer Comment (2022-04-06): Guaranteed replacement cost Reviewer Comment (2022-03-31): The email from the insurance agent states that the coverage is written at 100% guaranteed replacement cost up to the dwelling limit, which is different than 100% replacement cost coverage. Please provide sufficient coverage to satisfy the Loan Amount or Estimated cost new as indicated on the appraisal or provide the Replacement Cost Estimator indicating the coverage is sufficient. Seller Comment (2022-03-29): There is an email in the original file stating coverage is written at 100% guaranteed replacement cost up to the dwelling limit.

04/06/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217302817

438035230

XXX

25127537

Compliance

Compliance

Federal Compliance

TRID Defect

TRID [redacted] Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: [redacted] Fee Tolerance exceeded for Loan Discount Points.  Fee Amount of [redacted] exceeds tolerance of [redacted].  Insufficient or no cure was provided to the borrower.

No valid change of circumstance or cure for borrower provided. Provide a post-close CD disclosing the tolerance cure to include [redacted], a copy of refund check, proof of delivery, and a copy of the letter of explanation sent to the borrower disclosing the changed made, or VCC.

Reviewer Comment (2022-04-04): [Redact] received a valid Changed Circumstance for the Loan Discount point added on [Redact] due to Lock extended. Seller Comment (2022-03-31): COC for LE Dated [Redact] Reviewer Comment (2022-03-31): "[Redact] do not have any COC in file for [Redact] and loan discount point was added on LE dated [Redact] of $[Redact] so we need valid COC for [Redact] which can explain why the fees was added on [Redact] or required cure in order to clear this exception. Seller Comment (2022-03-30): The Suspense condition appears to be invalid. xxxx was provided with the initial upload an COC and LE dated[Redact] addressing the discount points. This was the last LE disclosed prior initial CD. Please waive the suspense. Thank You!

04/04/2022

1

A

NJ

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

C

A

C

A

A

A

Non QM

Non QM

Yes

217302817

438035230

XXX

25176373

Credit

Credit

Credit Documentation

Guideline

The Verification of Rent (VOR) / Verification of Mortgage (VOM) is required and was not found in file.

Provide Verification of Rent documentation for [redacted].

Reviewer Comment (2022-03-31): Received a copy of signed lease agreement and [Redact] months deposit receipt for the property at xxxx. Verified XX months rental payment history . Exception cleared. Seller Comment (2022-03-30): VOR attached

03/31/2022

1

A

NJ

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217302840

438035550

XXX

25160799

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Please provide evidence of the prepayment penalty, as there are two signed prepayment penalty addendums to the note with differing penalties.

Reviewer Comment (2022-03-31): System screen print validating the correct prepayment penalty terms received. Seller Comment (2022-03-29): Please see attached proof of 2.5% for the prepayment Penalty

03/31/2022

1

A

NH

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217303199

438035269

XXX

25136585

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

The Appraisal Acknowledgment documents indicate an appraisal was sent to the borrower on both [redacted] and [redacted]. The appraisal in file appears to be an update with report date [redacted]. Please forward the appraisal with the report date of [redacted]or earlier.

Reviewer Comment (2022-03-31): Received Seller Comment (2022-03-30): see attached

03/31/2022

1

A

GA

Primary

Purchase

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217303199

438035269

XXX

25136672

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

- ___

Provide the [redacted] 1099 Transcript and 4506t.

Borrowers made a down payment from their own funds on this purchase transaction of at least x% and $x,xxx.xx. Borrower has worked in the same position for more than x years. Borrower has verified disposable income of at least $xxxx.xx. Borrower has been employed in the same industry for more than x years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least x months.

Reserves: [redacted] Guideline Requirement: [redacted]

Owner Owner Owner Owner Owner,Originator

Reviewer Comment (2022-04-04): Lender Exception approval for waiver of supplying the [Redact] 1099 transcripts. Seller Comment (2022-03-31): see attached

04/04/2022

2

B

GA

Primary

Purchase

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217303199

438035269

XXX

25136710

Credit

Guideline

Guideline Issue

Guideline

Missing required income documentation .

-

Please forward the [redacted] 1099 Transcript.

Borrowers made a down payment from their own funds on this purchase transaction of at least x% and $x,xxx.xx. Borrower has worked in the same position for more than x years. Borrower has verified disposable income of at least $xxxx.xx. Borrower has been employed in the same industry for more than x years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least x months.

Reserves: [redacted] Guideline Requirement: [redacted]

Owner Owner Owner Owner Owner,Originator

Reviewer Comment (2022-04-04): Lender Exception approval for waiver of supplying the [Redact] 1099 transcripts. Seller Comment (2022-03-31): see attached

04/04/2022

2

B

GA

Primary

Purchase

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217303199

438035269

XXX

25182061

Credit

Credit

Credit Eligibility

Guideline

Public Record Issue:

-

Borrower has verified disposable income of at least $xxxx.xx. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least x months.

Reserves: [redacted] Guideline Requirement: [redacted]

Owner Owner,Originator

Reviewer Comment (2022-03-29): Lender Exception Approval to allow [Redact] Collection account to remain open - it is in repayment status with three payments left.

03/29/2022

2

B

GA

Primary

Purchase

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217307073

438035455

XXX

25198904

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Borrower has had excessive NSF check activity over the past 12 months.

The qualifying DTI on the loan is at least 10% less than the guideline maximum. Borrower has worked in the same position for more than X years. Borrower has been employed in the same industry for more than X years. The representative FICO score exceeds the guideline minimum by at least X points.

DTI:XX% Guideline Maximum DTI: XX% Borrower has been employed in the same industry for more than X years. Guidelines Representative FICO: XXX Representative FICO: XXX

Originator,Owner Owner Originator,Owner Owner,Originator

Reviewer Comment (2022-03-31): Lender Exception approved for excessive NSFs.

03/31/2022

2

B

NY

Investment

Purchase

B

B

B

B

A

A

A

A

N/A

Exempt from ATR

No

217312454

438035258

XXX

25154645

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Business Purpose Certificate not provided

Reviewer Comment (2022-04-04): Received Business Purpose Certificate, Exception Cleared Seller Comment (2022-04-01): see attached

04/04/2022

1

A

MI

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217312466

438035295

XXX

25166726

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Fraud Report not provided

Reviewer Comment (2022-04-18): Fraud report received, verified the details. Exception cleared Seller Comment (2022-04-15): Complete Fraud report re-uploaded. Reviewer Comment (2022-04-15): Received fraud report is already available in file, Subject property loans details and appraisal value are not able to find in this fraud report, Kindly provide the complete document of fraud report to clear this exception, Exception Remains Seller Comment (2022-04-14): Fraud Report clearance Seller Comment (2022-04-14): Fraud report Seller Comment (2022-04-14): Fraud Report with passing grade Reviewer Comment (2022-04-01): Report provided is already in file. Kindly provide us complete fraud report. Exception remains Seller Comment (2022-03-30): Fraud report uploaded

04/18/2022

1

A

CA

Investment

Refinance - Cash-out - Other

C

A

C

A

C

A

A

A

N/A

Exempt from ATR

No

217312466

438035295

XXX

25173479

Compliance

Compliance

Federal Compliance

TILA

TILA - Impermissible Prepayment Penalty

Truth in Lending Act (Dodd-Frank 2014): Covered transaction contains impermissible prepayment penalty.

Loan is being tested as QM. Please provide signed Business Purpose Certification.

Reviewer Comment (2022-04-20): Business Purpose Cert received. Seller Comment (2022-04-18): BPL Questionnaire uploaded Reviewer Comment (2022-04-18): Received Borrower Bank Statement Non-QM attestation. Provide Business Purpose Cert. Exception remains. Seller Comment (2022-04-15): This is a XXXX Loan. Non-QM Bor Affirmation uploaded.

04/20/2022

1

A

CA

Investment

Refinance - Cash-out - Other

C

A

C

A

C

A

A

A

N/A

Exempt from ATR

No

217312466

438035295

XXX

25173480

Compliance

Compliance

Federal Compliance

TRID Defect

TILA-RESPA Integrated Disclosure: application date on or after 10/3/2015, no Closing Disclosures in the Loan File

TILA-RESPA Integrated Disclosure: Closing Disclosure not provided or Closing Disclosure not provided prior to closing. Any applicable Federal, State or Local compliance testing is unreliable or not performed. Loan is not subject to high cost testing.

CD in file was received onXX/XX/XX.

Reviewer Comment (2022-04-18): CD dated X/X/XX received. Seller Comment (2022-04-14): Initial CD XX/XX

04/18/2022

1

A

CA

Investment

Refinance - Cash-out - Other

No Defined Cure

C

A

C

A

C

A

A

A

N/A

Exempt from ATR

No

217312466

438035295

XXX

25343820

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points.  Fee Amount of $XXX. exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Provide changed circumstance and LE dated on or about XX/XX when loan was locked and/or a cure to the borrower by delivering a PC CD and evidence of refund to the borrower with an explanation of changes.

Reviewer Comment (2022-04-20): Business Purpose Cert received.

04/20/2022

1

A

CA

Investment

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

C

A

C

A

A

A

N/A

Exempt from ATR

Yes

217312466

438035295

XXX

25343821

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Desk Review Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Provide changed circumstance and LE dated on or about XX/XX when loan was locked and/or a cure to the borrower by delivering a PC CD and evidence of refund to the borrower with an explanation of changes.

Reviewer Comment (2022-04-20): Business Purpose Cert received.

04/20/2022

1

A

CA

Investment

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

C

A

C

A

A

A

N/A

Exempt from ATR

Yes

217312466

438035295

XXX

25343822

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Provide changed circumstance and LE dated on or about XX/XX when loan was locked and/or a cure to the borrower by delivering a PC CD and evidence of refund to the borrower with an explanation of changes.

Reviewer Comment (2022-04-20): Business Purpose Cert received.

04/20/2022

1

A

CA

Investment

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

C

A

C

A

A

A

N/A

Exempt from ATR

Yes

217315286

438035231

XXX

25182588

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Business Purpose Certificate not provided

Reviewer Comment (2022-04-04): Received and associated Business Purpose Certificate. Exception Cleared. Seller Comment (2022-04-01): Non QM Cert

04/04/2022

1

A

CA

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217315286

438035231

XXX

25182606

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

Missing Document: Rider - 1-4 Family not provided

Reviewer Comment (2022-04-04): Received and associated Rider - 1-4 Family. Exception Cleared. Seller Comment (2022-04-01): 1-4 Rider

04/04/2022

1

A

CA

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217315286

438035231

XXX

25182618

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

Missing Document: Title Preliminary not provided

Reviewer Comment (2022-04-04): Received and associated Title Commitment. Exception Cleared. Seller Comment (2022-04-01): Please see Prelim

04/04/2022

1

A

CA

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217315286

438035231

XXX

25182781

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Verification of Identification not provided

Reviewer Comment (2022-04-04): Completed USA Patriot Act Form received. Borrower's ID has been verified using [Redact] State Issued Driver License. Exception Cleared. Seller Comment (2022-04-01): Patriot Act

04/04/2022

1

A

CA

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217315286

438035231

XXX

25182808

Credit

Legal / Regulatory / Compliance

Title / Lien Defect

Legal / Regulatory / Compliance

Final Title Policy is missing. No evidence of title in file.

Please provide Final Title.

Reviewer Comment (2022-04-04): Received and associated Title commitment. Exception cleared. Seller Comment (2022-04-01): Please  Waive  -[Redact] Property - Final will be provided with copy of the recorded DOT.

04/04/2022

1

A

CA

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217315374

438035206

XXX

25165081

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Background Check not provided

Please provide the background check. Additional conditions may apply.

Reviewer Comment (2022-04-05): Received Fraud Report.  Exception cleared. Seller Comment (2022-04-01): Fraudguard uploaded [Redact]

04/05/2022

1

A

CA

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217315374

438035206

XXX

25165082

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Fraud Report not provided

Please provide the fraud report. Additional conditions may apply.

Reviewer Comment (2022-04-04): Received Fraud Report , Exception Cleared Seller Comment (2022-04-01): Fraudguard attached

04/04/2022

1

A

CA

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217345506

438035657

XXX

25170741

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

The Disclosure Tracking Summary shows the Initial Appraisal Report was provided to borrower on XX/XX/XX.  Provide a copy of this appraisal report for compliance testing as it was not in the file.  The Disclosure Tracking Summary also shows the Revised/Final Appraisal Report was provided to borrower on XX/XX/XX.  The presumed date of receipt is XX/XX/XX.  Appraisal was not received by borrower at least three business days prior to consummation with no waiver in file.

Reviewer Comment (2022-04-18): Seller acknowledges exception. Seller Comment (2022-04-14): Please waive this condition XX is unable to clear, level 2 condition. Thank you so much.. XX

04/18/2022

2

B

CA

Second Home

Purchase

B

B

A

A

B

B

A

A

Non QM

Non QM

No

217350529

438035464

XXX

25182799

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Bank statement loan with declining income. Lender Exception in file.

Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and $5,000.00. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least X months. Borrower has worked in the same position for more than X years. Borrower has verified disposable income of at least $XXX. Borrower has been employed in the same industry for more than x years. Borrower has a clean housing payment history

Borrower's documented reserves exceed the minimum by more than XX+ months. Borrower has been in business since XXXX and in the same profession over 35 years. Borrower has been employed in the same industry for more than x years. Housing payment history clean for XX months

Owner Originator,Owner Originator,Owner Owner Originator,Owner Originator

Reviewer Comment (2022-04-01): Lender Exception Approved for Declining Income of XX%. Reviewer Comment (2022-03-29): primary and all other owned properties free and clear, no derog credit, all borrower own funds

04/01/2022

2

B

CA

Primary

Purchase

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217350529

438035464

XXX

25210296

Credit

Missing Document

General

Missing Document

Missing Document: Account Statements - Business not provided

Provide three months business bank statements per guidelines.  XXXX checking account XXXX is in the name of XXXX for the months of XX/XX/XX to XX/XX/XX.  The name on the account changed to #XXXX with the XX/XX/XX to XX/XX/XX statement.  Per guidelines, when using personal bank account, three months of business statements are also required.

Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and $5,000.00. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least X months. Borrower has worked in the same position for more than X years. Borrower has verified disposable income of at least $XXX. Borrower has been employed in the same industry for more than x years. Borrower has a clean housing payment history

Borrower's documented reserves exceed the minimum by more than XX+ months. Borrower has been in business since XXXX and in the same profession over 35 years. Borrower has been employed in the same industry for more than x years. Housing payment history clean for XX months

Owner Originator,Owner Originator,Owner Owner Originator,Owner Originator

Reviewer Comment (2022-05-24): Lender approved exception to allow for the use of personal and business bank statements for qualifying. Seller Comment (2022-05-23): • Approved exception for use of XX months personal bank statements and X month business bank statement

05/24/2022

2

B

CA

Primary

Purchase

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217356634

438035333

XXX

25204900

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule [redacted]: Creditor did not provide a copy of each valuation to applicant [redacted] prior to consummation.

Provide all appraisals done for the loan and evidence they were all sent to the borrower at least [redacted] prior to closing. Appraisal acknowledgment in file dated [redacted] but appraisal date is [redacted].

Reviewer Comment (2022-04-28): Aggregator acknowledges exception. Reviewer Comment (2022-04-08): Please provide as requested.

04/28/2022

2

B

FL

Primary

Purchase

B

B

A

A

B

B

A

A

Non QM

Non QM

No

217358487

438035355

XXX

25204842

Credit

Missing Document

General

Missing Document

Missing Document: Account Statements - Business not provided

Loan was locked as a XXXX loan. Please provide a full XXXX for account XXXX used for income.

Reviewer Comment (2022-04-26): Client provided XXXX account xxxx statement for the period of XX/XX/XX through XX/XX/XX.  XX months bank statements have been documented. Seller Comment (2022-04-26): XXXX XXXX bank statement as requested Reviewer Comment (2022-04-26): Loan was locked as a XX month bank statement loan. Please provide a full XX month's statements for account #XXXX.  XXXX X-XX, XXXX is missing from the loan file. Reviewer Comment (2022-04-25): XXXX XX, XXXX XXXX acct #XXXX bank statement received. UW Income Analysis Worksheet including ineligible deposits and income calculation and missing XXXX XXXX bank statement not provided. Exception remains. Reviewer Comment (2022-04-20): Received the Borrower provided deposit accounting for the XXXX account XXXX, however the UW Income Analysis Worksheet including  ineligible deposits designated and income calculations not provided. Missing bank statements not provided. Provide XXXX XXXX and XXXX XXXX bank statements, since duplicates statements for XXXX XXXX and XXXX XXXX were provided. Exception remains. Seller Comment (2022-04-18): Income Worksheet Reviewer Comment (2022-04-18): UW Income Analysis Worksheet not provided. Provide worksheet for XXXX acct #XXXX listing the XX months of statements included in qualifying validating the 1008 income of XXX.  Exception remains. Seller Comment (2022-04-14): Seller LEO. They only used 1 account which is #XXXX. XX months statements uploaded Seller Comment (2022-04-14): XXXX #XXXX XXXXXX-XXXXXX Seller Comment (2022-04-14): XXXX #XXXX from XXXXXX-XXXXXX

04/26/2022

1

A

MI

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217358487

438035355

XXX

25205092

Compliance

Compliance

Federal Compliance

TRID

TRID Seller Closing Disclosure Contains Fees not reflected on Consumer's Final Closing Disclosure

TILA-RESPA Integrated Disclosure: the Seller's final CD contained fees not reflected on the consumer's CD.

Seller paid fees on the Final CD are disclosed as $X and on the Seller CD they are disclosed as $XXX. Provide PC CD with both buyer and seller fees correct and evidence it was sent to the borrower with explanation letter.

Reviewer Comment (2022-04-26): Exception adjusted.

04/26/2022

1

A

MI

Primary

Purchase

Letter of Explanation & Corrected Closing Disclosure

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

217358487

438035355

XXX

25205094

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Lender provided a cure of $XX on the Final CD.  Discount fee of $XXXX added; appraisal fee increased $XX and credit report fee increased $XX for a total in additional/increased fees of $XXX.Borrower is due still due a cure of $XXX.Provide valid COC for the addition/increase in fees or provide PCCD, copy of refund check, copy of letter of explanation to the borrower and proof of delivery.

Reviewer Comment (2022-04-18): Changed circumstance reflects desk review added based on UCDP dated X/XX reporting a CU Score of X.X.

04/18/2022

1

A

MI

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

217358487

438035355

XXX

25205095

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Credit Report Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Lender provided a cure of $XX on the Final CD.  Discount fee of $XXXX added; appraisal fee increased $XX and credit report fee increased $XX for a total in additional/increased fees of $XXX.Borrower is due still due a cure of $XXX.Provide valid COC for the addition/increase in fees or provide PCCD, copy of refund check, copy of letter of explanation to the borrower and proof of delivery.

Reviewer Comment (2022-05-18): XXXX  received Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD Seller Comment (2022-05-17): Loan was locked with the X/XX Reviewer Comment (2022-04-27): XXXX   Received PCCD dated XX/XX/XX along with the LOE, Copy of check and proof of mailing. However the Shipping label shows label created. Seller Comment (2022-04-26): Please review throughly LOE CHECK TRACKING AND PCCD BREAKDOWN XX WAS CREDITED AT CLOSING THE REMAINDER IS XXXX DOLLARS AND THE CHECK IS IN THIS UPLOAD. PLESAE REVIEW THROUGHLY AND CLEAR CONDITION. Reviewer Comment (2022-04-26): XXXX  has not yet received the copy of refund check, LOE and proof of mailing. Please provide copy of refund check, LOE and proof of mailing to cure the exception. Seller Comment (2022-04-26): PCCD LOE ck and tracking. please clear exception Reviewer Comment (2022-04-25): XXXX  received corrected PCCD with additional cure of $XXXX. Please provide LOE, copy of refund check and proof of mailing to cure the exception. Seller Comment (2022-04-25): PCCD issued on XX/XX/XX uploaded. Reviewer Comment (2022-04-25): XXXX  would require $XXXX cure for credit report fee and not for appraisal as mentioned in the comments. Kindly provide confirmation regarding the same. Seller Comment (2022-04-22): FCD X-XX $XX cure includes XXXX dollars for the appraisal Reviewer Comment (2022-04-18): No documentation received. Provided changed circumstance and rate lock confirmation dated X/XX. Rate lock letters in the file are not signed by the Borrower. Exception remains

05/18/2022

2

B

MI

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

217358487

438035355

XXX

25205134

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Please provide the UW's Income Analysis Worksheet/1084.  Unable to determine how UW calculated income for the borrower. Loan was locked as a 24 month bank statement loan. Please provide a full 24 month's statements for both account #XXXX and #XXXX used for income.

Reviewer Comment (2022-04-26): Client provided XXXX account xxx statement for the period of XX/XX/XX through XX/XX/XX.  XX months bank statements have been documented.  UW worksheet has also been provided. Seller Comment (2022-04-26): Income worksheet and XXXX XXXX bank statement.  You should have all XX months worth of bank statements. Please ckear condition. Reviewer Comment (2022-04-26): Loan was locked as a XX month bank statement loan. Please provide a full XX month's statements for account #XXXX.  XXXX X-XX, XXXX is missing from the loan file. Lender Income worksheet required. Reviewer Comment (2022-04-25): Received XXXX acct #XXXX XXXX XXXX bank statement. UW Income Analysis worksheet and XXXX XXXX bank statement not provided. Exception remains. Reviewer Comment (2022-04-20): Received the Borrower provided deposit accounting for the XXXX account XXXX, however the UW Income Analysis Worksheet including  ineligible deposits designated and income calculations not provided. Missing bank statements not provided. Provide XXXX XXXX and XXXX XXXX bank statements, since duplicates statements for XXXX XXXX and XXXX XXXX were provided. Exception remains. Seller Comment (2022-04-18): Income Worksheet Reviewer Comment (2022-04-18): UW Income Analysis Worksheet not provided. Provide worksheet for XXXX acct #XXXX listing the XX months of statements included in qualifying validating the 1008 income of XXX.  Exception remains. Seller Comment (2022-04-14): XXXX Acct#XXXX XXXX to (redact) Seller Comment (2022-04-14): Income Calculation acct#XXXX

04/26/2022

1

A

MI

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217358487

438035355

XXX

25205155

Credit

Income

Income Error

Income

The # of Bank Statements Required is less than total of  Statement Period Months.

-

Loan was locked as a XXXX loan. Please provide a full XXXX for both account #XXXX and #XXXX used for income. Acct# XXXX only has XX months statements in file and Acct# XXXX only has X.

Reviewer Comment (2022-04-26): Account statements sent in for account XXXX. Reviewer Comment (2022-04-26): Loan was locked as a XX month bank statement loan. Please provide a full XX month's statements for both account #XXXX.  XXXX X-XX, XXXX is missing from the loan file Reviewer Comment (2022-04-25): Received XXXX acct #XXXX XXXX XXXX bank statement. UW Income Analysis worksheet and XXXX XXXX bank statement not provided. Exception remains. Seller Comment (2022-04-21): Uploaded Business Bank statements - xxxx Reviewer Comment (2022-04-20): Received the Borrower provided deposit accounting for the XXXX account XXXX, however the UW Income Analysis Worksheet including  ineligible deposits designated and income calculations not provided. Missing bank statements not provided. Provide XXXX XXXX and XXXX XXXX bank statements, since duplicates statements for XXXX XXXX and XXXX XXXX were provided. Exception remains. Reviewer Comment (2022-04-18): Received XX months of statement for XXXX acct #XXXX. Provide bank statement dated XXXX XX, XXXX to complete XX months of statements. Exception remains. Seller Comment (2022-04-14): Seller LOE - Income used to qualify acct#XXXX. Seller Comment (2022-04-14): These accounts were never used to qualify. Please waive.

04/26/2022

1

A

MI

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217358487

438035355

XXX

25233778

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

The CPA Letter does not state the borrower's percentage of ownership in the business or that the business is open and active. Provide a CPA Letter or equivalent document that shows the borrower's ownership percentage and if active.

Reviewer Comment (2022-04-26): The VOE dated XX/XX/XX shows information was obtained from the CPA, including Percentage of Ownership being 100%. Seller Comment (2022-04-26): This CPA letter has been previously uploaded the CPA states 100% ownership. Please clear exception. Reviewer Comment (2022-04-26): CPA letter does not state borrower's percentage of ownership of the business and there is no state/SunBiz/CPA evidence the business is open and active, as required by Guidelines. (GL - The letter shall state the name of the business (if there is one), the Applicant's percentage ownership, the length of self-employment, and that the business/Applicant are active and/or in good standing as the case may be per state reporting.) Reviewer Comment (2022-04-18): VVOE received, however no other business related documentation included in the file to support VVOE. Exception remains. Seller Comment (2022-04-14): The VOE provided shows 100% ownership. Please clear.

04/26/2022

1

A

MI

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217358487

438035355

XXX

25324239

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Field Review Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

COC dated XX/XX shows CDA fee required, Appraisal Review Fee added for $XXX does not provide sufficient reason/explanation for addition of fee. Please provide additional information why the fee was not initially disclosed & later added. A valid COC with explanation is required.

Reviewer Comment (2022-04-26): COC provided with explanation and coinciding dates. Reviewer Comment (2022-04-26): XXXX  received COC dated XX/XX stating score of X came on X/XX appraisal, however we do only have the apraisal report of X/XX available. Kindly provide confirmation on when did the UW review the Appraisal report, in order to verify if the change was reflected within 3 days from requirement or not. Exception remains. Seller Comment (2022-04-25): COC revised to give more intel on why the CDA was required.  I did not provide the X/XX CD since it has already been provided.  Please clear exception. Reviewer Comment (2022-04-25): XXXX  received COC dated XX/XX  stating "CDA required. Appraisal Review fee Added" does not provide a reason for addition of CDA fee.  Appraisal report is dated XX/XX/XX, CDA Fee is added on XX/XX/XX, We require additional Information to determine why it was added and when the lender became aware of the need for the fee  Please provide additional information to support a valid reason to add the CDA Fee  $XXX, information to support when lender became aware of the fee requirement, which must be within 3 business days of the redisclosure date, otherwise cure would be due to borrower. Seller Comment (2022-04-25): CD Showing CDA Fee IAO $XXX issued on XX/XX/XX uploaded. Seller Comment (2022-04-25): COC showing CDA Fee IAO $XXX uploaded

04/26/2022

1

A

MI

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

217358487

438035355

XXX

25459917

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure No Seller Paid Fees Primary Residence First Lien

TRID Final Closing Disclosure XX/XX/XX on a first lien purchase transaction did not disclose any Seller paid fees/charges on page 2. (Points and Fees testing limited to Borrower paid fees.)

Please provide PC CD with both buyer and seller fees and evidence it sent to the borrower with an explanation of changes.

Reviewer Comment (2022-05-19): Seller CD reflects seller paid fees. Seller Comment (2022-05-17): FSS Reviewer Comment (2022-04-27): CD dated X/XX signed by borrowers does not include Seller paid fees. The Supplemental page attached to the CD is actually the addendum attached to the Seller CD reflecting a total of $XX,XXX in costs being paid. Exception remains. Seller Comment (2022-04-26): X-XX CD Seller and buyer fees

05/19/2022

1

A

MI

Primary

Purchase

Letter of Explanation & Corrected Closing Disclosure

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

217371611

438035346

XXX

25245246

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: Investor qualifying total debt ratio discrepancy.

Origination did not use income as indicated on the K-1.

The representative FICO score exceeds the guideline minimum by at least X points. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and $5,000.00. Borrower has worked in the same position for more than X years. Borrower has been employed in the same industry for more than x years.

Borrower has been a partner with the same firm since XXXX. Borrower has been a partner with his current employer since XXXX.

Owner Owner Owner Originator,Owner Owner,Originator

Reviewer Comment (2022-05-24): Lender approved exception for DTI not to exceed XX%. Seller Comment (2022-05-23): Please see exception attached Reviewer Comment (2022-05-17): Exception received to not use the percentage of ownership in XXXX and XXXX as documented in the file.  We cannot change the data provided as supported by the documents in the file.  We could use an exception with acceptable comp factors for the DTI however. Seller Comment (2022-05-17): Please see exception attached (uploaded on X-XX) Seller Comment (2022-05-12): Exception attached Reviewer Comment (2022-04-25): Our income ($XXX.) was less than XXXX income (XX,XXX on the 1008) and the resulting DTI XX.XXXXX%. Seller Comment (2022-04-21): Please let us know why condition remains open if XXX accepts a DTI ofXX.XXX% Reviewer Comment (2022-04-20): removed XX.X% credit from previous year returns. Reviewer Comment (2022-04-19): Updated 1003s, 1008 Cash Flow Analysis Worksheet confirming DTI of XX.XXX% received. Seller Comment (2022-04-18): asset utilization updated XX-XX attached Seller Comment (2022-04-18): updated income analysis attached Seller Comment (2022-04-18): 1008 & 1003 attached Seller Comment (2022-04-18): Please see memo attached Reviewer Comment (2022-04-11): No new documentation received. Audit income is as follow: XXXXLLC / $XXX.XXXXXXLLC / -$X, XXXX, LLC / -$XXXX.XX, Interest & Dividends / $XXXX, Capital Gains / $XXXXX.XX and Trust Income / $XXXXX. total income difference of $XXX resulting in a DTI exceeding XXX%. Exception remains. Seller Comment (2022-04-08): Please let us know the K1 income discrepancy you are calculating on your end.

05/24/2022

2

B

CA

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217371611

438035346

XXX

25245262

Compliance

Compliance

Federal Compliance

ATR/QM Defect

Check Loan Designation Match - ATR Risk

Ability to Repay (Dodd-Frank 2014): Originator Loan Designation of Non QM does not match Due Diligence Loan Designation of ATR Risk.

Origination did not use income as indicated on the K-1.

Reviewer Comment (2022-05-24): Lender approved exception for DTI to not exceed XX% received. Reviewer Comment (2022-05-17): Exception received to not use the percentage of ownership in XXXX and XXXX as documented in the file.  We cannot change the data provided as supported by the documents in the file.  We could use an exception with acceptable comp factors for the DTI however. Seller Comment (2022-05-12): Exception uploaded X-XX Reviewer Comment (2022-04-25): Our income ($XXX.) was less than XXXX income (XX,XXX on the 1008) and the resulting DTI XX.XXXXX%. Reviewer Comment (2022-04-20): removed XX.X% credit from prior years Reviewer Comment (2022-04-19): Updated 1003s, 1008 Cash Flow Analysis Worksheet verifying recalculated income and a DTI of XX.XXX%.

05/24/2022

1

A

CA

Primary

Purchase

Lender to provide updated ATR/QM Loan Designation

C

B

C

B

C

A

A

A

Non QM

Non QM

Yes

217371611

438035346

XXX

25245263

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General Ability To Repay Provision Investor Guidelines

Ability to Repay (Dodd-Frank 2014): Based on the loan failing one or more guideline components, the loan is at ATR risk.

Origination did not use income as indicated on the K-1.

Reviewer Comment (2022-05-24): Lender approved exception for DTI to not exceed XX% received. Reviewer Comment (2022-05-17): Exception received to not use the percentage of ownership in XXXX and XXXX as documented in the file.  We cannot change the data provided as supported by the documents in the file.  We could use an exception with acceptable comp factors for the DTI however. Seller Comment (2022-05-12): Exception uploaded X-XX Reviewer Comment (2022-04-25): Our income ($XXX.) was less than XXXX income (XX,XXX on the 1008) and the resulting DTI XX.XXXXX%. Reviewer Comment (2022-04-20): removed XX.X% credit from prior years Reviewer Comment (2022-04-19): Updated 1003s, 1008 Cash Flow Analysis Worksheet verifying recalculated income and a DTI of XX.XXX%.

05/24/2022

1

A

CA

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217371611

438035346

XXX

25245264

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General ATR Provision Investor and Non QM DTIs match and both moderately exceed Guidelines

Ability to Repay (Dodd-Frank 2014): The DTI calculated in accordance with the Lenders Guidelines and 1026.43(c)(5) of XX.XX% moderately exceeds the guideline maximum of XX.XX%. (DTI Exception is eligible to be regraded with compensating factors.)

Origination did not use income as indicated on the K-1.

Reviewer Comment (2022-05-24): Lender approved exception for DTI to not exceed XX%. Reviewer Comment (2022-05-17): Exception received to not use the percentage of ownership in XXXX and XXXX as documented in the file.  We cannot change the data provided as supported by the documents in the file.  We could use an exception with acceptable comp factors for the DTI however. Seller Comment (2022-05-12): Exception uploaded X-XX Reviewer Comment (2022-04-25): Our income ($XXX.) was less than XXXX income (XX,XXX on the 1008) and the resulting DTI XX.XXXXX%. Reviewer Comment (2022-04-20): removed XX.X% credit from prior years Reviewer Comment (2022-04-19): Updated 1003s, 1008 and Cash Flow Analysis Worksheet received verifying DTI of XX.XXX%

05/24/2022

1

A

CA

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217371611

438035346

XXX

25420096

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: Investor qualifying total debt ratio discrepancy.

Based on a 2 year average at XX%, change did not take place until XXXX of XXXX.

The representative FICO score exceeds the guideline minimum by at least X points. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and $5,000.00. Borrower has worked in the same position for more than X years. Borrower has been employed in the same industry for more than x years.

Borrower has been a partner with the same firm since XXXX. Borrower has been a partner with his current employer since XXXX.

Owner Owner Owner Originator,Owner Owner,Originator

Reviewer Comment (2022-05-24): Lender approved exception for DTI to not exceed XX%. Reviewer Comment (2022-05-17): Exception received to not use the percentage of ownership in XXXX and XXXX as documented in the file.  We cannot change the data provided as supported by the documents in the file.  We could use an exception with acceptable comp factors for the DTI however. Seller Comment (2022-05-12): Exception uploaded X-XX Reviewer Comment (2022-04-25): Our income ($XXX.) was less than XXXX income (XX,XXX on the 1008) and the resulting DTI XX.XXXXX%.

05/24/2022

2

B

CA

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217371621

438035300

XXX

25279097

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Closing Disclosure Timing without Waiver

TILA-RESPA Integrated Disclosure: Closing Disclosure not provided to Borrower(s) at least three (3) business days prior to closing.

The only CD in the file was issued XX/XX/XX which is the closing date.  Provide copies of all CDs issued to the borrower.

Reviewer Comment (2022-04-19): XXXX   Received initial CD dated XX/XX/XX Seller Comment (2022-04-18): ICD issued on XX/XX uploaded.

04/19/2022

1

A

NJ

Primary

Refinance - Cash-out - Other

No Defined Cure

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217371621

438035300

XXX

25279098

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points.  Fee Amount of $XXX. exceeds tolerance of $XXX..  Insufficient or no cure was provided to the borrower.

Provide VCC or Cure to the borrower with a PC CD and evidence it was sent to the borrower with an explanation of changes.

Reviewer Comment (2022-05-09): XXXX  received a updated LE and corresponding COC with Rate lock conformation for the Discount point increased due to Rate lock was extended. Seller Comment (2022-05-06): COC, LE, LOE and PCCD Seller Comment (2022-05-06): COC dated XX/XX uploaded Seller Comment (2022-05-06): LE dated XX-XX uploaded Reviewer Comment (2022-05-02): XXXX  upon further review provided COC date is XX/XX stating as "Rate Lock Extended". However, the Loan Discount points increases to $XXX. on CD dated XX/XX which is not within time frame. So kindly provide COC within Time frame of CD dated XX/XX or provide any Missing LE or CD for COC dated XX/XX or provide Cure. Seller Comment (2022-04-29): XXXX X.X COC LOX uploaded Reviewer Comment (2022-04-21): XXXX  received COC dated X/XX showing loan amount reduced. Please provide additional information with supporting documentation that explains how it has affected the pricing & caused the discount points to increase on X/XX CD. Exception remains. Seller Comment (2022-04-20): COC Reviewer Comment (2022-04-19): XXXX   Received CD dated XX/XX/XX and COC dated X/X/XXXX. COC shows the loan amount change and lock extension, however there is no corresponding LE/CD available. Please provide the missing LE/CD within 3 days of the change date or provide cure documents Seller Comment (2022-04-19): Changed Circumstance Worksheet Discount Point Seller Comment (2022-04-18): Changed Circumstance Worksheet Discount Point

05/09/2022

1

A

NJ

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

217371621

438035300

XXX

25282828

Credit

Missing Document

General

Missing Document

Missing Document: Account Statements - Business not provided

Missing three months business bank statements as required per guidelines.

Reviewer Comment (2022-04-28): Lender correspondence dated X/XXXX verifying personal statements used for qualfying. Seller Comment (2022-04-27): UW LOE - Bor is SE and was a wage earner until XX/XX/XX. Please clear. Reviewer Comment (2022-04-20): Personal bank statements received. Letter from borrower regarding separate business and personal accounts in the file and no waiver from UW for the business bank statements. Exception remains. Seller Comment (2022-04-19): Bank Statements

04/28/2022

1

A

NJ

Primary

Refinance - Cash-out - Other

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217371621

438035300

XXX

25282955

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

There is an Appraisal Acknowledgement in the file that was signed by the borrower on XX/XX/XX which is prior to the signature date on the Revised/Final Appraisal Report dated XX/XX/XX.  Provide appraisal delivery document that is not signed prior to the signature date.

Reviewer Comment (2022-04-28): Appraisal receipt acknowledgment datedX/XX included in the file. Seller Comment (2022-04-26): Seller LOE on appraisal delivery uploaded. Reviewer Comment (2022-04-20): Appraisal delivery confirmation datedX/XX for initial appraisal datedX/XX. Appraisal Acknowledgement in the file that was signed by the borrower on X/XX/XX is prior to the Revised/Final Appraisal Report dated X/XX/XX. Proof of delivery of appraisal datedX/XX not received. Exception remains. Seller Comment (2022-04-18): Appraisal delivery

04/28/2022

1

A

NJ

Primary

Refinance - Cash-out - Other

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217371621

438035300

XXX

25282958

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

There is an Appraisal Acknowledgement in the file that was signed by the borrower on XX/XX/XX which is prior to the signature date on the Revised/Final Appraisal Report dated XX/XX/XX.  Provide appraisal delivery document that is not signed prior to the signature date.

Reviewer Comment (2022-06-17): Aggregator elects to waive. Reviewer Comment (2022-04-28): This EV2 informational exception is firing to advise there was a revised appraisal completed for only a clerical change and this appraisal was not provided 3 days prior to closing.  However this exception still allows the loan to be HPML Compliant. Seller Comment (2022-04-26): Seller LOE on Appraisal delivery Reviewer Comment (2022-04-20): Appraisal delivery confirmation datedX/XX for initial appraisal datedX/XX. Appraisal Acknowledgement in the file that was signed by the borrower on X/XX/XX is prior to the Revised/Final Appraisal Report dated X/XX/XX. Proof of delivery of appraisal datedX/XX not received. Exception remains. Seller Comment (2022-04-19): Appraisal delivery

06/17/2022

2

B

NJ

Primary

Refinance - Cash-out - Other

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217371621

438035300

XXX

25282961

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.XX% + X.XX%, or X.X%.  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-04-28): Appraisal receipt acknowledgment datedX/XX included in the file. Reviewer Comment (2022-04-20): Appraisal delivery confirmation datedX/XX for initial appraisal datedX/XX. Appraisal Acknowledgement in the file that was signed by the borrower on X/XX/XXXX is prior to the Revised/Final Appraisal Report dated X/XX/XXXX. Proof of delivery of appraisal datedX/XX not received. Exception remains. Seller Comment (2022-04-19): Appraisal delivery

04/28/2022

1

A

NJ

Primary

Refinance - Cash-out - Other

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217371621

438035300

XXX

25282964

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

There is an Appraisal Acknowledgement in the file that was signed by the borrower on XX/XX/XX which is prior to the signature date on the Revised/Final Appraisal Report dated XX/XX/XX.  Provide appraisal delivery document that is not signed prior to the signature date.

Reviewer Comment (2022-04-28): Appraisal receipt acknowledgment datedX/XX included in the file. Seller Comment (2022-04-26): Seller LOE on Appraisal delivery Reviewer Comment (2022-04-20): Appraisal delivery confirmation datedX/XX for initial appraisal datedX/XX. Appraisal Acknowledgement in the file that was signed by the borrower on X/XX/XXXX is prior to the Revised/Final Appraisal Report dated X/XX/XXXX. Proof of delivery of appraisal datedX/XX not received. Exception remains. Seller Comment (2022-04-19): Appraisal delivery

04/28/2022

1

A

NJ

Primary

Refinance - Cash-out - Other

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217387167

438035320

XXX

25231296

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Non Escrowed Property Costs Year 1

TILA-RESPA Integrated Disclosure - Loan Disclosures: Amount of Non-Escrowed Property Costs over Year 1 of XXX on Final Closing Disclosure provided on XX/XX/XX not accurate.

Please provide a post closing CD with the amount of non-escrowed property costs over year 1 of $XXX, or provide evidence of the HOA dues of $XXX per year.

Reviewer Comment (2022-04-22): XXXX  received Post CD and LOX. Seller Comment (2022-04-21): LOE uploaded Reviewer Comment (2022-04-20): XXXX  Received corrected PCCD; however, LOE not provided. Provide LOE describing the changes made on PCCD. Seller Comment (2022-04-19): PCCD uploaded

04/22/2022

2

B

TX

Primary

Refinance - Cash-out - Other

Letter of Explanation & Corrected Closing Disclosure

D

B

C

A

D

B

A

A

Non QM

Non QM

Yes

217387167

438035320

XXX

25231298

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points.  Fee Amount of $XXX. exceeds tolerance of $XXX..  Insufficient or no cure was provided to the borrower.

Please provide a valid change of circumstance form, or provide a post closing CD with a cure of $XXX. along with evidence the document and cure were sent to the borrower.

Reviewer Comment (2022-04-18): XXXX  received LE & COC dated XX/XX, CD & COC dated XX/XX. Seller Comment (2022-04-15): Initial, Revised and Lock LE

04/18/2022

1

A

TX

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

D

B

C

A

D

B

A

A

Non QM

Non QM

Yes

217387167

438035320

XXX

25231320

Credit

Income / Employment

Income Documentation

Income / Employment

Verification(s) of employment is not within 10 business days of the Note.

-

Please provide the verbal verification of employment dated within 10 business days of the note.

Reviewer Comment (2022-04-21): Verification of employment dated X/XX received. Seller Comment (2022-04-20): VOE dated XX/XX uploaded Seller Comment (2022-04-19): WVOE and VOE uploaded Reviewer Comment (2022-04-18): No new docs received. Seller Comment (2022-04-14): Uploaded Completed WVOE  & Verbal VOE

04/21/2022

1

A

TX

Primary

Refinance - Cash-out - Other

D

B

C

A

D

B

A

A

Non QM

Non QM

No

217387167

438035320

XXX

25233101

Compliance

Compliance

State Compliance

State Defect

(TX50(a)(6)) Texas Cash-out Loan  (Acknowledgment of Fair Market Value Disclosure Not Signed by the Lender)

XXXX Constitution Section 50(a)(6): Acknowledgment of the Fair Market Value not properly executed by the Lender.

Please have the lender's representative sign the acknowledgment of fair market value.

Reviewer Comment (2022-04-21): Acknowledgment of Fair Market Value of Homestead Property signed by lender received. Seller Comment (2022-04-20): Lender and Bor Ack of Fair Market Value uploaded Reviewer Comment (2022-04-18): The Lender Representative's name is listed on the document, but not signed by the Lender Rep DXX9. Please forward the document signed by the Lender Rep. Seller Comment (2022-04-15): Ack of Fair Market Value

04/21/2022

1

A

TX

Primary

Refinance - Cash-out - Other

To Remediate: the lender or holder may either: (1) Deliver to the borrower the required disclosure documents, (AFMV signed by the lender), and obtain an executed copy; OR (2) refund or credit the borrower $1,000 and offer the borrower the right to refinance the extension of credit for the remaining term of the loan at no cost to the borrower on the same terms, including interest, as the original extension of credit with any modifications necessary to comply with this section or on terms on which the borrower and the lender or holder otherwise agree. Letter of explanation and proof of delivery of cure documents required, and, if cured with refund or credit, copy of refund check or evidence of principal reduction also required.

D

B

C

A

D

B

A

A

Non QM

Non QM

Yes

217387167

438035320

XXX

25246029

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Provide Income Analysis Worksheet/1084.

Reviewer Comment (2022-04-21): UW Income Analysis Worksheet received. Seller Comment (2022-04-20): Income Analysis Worksheet uploaded. Reviewer Comment (2022-04-18): The 1084 Worksheet was not received. Seller Comment (2022-04-14): Uploaded Income worksheet

04/21/2022

1

A

TX

Primary

Refinance - Cash-out - Other

D

B

C

A

D

B

A

A

Non QM

Non QM

No

217390051

438035121

XXX

25234787

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Business Purpose Certificate not provided

Reviewer Comment (2022-04-11): Client provided copy of signed Business Purpose Certificate. Seller Comment (2022-04-11): XX/XX XX - Business Purpose Certificate Seller Comment (2022-04-08): XX/XX XX - Business Purpose Certificate

04/11/2022

1

A

NY

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217390051

438035121

XXX

25234788

Credit

Missing Document

General

Missing Document

Missing Document: Cash-Out Utilization not provided

Reviewer Comment (2022-04-12): Business Purpose Cert received. Seller Comment (2022-04-08): XX/XX XX -  -Cash-Out letter is not required on ICF loans

04/12/2022

1

A

NY

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217390062

438035148

XXX

25236754

Credit

Missing Document

General

Missing Document

Missing Document: Cash-Out Utilization not provided

Reviewer Comment (2022-04-19): Received. Seller Comment (2022-04-15): XX/XX XX -  Ø Non-QM Borrower Affirmation & Certificate of Business Purpose Investment Cash Flow Product executed on X/X/XX Reviewer Comment (2022-04-14): The document was post close. The exception remains. Seller Comment (2022-04-12): XX/XX XX - see attached Borrower Certification Business Purpose of Investment Property -** The proceeds of this cash out loan will be used for business purposes only.**

04/19/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217390062

438035148

XXX

25239474

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Business Purpose Certificate not provided

Reviewer Comment (2022-04-19): Received. Seller Comment (2022-04-15): XX/XX XX - Non-QM Borrower Affirmation & Certificate of Business Purpose Investment Cash Flow Product executed on X/X/XX - See bottom of page 1 - Affirmation - Proceeds from the loan will be used for business purposes only and not for household purposes. Reviewer Comment (2022-04-14): The document was post close. The exception remains. Seller Comment (2022-04-12): XX/XX XX - see attached Borrower Certification Business Purpose of Investment Property

04/19/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217390422

438035621

XXX

25237885

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Reviewer Comment (2022-04-12): UW Income Analysis Worksheet received. Seller Comment (2022-04-08): Income Calculation Worksheet

04/12/2022

1

A

GA

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217391573

438035651

XXX

25234707

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

04/15/2022

1

A

MD

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

217391573

438035651

XXX

25236418

Compliance

Compliance

State Compliance

State HPML

(State HPML Disclosure) Maryland Higher-Priced Mortgage Loan (Disclosure of Non-HPML Loans Borrower Qualifies For Not Provided)

xxxx Higher-Priced Mortgage Loan:  Borrower not provided with written disclosure of non-higher priced loans otherwise qualified for.

Reviewer Comment (2022-06-20): Document received is only an acknowledgement, not the actual document.  Aggregator elected to waive.

06/20/2022

2

B

MD

Primary

Purchase

Lender attestation indicating that (1) the borrower did not qualify for any non-higher-priced loans or (2) the lender does not offer non-higher-priced loans.

C

B

C

A

B

B

A

A

Non QM

Non QM

No

217391573

438035651

XXX

25236419

Compliance

Compliance

State Compliance

State HPML

Maryland HPML Threshold Test Non-Compliant

xxxxx Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.XX% + X.XX%, or X.X%.  Non-Compliant Higher Priced Loan.

06/17/2022

2

B

MD

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

217391573

438035651

XXX

25250935

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

04/15/2022

1

A

MD

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

217391605

438035138

XXX

25239947

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Finance Charge

TILA-RESPA Integrated Disclosure - Loan Calculations: Final Closing Disclosure provided on XX/XX/XX disclosed an inaccurate Finance Charge on page 5 that does not match the actual Finance Charge for the loan (fee amounts included in Finance Charge calculation are based on Closing Disclosure dated XX/XX/XX).

The calculated finance charge is greater than the finance charge on the final CD. Compliance report reflects $XXX for the Settlement fee however, it was $XXX. Final CD does not reflect who the Administration fee is paid to. Administration fee of $XXX was not included in origination Finance Charge.

Reviewer Comment (2022-06-06): XXXX  received X-XX-XX CD and LOE to borrower as final for fees and fees were less. Seller Comment (2022-06-02): XX/XX XX - Attached is a copy of the check for the refund and PCCD. Seller Comment (2022-06-02): XX/XX XX - Attached is a copy of the check for the refund

06/06/2022

1

A

WI

Second Home

Refinance - Cash-out - Other

TILA Material Disclosure Cure - Provide the following: Letter of Explanation, Proof of Delivery, Refund check for underdisclosed amount, Corrected CD, and Re-open Rescission if Applicable

C

B

B

B

C

A

A

A

Non QM

Non QM

Yes

217391605

438035138

XXX

25253908

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Subject has XX acres. Exceeds Guidelines.

The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least X months. Borrower has worked in the same position for more than X years. Borrower has verified disposable income of at least $XXX. Borrower has been employed in the same industry for more than x years.

Lender Exception with Comp Factors provided for regrade and waive. Lender Exception with Comp Factors provided for regrade and waive.

Originator,Owner Originator,Owner Owner Owner Owner

Reviewer Comment (2022-04-07): Lender Exception with Comp Factors provided for regrade and waive.

04/07/2022

2

B

WI

Second Home

Refinance - Cash-out - Other

C

B

B

B

C

A

A

A

Non QM

Non QM

No

217391606

438035626

XXX

25243657

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Reviewer Comment (2022-04-14): UW income analysis worksheet received. Seller Comment (2022-04-12): income worksheet

04/14/2022

1

A

CA

Primary

Refinance - Rate/Term

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217391606

438035626

XXX

25248502

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Borrower has excessive NSFs.

Reviewer Comment (2022-04-14): NSF LOE included in the file at review. Seller Comment (2022-04-12): NFS LOE

04/14/2022

1

A

CA

Primary

Refinance - Rate/Term

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217396617

438035315

XXX

25239798

Credit

Missing Document

General

Missing Document

Missing Document: Evidence of Access to Funds not provided

Please provide evidence of access to funds.

Reviewer Comment (2022-05-16): CPA Letter stating the use of business funds would  not negatively affect business operations received. Seller Comment (2022-05-12): CPA letter attached Reviewer Comment (2022-04-15): Per Guidelines Section 6.3 allow business assets to be eligible with evidence that withdrawal would not impact the operation of the business. GL require either CPA correspondence or a Cash Flow Analysis. Exception remains open. Seller Comment (2022-04-13): Please see memo attached Reviewer Comment (2022-04-12): We are in receipt of documentation showing borrower has full access to funds in the business accounts.  Provide CPA Letter that states use of business funds for this transaction will not have a negative impact on the business. Seller Comment (2022-04-08): access to funds attached Seller Comment (2022-04-08): memo attached

05/16/2022

1

A

CA

Investment

Purchase

C

A

C

A

A

A

N/A

No

217396617

438035315

XXX

25253542

Credit

System

General

Appraisal Reconciliation

Valuation address does not match Note address.

-

The state listed on the Desk Review is XXXX, but the property is in XXXX.

Reviewer Comment (2022-04-13): Client provided revised CDA with correct state. Seller Comment (2022-04-11): RDA attached

04/13/2022

1

A

CA

Investment

Purchase

C

A

C

A

A

A

N/A

No

217399112

438035640

XXX

25244398

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Missing Final 1003

Reviewer Comment (2022-04-13): Final executed 1003s received for both Borrowers. Seller Comment (2022-04-11): 1003

04/13/2022

1

A

WA

Investment

Purchase

C

A

C

A

A

A

A

A

N/A

Exempt from ATR

No

217399112

438035640

XXX

25248158

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

The Disclosure Tracking Summary reports aXX/XX/XX and aXX/XX/XX delivery of an appraisal. However, only 1 appraisal was in file with a report date of XX/XX/XX. Provide all appraisals and evidence they were sent to the borrower prior to closing.

Reviewer Comment (2022-04-13): Appraisal delivery proof onX/XX and CDA delivery proof onX/XX recieved. Seller Comment (2022-04-11): appraisal documentation

04/13/2022

1

A

WA

Investment

Purchase

C

A

C

A

A

A

A

A

N/A

Exempt from ATR

No

217399153

438035502

XXX

25250142

Compliance

Compliance

Federal Compliance

Federal HPML

TIL Higher Priced Mortgage Loan Safe Harbor Test

TILA HPML appraisal Rule (Dodd-Frank 2014): Safe Harbor requirements not satisfied.

Please provide the AIR Cert and the AMC assignment for the appraisal.

Reviewer Comment (2022-04-28): Independent search of AMC's buisness license receivied. All other requirements fro a transferred appraisal are included in the file. Seller Comment (2022-04-26): • snapshot from XXXX Guides attached Seller Comment (2022-04-26): • AMC license verification in lieu of AMC transfer letter (see snapshot from XXXX Guides attached) Seller Comment (2022-04-26): AIR Cert

04/28/2022

1

A

CA

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217399153

438035502

XXX

25252403

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

X months of personal statements and X months of business statements were provided as support for the XXXX. Please forward statements to total XX months of business or XX months of personal bank statements.

Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and $5,000.00. Borrower has verified disposable income of at least $XXX. The representative FICO score exceeds the guideline minimum by at least X points.

Residual income exceeds the minimum requirement by more than $3,000. Credit score is more than 20 points greater than the requirement.

Owner Originator,Owner Owner,Originator

Reviewer Comment (2022-05-27): Lender approved post-closing exception for using sequential personal and business bank statements in calculation for qualifying. Seller Comment (2022-05-26): • Approved exception for use of personal and business bank statements Reviewer Comment (2022-04-28): No new documentation received.

05/27/2022

2

B

CA

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217399153

438035502

XXX

25264944

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.XX% + X.XX%, or X.X%.  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-05-27): Acknowledgment signed at closing

05/27/2022

1

A

CA

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217399153

438035502

XXX

25264945

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

Disclosure Tracking Summary shows appraisal was provided to borrower on XX/XX/XX.  The presumed date of receipt is XX/XX/XX.  Appraisal was not received by borrower at least three business days prior to consummation.

Reviewer Comment (2022-05-27): Acknowledgment signed at closing Reviewer Comment (2022-04-28): No new documentation received.

05/27/2022

1

A

CA

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217403414

438035499

XXX

25243804

Credit

Asset

Asset Documentation

Asset

Guideline Issue:Insufficient asset documentation.

-

Please provide a complete copy of the closing statement for the property the borrower sold onXX/XX/XX. Page 1 does not appear complete with totals.

Reviewer Comment (2022-04-22): Hud received. XXXX Savings no longer needed (only 1 mo). Seller Comment (2022-04-20): • CD from property sold on X/X/XX

04/22/2022

1

A

CA

Investment

Purchase

C

A

C

A

A

A

N/A

No

217403421

438035286

XXX

25250975

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Loan Estimate Timing Electronically Provided

TILA-RESPA Integrated Disclosure: Loan Estimate not delivered to Borrower(s) within three (3) business days of application. Initial Loan Estimate dated XX/XX/XXXX was electronically provided without or prior to borrower's consent to receive electronic disclosures. Failure to comply with the provisions of the E-Sign Act and failure to provide good faith estimate of fees timely may result in additional fee tolerance violations.

Reviewer Comment (2022-05-09): XXXX Received Attestation stating Initial Disclosure manually presented. Seller Comment (2022-05-06): Attestation

05/09/2022

1

A

MD

Second Home

Purchase

C

B

B

B

C

A

A

A

Non QM

Non QM

No

217403421

438035286

XXX

25269570

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Income worksheet shows declining deposits at  XX%.

Borrower has verified disposable income of at least $XXX.

Documentation Type: XXX Disposable Income: $XXX

Owner,Originator

Reviewer Comment (2022-04-08): Lender exception approved for declining income.

04/08/2022

2

B

MD

Second Home

Purchase

C

B

B

B

C

A

A

A

Non QM

Non QM

No

217403436

438035488

XXX

25250735

Compliance

Compliance

Federal Compliance

TRID

TRID Ten Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Ten Percent Fee Tolerance exceeded. Total amount of $XXX exceeds tolerance of $XXX plus 10% or $XXX.  Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2022-04-07): Sufficient Cure Provided At Closing

04/07/2022

1

A

NY

Investment

Refinance - Cash-out - Other

Final CD evidences Cure

A

A

A

A

A

A

A

A

N/A

Non QM

Yes

217409685

438035431

XXX

25248649

Credit

Insurance

Insurance Analysis

Insurance

Insufficient Coverage: Hazard insurance coverage amount is insufficient.

Provide Replacement Cost Estimator or proof of coverage that meets guideline requirements.

Reviewer Comment (2022-06-03): Client provided insurance documentation showing coverage for the front unit is $XXX,XXX and coverage for the rear unit is $XXX,XXX which is sufficient. Seller Comment (2022-06-03): Ø Total HOI coverage equals $XXX,XXX which is sufficient to cover the cost to rebuild per the appraisal Seller Comment (2022-06-03): • HOI for the front unit with coverage of $$XXX,XXX and HOI for the rear unit with coverage of $XXX,XXX (rear unit) Seller Comment (2022-06-03): • HOI for the front unit with coverage of $XXX,XXX and HOI for the rear unit with coverage of $XXX,XXX Seller Comment (2022-06-03): • Updated appraisal that confirms the total cost to rebuild the property is $XXX,XXX

06/03/2022

1

A

NY

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217440241

438035301

XXX

25303003

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

There are three appraisal reports in the file; one is dated XX/XX/XX, one is dated XX/XX/XX and one is dated XX/XX/XX.  There is an Appraisal Acknowledgment in the file that was signed by the borrower on XX/XX/XX.  Provide appraisal delivery document for all three appraisal reports in the file.

Reviewer Comment (2022-05-16): Appraisal acknowledgments datedX/XXandX/XX received. Seller Comment (2022-05-12): appraisal acknowledgment dated X-XX uploaded Reviewer Comment (2022-04-21): Please forward the Appraisal evidence of borrower receipt for the X/XX/XX appraisal report.

05/16/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217440241

438035301

XXX

25303004

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.XX% + X.XX%, or X.X%.  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-05-16): Appraisal acknowledgments datedX/XXandX/XX received. Seller Comment (2022-05-12): all acknowledgements have been uploaded

05/16/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217440241

438035301

XXX

25303005

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

There are three appraisal reports in the file; one is dated XX/XX/XX, one is dated XX/XX/XX and one is dated XX/XX/XX.  There is an Appraisal Acknowledgment in the file that was signed by the borrower on XX/XX/XX.  Provide appraisal delivery document for all three appraisal reports in the file.

Reviewer Comment (2022-05-16): Appraisal acknowledgments datedX/XXandX/XX received. Seller Comment (2022-05-12): See appraisal Acknowledgment X.XX.XXXX Seller Comment (2022-05-12): See appraisal Acknowledgment for X.X.XXXX

05/16/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217440241

438035301

XXX

25315601

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Please provide clear copy of CPA letter.

Reviewer Comment (2022-04-21): Received. Seller Comment (2022-04-20): CPA letter attached

04/21/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217441907

438035391

XXX

25295250

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.XX% + X.XX%, or X.X%.  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-04-29): Initial appraisal dated X/X and revised appraisal delivery receipt dated X/XX received. Seller Comment (2022-04-27): AIR APPRAISAL DEL.CERT

04/29/2022

1

A

VA

Primary

Purchase

D

B

C

B

C

A

D

A

Non QM

Non QM

No

217441907

438035391

XXX

25295279

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

The CU Risk Score is X.

Reviewer Comment (2022-05-03): Client provided CDA from XXXX. Seller Comment (2022-05-02): CDA uploaded Reviewer Comment (2022-04-29): No additional documentation received. Provide CDA as required.

05/03/2022

1

A

VA

Primary

Purchase

D

B

C

B

C

A

D

A

Non QM

Non QM

No

217441907

438035391

XXX

25303728

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

The CPA Letter does not state that use of business funds for this transaction will not have a negative impact on the business.

The representative FICO score exceeds the guideline minimum by at least X points. The qualifying DTI on the loan is at least 10% less than the guideline maximum. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and $5,000.00. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least X months. Borrower has worked in the same position for more than X years. Borrower has verified disposable income of at least $XXX. Borrower has been employed in the same industry for more than x years.

Borrower's credit score exceeds the requirement by more than 20 points. Borrower has been employed in the same industry for more than x years.

Originator,Owner Owner Owner Owner Owner Owner Owner,Originator

Reviewer Comment (2022-05-25): Lender approved exception to waive CPA letter stating that the use of business funds will not have a negative effect on the business. Seller Comment (2022-05-24): Exception Approval uploaded Reviewer Comment (2022-05-19): Received lender exception request. The form consists of at least three pages and only two pages were received. The lender exception provided does not state the exception being requested and does not include investor approval. Exception remains. Seller Comment (2022-05-17): XXXX Exception. Please clear. Reviewer Comment (2022-05-16): Updated UW Income Analysis Worksheet and final 1008  received. CPA letter stating use of business funds for the purchase of the subject property will not have a negative impact on the Borrower's business not received. Exception remains. Seller Comment (2022-05-12): XXXX and 1008

05/25/2022

2

B

VA

Primary

Purchase

D

B

C

B

C

A

D

A

Non QM

Non QM

No

217441907

438035391

XXX

25303916

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

The XXXX - Uniform Expense Ratio (Method One) spreadsheet shows borrower's ownership is XXX%.  Income has been calculated using XXX% ownership.  The CPA Letter and Operating Agreement show the borrower owns XXX% of the business.  Provide corrected XXXX.

Reviewer Comment (2022-05-16): Updated UW Income Analysis Worksheet and final 1008  received. Seller Comment (2022-05-12): Updated Business XXXX Reviewer Comment (2022-04-29): Unsigned, undated LOE received stating XXX% of the income used for qualifying per UW notes on the 1008. Provide an updated UW Income Anlaysis Worksheet with the correct Borrower's ownership percentage as verified by the CPA. Exception remains. Seller Comment (2022-04-27): LOE INCOME-uploaded

05/16/2022

1

A

VA

Primary

Purchase

D

B

C

B

C

A

D

A

Non QM

Non QM

No

217441907

438035391

XXX

25304357

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

There is an appraisal delivery document in the file that shows appraisal was delivered via email on XX/XX/XX. Provide a copy of this appraisal for compliance testing.  Also, provide the appraisal delivery document for the Revised/Final Appraisal Report dated XX/XX/XX.

Reviewer Comment (2022-04-29): Initial appraisal dated X/X and revised appraisal delivery receipt dated X/XX received.

04/29/2022

1

A

VA

Primary

Purchase

D

B

C

B

C

A

D

A

Non QM

Non QM

No

217441907

438035391

XXX

25304358

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Appraisal Not Obtained Timely)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Appraisal not obtained prior to consummation.

There is an appraisal delivery document in the file that shows appraisal was delivered via email on XX/XX/XX. Provide a copy of this appraisal for compliance testing.  Also, provide the appraisal delivery document for the Revised/Final Appraisal Report dated XX/XX/XX.

Reviewer Comment (2022-04-29): Initial appraisal dated X/X and revised appraisal delivery receipt dated X/XX received. Seller Comment (2022-04-27): Uploaded appraisal report

04/29/2022

1

A

VA

Primary

Purchase

D

B

C

B

C

A

D

A

Non QM

Non QM

No

217441907

438035391

XXX

25304359

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

There is an appraisal delivery document in the file that shows appraisal was delivered via email on XX/XX/XX. Provide a copy of this appraisal for compliance testing.  Also, provide the appraisal delivery document for the Revised/Final Appraisal Report dated XX/XX/XX.

Reviewer Comment (2022-04-29): Initial appraisal dated X/X and revised appraisal delivery receipt dated X/XX received. Seller Comment (2022-04-27): APPRAISAL UPLOADED

04/29/2022

1

A

VA

Primary

Purchase

D

B

C

B

C

A

D

A

Non QM

Non QM

No

217442742

438035319

XXX

25289797

Compliance

Compliance

State Compliance

State Defect

(State High Cost) New Jersey High-Cost Loan (Points and Fees)

XXXX Home Ownership Security Act: Points and Fees on subject loan ofX.XX% is in excess of the allowable maximum of X.XX% of the Total Loan Amount. Points and Fees total $XXXn a Total Loan Amount of $XXX vs. an allowable total of $XXXan overage of $XXX oX.XX%).  Compliant High Cost Loan.

Reviewer Comment (2022-05-12): PC CD dated X/X refelcting a lender credit of $XXX, refund check, letter to borrower and proof of delivery received. Seller Comment (2022-05-09): PCCD with cure

05/12/2022

1

A

NJ

Primary

Purchase

Within 45 days of closing, provide: (1) Letter of Explanation; (2) refund of amount over the high-cost threshold maximum; and (3) proof of delivery. (Narrow Defense - CHD Approval Required)  Within 365 days of closing, and prior to lender receiving any notice from borrower of the compliance failure, provide:  (1) Lender Attestation to AMC attesting (i) the failure was not intentional and was a bona fide error notwithstanding procedures in place to prevent such loans from being made and (ii) the lender has not received any notice from borrower of the failure; (2) refund of amount over the high-cost threshold maximum; and (3) proof of delivery.

C

B

B

B

C

B

A

A

Non QM

Non QM

Yes

217442742

438035319

XXX

25289798

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Partial Payments

TILA-RESPA Integrated Disclosure - Loan Disclosures: Final Closing Disclosure provided on XX/XX/XX incorrectly disclosed whether the loan allows for Partial Payments.

Please provide a post closing CD reflecting whether or not partial payments are accepted, and evidence this document was sent to the borrower. Final CD page 4 verifies Partial Payments as: May hold them in a separate account until you pay the rest of the payment and then apply the full payment to your loan AND Does not accept any partial payments.

Reviewer Comment (2022-04-22): XXXX  received a corrected CD and LOE. Seller Comment (2022-04-20): PCCD

04/22/2022

2

B

NJ

Primary

Purchase

Letter of Explanation & Corrected Closing Disclosure

C

B

B

B

C

B

A

A

Non QM

Non QM

Yes

217442742

438035319

XXX

25289800

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points.  Fee Amount of $XXX. exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Please provide a valid change of circumstance, or provide a post closing CD reflecting a cure of $XXX. with evidence the document and cure was sent to the borrower.

Reviewer Comment (2022-04-22): XXXX  received valid COC  with reason why the fee was increased  hence after review the exception was cleared. Seller Comment (2022-04-21): COC CD

04/22/2022

1

A

NJ

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

B

B

C

B

A

A

Non QM

Non QM

Yes

217442742

438035319

XXX

25315649

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Title - Attorney's Fee (Closing Agent and Other).  Fee Amount of $x exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

There is no valid Change of Circumstance document in the file to support the addition of this fee nor did the lender provide a cure on the Final CD.  Provide VCC or PCCD, copy of refund check, copy of letter of explanation and proof of delivery.

Reviewer Comment (2022-04-21): XXXX upon further review received Corrected PCCD, LOE and copy of refund Check. Seller Comment (2022-04-20): PCCD with cure

04/21/2022

2

B

NJ

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

B

B

C

B

A

A

Non QM

Non QM

Yes

217442742

438035319

XXX

25315947

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Borrower has declining deposits > XX% in the last 12 months.  Missing proof of XXXX rent payment plus cash withdrawals out of business checking account do not match rent amount on receipts.

Borrower has worked in the same position for more than X years. Borrower has verified disposable income of at least $XXX. Borrower has been employed in the same industry for more than x years. The qualifying DTI on the loan is at least 10% less than the guideline maximum.

Borrower has worked in the same position for more than X years. DTI: XX.XX% Guideline Maximum DTI: XX.XX%

Originator,Owner Owner Owner Owner,Originator

Reviewer Comment (2022-04-14): Lender exception approved for declining income and missing proof of XXXX rent.

04/14/2022

2

B

NJ

Primary

Purchase

C

B

B

B

C

B

A

A

Non QM

Non QM

No

217442817

438035130

XXX

25305955

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Borrower rents from private party.  VOR and Lease provided; however, cancelled checks are not available.

Borrower's Experience/Track Record

Borrower's Experience/Track Record.

Owner

Reviewer Comment (2022-04-13): Lender exception to use VOM and Lease for verification of rent from private party.

04/13/2022

2

B

PA

Investment

Purchase

B

B

B

B

A

A

N/A

No

217445383

438035157

XXX

25334663

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Business Purpose Certification in file not signed by the borrower. Please provide executed copy.

Reviewer Comment (2022-04-19): Received. Seller Comment (2022-04-18): XX/XX XX -  Signed Business Purpose Certification

04/19/2022

1

A

MD

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217445385

438035473

XXX

25304334

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Note Addendum - Prepayment not provided

Reviewer Comment (2022-04-27): Received. Seller Comment (2022-04-26): Prepayment addendum to note attached Reviewer Comment (2022-04-22): Received the PPP Rider for the Security Instrument. Please forward the Note PPP Addendum. Seller Comment (2022-04-20): • Prepayment Addendum to the Note

04/27/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

Yes

217445388

438035485

XXX

25301436

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Missing Document: Appraisal was made "subject to" and Form 1004D/442 was not provided.

-

Please provide 10004D/442 Certificate of Completion for required repairs.

Reviewer Comment (2022-04-21): Received Completion. Seller Comment (2022-04-19): 1004d attached showing completion of repairs

04/21/2022

1

A

NY

Investment

Purchase

C

A

A

A

C

A

N/A

No

217445672

438035166

XXX

25314844

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Loan Estimate Timing Electronically Provided

TILA-RESPA Integrated Disclosure: Loan Estimate not delivered to Borrower(s) within three (3) business days of application. Initial Loan Estimate dated XX/XX/XX was electronically provided without or prior to borrower's consent to receive electronic disclosures. Failure to comply with the provisions of the E-Sign Act and failure to provide good faith estimate of fees timely may result in additional fee tolerance violations.

The borrower consented to receiving disclosures electronically onXX/XX/XX but the loan estimate was signed electronically prior to when the borrower gave his consent

Reviewer Comment (2022-06-13): XXXX  received earlier e-consent agreement Reviewer Comment (2022-05-09): XXXX  Received E-Consent for borrower "XXXX"; however, we also require earliest E-Consent for borrower "XXXX". Provide Earliest E-Consent for borrower "XXXX" Seller Comment (2022-05-06): XX/XX XX - Certificate for DocuSign Reviewer Comment (2022-05-04): No new documentation received. Reviewer Comment (2022-04-29): Disclosure Tracking Summary and Details received verifies electronic delivery and consent is X/XX. LE issued X/XX does include both Borrower's electronic signatures dated X/XX. Provide eConsent dated X/XX or sooner. Exception remains. Seller Comment (2022-04-29): XX/XX XX -  see attached DocuSign Cert Reviewer Comment (2022-04-29): XXXX  Received Disclosure Summary showing LE dated X/XX sent method as View/Print. Provide Attestation stating what does View/Print means and the method of sending the LE. Seller Comment (2022-04-28): XX/XX XX - sent to investor - Disclosure Tracking Summary. Appraisal delivered X/XX. Confirmation on page 12. Thank you! Reviewer Comment (2022-04-25): XXXX  The loan application date was XX/XX/XX. The consumer went through the E-Consent process on XX/XX/XX and acknowledged the receipt of the LE on XX/XX/XX. In the event the consumer had signed Initial LE on XX/XX/XX electronically before accepting E-Consent. Provide Earliest E-Consent dated XX/XX/XX or Proof of the LE being sent alternative method is required to Clear. Seller Comment (2022-04-22): XX/XX XX -  - The LE was delivered within three business days of the application However, borrower did not Open disclosure package until X/XX Note: Borrower must E-consent before docs can be reviewed or signed.

06/13/2022

1

A

FL

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217445672

438035166

XXX

25314857

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of revised valuation to applicant three (3) business days prior to consummation.

Creditor did not provide a copy of revised valuation to applicant three (3) business days prior to consummation

Reviewer Comment (2022-05-04): Disclosure Tracking Summary verifies apprisal deliver on X/XX. Seller Comment (2022-05-03): XX/XX XX - Please see below from HPML appraisal rule.  1026.35(c)(6)(ii).  '…"provide" means "deliver."  Our borrowers have already e-consented with us prior to the appraisal being provided to them electronically. Seller Comment (2022-05-03): XX/XX XX -  We have our disclosure tracking to show it was provided three days prior to closing.  Please see attached for confirmation of e-Consent. Reviewer Comment (2022-05-02): HPML loan and appraisal waiver does not apply. Docs report the X/XX/XX appraisal was sent X/XX/XX but the presumed received date X/XX/XX. Need verification borrower received the X/XX/XX appraisal report 3 business days prior to close. Seller Comment (2022-04-29): XX/XX XX - see attached DocuSign Seller Comment (2022-04-28): XX/XX XX - Please see attached Disclosure Tracking Summary. Appraisal delivered X/XX. Confirmation on page 12. Thank you! Reviewer Comment (2022-04-20): The Creditor did not provide a copy of revised valuation to applicant three (3) business days prior to consummation.

05/04/2022

1

A

FL

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217445672

438035166

XXX

25317765

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

The file is missing the mortgage statement to confirm the PITIA for the properties located at XXXX,XXXX,, XXXX.  Also missing document to support additional fee of $XXX for XXXX and $XXX for XXXX.  Missing the HOA documentation for XXXX.

Reviewer Comment (2022-04-20): Received. Seller Comment (2022-04-19): XX/XX XX -Missing the HOA documentation for XXXX.               Statement is attached. Seller Comment (2022-04-19): XX/XX XX - XXXX we have PITIA as XX/mo for HOA, HOI as XX/month and taxes as $XXX/month. No additional fees or anything for the PITIA. Seller Comment (2022-04-19): XX/XX XX -  Also missing document to support additional fee of $XXX for XXXX and $XX for XXXX. Additional fee of $XXX for XXXX is the HOA dues. HOA bill attached to verify. Seller Comment (2022-04-19): XX/XX XX - XXXX has taxes, insurance, and HOA verified. Using DataVerify to tie  XXXX  #XXXX to the property to verify the PITIA for the REO. Seller Comment (2022-04-19): XX/XX XX - For the property at XXXX we have the HOA bill, taxes and insurance documented. Using dataVerify to confirm  XXXX  #XXXX is attached to the property to confirm PITIA for the REO. Seller Comment (2022-04-19): XX/XX XX -  Using DataVerify to attach liability from credit report to REO address. ForXXXX we have the taxes, insurance, HOA due documentation attached here and using Dataverify to confirm  XXXX  #XXXX is attached to the property. Seller Comment (2022-04-19): XX/XX XX -  Address: XXXX   Have taxes, HOA bill, and insurance docs. Attached here. Seller Comment (2022-04-19): XX/XX XX - Address:XXXX Have HOA, taxes and letter confirming property is free and clear and there is no insurance on the property. Attaching documents here. Seller Comment (2022-04-19): XX/XX XX - Address: XXXX Taxes, insurance and HOA does in the file. Attached documents here. Seller Comment (2022-04-19): XX/XX XX - Address: XXXX, Tax bill, insurance policy, and HOA bill in the file. Attached documents here. Seller Comment (2022-04-19): XX/XX XX - Address: XXXX HOA bill, tax bill, insurance policy in the file. Attached documents here. Seller Comment (2022-04-19): XX/XX XX - Address: XXXX Have HOA bill, tax bill, and insurance policy in the file. Attached the documents here.

04/20/2022

1

A

FL

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217445672

438035166

XXX

25471005

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2022-04-27): Sufficient Cure Provided At Closing

04/27/2022

1

A

FL

Primary

Purchase

Final CD evidences Cure

C

A

C

A

C

A

A

A

Non QM

Non QM

Yes

217445672

438035166

XXX

25471006

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Credit Report Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2022-04-27): Sufficient Cure Provided At Closing

04/27/2022

1

A

FL

Primary

Purchase

Final CD evidences Cure

C

A

C

A

C

A

A

A

Non QM

Non QM

Yes

217445672

438035166

XXX

25471007

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Flood Certification (Life Of Loan).  Fee Amount of $xx exceeds tolerance of $XXX.  Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2022-04-27): Sufficient Cure Provided At Closing

04/27/2022

1

A

FL

Primary

Purchase

Final CD evidences Cure

C

A

C

A

C

A

A

A

Non QM

Non QM

Yes

217445678

438035652

XXX

25309941

Credit

Missing Document

General

Missing Document

Missing Document: Account Statements - Business not provided

Provide three months Business Bank Statements per guidelines.

Reviewer Comment (2022-04-22): Correspondence reports the borrower does not have business statements and business income goes into a personal acct. Business statements requirement waived at client underwriting discretion as GL allow. Seller Comment (2022-04-20): Memo from UW stating business statements were not used.

04/22/2022

1

A

GA

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217445683

438035662

XXX

25303657

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

The Disclosure Tracking Summary shows the appraisal was sent to the borrowers on XX/XX/XX.  The presumed date of receipt is XX/XX/XX.  Appraisal was not received by borrowers at least three business days prior to consummation.

Reviewer Comment (2022-04-25): Disclosure Tracking Summary verifying delivery date of X/XX and Disclosure Tracking Details establishing presumed received date of X/XX received. Seller Comment (2022-04-21): Appraisal delivery Reviewer Comment (2022-04-20): Delivery data received. The presumed date of receipt is XX/XX/XX. Appraisal was not received by borrowers at least three business days prior to consummation. Seller Comment (2022-04-19): Appraisal delivery Seller Comment (2022-04-19): Uploaded DT appraisal delivery, Note date is X.XX.XX, appraisal was provided on X.XX.XX with a presumed date of X.XX.XX.

04/25/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217445683

438035662

XXX

25303658

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.XX% + X.XX%, or X.X%.  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-04-25): Disclosure Tracking Summary verifying delivery date of X/XX and Disclosure Tracking Details establishing presumed received date of X/XX received. Seller Comment (2022-04-21): Appraisal delivery Seller Comment (2022-04-21): Please advise presumed delivery date is X.XX.XX. Please advise. Reviewer Comment (2022-04-20): Delivery data received. The presumed date of receipt is XX/XX/XX. Appraisal was not received by borrowers at least three business days prior to consummation.

04/25/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217445683

438035662

XXX

25303659

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

The Disclosure Tracking Summary shows the appraisal was sent to the borrowers on XX/XX/XX.  The presumed date of receipt is XX/XX/XX.  Appraisal was not received by borrowers at least three business days prior to consummation.

Reviewer Comment (2022-04-25): Disclosure Tracking Summary verifying delivery date of X/XX and Disclosure Tracking Details establishing presumed received date of X/XX received. Seller Comment (2022-04-21): Appraisal delivery Seller Comment (2022-04-21): Please advise I uploaded XX data tracking which clearly shows presumed delivery is X.XX.XX. Reviewer Comment (2022-04-20): Delivery data received. The presumed date of receipt is XX/XX/XX. Appraisal was not received by borrowers at least three business days prior to consummation. Seller Comment (2022-04-19): Appraisal delivery Seller Comment (2022-04-19): Uploaded DT appraisal delivery, Note date is X.XX.XX, appraisal was provided on X.XX.XX with a presumed date of X.XX.XX.

04/25/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217445683

438035662

XXX

25303684

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Credit Report Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

The required cure amount is $XXX.  Credit report fee increased $X and a Sub-Escrow Fee of $XX and Wire Fee of $XX (paid to vendor on the SSPL) were added without a valid Change of Circumstance.  Lender provided a cure of $X on the Final CD,  The remaining cure of $XXX is due the borrower.  Provide valid COC or PCCD, copy of refund check, copy of letter of explanation and proof of delivery.

Reviewer Comment (2022-04-22): XXXX  Sufficient cure provided at closing. Seller Comment (2022-04-21): Initial CD Seller Comment (2022-04-21): I have attached the initial CD to show that the fees they are referring to were previously disclosed prior to closing.   While I agree with the credit report cure that we already applied I do not agree with the other cure as the fees they are referring to are a part of the 10% tolerance category and the total allowance for ten percent fees is XXXX.XX and the total amount of 10% fees on the final CD is XXX.

04/22/2022

1

A

CA

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217445683

438035662

XXX

25306249

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Title - SubEscrow Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

The required cure amount is $XXX.  Credit report fee increased $X and a Sub-Escrow Fee of $XX and Wire Fee of $XX (paid to vendor on the SSPL) were added without a valid Change of Circumstance.  Lender provided a cure of $X on the Final CD,  The remaining cure of $XXX is due the borrower.  Provide valid COC or PCCD, copy of refund check, copy of letter of explanation and proof of delivery.

Reviewer Comment (2022-04-22): XXXX  Upon review the fees should be part of the 10% tolerance category and there is no tolerance violation for 10% fees. Seller Comment (2022-04-21): Initial CD Seller Comment (2022-04-21): I have attached the initial CD to show that the fees they are referring to were previously disclosed prior to closing.   While I agree with the credit report cure that we already applied I do not agree with the other cure as the fees they are referring to are a part of the 10% tolerance category and the total allowance for ten percent fees is XXXX.XX and the total amount of 10% fees on the final CD is XXX.

04/22/2022

1

A

CA

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217445683

438035662

XXX

25306250

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Title - Wire /Funding/ Disbursement Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

The required cure amount is $XXX.  Credit report fee increased $X and a Sub-Escrow Fee of $XX and Wire Fee of $XX (paid to vendor on the SSPL) were added without a valid Change of Circumstance.  Lender provided a cure of $X on the Final CD,  The remaining cure of $XXX is due the borrower.  Provide valid COC or PCCD, copy of refund check, copy of letter of explanation and proof of delivery.

Reviewer Comment (2022-04-22): XXXX  Upon review the fees should be part of the 10% tolerance category and there is no tolerance violation for 10% fees. Seller Comment (2022-04-21): Initial CD Seller Comment (2022-04-21): I have attached the initial CD to show that the fees they are referring to were previously disclosed prior to closing.   While I agree with the credit report cure that we already applied I do not agree with the other cure as the fees they are referring to are a part of the 10% tolerance category and the total allowance for ten percent fees is XXXX.XX and the total amount of 10% fees on the final CD is XXX.

04/22/2022

1

A

CA

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217445683

438035662

XXX

25449031

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Credit Report Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2022-04-22): Sufficient Cure Provided At Closing

04/22/2022

1

A

CA

Primary

Refinance - Cash-out - Other

Final CD evidences Cure

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217445686

438035469

XXX

25337856

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

XXXX declined xx.xx% over the past 12 months.

The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. Borrower has verified disposable income of at least $XXX. Borrower has owned the subject property for at least X years. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least X months.

Loan to Value: XX% Guideline Maximum Loan to Value: XX% Borrower has owned the subject property for at least X years. Reserves: X Guideline Requirement: X

Originator,Owner Owner Originator,Owner Owner,Originator

Reviewer Comment (2022-04-15): Lender Exception for declining income of XX.XX%.

04/15/2022

2

B

AZ

Primary

Refinance - Cash-out - Other

B

B

B

B

A

A

A

A

Non QM

Non QM

No

217445697

438035646

XXX

25308201

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Please forward the mortgage statement for the XXXX acct #XXXX against theXXXX property.

Reviewer Comment (2022-04-27): Mortgage statement, Note and CD dated X/XX for XXXX property received. Seller Comment (2022-04-25): Refi Note, CD, and mtg statement Reviewer Comment (2022-04-22): Please forward the mortgage statement for the XXXX acct #XXXX against the XXXX property (the second lien). Seller Comment (2022-04-20): This is borrower's personal attorney so fee should not be held to tolerance cure.

04/27/2022

1

A

IL

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217445697

438035646

XXX

25312321

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Attorney's Fee (Closing Agent Only).  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

No valid change of circumstance or cure for borrower provided.  Provide VCC or PCCD, copy of refund check, copy of letter of explanation to the borrower and proof of delivery.

Reviewer Comment (2022-04-27): XXXX received corrected PCCD and LOE for Attorney's Fee moved to sec H. Seller Comment (2022-04-26): PCD Reviewer Comment (2022-04-22): XXXX  Attorney's Fee is in Sec C and not paid to Title Services. Please provide an attestation or provide LOE and corrected PCCD with Attorney's Fee moved to sec H or cure required along with cure documents. Seller Comment (2022-04-22): This is borrower's personal attorney so fee should not be held to tolerance cure.

04/27/2022

1

A

IL

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

C

A

C

A

A

A

Non QM

Non QM

Yes

217445734

438035330

XXX

25312581

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.X% + X.X%, or X.X%.  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-05-26): Appraisal dated X/X received. Acknowledgment of receipt dated X/X included in the file. Seller Comment (2022-05-12): Seller requests buyer review: This is a true exception.  The appraisal had a revision non-monetary on X/X  The NOte date is X/X  Please change grade to a 2.

05/26/2022

1

A

CA

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217445734

438035330

XXX

25312582

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Appraisal Not Obtained Timely)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Appraisal not obtained prior to consummation.

Appraisal report signature date is XX/XX/XX and consummation date is XX/XX/XX provided evidence the borrower has received all copies of the appraisal. Provide evidence the appraisal was sent to the borrower at least 3 days prior to closing.

Reviewer Comment (2022-05-26): Appraisal dated X/X received. Acknowledgment of receipt dated X/X included in the file. Seller Comment (2022-05-25): Original appraisal obtained prior to closing.  The appraisal dated X/Xwas to correct a clerical error (missing seller's concession).  Please let us know if this will bring up the grading of this condition. Reviewer Comment (2022-05-13): Unable to downgrade due to exception being a level 3 exception. Exceptin remains. Seller Comment (2022-05-12): Seller requests buyer review: This is a true exception.  The appraisal had a revision non-monetary on X/X  The NOte date is X/X  Please change grade to a 2. Seller Comment (2022-05-10): Seller requests buyer review: This is a true exception.  The appraisal had a revision non-monetary on X/X  The NOte date is X/X  Please change grade to a 2.

05/26/2022

1

A

CA

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217445734

438035330

XXX

25312588

Compliance

Compliance

Federal Compliance

ATR/QM Defect

Check Loan Designation Match - ATR

Ability to Repay (Dodd-Frank 2014): Originator Loan Designation of Non QM does not match Due Diligence Loan Designation of ATR Fail.

Source of gift funds is not documented and/or was received by closing company after the date of closing.  Funds are required to be verified prior to closing.

Reviewer Comment (2022-05-11): pre close gift letter provided Reviewer Comment (2022-04-27): Gift funds wired after Note and closing date. Exception remains. Seller Comment (2022-04-26): Please see memo attached

05/11/2022

1

A

CA

Primary

Purchase

Lender to provide updated ATR/QM status

C

A

C

A

C

A

A

A

Non QM

Non QM

Yes

217445734

438035330

XXX

25312589

Compliance

Compliance

Federal Compliance

ATR/QM

NonQM ATR

Ability-to-Repay (Dodd-Frank 2014): General Ability-to-Repay requirements not satisfied.

Source of gift funds is not documented and/or was received by closing company after the date of closing.  Funds are required to be verified prior to closing.

Reviewer Comment (2022-05-11): pre close gift letter provided

05/11/2022

1

A

CA

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217445734

438035330

XXX

25312616

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General Ability To Repay Provision Income and Assets - Assets

Ability to Repay (Dodd-Frank 2014): Unable to verify assets using reasonably reliable third-party records.

Source of gift funds is not documented and/or was received by closing company after the date of closing.  Funds are required to be verified prior to closing.

Reviewer Comment (2022-05-11): pre close gift letter provided Reviewer Comment (2022-04-27): Gift funds wired after Note and closing date. Exception remains. Seller Comment (2022-04-26): Gift letter attached

05/11/2022

1

A

CA

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217445734

438035330

XXX

25349417

Credit

Missing Document

General

Missing Document

Missing Document: Source of Funds/Deposit not provided

Missing documentation showing the source of the gift funds as well as the receipt of the gift funds.

Reviewer Comment (2022-05-11): Gift letters were preclose, wiring can be post consummations. Reviewer Comment (2022-04-27): Gift funds wired after Note and closing date. Exception remains. Seller Comment (2022-04-26): Gift funds attached

05/11/2022

1

A

CA

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217446817

438035671

XXX

25313258

Compliance

Compliance

Federal Compliance

ATR/QM Defect

Check Loan Designation Match - ATR Risk

Ability to Repay (Dodd-Frank 2014): Originator Loan Designation of Non QM does not match Due Diligence Loan Designation of ATR Risk.

Per guidelines, use the most recent bank statements to calculate income.  The most recent statements used to calculate income are for the period XX/XX/XX through XX/XX/XX.  The calculated income for this time period is $XXX..  The xxxx spreadsheet uses bank statements for the period XX/XX/XX through XX/XX/XX.  The DTI using most recent statements is XX.XX%.

Reviewer Comment (2022-05-05): Updated 1008 and final 1003 reflecting the income used in qualifying that matches the most recent UW Income Analysis Worksheet received. Seller Comment (2022-05-04): 1003 and 1008 Reviewer Comment (2022-04-29): Updated UW Income Analysis Worksheet, 1008 and final 1003 received. 1008 and 1003 do not match the calculated income on the worksheet. Provide a corrected 1008 and final 1003 reflecting the worksheet calculated income. Exception remains. Seller Comment (2022-04-27): 1008 Seller Comment (2022-04-27): 1003 Seller Comment (2022-04-27): Income WS

05/05/2022

1

A

CA

Primary

Refinance - Rate/Term

Lender to provide updated ATR/QM Loan Designation

C

A

C

A

C

A

A

A

Non QM

Non QM

Yes

217446817

438035671

XXX

25313259

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General ATR Provision Investor and Non QM DTIs match and both moderately exceed Guidelines

Ability to Repay (Dodd-Frank 2014): The DTI calculated in accordance with the Lenders Guidelines and 1026.43(c)(5) of XX.XX% moderately exceeds the guideline maximum of XX.XX%. (DTI Exception is eligible to be regraded with compensating factors.)

Per guidelines, use the most recent bank statements to calculate income.  The most recent statements used to calculate income are for the period XX/XX/XX through XX/XX/XX.  The calculated income for this time period is $XXX..  The xxxx spreadsheet uses bank statements for the period XX/XX/XX through XX/XX/XX.  The DTI using most recent statements is XX.XX%.

Reviewer Comment (2022-05-05): Updated 1008 and 1003 matching the UW Income Analysis Worksheet received. Seller Comment (2022-05-04): 1008 and 1003 Reviewer Comment (2022-04-29): Updated UW Income Analysis Worksheet, 1008 and final 1003 received. 1008 and 1003 do not match the calculated income on the worksheet. Provide a corrected 1008 and final 1003 reflecting the worksheet calculated income. Exception remains. Seller Comment (2022-04-27): Income WS

05/05/2022

1

A

CA

Primary

Refinance - Rate/Term

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217446817

438035671

XXX

25313336

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: Investor qualifying total debt ratio discrepancy.

Per guidelines, use the most recent bank statements to calculate income.  The most recent statements used to calculate income are for the period XX/XX/XX through XX/XX/XX.  The calculated income for this time period is $XXX..  The xxx spreadsheet uses bank statements for the period XX/XX/XX through XX/XX/XX.  The DTI using most recent statements is XX.XX%.

Reviewer Comment (2022-05-05): Updated 1008 and final 1003 reflecting the income used in qualifying that matches the most recent UW Income Analysis Worksheet received. Seller Comment (2022-05-04): 1008 and 1003 Reviewer Comment (2022-04-29): Updated UW Income Analysis Worksheet, 1008 and final 1003 received. 1008 and 1003 do not match the calculated income on the worksheet. Provide a corrected 1008 and final 1003 reflecting the worksheet calculated income. Exception remains. Seller Comment (2022-04-27): Income WS

05/05/2022

1

A

CA

Primary

Refinance - Rate/Term

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217446817

438035671

XXX

25313595

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General Ability To Repay Provision Investor Guidelines

Ability to Repay (Dodd-Frank 2014): Based on the loan failing one or more guideline components, the loan is at ATR risk.

Per guidelines, use the most recent bank statements to calculate income.  The most recent statements used to calculate income are for the period XX/XX/XX through XX/XX/XX.  The calculated income for this time period is $XXX..  The xxxx spreadsheet uses bank statements for the period XX/XX/XX through XX/XX/XX.  The DTI using most recent statements is XX.XX%.

Reviewer Comment (2022-05-05): Updated 1008 and final 1003 reflecting the income used in qualifying that matches the most recent UW Income Analysis Worksheet received. Seller Comment (2022-05-04): 1003 and 1008 Reviewer Comment (2022-04-29): Updated UW Income Analysis Worksheet, 1008 and final 1003 received. 1008 and 1003 do not match the calculated income on the worksheet. Provide a corrected 1008 and final 1003 reflecting the worksheet calculated income. Exception remains. Seller Comment (2022-04-27): Income WS

05/05/2022

1

A

CA

Primary

Refinance - Rate/Term

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217449818

438035677

XXX

25312530

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Approval not provided

Please provide the final approval

Reviewer Comment (2022-04-22): Received. Seller Comment (2022-04-20): Loan approval

04/22/2022

1

A

CA

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

217449818

438035677

XXX

25312532

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Loan Underwriting and Transmittal Summary (1008) / MCAW not provided

Reviewer Comment (2022-04-22): Received. Seller Comment (2022-04-20): 1008

04/22/2022

1

A

CA

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

217449818

438035677

XXX

25314614

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Not Provided at or Before Closing (3-Day Waiver In File)

ECOA Valuations Rule (Dodd-Frank 2014): Borrower waived right to receive a copy of the appraisal at least three (3) business days prior to closing, and appraisal was not provided at or before closing.

The borrower signed an appraisal waver on XX/XX/XX however there is no proof that the appraisal was sent to the borrower. Please provide proof that all copies of the appraisal was sent to the borrower.

Reviewer Comment (2022-04-28): Seller acknowledges exception. Seller Comment (2022-04-27): XXXX is unable to clear this level 2 condition, please waive. Reviewer Comment (2022-04-22): Appraisal Receipt provided on X/XX/XX, yet the presumed received date was X/X/XX and post close. Guideline requirements not met. Seller Comment (2022-04-20): Appraisal delivery

04/28/2022

2

B

CA

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

217449818

438035677

XXX

25317352

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

The taxes, insurance and HOA from the 1003 do not match with the documents. Please provide HOA fee documentation for the XXXX property.

Reviewer Comment (2022-04-28): Updated 1008 and final 1003s along with an UW Cert regarding HOA dues received. Seller Comment (2022-04-27): UW cert. Seller Comment (2022-04-27): Tax Seller Comment (2022-04-27): HOI XXXX Seller Comment (2022-04-27): Revised 1004 and 1008 Reviewer Comment (2022-04-22): Please provide HOA fee documentation for the XXXX property.

04/28/2022

1

A

CA

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

217495259

438035153

XXX

25349427

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Loan originated as Primary residence, yet URLA declarations indicates borrower will not occupy.

-

Co-Borrower's 1003 reflects the she will not be occupying the property. Provide an updated 1003 for the Co-Borrower making the necessary corrections regarding occupancy of subject property. If Co-Borrower is not occupying the property, correct 1003 and 1008 reflecting rental debt per lease of $XXX.

Reviewer Comment (2022-04-26): 1003's updated, both primary. Seller Comment (2022-04-22): XX/XX XX - B2 is occupying.  See attached revised 1003 for B2 correcting the typo.

04/26/2022

1

A

AZ

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217495261

438035650

XXX

25348691

Credit

Insurance

Insurance Analysis

Insurance

The Flood Insurance Policy effective date is after the Note Date.

Please provide hazard insurance policy with an effective date ofXX/XX/XX

Reviewer Comment (2022-04-26): Revised Flood Insurance policy with a X/Xeffective date received. Seller Comment (2022-04-22): Flood Insurance

04/26/2022

1

A

FL

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217495261

438035650

XXX

25348726

Credit

Hazard Insurance

Insufficient Coverage

Hazard Insurance

The Hazard Insurance Policy Effective Date is after closing.

Reviewer Comment (2022-04-26): Revised Hazard Insurance policy with a X/Xeffective date received. Seller Comment (2022-04-22): Property Insurance

04/26/2022

1

A

FL

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217495262

438035661

XXX

25368117

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Missing CPA or equivalent document stating the percent of ownership the borrower has in XXXX.

Reviewer Comment (2022-05-20): Documentation verifying Borrower's ownership percentage received. Seller Comment (2022-05-19): Attached S/E VOE completed including business license, company website info and  Form ADV filing to show borrower is sole proprietor and sole owner. Reviewer Comment (2022-04-26): The business license reports the business as an LLC and no confirmation of Sch C filing. Please provide a CPA Letter or equivalent documentation verifying percent of ownership for the borrower. Seller Comment (2022-04-25): due to borrower being sch C sole proprietor did not require the CPA letter

05/20/2022

1

A

WA

Primary

Refinance - Cash-out - Other

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217496899

438035160

XXX

25364090

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Please provide evidence of any HOA Fee on this property.

Reviewer Comment (2022-04-26): Property search verifies an HOA exists and $X HOA fee. Seller Comment (2022-04-22): XX/XX XX -    Public records pulls confirms no HOA dues, property is townhouse SFR

04/26/2022

1

A

AZ

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217496899

438035160

XXX

25367290

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Please provide evidence of any HOA Fee on this property.

Reviewer Comment (2022-04-26): Property search verifies an HOA exists and $X HOA fee. Seller Comment (2022-04-22): XX/XX XX - Public records pulls confirms no HOA dues, property is townhouse SFR

04/26/2022

1

A

AZ

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217496899

438035160

XXX

25367299

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Please provide evidence of any HOA Fee on this property.

Reviewer Comment (2022-05-04): Updated 1008 and 1003s received. Seller Comment (2022-05-03): XX/XX XX - See attached updated 1003 . The loan was underwritten and closed with a XX% DTI, true DTI is XX%, so no material impact on loan qualification Seller Comment (2022-05-03): XX/XX XX - See attached updated 1008 . The loan was underwritten and closed with a XX% DTI, true DTI is XX%, so no material impact on loan qualification Reviewer Comment (2022-04-29): Received 1008 and updated final 1003s. The 1008 provided does not include the neg rents for the REO properties listed on the 1003 for inclusion in qualifying. Provide an updated 1008 inlcuding neg rent. Exception remains. Seller Comment (2022-04-28): XX/XX XX - Final 1008 is attached reflecting removal of the $XXX monthly cost for the XXXX REO. Seller Comment (2022-04-28): Final 1003 is attached reflecting removal of the $XXX monthly cost for the XXXX REO. Seller Comment (2022-04-28): XX/XX XX -  Final 1003  is attached reflecting removal of the $XXX monthly cost for the XXXX REO. Reviewer Comment (2022-04-27): Recwived mortgage statment verifying taxes and insurance included in the mortgagepayment and the Proeprty Detail Report verifying HOA does not exist for this property. Provide and updated final 1003 eliminating the amount of $XXX, since taxes are included in the mortgage payment. Exception remains. Seller Comment (2022-04-26): XX/XX XX -   The mortgage for this property is escrowed, and confirms as such with this included verification of mortgage and payment history. The $XXX monthly expense is the monthly tax expense as listed on the attached property profile report of an annual amount of $XXX. (divided by XX months is $XXX). This amount was included into the DTI as double-counted, since the mortgage payment already includes taxes and insurance within the escrow account. No HOA dues exist for this SFR. *** XXXX mtg Statement including escrows for taxes and Insurance Seller Comment (2022-04-26): X/XX XX   The mortgage for this property is escrowed, and confirms as such with this included verification of mortgage and payment history. The $XXX monthly expense is the monthly tax expense as listed on the attached property profile report of an annual amount of $XXX. (divided by XX months is $XXX). This amount was included into the DTI as double-counted, since the mortgage payment already includes taxes and insurance within the escrow account. No HOA dues exist for this SFR. ** Property profile for XXXX and tax confirmation *** Reviewer Comment (2022-04-26): Tax search received is included in the file and does not identify an HOA, however the final 1003 reflects an additional property cost of $XXX monthly. Provide verification of the additional property-related expense. Exception remains. Seller Comment (2022-04-22): XX/XX XX - Property profile report confirms no HOA dues, property is SFR

05/04/2022

1

A

AZ

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217496900

438035164

XXX

25366178

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Sufficient or excess cure was provided to the borrower at Closing.

The Appraisal Fee exceeded the Zero Percent Tolerance by $XXX.  Sufficient cure was provided at closing.

Reviewer Comment (2022-04-19): Sufficient Cure Provided At Closing

04/19/2022

1

A

CA

Primary

Purchase

Final CD evidences Cure

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217496900

438035164

XXX

25369814

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

The Disclosure Tracking Summary Report shows the appraisal was provided to the borrower on XX/XX/XX.  The presumed date of receipt is XX/XX/XX.  Appraisal was not received by the borrower at least three business days prior to consummation.  HPML files not eligible for 72 hour waiver.

Reviewer Comment (2022-05-16): Client provided signed Appraisal Receipt Form stating appraisal was received no less than three business days prior to closing. Seller Comment (2022-05-13): corrected document - Appraisal confirmation signed by borrower that appraisal was received in a timely matter Seller Comment (2022-05-13): Appraisal waiver was signed.. Therefore, appraisal sent on X/XX/XX is valid

05/16/2022

1

A

CA

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217496900

438035164

XXX

25369815

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.XX% + X.XX%, or X.X%.  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-05-16): Client provided signed Appraisal Receipt Form stating appraisal was received no less than three business days prior to closing. Seller Comment (2022-05-13): Correct document.. appraisal form borrower acknowledged that appraisal was received in correct time period Seller Comment (2022-05-13): Provided appraisal waive.. timing is correct, condition should be cleared.

05/16/2022

1

A

CA

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217496900

438035164

XXX

25369816

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

The Disclosure Tracking Summary Report shows the appraisal was provided to the borrower on XX/XX/XX.  The presumed date of receipt is XX/XX/XX.  Appraisal was not received by the borrower at least three business days prior to consummation.  HPML files not eligible for 72 hour waiver.

Reviewer Comment (2022-05-16): Client provided signed Appraisal Receipt Form stating appraisal was received no less than three business days prior to closing. Seller Comment (2022-05-13): Appr confirmation form signed by borrower that appraisal was received in a timely matter Seller Comment (2022-05-13): Provided waiver signed by borrower. Timing of appraisal delivery is valid

05/16/2022

1

A

CA

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217496975

438035352

XXX

25358644

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

Reviewer Comment (2022-04-26): Received appraisal dated X/XX and FNMA UCDP dated X/XX. Seller Comment (2022-04-22): Appraisal uploaded X-XX

04/26/2022

1

A

CA

Primary

Refinance - Cash-out - Other

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217496975

438035352

XXX

25358650

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Appraisal is missing.; Sec ID: 1

Reviewer Comment (2022-04-26): Received appraisal dated X/XX and FNMA UCDP dated X/XX. Seller Comment (2022-04-22): Appraisal uploaded X-XX

04/26/2022

1

A

CA

Primary

Refinance - Cash-out - Other

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217496975

438035352

XXX

25358668

Credit

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Missing Document: Appraisal not provided

Reviewer Comment (2022-04-26): Received appraisal dated X/XX and FNMA UCDP dated X/XX. Seller Comment (2022-04-22): Appraisal attached

04/26/2022

1

A

CA

Primary

Refinance - Cash-out - Other

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217496975

438035352

XXX

25366049

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.XX% + X.XX%, or X.X%.  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-04-26): Received appraisal dated X/XX and FNMA UCDP dated X/XX.

04/26/2022

1

A

CA

Primary

Refinance - Cash-out - Other

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217496975

438035352

XXX

25366050

Compliance

Compliance

Federal Compliance

Federal HPML

TIL Higher Priced Mortgage Loan Safe Harbor Test

TILA HPML appraisal Rule (Dodd-Frank 2014): Safe Harbor requirements not satisfied.

Reviewer Comment (2022-04-26): Received appraisal dated X/XX and FNMA UCDP dated X/XX received.

04/26/2022

1

A

CA

Primary

Refinance - Cash-out - Other

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217496975

438035352

XXX

25366051

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Appraisal Not Obtained Timely)

Unable to determine compliance with timely delivery of valuation to borrower due to missing information.

Please provide the appraisal and a UCDP < 2.5, or CDA.

Reviewer Comment (2022-04-26): Received appraisal dated X/XX and FNMA UCDP dated X/XX.

04/26/2022

1

A

CA

Primary

Refinance - Cash-out - Other

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217496975

438035352

XXX

25366052

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Appraisal - Did Not Physically Visit)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Appraisal not obtained by physical visit to property.

Reviewer Comment (2022-04-26): Received appraisal dated X/XX and FNMA UCDP dated X/XX.

04/26/2022

1

A

CA

Primary

Refinance - Cash-out - Other

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217496975

438035352

XXX

25366055

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Interim Closing Disclosure Timing Irregular Transactions Test

TILA-RESPA Integrated Disclosure - Corrected Closing Disclosure provided on or after XX/XX/XX contains a change in APR and was not received by borrower at least three (3) business days prior to consummation

Reviewer Comment (2022-04-29): CD and COC dated X/XX/XX received. Seller Comment (2022-04-27): Re-disclosed CD and COC Reviewer Comment (2022-04-26): No additional documentation received. Provide valid changed circumstance or a cure to the borrower by delivering a PC CD and evidence of refund to the borrower with an explanation of changes.

04/29/2022

1

A

CA

Primary

Refinance - Cash-out - Other

TRID timing exception, no remediation available.

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217496975

438035352

XXX

25366195

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points.  Fee Amount of $XXX. exceeds tolerance of $XXX..  Insufficient or no cure was provided to the borrower.

Provide VCC or cure to the borrower with a PC CD and evidence it sent to the borrower with an explanation of changes.

Reviewer Comment (2022-04-28): XXXX upon further review received  a revised CD dated XX/XX and a valid COC dated XX/XX for Loan Discount Points increases. Seller Comment (2022-04-27): see COC and CD uploaded, please review. Reviewer Comment (2022-04-26): No additional documentation received. Provide valid changed circumstance or a cure to the borrower by delivering a PC CD and evidence of refund to the borrower with an explanation of changes.

04/28/2022

1

A

CA

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

D

B

D

A

C

B

D

A

Non QM

Non QM

Yes

217496975

438035352

XXX

25366352

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Total Of Payments

TILA-RESPA Integrated Disclosure - Loan Calculations: Final Closing Disclosure provided on XX/XX/XX disclosed an inaccurate Total of Payments on page 5 that does not match the actual total of payments for the loan (fee amounts included in TOP calculation are based on Closing Disclosure dated XX/XX/XX).

CD datedXX/XX/XX corrected TOP.  Provide the following: Letter of Explanation, Proof of Delivery, Corrected CD, and Re-open Rescission.

Reviewer Comment (2022-05-16): Exception cured at closing. Seller Comment (2022-05-12): Please see Escrows Final Settlement Statement with Lender Credit for the $XXX. Reopening rescission for the $XXX cure not required, funds provided to borrowers at time of  disbursement.. We provided confirmation funds provided with wire to escrow and Final Settlement Statement Support Credit was given by lender. Please clear the conditions. Reviewer Comment (2022-05-05): XXXX  received Funding Balancing Worksheet.  A copy of the Final Settlement Statement is required to confirm the lender credit of $XXX.  Additionally, no proof of reopening of rescission was received. Seller Comment (2022-05-03): Please see the funding Balancing Worksheet Reviewer Comment (2022-05-03): XXXX  received lender rebuttal that $XXX credit on day of funding for increase in notary fee.  The cure can be used towards the TOP underdisclosure violation of $XX.XX.  To finalize cure, we need proof of cure credit to borrower with copy of Final Settlement Statement confirming the $XXX credit to borrower and must reopen rescission on this rescindable transaction as this is a material disclosure violation. Seller Comment (2022-05-02): After further review day of funding a $XXX credit was provided to cover add'l notary fee charges by title, please See PCCD. Thank You! Seller Comment (2022-04-29): The COC and CD dated X.XX was not provide to clear this conditions. Please allow us to review. Reviewer Comment (2022-04-29): CD dated X/XX received.  The following was not provided: Letter of Explanation, Proof of Delivery and Re-open Rescission. Exception remains. Seller Comment (2022-04-27): see COC and CD uploaded, please review. Reviewer Comment (2022-04-26): No additional documentation received. Provide the following: Letter of Explanation, Proof of Delivery, Corrected CD, and Re-open Rescission.

05/16/2022

2

B

CA

Primary

Refinance - Cash-out - Other

TILA Material Disclosure Cure - Provide the following: Letter of Explanation, Proof of Delivery, Refund check for underdisclosed equivalent amount, Corrected CD, and Re-open Rescission if Applicable

D

B

D

A

C

B

D

A

Non QM

Non QM

Yes

217496998

438035376

XXX

25449854

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Please provide a 12 month rental history. The 1003 indicates the borrower has rented for X years, but the VOR in the file does not encompass a full 12 month history.

Reviewer Comment (2022-05-25): Letter from ex-wife stating borrower has lived there rent free for over X years and a property detail report validating ex-wife owns the residence received. Reviewer Comment (2022-05-25): Letter from ex-wife and Property Detail Report verifying previous residency received. Seller Comment (2022-05-25): VOR attached Seller Comment (2022-05-25): 1003 attached

05/25/2022

1

A

AZ

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217496999

438035363

XXX

25377492

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $XXX. exceeds tolerance of $XXX.  Sufficient or excess cure was provided to the borrower at Closing.

Appraisal  fee was last disclosed as $XXX on LE but disclosed as $XXX on Final Closing Disclosure. File for this fee or cure provided at closing. Provide a post-close CD disclosing the tolerance cure to include $XXX, a copy of refund check, proof of delivery, and a copy of the letter of explanation sent to the borrower disclosing the changed made or VCC.

Reviewer Comment (2022-04-20): Sufficient Cure Provided At Closing

04/20/2022

1

A

CA

Primary

Refinance - Cash-out - Debt Consolidation

Final CD evidences Cure

C

A

C

A

A

A

A

A

Non QM

Non QM

Yes

217496999

438035363

XXX

25377543

Credit

Legal / Regulatory / Compliance

Title / Lien Defect

Title

Title Policy is Preliminary or Commitment, and not a Final Title Policy.

Reviewer Comment (2022-05-04): Client provided Final Short Form Title Policy.

05/04/2022

1

A

CA

Primary

Refinance - Cash-out - Debt Consolidation

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217496999

438035363

XXX

25379555

Credit

Title

Lien

Title

Missing evidence of lien position on Other Financing.

-

Subordination agreement or final title is missing from file reflecting the spousal settlement is recorded against the subject property and in second position.

Reviewer Comment (2022-05-05): Received first lien security instrument recorded X/XX, second lien for spousal settlement recorded X/Xand email from title company stating a subordination agreement not required due to spousal settlement security instrument was not of record prior to closing, but recorded on X/Xafter the subject first lien security instrument. Seller Comment (2022-05-04): Seller LOE on Subordination Agreement uploaded Seller Comment (2022-05-04): Recorded DOT $XXXK uploaded Reviewer Comment (2022-05-04): We are in receipt of the Final Short Form Title Policy.  The Short Form does not address the second lien in the amount of $XXX.Provide Subordination Agreement for this lien. Seller Comment (2022-05-03): Final Title Policy uploaded

05/05/2022

1

A

CA

Primary

Refinance - Cash-out - Debt Consolidation

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217497007

438035161

XXX

25373572

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Lender Credit Tolerance Violation

TILA-RESPA Integrated Disclosure: Zero Percent Tolerance exceeded for Lender Credits. Final Lender Credit of $XXX.  is less than amount of binding Lender Credit previously disclosed in the amount of $XXX..

Lender credit  fee was last disclosed as $XXX. on LE but disclosed as $XXX. on Final Closing Disclosure. File for this fee or cure provided at closing. Provide a post-close CD disclosing the tolerance cure to include $XXX., a copy of refund check, proof of delivery, and a copy of the letter of explanation sent to the borrower disclosing the changed made or VCC.

Reviewer Comment (2022-04-28): Changed circumstance dated X/XX received. Seller Comment (2022-04-27): XX/XX XX - see attached COC

04/28/2022

1

A

AZ

Primary

Refinance - Rate/Term

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217497007

438035161

XXX

25376700

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.XX% + X.XX%, or X.X%.  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-05-16): Client provided signed Appraisal Receipt stating appraisal was received at least three business days prior to closing. Seller Comment (2022-05-13): Attached appraisal receipt form signed by borrower that appraisal was received in timely matter

05/16/2022

1

A

AZ

Primary

Refinance - Rate/Term

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217497007

438035161

XXX

25376701

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

HPML loans ineligible for 72 hour waiver.

Reviewer Comment (2022-05-16): Client provided signed Appraisal Receipt stating appraisal was received at least three business days prior to closing. Seller Comment (2022-05-13): Appraisal receipt form that borrower signed to confirm that appraisal was received in time.

05/16/2022

1

A

AZ

Primary

Refinance - Rate/Term

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217504971

438035400

XXX

25511809

Credit

Loan Package Documentation

Application / Processing

Insurance

Missing Document: Flood Certificate not provided

Please provide the flood certificate for the subject property.

Reviewer Comment (2022-05-18): Client provided Flood Certificate. Seller Comment (2022-05-16): Flood Cert

05/18/2022

1

A

FL

Second Home

Purchase

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217504971

438035400

XXX

25512336

Credit

Missing Document

General

Missing Document

Missing Document: Evidence of Access to Funds not provided

Provide CPA Letter stating that use of business funds will not have a negative impact on the business.

Reviewer Comment (2022-05-19): CPA letter dated X/X/XX stating that use of business funds will not have a negative impact on the business received. Seller Comment (2022-05-17): CPA Letter

05/19/2022

1

A

FL

Second Home

Purchase

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217504971

438035400

XXX

25512337

Credit

Missing Document

General

Missing Document

Missing Document: Evidence of Access to Funds not provided

Provide CPA Letter stating that use of business funds will not have a negative impact on the business.

Reviewer Comment (2022-05-19): CPA Letter dated X/X states that use of business funds will not have a negative impact on the business. Seller Comment (2022-05-17): CPA Letter

05/19/2022

1

A

FL

Second Home

Purchase

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217504971

438035400

XXX

25512747

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Fraud Report not provided

Please provide the fraud report.

Reviewer Comment (2022-05-19): Fraud report received. Seller Comment (2022-05-17): Fraud Report

05/19/2022

1

A

FL

Second Home

Purchase

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217504971

438035400

XXX

25512924

Compliance

Compliance

Federal Compliance

TRID

TRID Appraisal Disclosure - ECOA Status

ECOA - File does not evidence the consumer was provided with the right to receive a copy of the Appraisal Disclosure.

Please provide evidence that the borrower received a copy of the right to receive a copy of the appraisal.

Reviewer Comment (2022-05-19): LE dated X/X received.

05/19/2022

1

A

FL

Second Home

Purchase

Good faith redisclosure

D

B

D

A

C

B

D

A

Non QM

Non QM

Yes

217504971

438035400

XXX

25512926

Compliance

Compliance

Federal Compliance

Missing Disclosure

Notice of Special Flood Hazard Disclosure Not Provided Timely

FDPA Notification Rule: Creditor did not provide a Notice of Special Flood Hazard Disclosure within a reasonable time prior to closing.

Please provide evidence that the borrower received the Notice of Special Flood Hazard Disclosure within a reasonable time prior to closing.

Reviewer Comment (2022-05-18): Closed manually in error.  Reopened so exception can be cleared by re-running Compliance. Reviewer Comment (2022-05-18): Client provided copy of Initial Notice of Special Flood Hazards and Availability of Federal Disaster Relief Assistance Disclosure dated XX/XX/XX. Seller Comment (2022-05-17): Notice of Special Flood Hazards Seller Comment (2022-05-16): Flood Disclosure

05/18/2022

1

A

FL

Second Home

Purchase

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217504971

438035400

XXX

25512930

Compliance

Compliance

Federal Compliance

RESPA

RESPA Disclosure - List of Homeownership Counseling Organizations Missing

RESPA Disclosure Rule (Dodd-Frank 2014): Creditor did not provide List of Homeownership Counseling Organizations to borrower.

Please provide evidence the borrower received the list of homeownership counseling organizations.

Reviewer Comment (2022-05-19): List of Homeownership Counseling Organizations received. Seller Comment (2022-05-17): Homeownership Counseling Org List

05/19/2022

1

A

FL

Second Home

Purchase

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217504971

438035400

XXX

25512931

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Non Escrowed Property Costs Year 1

TILA-RESPA Integrated Disclosure - Loan Disclosures: Amount of Non-Escrowed Property Costs over Year 1 of XX,XXX on Final Closing Disclosure provided on XX/XX/XX not accurate.

The appraisal shows monthly HOA dues are $XXX.The Amount of Non-Escrowed Property Costs over Year 1 should be $XXX.Provide documentation showing HOA dues are other than $XXX per month or provide PCCD and copy of letter of explanation to the borrower.

Reviewer Comment (2022-05-24): XXXX  received post CD and LOX. Seller Comment (2022-05-20): PCCD X-XX Reviewer Comment (2022-05-19): No additional documentation received.

05/24/2022

2

B

FL

Second Home

Purchase

Letter of Explanation & Corrected Closing Disclosure

D

B

D

A

C

B

D

A

Non QM

Non QM

Yes

217504971

438035400

XXX

25512933

Compliance

Compliance

Federal Compliance

TRID Defect

TILA-RESPA Integrated Disclosure: application date on or after 10/3/2015, no Loan Estimates in the Loan File

TILA-RESPA Integrated Disclosure: Loan Estimate not provided within loan images to evidence delivery to the Borrower(s).  The earliest Closing Disclosure provided in the loan file was used as the estimated baseline for Tolerance Testing.  Depending on the actual values on the initial Loan Estimate, a fee tolerance cure of up to $XXX. may be required.

Please provide all loan estimates provided to the borrower. Additional conditions may apply.

Reviewer Comment (2022-05-17): XXXX  received LEs and VCC. Seller Comment (2022-05-17): LE and COC XX-XX-XX

05/17/2022

1

A

FL

Second Home

Purchase

No Defined Cure

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217504971

438035400

XXX

25512935

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Transfer Tax.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Please provide a post closing CD reflecting a cure of $X, and evidence the document and cure were sent to the borrower.

Reviewer Comment (2022-05-17): XXXX  received LEs and VCC. Reviewer Comment (2022-05-16): XXXX  Received LOE. Yes, $X.XX cure can be applied as a principal reduction. Please provide cure along with cure documents  or please provide a valid COC. Seller Comment (2022-05-13): LOE re-uploaded Reviewer Comment (2022-05-12): XXXX  upon further review, Document has not been successfully uploaded as it's Blank. Please re-upload the document. Yes, $X.XX cure can be applied as a principal reduction or please provide a valid COC. Seller Comment (2022-05-11): Seller LOE uploaded. Please advise if the $X.XX cure can be applied as a principal reduction instead of providing  LOE, copy of refund check, proof of delivery and PCCD.

05/17/2022

1

A

FL

Second Home

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

D

B

D

A

C

B

D

A

Non QM

Non QM

Yes

217504971

438035400

XXX

25512950

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

Please provide a UCDP Submission with a score of 2.5 or less, or provide a secondary valuation.

Reviewer Comment (2022-05-19): FNMA UCDP dated X/X received with a X.X CU score. Seller Comment (2022-05-17): SSR X.X

05/19/2022

1

A

FL

Second Home

Purchase

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217504971

438035400

XXX

25515690

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

A Self-Employed Business Narrative Form has been signed by a XXXX.  The form does not contain the required information concerning borrower's percentage of ownership of the business and does not state that use of business funds will not have a negative impact on the business.  Provide CPA letter that meets guidelines as well as provides the CPA's license information.

Reviewer Comment (2022-05-24): CPA business license search and borrower's LLC business search supporting CPA letter received. Seller Comment (2022-05-23): CPA license search Reviewer Comment (2022-05-19): CPA letter dated X/X received verifying ownership percentage and addresses business funds usage. CPA license information was not included with the CPA letter. Exception remains. Seller Comment (2022-05-17): CPA letter

05/24/2022

1

A

FL

Second Home

Purchase

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217504971

438035400

XXX

25515801

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Purchase Agreement / Sales Contract not provided

The Purchase Contract is missing.  Provide a copy of the complete, signed Purchase Contract.

Reviewer Comment (2022-05-19): Purchase agreement received. Seller Comment (2022-05-17): Purchase Contract

05/19/2022

1

A

FL

Second Home

Purchase

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217504971

438035400

XXX

25515823

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

The Final 1003 and 1008 show borrower monthly income to be $XXX.TheXXXX - Uniform Expense Ratio (Method One) spreadsheet shows the borrower monthly income to be $XXX..  Provide revised documents as needed to resolve the discrepancy in income.

Reviewer Comment (2022-05-23): Received Seller Comment (2022-05-20): 1003 and 1008 Seller Comment (2022-05-19): Revised 1003 income is rounding up to XXX,XXX Reviewer Comment (2022-05-19): No additional documentation received.

05/23/2022

1

A

FL

Second Home

Purchase

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217504971

438035400

XXX

25516355

Credit

Credit

Credit Documentation

Guideline

Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided

The 1003 indicates the borrower rents for $XXX/mo. Please provide lease and 12 months of canceled checks for rent verification.

Reviewer Comment (2022-05-27): Received updated 1008 reflecting correct total monthly payment as $XXXX.XX . Received updated 1003 reflecting borrower has no primary housing expense . Exception Cleared . Seller Comment (2022-05-26): Rev 1008 Reviewer Comment (2022-05-26): Received updated 1003 reflecting borrower has no primary housing expense . Per LOE in file mortgage payment for the current residence at XXXX is paid by borrower's wife and bank statements reflecting these payments are provided . However 1008 reflects $XXXX mortgage payment under borrower expense. Subject property PITIA is $XXX and Credit Debt is $XXXXX. Total All monthly payments is $XXXX. 1008 reflects Total All monthly payments as $XXXX.XX , provide updated 1008 reflecting correct monthly payment as $XXXX.XX.Exception remains. Seller Comment (2022-05-25): Borrower has no housing expenses please se revised 1003 and 1008 Reviewer Comment (2022-05-19): No additional documentation received.

05/27/2022

1

A

FL

Second Home

Purchase

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217504971

438035400

XXX

25516742

Credit

Guideline

Guideline Issue

Guideline

Two years of employment was not verified.

-

Provide Third Party evidence of the start date of the borrower's business, evidencin gthe borrower has been self employed over 2 years, the business is in good standing, percentage of ownership and that the use of business funds will not have an impact on the business. Worksheet in file does not state the relationship of the borrower to the business and specific dates in relation to the borrower.

Reviewer Comment (2022-05-24): CPA business license search and borrower's LLC business search supporting CPA letter received. Seller Comment (2022-05-23): business license Seller Comment (2022-05-23): CPA License search Reviewer Comment (2022-05-19): CPA letter dated X/X received verifying ownership percentage and addresses business funds usage. CPA license information was not included with the CPA letter. A third party verification verifying the business is in good standing was not received. Exception remains. Seller Comment (2022-05-17): CPA letter

05/24/2022

1

A

FL

Second Home

Purchase

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217504971

438035400

XXX

25516750

Compliance

Compliance

Federal Compliance

ATR/QM Defect

Check Loan Designation Match - ATR

Ability to Repay (Dodd-Frank 2014): Originator Loan Designation of Non QM does not match Due Diligence Loan Designation of ATR Fail.

Provide Third Party evidence of the start date of the borrower's business, evidencin gthe borrower has been self employed over 2 years, the business is in good standing, percentage of ownership and that the use of business funds will not have an impact on the business. Worksheet in file does not state the relationship of the borrower to the business and specific dates in relation to the borrower.

Reviewer Comment (2022-05-24): CPA business license search and Borrower's LLC business search supporting CPA letter received. Seller Comment (2022-05-23): business license Seller Comment (2022-05-23): CPA license search Reviewer Comment (2022-05-19): CPA letter dated X/X received verifying ownership percentage and addresses business funds usage. CPA license information was not included with the CPA letter. A third party verification verifying the business is in good standing was not received. Exception remains. Seller Comment (2022-05-17): CPA letter

05/24/2022

1

A

FL

Second Home

Purchase

Lender to provide updated ATR/QM status

D

B

D

A

C

B

D

A

Non QM

Non QM

Yes

217504971

438035400

XXX

25516751

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General Ability To Repay Provision Employment - Bank Statements

Ability-to-Repay (Dodd-Frank 2014): Unable to verify current employment status using reasonably reliable third-party records.

Provide Third Party evidence of the start date of the borrower's business, evidencin gthe borrower has been self employed over 2 years, the business is in good standing, percentage of ownership and that the use of business funds will not have an impact on the business. Worksheet in file does not state the relationship of the borrower to the business and specific dates in relation to the borrower.

Reviewer Comment (2022-05-24): CPA business license search and Borrower's LLC business search supporting CPA letter received. Seller Comment (2022-05-23): business license search Seller Comment (2022-05-23): CPA license search Reviewer Comment (2022-05-19): CPA letter dated X/X received verifying ownership percentage and addresses business funds usage. CPA license information was not included with the CPA letter. A third party verification verifying  the business is in good standing was not received. Exception remains. Seller Comment (2022-05-17): CPA letter

05/24/2022

1

A

FL

Second Home

Purchase

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217504971

438035400

XXX

25516752

Compliance

Compliance

Federal Compliance

ATR/QM

NonQM ATR

Ability-to-Repay (Dodd-Frank 2014): General Ability-to-Repay requirements not satisfied.

Provide Third Party evidence of the start date of the borrower's business, evidencin gthe borrower has been self employed over 2 years, the business is in good standing, percentage of ownership and that the use of business funds will not have an impact on the business. Worksheet in file does not state the relationship of the borrower to the business and specific dates in relation to the borrower.

Reviewer Comment (2022-05-24): CPA business license search and Borrower's LLC business search supporting CPA letter received.

05/24/2022

1

A

FL

Second Home

Purchase

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217504971

438035400

XXX

25648616

Compliance

Compliance

Federal Compliance

TRID

TRID Settlement Service Provider Status

Unable to determine if the borrower received Settlement Service Provider List due to missing information.

SSPL missing from loan file.

Reviewer Comment (2022-05-19): SSPL not included in the file.

05/19/2022

1

A

FL

Second Home

Purchase

No Defined Cure

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217504971

438035400

XXX

25648680

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Ten Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Ten Percent Fee Tolerance exceeded. Total amount of $XXX. exceeds tolerance of $XXX. plus 10% or $XXX..  Insufficient or no cure was provided to the borrower.

Please provide SSPL for testing.

Reviewer Comment (2022-05-24): XXXX  upon further review received SSPL hence no further action required. Seller Comment (2022-05-22): SSPL

05/24/2022

1

A

FL

Second Home

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

D

B

D

A

C

B

D

A

Non QM

Non QM

Yes

217504971

438035400

XXX

25666597

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Lender Exception(s) not provided

1008 states a Condo exception was granted for the subject property. Provide a copy of the approved lender exception request.

Reviewer Comment (2022-05-24): Updated 1008 removing condo exception verbiage received. Seller Comment (2022-05-23): Revised 1008

05/24/2022

1

A

FL

Second Home

Purchase

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217504971

438035400

XXX

25667255

Compliance

Compliance

Federal Compliance

TRID

TRID Settlement Service Provider Status

TILA-RESPA Integrated Disclosure: Borrower not provided with list of service providers.

Provide a copy of the Service Providers List delivered to the borrower.

Reviewer Comment (2022-05-24): XXXX  received SSPL

05/24/2022

1

A

FL

Second Home

Purchase

No Defined Cure

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217504971

438035400

XXX

25732332

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Credit

Subject loan has resale restrictions that are not eligible per credit guidelines

Lender request form included in file stating exception being requested for mandatory fee based memberships, double units and the deed/resale restrictions based on the responses provided on the Condo Project Questionnaire datedXX/XX/XX. Provide a copy of the approved Lender Exception for the condo project.

Reviewer Comment (2022-05-26): Reviewed condo docs of record received. Condo meets GLs. Seller Comment (2022-05-25): Exception approval from XXXX is not needed per the CCR's uploaded please review pages 46-47 .. the mandatory fee is only for the gym and pool are. Seller Comment (2022-05-25): CCR's please look specifically at page 46-47

05/26/2022

1

A

FL

Second Home

Purchase

D

B

D

A

C

B

D

A

Non QM

Non QM

No

217509824

438035326

XXX

25466820

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

An acceptable CU score or CDA was not provided.

Reviewer Comment (2022-05-02): UCDP received. Seller Comment (2022-04-28): SSR's attached

05/02/2022

1

A

FL

Primary

Purchase

D

A

C

A

C

A

D

A

Non QM

Non QM

No

217509824

438035326

XXX

25467253

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

Borrower signed an Appraisal Acknowledgment on XX/XX/XX.  Provide a copy of the appraisal that was emailed to the borrower on XX/XX/XX for compliance testing.  Also provide the appraisal delivery document for the revised, final appraisal report dated XX/XX/XX.

Reviewer Comment (2022-05-03): Client provided Appraisal Acknowledgment signed by borrower on XX/XX/XX stating appraisal was received via email. Seller Comment (2022-05-03): Appraisal Acknowledgement X-XXattached Reviewer Comment (2022-05-02): File now contains appraisals dated X/XX/XX and X/X/XX. Acknowledgment of borrower receipt of appraisal dated X/XX/XX in file. Please provide the Appraisal Delivery Acknowledgment for the X/X/XX appraisal. Seller Comment (2022-04-28): Appraisal attached

05/03/2022

1

A

FL

Primary

Purchase

D

A

C

A

C

A

D

A

Non QM

Non QM

No

217509824

438035326

XXX

25467306

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Please provide verification of other amount of $XXX on 1003- escrows included in payment per statement.

Reviewer Comment (2022-06-01): Client provided revised 1003 and 1008 removing the erroneous $XXX. listed as Other for the property located at XXXX XXXX.  Tax and insurance reserves are included in payment amount. Seller Comment (2022-06-01): Please see 1003 & 1008 attached Reviewer Comment (2022-05-19): Received lender memo regarding the $XXXX.XX on 1003. Provide an updated 1008 and 1003 removing the additional amount. Exception remains. Seller Comment (2022-05-17): Property Profile attached Seller Comment (2022-05-17): Mortgage stmt attached Seller Comment (2022-05-17): HOI attached Seller Comment (2022-05-17): Statement Search attached Seller Comment (2022-05-17): Memo attached Reviewer Comment (2022-05-02): An Initial, unsigned 1003 was received with changes made to the REO debt for the XXXX property. Please provide and updated signed, Final 1003 or a borrower signed LOE with a PITIA breakdown for the XXXX. Seller Comment (2022-04-28): 1003 attached

06/01/2022

1

A

FL

Primary

Purchase

D

A

C

A

C

A

D

A

Non QM

Non QM

No

217509824

438035326

XXX

25471863

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

COC indicated the change was for a rate extension. Please provide a copy of the Rate Lock showing the rate expiring prior to close.

Reviewer Comment (2022-04-28): XXXX  received LE dated XX/XX/XX and COC dated XX/XX/XX with valid reason as to why the fee increased on the CD dated XX/XX, hence after review exception has been cleared. Seller Comment (2022-04-28): Please see locked LE & COC attached

04/28/2022

1

A

FL

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

D

A

C

A

C

A

D

A

Non QM

Non QM

Yes

217540089

438035370

XXX

25456253

Credit

Missing Document

General

Missing Document

Missing Document: HUD/CD not provided

Reviewer Comment (2022-04-28): Subject CD received. Seller Comment (2022-04-26): CD

04/28/2022

1

A

NJ

Investment

Purchase

C

B

C

B

A

A

N/A

No

217540089

438035370

XXX

25456255

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Verification of Identification not provided

Reviewer Comment (2022-04-28): Received. Seller Comment (2022-04-26): ID's Seller Comment (2022-04-26): Patriot Act

04/28/2022

1

A

NJ

Investment

Purchase

C

B

C

B

A

A

N/A

No

217540089

438035370

XXX

25456737

Credit

Loan Package Documentation

Application / Processing

Insurance

Missing Document: Flood Certificate not provided

Reviewer Comment (2022-04-28): Received. Seller Comment (2022-04-26): flood cert

04/28/2022

1

A

NJ

Investment

Purchase

C

B

C

B

A

A

N/A

No

217540089

438035370

XXX

25462456

Credit

Missing Document

General

Missing Document

Missing Document: Evidence of Access to Funds not provided

Provide evidence the borrowers have access to the funds in account XXXX. The name on the statement does not match the name of the LLC purchasing the subject.

Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and $5,000.00. Borrower's Experience/Track Record

Borrower's Own Funds Percent: XX.XX% Borrower's Own Funds Amount: $XXX Borrower's Experience/Track Record

Owner,Originator Owner

Reviewer Comment (2022-05-06): Lender Exception in file to waive CPA Letter on business usage of funds. Seller Comment (2022-05-05): CPA exception Reviewer Comment (2022-04-28): For the business assets, provide a CPA/EA/licensed tax preparer letter attesting to no impact on business operations.

05/06/2022

2

B

NJ

Investment

Purchase

C

B

C

B

A

A

N/A

No

217543755

438035386

XXX

25450694

Credit

Asset

Asset Documentation

Asset

Guideline Issue:Insufficient asset documentation.

-

Please provide additional consecutive statement for XXXX acct # XXXX. 30 day statement in file endsXX/XX/XX and guidelines require 60 days coverage.

Reviewer Comment (2022-05-05): Client provided additional statement for XXXX asset account #XXXX.  Statements for a 60 day period have been verified. Seller Comment (2022-05-04): XXXX 2 months statements from X/XX/XX to X/XX/XX uploaded.

05/05/2022

1

A

NJ

Investment

Purchase

C

A

C

A

A

A

N/A

No

217645507

438035361

XXX

25451375

Credit

Missing Document

General

Missing Document

Missing Document: Account Statements - Personal not provided

Please provide two months bank statements for XXXX #XXXX, as only a 3 day bank printout is provided, and these funds are required for closing and reserves.

Reviewer Comment (2022-06-10): Client provided statements for the account for the period XX/XX/XX thru XX/XX/XX and XX/XX/XX thru XX/XX/XX. Seller Comment (2022-06-10): deposit Source Seller Comment (2022-06-10): statement Seller Comment (2022-06-10): XXX Statement, XXX Statement and deposit Source Reviewer Comment (2022-06-07): Bank statements were not provided.  The exception remains. Seller Comment (2022-06-06): 1008 & 1003 uploaded X-X

06/10/2022

1

A

NC

Primary

Purchase

C

B

C

B

C

B

A

A

Non QM

Non QM

No

217645507

438035361

XXX

25451765

Compliance

Compliance

State Compliance

State HPML

XXXX Rate Spread Threshold Test Compliant

XXXX Rate Spread Home Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.XX% + X.XX%, or X.X%.  Compliant Rate Spread Home Loan.

Amount exceeds allowable threshold APOR ofX.XX%

Reviewer Comment (2022-05-24): Seller acknowledges exception. Seller Comment (2022-05-23): Seller requests buyer review: Seller accepts Grade 2 Please waive

05/24/2022

2

B

NC

Primary

Purchase

Within 90 days of closing and prior to institution of any action against the lender, (1) notify the borrower, and (2) make appropriate restitution at the option of the borrower to either (a) make the loan comply with prohibited acts and practices or (b) change the terms of the loan in a manner beneficial to the borrower so the loan is no longer rate spread.   (Narrow Defense - Requires CHD Approval) Within 120 days of discovery , which compliance failure was not intentional and resulted from a bona fide error,  creditor must: (1) provide Lender Attestation to AMC attesting the failure was not intentional and was a bona fide error notwithstanding procedures in place to prevent such loans from being made (specific details on how rate spread home loan was made despite procredures to prevent); (2) notify the borrower, and make appropriate restitution at the option of the borrower to either (a) make the loan comply with prohibited acts and practices or (b) change the terms of the loan in a manner beneficial to the borrower so the loan is no longer rate spread.

C

B

C

B

C

B

A

A

Non QM

Non QM

Yes

217645507

438035361

XXX

25452828

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Please provide the mortgage statement, and verification of taxes and insurance for the borrower's investment property at  XXXX .

Reviewer Comment (2022-06-07): Client provided insurance document for XXXX.  Property History Report in file for tax information and copies of cancelled checks provided showing mortgage payments made to private party. Seller Comment (2022-06-06): XXXX  Insurance doc attached

06/07/2022

1

A

NC

Primary

Purchase

C

B

C

B

C

B

A

A

Non QM

Non QM

No

217645507

438035361

XXX

25452833

Credit

Asset

Asset Documentation

Asset

Guideline Issue:Insufficient asset documentation.

-

Please provide two months bank statements for XXXX #XXXX, as only a 3 day bank printout is provided, and these funds are required for closing and reserves.

Reviewer Comment (2022-06-10): Client provided statements for the account for the period XX/XX/XX thru XX/XX/XX and XX/XX/XX thru XX/XX/XX. Seller Comment (2022-06-10): XXXX Statement, XXXX Statement and deposit Source uploaded Reviewer Comment (2022-06-07): Bank statements were not provided.  The exception remains. Seller Comment (2022-06-06): 1008 & 1003 attached

06/10/2022

1

A

NC

Primary

Purchase

C

B

C

B

C

B

A

A

Non QM

Non QM

No

217645507

438035361

XXX

25458061

Credit

Guideline

Guideline Issue

Guideline

More than X NSFs/Overdraft Transfers occurred in the most recent XX-month period.

Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and $5,000.00. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least X months. Borrower has worked in the same position for more than X years. Borrower has verified disposable income of at least $XXX.

Lender Exception with Comp Factors provided for regrade and waive. Lender Exception with Comp Factors provided for regrade and waive.

Owner Originator,Owner Owner Originator,Owner

Reviewer Comment (2022-04-25): Lender Exception with Comp Factors provided for regrade and waive.

04/25/2022

2

B

NC

Primary

Purchase

C

B

C

B

C

B

A

A

Non QM

Non QM

No

217645507

438035361

XXX

25458154

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

Please provide a copy of all valuations, and evidence that the borrower received a copy of all valuations at least 3 business days prior to consummation.

Reviewer Comment (2022-05-03): Client provided Appraisal Acknowledgment signed by borrower on XX/XX/XX.  Appraisal was delivered via email. Seller Comment (2022-05-02): appraisal Acknowledgement

05/03/2022

1

A

NC

Primary

Purchase

C

B

C

B

C

B

A

A

Non QM

Non QM

No

217645507

438035361

XXX

25458155

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.XX% + X.XX%, or X.X%.  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-05-03): Client provided Appraisal Acknowledgment signed by borrower on XX/XX/XX.  Appraisal was delivered via email. Seller Comment (2022-05-02): appraisal acknowledgement uploaded

05/03/2022

1

A

NC

Primary

Purchase

C

B

C

B

C

B

A

A

Non QM

Non QM

No

217645507

438035361

XXX

25458156

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

Please provide a copy of all valuations, and evidence that the borrower received a copy of all valuations at least 3 business days prior to consummation.

Reviewer Comment (2022-05-03): Client provided Appraisal Acknowledgment signed by borrower on XX/XX/XX.  Appraisal was delivered via email. Seller Comment (2022-05-02): Appraisal Acknowledgement has  been uploaded

05/03/2022

1

A

NC

Primary

Purchase

C

B

C

B

C

B

A

A

Non QM

Non QM

No

217669079

438035314

XXX

25456171

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Please provide a mortgage payment history of at least 12 prior months.

Reviewer Comment (2022-05-05): Client provided copy of Note showing loan date of XX/XX/XX; first payment due XX/XX/XX.  A XX month housing history is not available for this investment property.  Primary residence is owned free and clear. Seller Comment (2022-05-04): Borrower acquired this property on XX/XX/XX with a first payment due on X/X/XXXX see attached mortgage statement showing next due X/X and Note Reviewer Comment (2022-05-03): The payment history is needed for the investment property located at XX XXXX.  The 1003 shows a payment of $XXX. for a loan made by XXXX Bank. Seller Comment (2022-04-29): OOO Property is clear and free.  No rental history because there is no mortgage

05/05/2022

1

A

NJ

Investment

Purchase

C

A

C

A

A

A

N/A

No

217669618

438035262

XXX

25466640

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Total Property Costs Year 1 - October 2018 Test

TILA-RESPA Integrated Disclosure - Loan Disclosures: Amount of Estimated Property Costs over Year 1 of XX,XXX on Final Closing Disclosure provided on XX/XX/XX not accurate.

Amount of Estimated Property Costs over Year 1 should be $XXX. (tax $XXX. + $XXX haz + $XXX HOA). Please provide corrected CD with evidence it was sent to the borrower with an explanation, or corrected supporting escrow documentation.

Reviewer Comment (2022-05-05): XXXX  has received corrected PCCD and LOE Seller Comment (2022-05-04): PCCD and LOE Reviewer Comment (2022-05-04): No new documentation received. The final CD disclosed the Amount of Total Property Costs over Year 1 as $XXX.XXn page 4; however the annual taxes ($XXX.XXand homeowners insurance ($XXX.XXand HOA dues ($XXXX.XX) total are $XXX.XXer year.  Final CD reflects Estimated Taxes, Insurance & Assessments of $XXX.XXonthly, correct amount is $XXX.XXProvide a PC CD correcting page 4 and Estimated Taxes, Insurance & Assessments on page 1; and a copy of the letter of explanation letter sent to the borrower disclosing the changes made. Exception remains. Seller Comment (2022-05-02): Please correct your figure to read xx,xxx.xx versus xx,xxx.xx.  Please and thank you

05/05/2022

2

B

TX

Primary

Refinance - Cash-out - Other

Letter of Explanation & Corrected Closing Disclosure

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

217669618

438035262

XXX

25466644

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Closing Disclosure Timing without Waiver

TILA-RESPA Integrated Disclosure: Closing Disclosure not provided to Borrower(s) at least three (3) business days prior to closing.

No proof borrower received the CD beforeXX/XX/XX. Provide all CDs and LEs.

Reviewer Comment (2022-05-05): CDs dated X/XX, X/X, X/XX and X/X and COCs dated X/XX, X/X and X/XX received. Seller Comment (2022-05-04): LOE Reviewer Comment (2022-05-04): No new documentation received.

05/05/2022

1

A

TX

Primary

Refinance - Cash-out - Other

No Defined Cure

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217669618

438035262

XXX

25466645

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points.  Fee Amount of $XXX. exceeds tolerance of $XXX..  Insufficient or no cure was provided to the borrower.

Provide VCC or cure to the borrower with a PC CD and evidence it sent to the borrower with an explanation of changes.

Reviewer Comment (2022-05-05): XXXX  has received valid changed circumstance and missing Cds for fee increase. Seller Comment (2022-05-04): CD's

05/05/2022

1

A

TX

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

217669618

438035262

XXX

25471605

Compliance

Compliance

State Compliance

Misc. State Level

(TX50(a)(6)) Texas Cash-out Loan (T-42 Endorsement Not Obtained)

XXXX Constitution Section 50(a)(6): Acceptable FNMA title insurance endorsements not obtained for home equity loan.  The loan file does not evidence the Title Policy includes the XXXX T-42 endorsement or the T-42.1 endorsement. (The loan is a XXXX Section 50 (a)(6) home equity loan.)

Reviewer Comment (2022-05-05): Title commitment listed the endorsements and the fees associated with those endorsements o the title commitment, which included both T-42 and T-42.1 endorsements. Seller Comment (2022-05-04): XX XXand title report

05/05/2022

1

A

TX

Primary

Refinance - Cash-out - Other

The endorsements would be required at the time of original title policy issuance, there is not an obvious remediation

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217669618

438035262

XXX

25473923

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Provide corrected 1008 and 1003 with updated income.

Reviewer Comment (2022-05-16): Client provided revised 1003 and 1008. Seller Comment (2022-05-12): 1008 and 1003 Reviewer Comment (2022-05-11): PD CD dated X/X received. Provide an updated 1008 and final 1003  reflecting the qualiyfing income of $XXX. and total monthly housing of $XXX.. Exception remains. Seller Comment (2022-05-09): PCCD Seller Comment (2022-05-09): This is not needed.  This is a waterfall condition from the credit exception to add the co-borrower.  current 1008 and 1003 are correct as is.  Please clear exception Reviewer Comment (2022-05-04): No new documentation received. In addition to providing the income updated on the 1003, update the proposed monthly payment for the property based on the amounts being updated on the PC CD. Also provide an updated 1008 with the correct tax, insurance and HOA dues amounts. Exception remains.

05/16/2022

1

A

TX

Primary

Refinance - Cash-out - Other

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217669618

438035262

XXX

25535539

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Loan Estimate Timing Electronically Provided

TILA-RESPA Integrated Disclosure: Loan Estimate not delivered to Borrower(s) within three (3) business days of application. Initial Loan Estimate dated XX/XX/XX was electronically provided without or prior to borrower's consent to receive electronic disclosures. Failure to comply with the provisions of the E-Sign Act and failure to provide good faith estimate of fees timely may result in additional fee tolerance violations.

eConsent date isXX/XX/XX per the Dislcosure Tracking Details received.

Reviewer Comment (2022-05-10): XXXX  received attestation stating it was mailed to the borrower on X/X/XX. Seller Comment (2022-05-09): attestation

05/10/2022

1

A

TX

Primary

Refinance - Cash-out - Other

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217672064

438035398

XXX

25455372

Compliance

Compliance

Federal Compliance

RESPA

RESPA -  Initial Escrow Account statement Inaccurate

RESPA: Initial escrow account statement does not match charges on HUD-1/Final Closing Disclosure.

Tax reserves on the Initial Escrow Account Disclosure Statement are based on semi-annual tax amount of $XXX..  The Tax Record Information Sheet shows taxes are $XXX. semi-annually.

Reviewer Comment (2022-05-09): Tax cert verifying semi annual taxes of $XXX. received. Seller Comment (2022-05-05): Tax info sheet. Reviewer Comment (2022-05-04): No additional documentation received.

05/09/2022

1

A

CA

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

Yes

217672064

438035398

XXX

25455380

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Closing Disclosure Timing without Waiver

TILA-RESPA Integrated Disclosure: Closing Disclosure not provided to Borrower(s) at least three (3) business days prior to closing.

The only CD in the file is the Final CD that was issued XX/XX/XX.  Provide copies of all CDs sent to the borrower.

Reviewer Comment (2022-05-04): Iniital CD dated X/Xreceived. Seller Comment (2022-05-03): Initial CD

05/04/2022

1

A

CA

Primary

Purchase

No Defined Cure

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217672064

438035398

XXX

25465590

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

The Final 1003 shows borrower monthly income is $XXX..  The Bank Statement Worksheet and the 1008 show the borrower's monthly income is $XXX..  The calculated income is $XXX. which results in a DTI of XX%.  The 1008 shows DTI of XX.XX% using income of $XXX..  Provide revised documents without conflicting income and DTI. Also, correct page 1 of the 1003 with the borrower's housing status.

Reviewer Comment (2022-05-04): Updated 1008, 1003 and worksheet received. Seller Comment (2022-05-03): Documents 1003, 1008 and worksheet

05/04/2022

1

A

CA

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217672340

438035675

XXX

25510098

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

Missing Document: Rider - 1-4 Family not provided

Reviewer Comment (2022-05-09): Client provided copy of signed 1-4 Family Rider. Seller Comment (2022-05-06): Uploaded rider.

05/09/2022

1

A

OR

Investment

Refinance - Rate/Term

C

A

C

A

A

A

N/A

No

217672340

438035675

XXX

25510099

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Note Addendum - Prepayment not provided

Reviewer Comment (2022-06-07): Client provided copy of signed Prepayment Note Addendum. Seller Comment (2022-06-07): Note

06/07/2022

1

A

OR

Investment

Refinance - Rate/Term

C

A

C

A

A

A

N/A

Yes

217672340

438035675

XXX

25510184

Credit

Asset

Asset Documentation

Asset

Missing Document: Asset Documentation not provided

Reviewer Comment (2022-05-11): Closing statement for cash out refi for property located at XXXX received.  XXXXLLC business search included in file verifying the same members as XXXX, LLC. Seller Comment (2022-05-09): HUD from refinance of XXXXreet. Seller Comment (2022-05-09): The cash to close came from refinance of XXXX.

05/11/2022

1

A

OR

Investment

Refinance - Rate/Term

C

A

C

A

A

A

N/A

No

217672340

438035675

XXX

25510229

Credit

Asset

Asset Calculation / Analysis

Asset

Available for Closing is insufficient to cover Cash From Borrower.

Copy of asset is missing.

Reviewer Comment (2022-05-11): Closing statement for cash out refi for property located at XXXX received.  XXXXLLC business search included in file verifying the same members as XXXX, LLC. Seller Comment (2022-05-09): Hud from refinance of XXXX ST. Seller Comment (2022-05-09): funds to close came from refinance of XXXX.

05/11/2022

1

A

OR

Investment

Refinance - Rate/Term

C

A

C

A

A

A

N/A

No

217672340

438035675

XXX

25510231

Credit

Asset

Asset Documentation

Asset

Asset documentation is missing from the file and required per guidelines.

-

Provide copy of asset to verify source of cash to close.

Reviewer Comment (2022-05-11): Closing statement for cash out refi for property located at XXXX received.  XXXXLLC business search included in file verifying the same members as XXXX, LLC. Seller Comment (2022-05-09): Hud XXXXreet Seller Comment (2022-05-09): Funds to close came from refinance of XXXX ST.

05/11/2022

1

A

OR

Investment

Refinance - Rate/Term

C

A

C

A

A

A

N/A

No

217672340

438035675

XXX

25510335

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Provide a copy of the complete fraud report.

Reviewer Comment (2022-05-16): Client provided DRIVE Fraud Report. Seller Comment (2022-05-12): Fraud report

05/16/2022

1

A

OR

Investment

Refinance - Rate/Term

C

A

C

A

A

A

N/A

No

217672340

438035675

XXX

25510445

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Security Instrument does not indicate on page 2 a Prepayment Rider is attached. Provide a ture and certified copy of the Security Instrument with the executed Prepayment Rider being sent for recording.

Reviewer Comment (2022-06-08): Client provided a copy of the corrected Deed of Trust showing there is a Prepayment Rider. Seller Comment (2022-06-08): Re-recorded deed

06/08/2022

1

A

OR

Investment

Refinance - Rate/Term

C

A

C

A

A

A

N/A

No

217672340

438035675

XXX

25510456

Credit

Loan Package Documentation

Closing / Title

Missing Document

Missing Document: Rider - Other not provided

Provide a copy of the Prepayment Note Addendum, Prepayment Rider and MERS Rider executed by the Borrower.

Reviewer Comment (2022-06-08): Client has provided copies of Prepayment Note Addendum, Prepayment Rider and MERS Rider. Seller Comment (2022-06-08): Re-recorded deed. Reviewer Comment (2022-05-11): No additional documentation received.

06/08/2022

1

A

OR

Investment

Refinance - Rate/Term

C

A

C

A

A

A

N/A

No

217672342

438035673

XXX

25460589

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Note Addendum - Prepayment not provided

Reviewer Comment (2022-06-07): Client provided copy of signed Prepayment Note Addendum. Seller Comment (2022-06-07): Note

06/07/2022

1

A

OR

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

Yes

217672342

438035673

XXX

25461400

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Borrowing entity is not on the Note and the individuals did not sign the Note as members of the LLC, guidelines state at least one member must guarantee the loan.

Reviewer Comment (2022-06-07): Client provided corrected Note signed by XXXX as an Individual and XXXX, XXXX and XXXX as Members of XXXX. Seller Comment (2022-06-07): Note

06/07/2022

1

A

OR

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217672343

438035674

XXX

25508716

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Note Addendum - Prepayment not provided

Please provide the prepayment addendum to the note.

Reviewer Comment (2022-06-07): Client provided copy of signed Prepayment Note Addendum. Seller Comment (2022-06-07): revised Note Reviewer Comment (2022-05-16): No additional documentation received.

06/07/2022

1

A

OR

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

Yes

217672343

438035674

XXX

25508726

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

Missing Document: Rider - 1-4 Family not provided

Please provide the prepayment rider to the security instrument.

Reviewer Comment (2022-06-08): Client provided copy of signed 1-4 Family Rider. Reviewer Comment (2022-06-08): Re-opened to correct description. Reviewer Comment (2022-06-08): Client provided copy of signed Prepayment Rider. Seller Comment (2022-06-08): Re-recorded Reviewer Comment (2022-05-16): No additional documentation received.

06/08/2022

1

A

OR

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217672343

438035674

XXX

25508744

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Articles of Organization/Formation not provided

Please provide the articles or organization/formation.

Reviewer Comment (2022-05-16): Articles of Organization received. Seller Comment (2022-05-12): Amend report Seller Comment (2022-05-12): Articles Reviewer Comment (2022-05-09): The document uploaded is a business name search.  Provide the Articles of Organization/Formation for the LLC. Seller Comment (2022-05-06): Uploaded Articles

05/16/2022

1

A

OR

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217672343

438035674

XXX

25512910

Credit

Loan Package Documentation

Closing / Title

Missing Document

Missing Document: Rider - Other not provided

Missing Prepayment Rider to Deed of Trust.

Reviewer Comment (2022-06-08): Client provided copy of signed Prepayment Rider. Seller Comment (2022-06-08): Re-recorded Reviewer Comment (2022-05-16): No additional documentation received.

06/08/2022

1

A

OR

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217672357

438035655

XXX

25462004

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Please provide signed YTD P&L bor Borrower's business.

Reviewer Comment (2022-05-06): P&L not required since XXXX 1120S is in the file. The application taken on X/XX and closed X/XX, which is less than 120 day requirement to supply a YTD P&L. Seller Comment (2022-05-05): Exception request and approval

05/06/2022

1

A

IL

Primary

Purchase

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217672357

438035655

XXX

25469692

Credit

Guideline

Guideline Issue

Guideline

Two years of employment was not verified.

-

Borrower did not start business,  XXXX , until XX/XX/XX.  Full two years employment history has not been documented.  CPA Letter states borrower has been filing Schedule C for the last two years.  Provide signed/dated 1040, including all schedules, for the past two years, with borrower in the same line of work.

Reviewer Comment (2022-05-12): Borrower employment history letter and CPA letter verifying Schedule C sole propertiroship beiginning XXXX received. Seller Comment (2022-05-10): U/W review, CPA Letter, and LOE Reviewer Comment (2022-05-06): Lender exception is for utilizing income from current business based on two year history in the same line of work. Lender Exception does not waive requirement for two year employment verification. XXXX 1040 does not include a Schedule C verifying self employmnet prior to XXXX XXXX. Exception remains. Seller Comment (2022-05-05): Exception request and approval

05/12/2022

1

A

IL

Primary

Purchase

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217672357

438035655

XXX

25469787

Credit

Guideline

Guideline Issue

Guideline

Missing required income documentation .

-

Borrower did not start business,  XXXX , until XX/XX/XX.  Full two years employment history has not been documented.  CPA Letter states borrower has been filing Schedule C for the last two years.  Provide signed/dated 1040, including all schedules, for the past two years.

Reviewer Comment (2022-05-12): Borrower employment history letter and CPA letter verifying Schedule C sole proprietorship beiginning XXXX received. Seller Comment (2022-05-10): U/W review, CPA Letter, and LOE Reviewer Comment (2022-05-06): Lender exception is for utilizing income from current business based on two year history in the same line of work. Lender Exception does not waive requirement for two year employment verification. XXXX 1040 does not include a Schedule C verifying self employmnet prior to XXXX XXXX. Exception remains. Seller Comment (2022-05-05): Exception request and approval

05/12/2022

1

A

IL

Primary

Purchase

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217672357

438035655

XXX

25543784

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Borrower rents from an individual and pays cash each month. Canceled rent checks not provided.

Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and $5,000.00. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least X months. Borrower has verified disposable income of at least $XXX. The representative FICO score exceeds the guideline minimum by at least X points.

Residual income exceeds minimum requirement by more than $3,000. Creidt score is more than 20 points greater than requirement.

Owner Owner Originator Pre-Close,Owner Owner,Originator Pre-Close

Reviewer Comment (2022-05-06): Lender exception approval for waiver of canceled rent checks.

05/06/2022

2

B

IL

Primary

Purchase

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217672358

438035497

XXX

25461541

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.XX% + X.XX%, or X.X%.  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-05-10): Signed waiver received and acknowledgment included in file.

05/10/2022

1

A

SD

Primary

Refinance - Cash-out - Other

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217672358

438035497

XXX

25461542

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

Disclosure Tracking Summary shows appraisal provided to borrowers on XX/XX/XX.  The presumed date of receipt is XX/XX/XX.  Appraisal was not received by borrowers at least three business days prior to consummation.

Reviewer Comment (2022-05-10): Signed waiver received and acknowledgment included in file. Seller Comment (2022-05-06): XX/XX XX -  Appraisal Receipt Form confirming the borrowers waived the 3 day timing requirement for the appraisal delivery to accommodate closing

05/10/2022

1

A

SD

Primary

Refinance - Cash-out - Other

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217672409

438035672

XXX

25459465

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Note Addendum - Prepayment not provided

Reviewer Comment (2022-06-07): Client provided copy of signed Prepayment Note Addendum. Seller Comment (2022-06-07): Note

06/07/2022

1

A

OR

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

Yes

217672409

438035672

XXX

25459528

Credit

Insurance

Insurance Analysis

Insurance

Insufficient Coverage: Hazard insurance coverage amount is insufficient.

Please provide updated policy showing sufficient coverage or 100% replacement cost or a Replacement Cost Estimator verifying Insurer's Replacement cost.

Reviewer Comment (2022-05-24): Client provided letter from XXXX stating that licensing agreements prohibit them from sharing specific information regarding the estimated replacement cost; however, policy does include Option ID which insures the property for a coverage amount that is at least equal to 100% of the estimated replacement cost of the home. Seller Comment (2022-05-24): Cost replacement

05/24/2022

1

A

OR

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217672415

438035167

XXX

25459182

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Business Purpose Certificate not provided

Please provide signed Business Purpose Certificate.

Reviewer Comment (2022-05-02): Received. Seller Comment (2022-04-29): XX/XX XX -- Attached signed Business Purpose Certificate.

05/02/2022

1

A

NH

Investment

Purchase

C

A

C

A

A

A

N/A

No

217672466

438035486

XXX

25461618

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Interim Closing Disclosure Timing Irregular Transactions Test

TILA-RESPA Integrated Disclosure - Corrected Closing Disclosure provided on or after XX/XX/XX contains a change in APR and loan product and was not received by borrower at least three (3) business days prior to consummation.

Reviewer Comment (2022-05-25): XXXX  received X-X-XX CD with earlier e-signature. Seller Comment (2022-05-23): XX/XX XX - • Signed CD from X/X/XX Reviewer Comment (2022-05-10): No additional documentation received.

05/25/2022

1

A

NY

Primary

Refinance - Cash-out - Other

TRID timing exception, no remediation available.

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217672466

438035486

XXX

25462396

Compliance

Compliance

Federal Compliance

ATR/QM Defect

Check Loan Designation Match - ATR Risk

Ability to Repay (Dodd-Frank 2014): Originator Loan Designation of Non QM does not match Due Diligence Loan Designation of ATR Risk.

1008 does not include payment for investment property in the debts resulting in a DTI of XX.XX%.

Reviewer Comment (2022-05-10): Updated 1008 and 1003 refelcting the correct income, liabilities and DTI received. Seller Comment (2022-05-06): XX/XX XX - Residual income worksheet Seller Comment (2022-05-06): XX/XX XX - Updated 1003 with the correct monthly income Seller Comment (2022-05-06): XX/XX XX - Updated 1008 with the correct monthly income, liabilities, and DTI

05/10/2022

1

A

NY

Primary

Refinance - Cash-out - Other

Lender to provide updated ATR/QM Loan Designation

C

A

C

A

C

A

A

A

Non QM

Non QM

Yes

217672466

438035486

XXX

25462397

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General ATR Provision Investor and Non QM DTIs match and both significantly exceed Guidelines

Ability to Repay (Dodd-Frank 2014): The DTI calculated in accordance with the Lenders Guidelines and 1026.43(c)(5) of X.XX% significantly exceeds the guideline maximum of XX.XX%. (DTI Exception requires compelling compensating factors to consider regrading to EV2-B.)

1008 does not include payment for investment property in the debts resulting in a DTI of XX.XX%.

Reviewer Comment (2022-05-10): Updated 1008 and 1003 refelcting the correct income, liabilities and DTI received. Seller Comment (2022-05-06): XX/XX XX - • Residual income worksheet Seller Comment (2022-05-06): XX/XX XX - • Updated 1003 with the correct monthly income Seller Comment (2022-05-06): XX/XX XX - • Updated 1008 with the correct monthly income, liabilities, and DTI

05/10/2022

1

A

NY

Primary

Refinance - Cash-out - Other

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217672466

438035486

XXX

25462403

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: Investor qualifying total debt ratio discrepancy.

1008 does not include payment for investment property in the debts resulting in a DTI of XX.XX%.

Reviewer Comment (2022-05-10): Updated 1008 and 1003 refelcting the correct income, liabilities and DTI received. Seller Comment (2022-05-06): XX/XX XX - • Residual income worksheet Seller Comment (2022-05-06): XX/XX XX - • Updated 1003 with the correct monthly income Seller Comment (2022-05-06): XX/XX XX - Updated 1008 with the correct monthly income, liabilities, and DTI

05/10/2022

1

A

NY

Primary

Refinance - Cash-out - Other

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217672466

438035486

XXX

25462460

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General Ability To Repay Provision Investor Guidelines

Ability to Repay (Dodd-Frank 2014): Based on the loan failing one or more guideline components, the loan is at ATR risk.

1008 does not include payment for investment property in the debts resulting in a DTI of XX.XX%.

Reviewer Comment (2022-05-10): Updated 1008 and 1003 refelcting the correct income, liabilities and DTI received. Seller Comment (2022-05-06): XX/XX XX -   Residual income worksheet Seller Comment (2022-05-06): XX/XX XX - Updated 1003 with the correct monthly income Seller Comment (2022-05-06): XX/XX XX - Updated 1008 with the correct monthly income, liabilities, and DTI

05/10/2022

1

A

NY

Primary

Refinance - Cash-out - Other

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217674957

438035332

XXX

25461548

Compliance

Compliance

State Compliance

State HPML

(State HPML Disclosure) New York Subprime Loan (Notice of Taxes and Insurance Not Provided)

XXXX Subprime Loan: Borrower not provided with Notice of Taxes and Insurance on 1st lien, subprime loan.

Borrower not provided with Notice of Taxes and Insurance on 1st lien, subprime loan, please provide

Reviewer Comment (2022-05-24): Seller acknowledges exception. Seller Comment (2022-05-23): Seller requests buyer review: Seller accepts Grade 2 Please waive

05/24/2022

2

B

NY

Primary

Purchase

No obvious cure

C

B

A

A

C

B

A

A

Non QM

Non QM

No

217674957

438035332

XXX

25462436

Compliance

Compliance

Federal Compliance

Federal HPML

TIL Higher Priced Mortgage Loan Safe Harbor Test

TILA HPML appraisal Rule (Dodd-Frank 2014): Safe Harbor requirements not satisfied.

Safe Harbor requirements not satisfied.

Reviewer Comment (2022-05-24): Seller acknowledges exception. Seller Comment (2022-05-23): Seller requests buyer review: Seller accepts Grade 2 Please waive

05/24/2022

2

B

NY

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

217674957

438035332

XXX

25462437

Compliance

Compliance

State Compliance

State HPML

(State HPML Disclosure) New York Subprime Loan (Subprime Legend Not on Mortgage)

XXXX Subprime Loan:  Mortgage does not contain a legend stating that the subprime loan is subject to Section 6-m of the Banking Law.

Mortgage does not contain a legend stating that the subprime loan is subject to Section 6-m of the Banking Law.

Reviewer Comment (2022-05-24): Seller acknowledges exception. Seller Comment (2022-05-23): Seller requests buyer review: Seller accepts Grade 2 Please waive

05/24/2022

2

B

NY

Primary

Purchase

Provide the following:  Letter of Explanation,  corrected Mortgage (with required Legend), and proof of mailing.  Best Practice would be to have signed and re-recorded Mortgage. (This will overwrite the existing Exception Remediation which reads: Provide the following: Corrected Mortgage (with required Legend), Letter of Explanation, and Proof of Delivery.  Best Practice would be to have signed and re-recorded Mortgage.).

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

217674957

438035332

XXX

25462438

Compliance

Compliance

State Compliance

State HPML

XXXX Subprime Home Loan Threshold Fixed Non-Compliant

XXXX Subprime Loan: APR on subject loan ofX.XX% or Final Disclosure APR ofX.XX% is in excess of allowable threshold of Prime Mortgage Market Rate X.XX% + X.XX%, orX.XX%.  Non-Compliant SubPrime Loan.

APR on subject loan ofX.XX% or Final Disclosure APR ofX.XX% is in excess of allowable threshold of Prime Mortgage Market Rate X.XX% + X.XX%, orX.XX%.

Reviewer Comment (2022-05-24): Seller acknowledges exception. Seller Comment (2022-05-23): Seller requests buyer review: Seller accepts Grade 2 Please waive

05/24/2022

2

B

NY

Primary

Purchase

While considered narrow in its defense, the cure provisions under the NY Subprime law allows lenders, when acting in good faith, to make appropriate restitution to the borrower to satisfy the subprime home loan requirements and remove the loan from subprime status.  Cure may be made through refund if (1) there is bona fide evidence of good faith (i.e, lender has controls and policies in place to avoid making subprime loans); and (2) the borrower has not yet brought any action against lender.  There is no time limit for which such restitution must be made.

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

217674957

438035332

XXX

25463229

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

Reviewer Comment (2022-05-16): Client provided signed Appraisal Acknowledgment dated XX/XX/XX; delivery method was E-Mail. Seller Comment (2022-05-13): X-X Appraisal Acknowledgement uploaded X-X

05/16/2022

1

A

NY

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

217674957

438035332

XXX

25463230

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.XX% + X.XX%, or X.X%.  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-05-16): Client provided signed Appraisal Acknowledgment dated XX/XX/XX; delivery method was E-Mail. Seller Comment (2022-05-13): X-X Appraisal Acknowledgement uploaded X-X

05/16/2022

1

A

NY

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

217674957

438035332

XXX

25463231

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

Reviewer Comment (2022-05-16): Client provided signed Appraisal Acknowledgment dated XX/XX/XX; delivery method was E-Mail. Seller Comment (2022-05-13): X-X Appraisal Acknowledgement attached

05/16/2022

1

A

NY

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

217674957

438035332

XXX

25463249

Compliance

Compliance

State Compliance

State HPML

(State HPML Disclosure) New York Subprime Loan (Counseling Disclosure Not Provided at Application but within Three Days)

XXXX Subprime Loan: Counseling Disclosure not provided to borrower at the time of application, but within three days of application.

Provide evidence the borrower was sent and has received/signed XXXX Subprime Loan Counseling Disclosure within three days of application.

Reviewer Comment (2022-05-24): Seller acknowledges exception. Seller Comment (2022-05-23): Seller requests buyer review: Seller accepts Grade 2 Please waive

05/24/2022

2

B

NY

Primary

Purchase

No obvious cure

C

B

A

A

C

B

A

A

Non QM

Non QM

No

217682760

438035353

XXX

25479522

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Title - Endorsement Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Title Endorsement Fee increased from $X to $XX. No Valid Change of Circumstance. Please provide VCC or cure to the borrower with a PC CD and evidence that it was sent to the borrower with an explanation of the changes

Reviewer Comment (2022-05-16): XXXX  received Corrected PCCD, Letter of Explanation, Proof of Delivery, Copy of Refund Check. Seller Comment (2022-05-13): Proof of delivery Seller Comment (2022-05-13): Copy of refund check IAO $XX uploaded Seller Comment (2022-05-13): PCCD uploaded Seller Comment (2022-05-13): LOE to borrower uploaded

05/16/2022

2

B

CO

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

217682760

438035353

XXX

25479981

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Total Property Costs Year 1 - October 2018 Test

TILA-RESPA Integrated Disclosure - Loan Disclosures: Amount of Estimated Property Costs over Year 1 of XX,XXX on Final Closing Disclosure provided on XX/XX/XX not accurate.

Lender calculated the monthly HOA Dues at $XXX., but per the appraisal the monthly HOA dues are $XXX per correction request from Lender. Provide verification of dues.  Purchase agreement shows $XXX/mo.

Reviewer Comment (2022-05-16): XXXX  received valid PCCD and LOE in order to cure this exception. Seller Comment (2022-05-13): LOE Seller Comment (2022-05-13): PCCD uploaded . Reviewer Comment (2022-05-09): XXXX  received the appraisal reflects HOA at $X,XXX/mo, not $X,XXX/mo. Please provide corrected PCCD & LOE with reflects Total property cost in the amount of $XXX. per Loan file calculation. The itemized costs ($XXX. Tax / $XX,XXX HOI & $XX,XXX HOA) total $XXX./monthly. Exception remains. Seller Comment (2022-05-06): Appraisal report reflecting $xxxx HOA dues uploaded.

05/16/2022

2

B

CO

Primary

Purchase

Letter of Explanation & Corrected Closing Disclosure

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

217682760

438035353

XXX

25482931

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Not Provided at or Before Closing (3-Day Waiver In File)

ECOA Valuations Rule (Dodd-Frank 2014): Borrower waived right to receive a copy of the appraisal at least three (3) business days prior to closing, and appraisal was not provided at or before closing.

Provide appraisal delivery document showing when the primary appraisal dated XX/XX/XX was received by the borrower.

Reviewer Comment (2022-05-16): Client provided appraisal delivery document. Seller Comment (2022-05-13): Appraisal delivery X/XX/XX. Seller Comment (2022-05-13): Appraisal delivery and acknowledgement X/XXXX uploaded. Reviewer Comment (2022-05-09): The document provided is for the preliminary appraisal.  Provide the appraisal delivery document for the appraisal dated XX/XX/XX. Seller Comment (2022-05-06): Appraisal #1 Acknowledgement uploaded

05/16/2022

1

A

CO

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

217682760

438035353

XXX

25482932

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Not Provided at or Before Closing (3-Day Waiver In File)

ECOA Valuations Rule (Dodd-Frank 2014): Borrower waived right to receive a copy of the appraisal at least three (3) business days prior to closing, and appraisal was not provided at or before closing.

Provide appraisal delivery document showing when the secondary appraisal dated XX/XX/XX was received by the borrower.

Reviewer Comment (2022-05-16): Client provided appraisal delivery document. Seller Comment (2022-05-13): Appraisal delivery and acknowledgement X/XX/XX uploaded Reviewer Comment (2022-05-09): The document provided is for the preliminary appraisal.  Provide the appraisal delivery document for the appraisal dated XX/XX/XX. Seller Comment (2022-05-06): Appraisal #2 Acknowledgement uploaded

05/16/2022

1

A

CO

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

217684313

438035357

XXX

25474701

Credit

Credit

Credit Eligibility

Credit

Open tradelines is less than X.

-

X tradelines is less than minimum requirement per guidelines of X tradelines.

Reviewer Comment (2022-05-12): Credit report reports two tradelines plus XX month mortgage payment history included in the file. Seller Comment (2022-05-09): Per UW management  Borrower has X trades on the credit report which meet the "active within X months and seasoned XX months.  There is an additional rating for XXXX mortgage documented in the file.

05/12/2022

1

A

CA

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217684313

438035357

XXX

25474705

Credit

Business Purpose

General

Business Purpose

Open Tradeline requirement not met.

-

X tradelines is less than minimum requirement per guidelines of X tradelines.

Reviewer Comment (2022-05-12): Credit report reports two tradelines plus XX month mortgage payment history included in the file. Seller Comment (2022-05-09): Per UW management  Borrower has X trades on the credit report which meet the "active within X months and seasoned XX months.  There is an additional rating for XXXX mortgage documented in the file.

05/12/2022

1

A

CA

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217684479

438035155

XXX

25475702

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Note Addendum - Prepayment not provided

Please provide fully executed Prepayment Addendum to the Note.

Reviewer Comment (2022-05-05): Client provided copy of signed Prepayment Addendum to Note. Seller Comment (2022-05-05): XX/XX XX -  fully executed Prepayment Addendum to the Note

05/05/2022

1

A

CT

Investment

Purchase

C

A

C

A

A

A

N/A

Yes

217684479

438035155

XXX

25476054

Credit

Insurance

Insurance Analysis

Insurance

Insurance address does not match Note address.

Hazard policy shows address as  XXXX  and note shows  XXXX . Please provide updated policy.

Reviewer Comment (2022-05-11): HOI with address as  XXXX  received. Seller Comment (2022-05-06): XX/XX XX -  Hazard Policy as been updated to match the Note Address of  XXXX .

05/11/2022

1

A

CT

Investment

Purchase

C

A

C

A

A

A

N/A

No

217684479

438035155

XXX

25476063

Credit

System

General

System

Flood Certificate Subject Address does not match Note address.

Flood Cert shows address as  XXXX  and note shows  XXXX . Please provide updated cert

Reviewer Comment (2022-05-04): Client provided revised Flood Certificate with the correct address that matches the address on the Note. Seller Comment (2022-05-03): XX/XX XX - Please see attached for corrected Flood Cert

05/04/2022

1

A

CT

Investment

Purchase

C

A

C

A

A

A

N/A

No

217684507

438035681

XXX

25496216

Credit

Missing Document

General

Missing Document

Missing Document: Evidence of Access to Funds not provided

Missing CPA Letter or equivalent document stating the percentage of ownership borrower has in  XXXX   XXXX  as business funds are being used for the purchase of the subject property.

Reviewer Comment (2022-05-04): Client provided CPA Letter stating use of business funds will not have a negative impact on the business. Seller Comment (2022-05-03): CPA Letter

05/04/2022

1

A

NJ

Investment

Purchase

C

A

C

A

A

A

N/A

No

217704471

438035359

XXX

25480491

Compliance

Loan Package Documentation

Application / Processing

Missing, Incorrect, or Incomplete Final or Initial 1003

Missing Document: Missing Lender's Initial 1003

Reviewer Comment (2022-05-06): Initial 1003 for both Borrower signed by originator received. Seller Comment (2022-05-05): Initial 1003 attached

05/06/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217704471

438035359

XXX

25481056

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

Provide appraisal deliver document for the revised, final appraisal report dated XX/XX/XX.

Reviewer Comment (2022-05-13): Appraisal acknowledgment datedX/XX received Seller Comment (2022-05-13): X-X Appraisal Acknowledgement attached Reviewer Comment (2022-05-06): No new documentation provided. Provide all copies of the appraisals issued prior to X/X

05/13/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217704471

438035359

XXX

25482060

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.X% + X.X%, or X.X%.  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-05-19): Lender cert and appraisal acknowledgment dated X/X received. Seller Comment (2022-05-17): LOE uploaded X-XX Reviewer Comment (2022-05-13): Received Acknowledment dated X/X. Provide copy of appraisal dated on or before X/X Exception remains. Seller Comment (2022-05-13): Appraisal Acknowledgement uploaded X-XX

05/19/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217704471

438035359

XXX

25482062

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

There is a signed Appraisal Acknowledgment dated XX/XX/XX.  Provide a copy of the appraisal that corresponds with this delivery document for compliance testing.  Also, provide the appraisal delivery document for the final, revised appraisal report dated XX/XX/XX.

Reviewer Comment (2022-05-19): Lender cert and appraisal acknowledgment dated X/X received. Seller Comment (2022-05-17): Please see LOE attached Reviewer Comment (2022-05-06): No new documentation received. Provide copies of the appraisals issued prior to X/X

05/19/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217704471

438035359

XXX

25482066

Compliance

Compliance

Federal Compliance

TILA Right-to-Cancel Missing, Incorrect, Incomplete and/or provided on the wrong form

TILA Notice of Right to Cancel Expiration Date Prior or equal to Disbursement Date

Truth in Lending Act:  Actual Date(s) on Notice of Right to Cancel occurs prior to expected date(s).

Provide Certified Copy of Final Settlement Statement from the Closing Company that shows the actual disbursement date.

Reviewer Comment (2022-05-06): True and certified copy of the Escrow Company's Borrower's Final Settlement Statement validating a X/XX disbursement date and matches the X/XX PC CD included in the file. Seller Comment (2022-05-05): Final Settlement Statement attached

05/06/2022

1

A

CA

Primary

Refinance - Cash-out - Other

TILA ROR - Provide the following: Letter of Explanation, Proof of Delivery, and Re-open Rescission using the correct model form

C

B

C

B

C

A

A

A

Non QM

Non QM

Yes

217704471

438035359

XXX

25482083

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Closing Disclosure Timing without Waiver

TILA-RESPA Integrated Disclosure: Closing Disclosure not provided to Borrower(s) at least three (3) business days prior to closing.

The earliest date found on a CD in the file has an issue date of XX/XX/XX.  Provide copies of all CDs provided to the borrowers.

Reviewer Comment (2022-05-06): Lender statement received CD dated X/XX delivered to Borrower on X/XX and verification of delivery received. Seller Comment (2022-05-06): Please see Initial CD with LOE and LOS Encompass snip

05/06/2022

1

A

CA

Primary

Refinance - Cash-out - Other

No Defined Cure

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217704471

438035359

XXX

25483078

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Title - SubEscrow Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Provide VCC or Cure to the borrower with a PC CD and evidence it was sent to the borrower with an explanation of changes

Reviewer Comment (2022-05-09): XXXX  upon further review as borrower shopped for fees and it is subject to no tolerance no further action required Seller Comment (2022-05-06): Services were borrower shopped for and in section C which is not subject to tolerance - please waive

05/09/2022

1

A

CA

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

B

C

A

A

A

Non QM

Non QM

Yes

217704471

438035359

XXX

25483079

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Title - Wire /Funding/ Disbursement Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Provide VCC or Cure to the borrower with a PC CD and evidence it was sent to the borrower with an explanation of changes

Reviewer Comment (2022-05-09): XXXX  upon further review as borrower shopped for fees and it is subject to no tolerance no further action required Seller Comment (2022-05-06): Services were borrower shopped for and in section C which is not subject to tolerance - please waive

05/09/2022

1

A

CA

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

B

C

A

A

A

Non QM

Non QM

Yes

217704471

438035359

XXX

25497003

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Lender Exception(s) not provided

Only page two of the Lender Exception for declining deposits for co-borrower's business was found in the file.  Provide complete, approved Lender Exception document.

Reviewer Comment (2022-05-11): Received pages 1 and 2 including full detail of lender exception and approval. Seller Comment (2022-05-09): Exception both pages attached

05/11/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217704471

438035359

XXX

25497581

Compliance

Compliance

Federal Compliance

Federal HPML

TIL Higher Priced Mortgage Loan Safe Harbor Test

TILA HPML appraisal Rule (Dodd-Frank 2014): Safe Harbor requirements not satisfied.

Appraisal is in the name of another lender.

Reviewer Comment (2022-05-06): Transfer letter included in file.

05/06/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217704471

438035359

XXX

25497583

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Appraisal Not Obtained Timely)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Appraisal not obtained prior to consummation.

Provide appraisal delivery document for the final, revised appraisal report dated XX/XX/XX.

Reviewer Comment (2022-05-13): Appraisal receipt acknowledgment datedX/XX recieved. Seller Comment (2022-05-13): X-X Appraisal Acknowledgement uploaded X-X Reviewer Comment (2022-05-06): No new documentation received

05/13/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217704471

438035359

XXX

25497763

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

The appraisal was transferred from another Lender.  Per guidelines, a CDA must be completed which supports the appraiser's opinion of value.

Reviewer Comment (2022-05-13): CDA dated X/X received. Seller Comment (2022-05-11): CDA attached Reviewer Comment (2022-05-11): Received UCDP findings already included in the file. GLs state a CDA must be completed which supports the appraiser's opinion of value for each transferred appraisal. Exception remains. Seller Comment (2022-05-09): Please see SSR's attached used in lieu of CDA Reviewer Comment (2022-05-06): No new documentation received

05/13/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217704471

438035359

XXX

25541061

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

XXXX   has recorded declining deposits exceeding 10% fromXX/XX/XXXX/XX/XX.

Borrower has worked in the same position for more than X years. Borrower has verified disposable income of at least $XXX. Borrower has been employed in the same industry for more than x years.

Co-Borrower has owned the business for over 6 years. Co-Borrower has owned the business for over X years.

Originator Pre-Close,Owner Owner Owner,Originator Pre-Close

Reviewer Comment (2022-05-06): Lender exception approval for Co-Borrower recording declining deposits exceeding X.

05/06/2022

2

B

CA

Primary

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217704472

438035385

XXX

25482758

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Credit Report Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

No valid change of circumstance or cure for borrower provided. Provide VCC or cure to the borrower with a PC CD and evidence it sent to the borrower with an explanation of changes.

Reviewer Comment (2022-05-05): XXXX  received COC dated XX/XX/XX. Seller Comment (2022-05-04): Please see COC attached for increase in credit report fee

05/05/2022

1

A

CA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

B

C

A

A

A

Non QM

Non QM

Yes

217704472

438035385

XXX

25498605

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Borrower has had X NSF checks in the past 12 months.

The representative FICO score exceeds the guideline minimum by at least X points. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least X months. Borrower has worked in the same position for more than X years. Borrower has verified disposable income of at least $XXX. Borrower has been employed in the same industry for more than x years.

Guidelines Representative FICO: XXX Representative FICO: XXX Loan to Value: XX% Guideline Maximum Loan to Value: XX% Documentation Type: XXX Disposable Income: $XXX Borrower has been employed in the same industry for more than x years.

Originator,Owner Originator,Owner Owner Owner Originator,Owner Owner,Originator

Reviewer Comment (2022-04-29): Lender Exception in file for borrower having XX NSFs in XX months.

04/29/2022

2

B

CA

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217704472

438035385

XXX

25498647

Credit

Missing Document

General

Missing Document

Missing Document: Evidence of Access to Funds not provided

CPA Letter does not state that use of business funds will not have a negative impact on the business.

Reviewer Comment (2022-05-11): Buisness funds were not used to complete the purchase of the subject property. Removing the business funds from availability for closing, the Borrowers have sufficient funds to close. Seller Comment (2022-05-09): Business funds were not used for this transaction they came from personal XXXX account XXXX - CPA letter was provided to confirm borrower is 100% owner

05/11/2022

1

A

CA

Primary

Purchase

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217704497

438035335

XXX

25482722

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Business Purpose Certificate not provided

Please provide signed Business Purpose Certificate verifying any proceeds will be used for business purposes.

Reviewer Comment (2022-05-19): Client provided copy of signed Business Purpose Certificate. Seller Comment (2022-05-18): Please see correct NON QM Reviewer Comment (2022-05-18): Business Purpose Cert received for property address XXXX and not subject property. Exception remains. Seller Comment (2022-05-16): Completed NON QM Cert

05/19/2022

1

A

MA

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217704497

438035335

XXX

25482762

Credit

Missing Document

General

Missing Document

Missing Document: Cash-Out Utilization not provided

Please provide signed Business Purpose Certificate verifying any proceeds will be used for business purposes.

Reviewer Comment (2022-05-19): Client provided copy of signed Business Purpose Certificate. Seller Comment (2022-05-18): NON QM uploaded Reviewer Comment (2022-05-18): Business Purpose Cert received for property located at XXXX and not the subject property. Exception remains. Seller Comment (2022-05-16): Non QM Cert uploaded

05/19/2022

1

A

MA

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217704546

438035163

XXX

25493545

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Business Purpose Certificate not provided

Please provide signed Business Purpose Certificate.  The ones in file were not signed.

Reviewer Comment (2022-05-09): Client provided copy of signed Business Purpose Certificate. Seller Comment (2022-05-05): XX/XX XX - Business Purpose Certificate

05/09/2022

1

A

FL

Investment

Purchase

C

A

C

A

A

A

N/A

No

217719479

438035358

XXX

25497532

Credit

Loan Package Documentation

Loan File

Missing Document

Missing Document: Hazard Insurance Policy not provided

Reviewer Comment (2022-05-13): HOI policy and Replacement Cost Estimate for subject property received. Seller Comment (2022-05-11): HOI uploaded Reviewer Comment (2022-05-05): The insurance document provided does not show the property address that is covered under the policy.  Provide insurance document that shows the subject property address. Seller Comment (2022-05-04): HOI

05/13/2022

1

A

NV

Investment

Purchase

C

A

C

A

A

A

N/A

No

217720815

438035387

XXX

25509315

Credit

Guideline

Guideline Issue

Guideline

Missing required income documentation .

-

Lender Exception in file to request waiver of 1099 transcripts. Status of request shows as "Considered." Borrower to provide bank statements showing at least 90% of gross receipts from 1099s.  Document for any year where there are no transcripts. Bank statements to support 1099 income for XXXX and XXXX were not provided as requested in Lender Exception Form.

The qualifying DTI on the loan is at least 10% less than the guideline maximum. Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and $5,000.00. Borrower has worked in the same position for more than X years. Borrower has verified disposable income of at least $XXX. Borrower has been employed in the same industry for more than x years.

Total debt 10% or more under requirement, Residual income $3k or more, Long Term Employment (>5 years)

Owner Owner Owner Owner Owner,Originator

Reviewer Comment (2022-05-04): Lender Exception with Comp Factors provided for regrade and waive.

05/04/2022

2

B

NJ

Primary

Purchase

C

B

B

B

C

B

A

A

Non QM

Non QM

No

217720815

438035387

XXX

25509325

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

Borrower Acknowledgement of Appraisal Delivery signed by borrower XX/XX/XX states both that the borrowers received the appraisal and borrowers waived the appraisal requirement.  Document is not valid to show receipt of appraisal.  Provide valid appraisal delivery document.

Reviewer Comment (2022-05-12): Lender attestation validating appraisal delivery received.

05/12/2022

1

A

NJ

Primary

Purchase

C

B

B

B

C

B

A

A

Non QM

Non QM

No

217720815

438035387

XXX

25509326

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.XX% + X.XX%, or X.X%.  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-05-18): Appraisal issued X/XX received. Seller Comment (2022-05-16): Appraisal X-XX Reviewer Comment (2022-05-12): Providee a copy of the appraisal issued on or before X/X Exception remains.

05/18/2022

1

A

NJ

Primary

Purchase

C

B

B

B

C

B

A

A

Non QM

Non QM

No

217720815

438035387

XXX

25509327

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

Borrower Acknowledgement of Appraisal Delivery signed by borrower XX/XX/XX states both that the borrowers received the appraisal and borrowers waived the appraisal requirement.  Document is not valid to show receipt of appraisal.  Provide valid appraisal delivery document.

Reviewer Comment (2022-05-12): Lender attestation regarding appraisal delivery received. Seller Comment (2022-05-09): attestation

05/12/2022

1

A

NJ

Primary

Purchase

C

B

B

B

C

B

A

A

Non QM

Non QM

No

217720815

438035387

XXX

25596944

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of revised valuation to applicant three (3) business days prior to consummation.

Reviewer Comment (2022-05-23): Seller requests buyer review. Seller Comment (2022-05-23): Following up on my request from X/XX to complete this report with a Grade 2 Seller Comment (2022-05-18): Seller requests buyer review: Unable to clear this HPML condition please complete and issue a Grade 2

05/23/2022

2

B

NJ

Primary

Purchase

C

B

B

B

C

B

A

A

Non QM

Non QM

No

217720913

438035309

XXX

25503520

Compliance

Compliance

Federal Compliance

ATR/QM Defect

Check Loan Designation Match - ATR Risk

Ability to Repay (Dodd-Frank 2014): Originator Loan Designation of Non QM does not match Due Diligence Loan Designation of ATR Risk.

Waterfall due to DTI ratio exceeds the maximum of XXX%, due to higher calculated monthly hazard insurance premium. The final 1003 matches the annual $XXX for Hazard which is $XXX per month. Provide the correct 1008 to match as well.

Reviewer Comment (2022-05-06): Client provided revised 1008 showing credit debt of $XXX.  Corrected debt payoff information on the Final CD which resulted in DTI of XX.XX%. Seller Comment (2022-05-05): see attached

05/06/2022

1

A

NY

Primary

Refinance - Cash-out - Other

Lender to provide updated ATR/QM Loan Designation

C

B

C

B

C

A

A

A

Non QM

Non QM

Yes

217720913

438035309

XXX

25503521

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General ATR Provision Investor and Non QM DTIs match and both moderately exceed Guidelines

Ability to Repay (Dodd-Frank 2014): The DTI calculated in accordance with the Lenders Guidelines and 1026.43(c)(5) of XX.XX% moderately exceeds the guideline maximum of XX.XX%. (DTI Exception is eligible to be regraded with compensating factors.)

Waterfall due to DTI ratio exceeds the maximum of XXX%, due to higher calculated monthly hazard insurance premium. The final 1003 matches the annual $XXX for Hazard which is $XXX per month. Provide the correct 1008 to match as well.

Reviewer Comment (2022-05-06): Client provided revised 1008 showing credit debt of $XXX.  Corrected debt payoff information on the Final CD which resulted in DTI of XX.XX%. Seller Comment (2022-05-05): see attached

05/06/2022

1

A

NY

Primary

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217720913

438035309

XXX

25504064

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: Investor qualifying total debt ratio discrepancy.

Waterfall due to DTI ratio exceeds the maximum of XXX%, due to higher calculated monthly hazard insurance premium. The final 1003 matches the annual $XXX for Hazard which is $XXX per month. Provide the correct 1008 to match as well.

Reviewer Comment (2022-05-06): Client provided revised 1008 showing credit debt of $XXX.  Corrected debt payoff information on the Final CD which resulted in DTI of XX.XX%. Seller Comment (2022-05-05): see attached

05/06/2022

1

A

NY

Primary

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217720913

438035309

XXX

25504170

Credit

Guideline

Guideline Issue

Guideline

Missing required income documentation .

-

The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. Borrower has worked in the same position for more than X years. Borrower has been employed in the same industry for more than x years.

Loan to Value: XX% Guideline Maximum Loan to Value: XX% Borrower has worked in the same position for more than X years. Borrower has been employed in the same industry for more than x years.

Originator,Owner Originator,Owner Owner,Originator

Reviewer Comment (2022-05-02): Lender Exception in file to waive XXXX 1099 transcripts.

05/02/2022

2

B

NY

Primary

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217720913

438035309

XXX

25504312

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General Ability To Repay Provision Investor Guidelines

Ability to Repay (Dodd-Frank 2014): Based on the loan failing one or more guideline components, the loan is at ATR risk.

Waterfall due to DTI ratio exceeds the maximum of XXX%, due to higher calculated monthly hazard insurance premium. The final 1003 matches the annual $XXX for Hazard which is $XXX per month. Provide the correct 1008 to match as well.

Reviewer Comment (2022-05-06): Client provided revised 1008 showing credit debt of $XXX.  Corrected debt payoff information on the Final CD which resulted in DTI of XX.XX%. Seller Comment (2022-05-05): see attached

05/06/2022

1

A

NY

Primary

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217720913

438035309

XXX

25509476

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

30 days of paystubs are required for wage earners.  Only one paystub was provided for the co borrower.  Provide copies of paystubs covering a full 30-day period.

Reviewer Comment (2022-05-11): Paystubs dated X/X/XX and X/X/XX received for Co-Borrower. Seller Comment (2022-05-09): see attached Reviewer Comment (2022-05-06): The document uploaded is Verification of Employment with Wages. It lists the YTD income but does not meet the requirement of paystubs for a 30 day period.  The exception remains. Seller Comment (2022-05-05): Use this Seller Comment (2022-05-05): see attached

05/11/2022

1

A

NY

Primary

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217720913

438035309

XXX

25520821

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Please provide Franchise License or VVOE from HR department for the borrower verifying 2 years self employment as sole proprietor.

Reviewer Comment (2022-05-11): VVOE dated X/XX include din the file verifying Borrower's start date of X/XXX. Seller Comment (2022-05-09): see attached Reviewer Comment (2022-05-06): There is no record of the Wage and Income Transcript for XXXX which is the year for which a 1099 was provided.  Provide 1099 and Wage and Income Transcript for XXXX.  Per guidelines, 1099 income must be supported by a Wage and Income Transcript.  As the Wage and Income Transcript for XXXX has no record of a return filed, we need the information for the prior year. Seller Comment (2022-05-05): vvoe Seller Comment (2022-05-05): the borrower is not the owner of XXXX he is a issued a 1099 from XXXX so what we have provided should be sufficient.

05/11/2022

1

A

NY

Primary

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217720913

438035309

XXX

25544522

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

- ___

There is no record of the Wage and Income Transcript for XXXX which is the year for which a 1099 was provided.  Provide 1099 and Wage and Income Transcript for XXXX.  Per guidelines, 1099 income must be supported by a Wage and Income Transcript.  As the Wage and Income Transcript for XXXX has no record of a return filed, we need the information for the prior year.

The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. Borrower has worked in the same position for more than X years. Borrower has been employed in the same industry for more than x years.

Loan to Value: XX% Guideline Maximum Loan to Value: XX% Borrower has worked in the same position for more than X years. Borrower has been employed in the same industry for more than x years.

Originator,Owner Originator,Owner Owner,Originator

Reviewer Comment (2022-05-11): Lender exception approval for the waiver of the XXXX 1099 transcripts. Seller Comment (2022-05-09): see attached

05/11/2022

2

B

NY

Primary

Refinance - Cash-out - Other

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217721205

438035396

XXX

25511034

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Total Property Costs Year 1 - October 2018 Test

TILA-RESPA Integrated Disclosure - Loan Disclosures: Amount of Estimated Property Costs over Year 1 of XX,XXX on Final Closing Disclosure provided on XX/XX/XX not accurate.

The final CD disclosed the Amount of Non-Escrowed Property Costs over Year 1 as $XXX. on page 4; however the HOA dues total $XXX. per year.  Final CD reflects Estimated Taxes, Insurance & Assessments of $XXX. monthly, correct amount is $XXX. Provide a post-close CD correcting the Escrow Account section on page 4 and Estimated Taxes, Insurance & Assessments on page 1; and a copy of the letter of explanation letter sent to the borrower disclosing the changes made. Tax cert was not provided with Mill Rate.

Reviewer Comment (2022-05-11): XXXX  received Letter of Explanation & Corrected Closing Disclosure Seller Comment (2022-05-10): PCCD and LOE uploaded

05/11/2022

2

B

CA

Primary

Purchase

Letter of Explanation & Corrected Closing Disclosure

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

217721205

438035396

XXX

25511035

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points.  Fee Amount of $XXX. exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

There is no valid Change of Circumstance in the file for the addition of the Discount Fee of $XXX.Lender cure in the amount of $XXX was provided on the PCCD.  Borrower is due the remaining cure amount of $XXX.Provide valid COC or PCCD, copy of refund check, copy of explanation letter and proof of delivery.

Reviewer Comment (2022-05-10): XXXX  received valid COC dated XX/XX/XX with reason why the fee was added on the LE dated XX/XX/XX hence after review the exception was cleared. Seller Comment (2022-05-09): COC dated XX/XX uploaded

05/10/2022

1

A

CA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

217721205

438035396

XXX

25511690

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Deposit statement with Acct #XXXX and #XXXX only had X months of statements. Please provide an additional month, as X months are required for the program program.

Reviewer Comment (2022-05-12): XXXX statement for XXXX XXXX received. Seller Comment (2022-05-09): XXXX acct#XXXX statement from XX/XX/XX to XX/XX/XX uploaded.

05/12/2022

1

A

CA

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

217721205

438035396

XXX

25584664

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure - 1026.19(f)(2) Cure

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Title - Endorsement Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Sufficient or excess cure was provided to the borrower.

Reviewer Comment (2022-05-12): Reran compliance

05/12/2022

1

A

CA

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

217734796

438035392

XXX

25510152

Compliance

Compliance

State Compliance

State HPML

XXXX HPML Threshold Test Compliant

XXXX Higher-Priced Mortgage Loan: APR on subject loan ofX.XX% or Final Disclosure APR ofX.XX% is in excess of allowable threshold of APOR X.XX% + X.XX%, orX.XX% Compliant Higher Priced Loan.

Reviewer Comment (2022-05-24): Seller acknowledges this exception. Seller Comment (2022-05-23): Seller requests buyer review: Please complete review and close this report with a Grade 2. Reviewer Comment (2022-05-16): Compliant Highter Priced Loan for the state the of xxxx. Similar Grade 2 exception to Federal Compliant Highter Priced Loan. Seller Comment (2022-05-12): Please provide more information on this condition. Reviewer Comment (2022-05-12): Initial CD dated X/XX received. Seller Comment (2022-05-09): Initial CD

05/24/2022

2

B

MA

Primary

Refinance - Cash-out - Other

No obvious cure

C

B

A

A

C

B

A

A

Non QM

Non QM

No

217734796

438035392

XXX

25510154

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Closing Disclosure Timing without Waiver

TILA-RESPA Integrated Disclosure: Closing Disclosure not provided to Borrower(s) at least three (3) business days prior to closing.

Final CD provided onXX/XX/XX. Initial CD not included in the file. Provide initial CD delivered to Borrower.

Reviewer Comment (2022-05-11): XXXX  received XX/XX/XX CD. Seller Comment (2022-05-09): Initial CD

05/11/2022

1

A

MA

Primary

Refinance - Cash-out - Other

No Defined Cure

C

B

A

A

C

B

A

A

Non QM

Non QM

No

217734976

438035329

XXX

25527500

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Provide the Blanket Certificate of Insurance document for the HOA Association as well as confirmation from the borrower that a separate HO-6 policy is not carried on each unit.

Reviewer Comment (2022-05-13): Certificate of insurance for the condo properties located at XXXX and an attestation additional insurance coverage for the condos is not purchased. Seller Comment (2022-05-10): Processor Cert HO6 Coverage uploaded. Seller Comment (2022-05-10): Blanket Policy uploaded

05/13/2022

1

A

FL

Primary

Purchase

C

B

C

B

C

B

A

A

Non QM

Non QM

No

217734976

438035329

XXX

25527653

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Non Escrowed Property Costs Year 1

TILA-RESPA Integrated Disclosure - Loan Disclosures: Amount of Non-Escrowed Property Costs over Year 1 of XX,XXX on Final Closing Disclosure provided on XX/XX/XX not accurate.

Amount of Non-Escrowed Property Costs over Year 1 of XX,XXX on Final Closing Disclosure provided on XX/XX/XX not accurate. as a result of the Homeowner's association dues. The Proposed monthly amount was $XXX equals to $XXX but  was disclosed on the 1073 as $XXX which is $XXX per year .

Reviewer Comment (2022-05-11): XXXX  Received PCCD and LOE Seller Comment (2022-05-10): PCCD and LOE uploaded

05/11/2022

2

B

FL

Primary

Purchase

Letter of Explanation & Corrected Closing Disclosure

C

B

C

B

C

B

A

A

Non QM

Non QM

Yes

217734976

438035329

XXX

25527691

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Closing Disclosure Timing without Waiver

TILA-RESPA Integrated Disclosure: Closing Disclosure not provided to Borrower(s) at least three (3) business days prior to closing.

The Initial Closing Disclosure was not signed by the borrower.  We are unable to determine the actual date of receipt.  In the absence of a signed CD, a default date has been used for compliance testing.

Reviewer Comment (2022-05-17): XXXX  received disclosure tracking indicating the initial CD was received the same day issued. Seller Comment (2022-05-16): ICD, COC and Signature Seller Comment (2022-05-13): ICD dated XX/XX uploaded Seller Comment (2022-05-13): ICD docusign dated  XX/XX/XX uploaded Reviewer Comment (2022-05-13): No additional documentation received.

05/17/2022

1

A

FL

Primary

Purchase

No Defined Cure

C

B

C

B

C

B

A

A

Non QM

Non QM

No

217734976

438035329

XXX

25527737

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points.  Fee Amount of $XXX. exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

The Loan Discount Points fee was not disclosed to the borrower on the loan estimate but it appeared on the closing disclosure with no cure provided and there is no valid COC in the file.  Provide a valid COC or a PCCD, copy of refund check, copy of letter of explanation and proof of delivery.

Reviewer Comment (2022-05-16): XXXX  upon further review received valid COC hence no further action required Seller Comment (2022-05-13): PCCD and LOE uploaded Reviewer Comment (2022-05-13): No additional documentation received.

05/16/2022

1

A

FL

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

B

C

B

A

A

Non QM

Non QM

Yes

217734976

438035329

XXX

25533351

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Property is a condotel.  Flood insurance is not sufficient and there is a deed restriction for right of first refusal.

The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least X months. Borrower has worked in the same position for more than X years. Borrower has verified disposable income of at least $XXX. Borrower has been employed in the same industry for more than x years. The qualifying DTI on the loan is at least 10% less than the guideline maximum.

Loan to Value: XX% Guideline Maximum Loan to Value: XX% Reserves: X Guideline Requirement: X Borrower has worked in the same position for more than X years. Borrower has verified disposable income of at least $XXX. Borrower has been employed in the same industry for more than x years. DTI: XX.XX%   Guideline Maximum DTI: XX.XX%

Originator,Owner Originator,Owner Originator,Owner Originator,Owner Originator,Owner Owner,Originator

Reviewer Comment (2022-05-05): Lender Exception in file - condo does not have sufficient flood insurance and there is a deed restriction for right of first refusal.

05/05/2022

2

B

FL

Primary

Purchase

C

B

C

B

C

B

A

A

Non QM

Non QM

No

217734976

438035329

XXX

25533728

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

There is an appraisal delivery document in the file showing an appraisal was emailed to the borrower on XX/XX/XX.  Provide a copy of this appraisal for compliance testing.  Also provide the appraisal delivery document for the revised/final appraisal report dated XX/XX/XX.

Reviewer Comment (2022-05-17): Received Seller Comment (2022-05-16): Appraisal report dated X/XX/XX uploaded. Reviewer Comment (2022-05-13): Received proof of delivery of the appraisals on X/XX and X/X Provide a copy of the appraisal issued on X/XX. Exception remains. Seller Comment (2022-05-10): Appraisal delivery

05/17/2022

1

A

FL

Primary

Purchase

C

B

C

B

C

B

A

A

Non QM

Non QM

No

217734976

438035329

XXX

25533729

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Loan Estimate Timing Electronically Provided

TILA-RESPA Integrated Disclosure: Loan Estimate not delivered or placed in the mail to Borrower(s) within three (3) business days of application.

The Initial 1003 is dated XX/XX/XX.  The only LE in the file has an issue date of XX/XX/XX.

Reviewer Comment (2022-05-19): XXXX  received initial LE which is within three business days of initial application. Seller Comment (2022-05-17): LE's and COC's uploaded Reviewer Comment (2022-05-17): XXXX  received initial application date XX/XX whereas the initial LE is dated XXXX which is not within three business days of initial application date. Seller Comment (2022-05-16): ICD Reviewer Comment (2022-05-13): No additional documentation received.

05/19/2022

1

A

FL

Primary

Purchase

C

B

C

B

C

B

A

A

Non QM

Non QM

No

217734985

438035362

XXX

25521377

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Fraud Report not provided

Reviewer Comment (2022-05-12): Fraud Report received. Seller Comment (2022-05-10): fraud report

05/12/2022

1

A

NY

Investment

Purchase

C

A

C

A

A

A

N/A

No

217734985

438035362

XXX

25522077

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Corporate Resolution not provided

Reviewer Comment (2022-05-12): Corporate Resolution received. Seller Comment (2022-05-10): Corp Resolution

05/12/2022

1

A

NY

Investment

Purchase

C

A

C

A

A

A

N/A

No

217736460

438035318

XXX

25521670

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Fraud Report not provided

The file is missing the fraud report, please provide

Reviewer Comment (2022-05-17): Client provided DRIVE Fraud Report. Seller Comment (2022-05-13): see attached

05/17/2022

1

A

NY

Second Home

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217736460

438035318

XXX

25521673

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Approval not provided

The file is missing the approval, please provide

Reviewer Comment (2022-05-17): Client provided approval document. Seller Comment (2022-05-13): see attached

05/17/2022

1

A

NY

Second Home

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217736460

438035318

XXX

25521935

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

The 1065, Balance Sheet, P&L Statement and Third party verification documents for XXXX are missing, please provide

Reviewer Comment (2022-05-18): XXXX income not included, signed 1065 not needed. Reviewer Comment (2022-05-17): P&L and Balance Sheet are not required and the Business Entity Listing has been received.  We still need the signed/dated 1065 for XXXX for XXXX. Seller Comment (2022-05-13): see attached

05/18/2022

1

A

NY

Second Home

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217736460

438035318

XXX

25522119

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Provide the Insurance and Tax documents for property at XXXX.

Reviewer Comment (2022-05-19): Client provided revised 1003(s) removing XXXX.  Property is a commercial building owned by an LLC and is not used for rental income. Seller Comment (2022-05-18): see attached Reviewer Comment (2022-05-17): We are in receipt of the Underwriter's Certification stating this is a commercial property held in the single member LLC "XXXX" and should not be listed on the 1003.  Provide revised 1003(s) removing this property from Section 3. Seller Comment (2022-05-13): see attached

05/19/2022

1

A

NY

Second Home

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217736460

438035318

XXX

25522646

Credit

Guideline

Guideline Issue

Guideline

Missing required income documentation .

-

The file is missing the P&L Statement, Balance Sheet and 3rd Party Verification for  XXXX .,

Reviewer Comment (2022-05-18): Not using income, counting loss to be conservative. Reviewer Comment (2022-05-17): The P&L and Balance Sheet are not required.  We are in receipt of the Underwriter's Certification stating  XXXX  generates loss and not income, therefore doesn't need a third-party verification.  The guidelines do not make a distinction between self-employment that generates loss vs. income.  The exception for third party verification remains. Seller Comment (2022-05-13): see attached

05/18/2022

1

A

NY

Second Home

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217751686

438035399

XXX

25521813

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

Missing Document: Title Preliminary not provided

Reviewer Comment (2022-05-17): Client provided title commitment. Seller Comment (2022-05-13): Prelim report uploaded. Seller Comment (2022-05-13): Prelim report upload Seller Comment (2022-05-13): Prelim report uploaded

05/17/2022

1

A

NV

Investment

Purchase

C

A

C

A

A

A

N/A

No

217751686

438035399

XXX

25522222

Credit

Missing Document

General

Missing Document

Missing Document: Verification of Non-US Citizen Status not provided

Provide Verification of Non-US Citizen Status for Irene Remer.

Reviewer Comment (2022-05-17): Client provided State of XXXX Marriage License showing XXXX was born in the US.  Client also provided revised 1003 showing borrower is a US Citizen. Seller Comment (2022-05-13): XXXX  License and Cert of Marriage uploaded. XXXX's State/Country of Birth is XX, XXX. Seller Comment (2022-05-13): XXXX  updated 1003 uploaded. Bor is XX citizen.

05/17/2022

1

A

NV

Investment

Purchase

C

A

C

A

A

A

N/A

No

217751686

438035399

XXX

25522243

Credit

Loan Package Documentation

Closing / Title

Title

Title: Evidence of title is missing

Preliminary and Final are missing.

Reviewer Comment (2022-05-17): Client provided title commitment. Seller Comment (2022-05-16): Prelim report uploaded.

05/17/2022

1

A

NV

Investment

Purchase

C

A

C

A

A

A

N/A

No

217751686

438035399

XXX

25522268

Credit

Borrower and Mortgage Eligibility

Credit Eligibility

Borrower and Mortgage Eligibility

Non-permanent Resident Aliens or Foreign Nationals are considered on a case by case basis.  Confirm residency requirements with Investor Guidelines.

-

Provide Verification of Non-US Citizen Status for XXXX.

Reviewer Comment (2022-05-17): Client provided State of XXXX Marriage License showing XXXX was born in the US.  Client also provided revised 1003 showing borrower is a US Citizen. Seller Comment (2022-05-13): XXXX  License and Cert of Marriage uploaded. XXXX's State/Country of Birth is XX, XXX. Seller Comment (2022-05-13): XXXX  updated1003 uploaded. Bor is a XX citizen.

05/17/2022

1

A

NV

Investment

Purchase

C

A

C

A

A

A

N/A

No

217751686

438035399

XXX

25522322

Credit

Legal / Regulatory / Compliance

Title / Lien Defect

Legal / Regulatory / Compliance

Final Title Policy is missing. No evidence of title in file.

File is missing preliminary and final title reports.

Reviewer Comment (2022-05-17): Client provided title commitment. Seller Comment (2022-05-13): Prelim Report uploaded

05/17/2022

1

A

NV

Investment

Purchase

C

A

C

A

A

A

N/A

No

217757118

438035305

XXX

25530607

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

Missing Document: Rider - PUD not provided

PUD Rider is missing.

Reviewer Comment (2022-05-12): Fully executed PUD Rider received. Seller Comment (2022-05-10): PUD Rider attached

05/12/2022

1

A

FL

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217757118

438035305

XXX

25530912

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (1st Lien, Escrow Not Established)

Federal Higher-Priced Mortgage Loan (2013): Mandatory escrow account not established on 1st lien mortgage loan.

Approval and CD verifies no escrow account was established.

Reviewer Comment (2022-05-12): LE and changed circumstance dated X/XX verifying loan locked received.

05/12/2022

1

A

FL

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

Yes

217757118

438035305

XXX

25530913

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.XX% + X.XX%, or X.X%.  Non-Compliant Higher Priced Mortgage Loan.

Loan APR on subject loan ofX.XX% or Final Disclosure APR ofXX.XX% is in excess of allowable threshold of APOR X% + X.XX%, or X%.  Compliant Higher Priced Mortgage Loan. Compliance Report not in file, unable to determine discrepancy.

Reviewer Comment (2022-05-12): LE and changed circumstance dated X/XX verifying loan locked received.

05/12/2022

1

A

FL

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217757118

438035305

XXX

25530914

Compliance

Compliance

Federal Compliance

Missing Non-Required Data

(Missing Data) Last Rate Set Date

Last Date Rate Set and Initial Rate Lock Date not provided.  Worst Case Scenario between Creditor Application Date and Transaction Date used to determine rate used for testing.

Lock disclosure not provided.

Reviewer Comment (2022-05-12): LE and changed circumstance dated X/XX verifying loan locked received. Seller Comment (2022-05-10): coc attached Seller Comment (2022-05-10): Locked LE attached Seller Comment (2022-05-10): Initial LE attached

05/12/2022

1

A

FL

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217757118

438035305

XXX

25557110

Credit

Missing Document

General

Missing Document

Missing Document: Account Statements - Personal not provided

Loan file missing XXXX statement for account #XXXX.

Reviewer Comment (2022-05-12): XXXX bank statement dated XX/XX/XX received. Seller Comment (2022-05-10): Please see XXX Bank statement attached

05/12/2022

1

A

FL

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217757864

438035371

XXX

25546420

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

There is an appraisal delivery document in the file dated XX/XX/XX.  Provide a copy of this appraisal for compliance testing.  Also provide the appraisal delivery document for the revised appraisal dated XX/XX/XX.

Reviewer Comment (2022-05-16): Client provided copy of initial appraisal report dated XX/XX/XX as well as appraisal delivery document for the final appraisal report. Seller Comment (2022-05-12): app ack

05/16/2022

1

A

FL

Primary

Refinance - Cash-out - Other

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217757864

438035371

XXX

25546421

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.XX% + X.XX%, or X.X%.  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-05-16): Client provided copy of initial appraisal report dated XX/XX/XX as well as appraisal delivery document for the final appraisal report.

05/16/2022

1

A

FL

Primary

Refinance - Cash-out - Other

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217757864

438035371

XXX

25546422

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Appraisal Not Obtained Timely)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Appraisal not obtained prior to consummation.

There is an appraisal delivery document in the file dated XX/XX/XX.  Provide a copy of this appraisal for compliance testing.  Also provide the appraisal delivery document for the revised appraisal dated XX/XX/XX.

Reviewer Comment (2022-05-16): Client provided copy of initial appraisal report dated XX/XX/XX as well as appraisal delivery document for the final appraisal report.

05/16/2022

1

A

FL

Primary

Refinance - Cash-out - Other

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217757864

438035371

XXX

25546424

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

There is an appraisal delivery document in the file dated XX/XX/XX.  Provide a copy of this appraisal for compliance testing.  Also provide the appraisal delivery document for the revised appraisal dated XX/XX/XX.

Reviewer Comment (2022-05-16): Client provided copy of initial appraisal report dated XX/XX/XX as well as appraisal delivery document for the final appraisal report. Seller Comment (2022-05-16): Appraisal X-XX

05/16/2022

1

A

FL

Primary

Refinance - Cash-out - Other

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217762983

438035504

XXX

25546480

Compliance

Compliance

Federal Compliance

TILA

TILA - Impermissible Prepayment Penalty

Truth in Lending Act (Dodd-Frank 2014): Covered transaction contains impermissible prepayment penalty.

Covered transaction contains impermissible prepayment penalty.

Reviewer Comment (2022-05-17): Occupancy cert verifying subject transaction purpose as investment property included in the file.

05/17/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

B

C

B

C

B

A

A

N/A

Exempt from ATR

No

217762983

438035504

XXX

25546481

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Lender Credit Tolerance Violation

TILA-RESPA Integrated Disclosure: Zero Percent Tolerance exceeded for Lender Credits. Final Lender Credit of $X  is less than amount of binding Lender Credit previously disclosed in the amount of $XXX..

Final Lender Credit of $X is less than amount of binding Lender Credit previously disclosed in the amount of $XXX..

Reviewer Comment (2022-05-17): COCs and CDs dated X/XX and X/XX received. Seller Comment (2022-05-13): • COC CD's from  X/XX/XX Seller Comment (2022-05-13): • COC CD's from X/XX/XX

05/17/2022

1

A

FL

Investment

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

B

C

B

A

A

N/A

Exempt from ATR

Yes

217762983

438035504

XXX

25548077

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

Reviewer Comment (2022-05-24): Seller elects to waive this exception with no grade change. Seller Comment (2022-05-24): Seller requests buyer review: Please waive this exception with no grade change Reviewer Comment (2022-05-20): Disclosure Tracking Summary received verifying delivery of initial appraisal dated X/XX on X/XX. Proof of delivery and/or  acknowledgement of receipt of revised appraisal dated X/XX not received. Exception remains. Seller Comment (2022-05-19): Disclosure tracking reflecting a X.XX appraisal delivery Reviewer Comment (2022-05-17): No additional documentation received.

05/24/2022

2

B

FL

Investment

Refinance - Cash-out - Other

C

B

C

B

C

B

A

A

N/A

Exempt from ATR

No

217762983

438035504

XXX

25583711

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Credit

Guideline Requirement: Refinance purpose discrepancy.

Loan refinance purpose of ___ does not match Guideline loan refinance purpose of ___.

Provide Certified Closing Statement from the borrower's cash purchase of the subject, showing the transaction within the last 6 months, as required by Technical refinance Guidelines.

Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least X months. Borrower has verified disposable income of at least $XXX.

Reserves exceed the minimum requirement by more than twelve months Borrower's residual exceeds the minimum requirement by more than $3,000.

Originator Pre-Close,Owner Owner,Originator Pre-Close

Reviewer Comment (2022-05-17): Lender approved exception to allow rate/term with delayed financing 1031 exchange that was a reverse/construction exchange.

05/17/2022

2

B

FL

Investment

Refinance - Cash-out - Other

C

B

C

B

C

B

A

A

N/A

Exempt from ATR

No

217762983

438035504

XXX

25583760

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Loan testing as QM due to missing Business Purpose Certification. PLease provide.

Reviewer Comment (2022-05-17): Occupancy Cert included in the file verifying subject transaction is an investment. Delayed financing refi.

05/17/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

B

C

B

C

B

A

A

N/A

Exempt from ATR

No

217765899

438035418

XXX

25557892

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

The payment amounts listed on the final 1003 for tthe REO properties located at XXXX and XXXX are not supporeted by the documents included in the file for these properties. Provide the full PITIA payment documentation of the rental properties used in qualifying.

Reviewer Comment (2022-05-16): Full PITIA payment documentation of the rental properties located at XXXX and XXXX received. Seller Comment (2022-05-12): XXXXX Clear and free XXXX purchased X/XXXX

05/16/2022

1

A

FL

Investment

Purchase

C

A

C

A

A

A

A

A

N/A

Exempt from ATR

No

217765911

438035272

XXX

25545791

Credit

Missing Document

General

Missing Document

Missing Document: Lease Agreement not provided

Reviewer Comment (2022-05-17): Client provided copy of signed Lease Agreement. Seller Comment (2022-05-13): see attached

05/17/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217765911

438035272

XXX

25545856

Credit

Investment Product

General

Investment Product

REO property does not have a lease in place and required by guidelines.

-

Lease agreement not in file.

Reviewer Comment (2022-05-17): Client provided copy of signed Lease Agreement. Seller Comment (2022-05-13): see attached

05/17/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217769278

438035347

XXX

25565874

Credit

Loan Package Documentation

Closing / Title

Missing Document

Missing Document: Rider - Other not provided

Prepayment Rider indicated as being attached to the Security Instrument. Provide a copy of the fully executed Prepayment Rider.

Reviewer Comment (2022-05-16): Fully executed Prepayment Rider received. Seller Comment (2022-05-12): PPP Rider to Mortgage

05/16/2022

1

A

OH

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217769278

438035347

XXX

25566103

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Note Addendum - Prepayment not provided

Prepayment Addendum to the Note not included in the file.

Reviewer Comment (2022-05-16): Fully executed Note Addendum - Prepayment received. Seller Comment (2022-05-12): Note PPP Addendum

05/16/2022

1

A

OH

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

Yes

217771180

438035414

XXX

25553204

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Purchase Agreement / Sales Contract not provided

The purchase agreement is required, please provide

Reviewer Comment (2022-05-16): Client provided copy of Escrow Instructions.  There is no purchase contact (FSBO). Seller Comment (2022-05-12): Escrow instructions sale by owner

05/16/2022

1

A

CA

Primary

Purchase

D

A

D

A

C

A

A

A

Non QM

Non QM

No

217771180

438035414

XXX

25555069

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (1st Lien, Escrow Not Established)

Federal Higher-Priced Mortgage Loan (2013): Mandatory escrow account not established on 1st lien mortgage loan.

An escrow account is required and the loan is HPML

Reviewer Comment (2022-05-23): Seller Credit applied to cover buyer closing costs per final Settlement Statement.  Loan is not HPML. Seller Comment (2022-05-18): PCCD

05/23/2022

1

A

CA

Primary

Purchase

D

A

D

A

C

A

A

A

Non QM

Non QM

Yes

217771180

438035414

XXX

25555070

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.XX% + X.XX%, or X.X%.  Non-Compliant Higher Priced Mortgage Loan.

An escrow account is required and the loan is HPML

Reviewer Comment (2022-05-23): Seller Credit applied to cover buyer closing costs per final Settlement Statement.  Loan is not HPML. Seller Comment (2022-05-18): PCCD Seller Comment (2022-05-18): Please review HPML calculation against the XXXX report Seller Comment (2022-05-18): XXXX

05/23/2022

1

A

CA

Primary

Purchase

D

A

D

A

C

A

A

A

Non QM

Non QM

No

217771180

438035414

XXX

25555072

Compliance

Compliance

State Compliance

State HPML

(State HPML) California Higher-Priced Mortgage Loan (APR Exceeds HPML Threshold)

XXXX Higher-Priced Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.XX% + X.XX%, or X.X%.  Compliant Higher Priced Loan.

An escrow account is required and the loan is HPML

Reviewer Comment (2022-05-23): Seller Credit applied to cover buyer closing costs per final Settlement Statement.  Loan is not XX HPML.

05/23/2022

1

A

CA

Primary

Purchase

Based on the loan being a compliant California HPML, with no violations of prohibited practices, borrower choice letter is not required for cure given there are no further actions to be taken to make the loan compliant.  Loan may be cured so the loan is no longer an HPML as follows: Within 90 days of closing: (1) notify borrower; (2) copy of refund check for overage so the loan is no longer HPML; and (3) proof of delivery. (Narrow Defense - CHD Approval Required):  Within 120 days of discovery or receipt of complaint, which compliance failure was not intentional and resulted from a bona fide error notwithstanding the maintanence of procedures reasonably adapted to avoid such errors, the creditor provides: (1) Lender Attestation to AMC attesting (i) the failure was not intentional and was a bona fide error notwithstanding procedures in place to prevent such loans from being made (specific details on how higher-priced loan was made despite procredures to prevent); and (ii) the lender has not received any notice from borrower of the failure; (2) notification to borrower; (3) copy of refund check for overage so the loan is no longer HPML; and (4) proof of delivery.

D

A

D

A

C

A

A

A

Non QM

Non QM

Yes

217771180

438035414

XXX

25555294

Credit

Missing Document

General

Missing Document

Missing Document: HUD/CD (Asset) not provided

Final CD does not reflect the $XXX gift of equity. Please provide the borrower with a PC CD reflecting $XXX gift of equity and evidence it's sent to the Borrower with an explanation of changes.

Reviewer Comment (2022-05-16): Client provided PCCD showing the Gift of Equity. Seller Comment (2022-05-12): PCCD

05/16/2022

1

A

CA

Primary

Purchase

D

A

D

A

C

A

A

A

Non QM

Non QM

No

217773941

438035679

XXX

25587463

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Corporate Resolution not provided

The Corporate Resolution provided is not complete. The address of the property and amount approve to borrower has not been entered. Please provide complete form.

Reviewer Comment (2022-05-17): Unanimous Written Consent to Actions Taken by the Members of XXXX fully executed by both member received. Seller Comment (2022-05-16): See attached completed corporate resolution.

05/17/2022

1

A

TX

Investment

Purchase

C

A

C

A

A

A

N/A

No

217778399

438035410

XXX

25588221

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Provide updated payment history for the mortgage with account #XXXX to show XXXX payment made. Credit only goes through XXX.  Per GL, all mortgage histories required.

Reviewer Comment (2022-05-19): Credit report dated X/XX includes mortgage histories and credit report does not exceed 120 days old. No gap history is required. Seller Comment (2022-05-17): Please see memo attached

05/19/2022

1

A

CA

Investment

Purchase

C

A

C

A

A

A

N/A

No

217778601

438035503

XXX

25560812

Credit

Missing Document

General

Missing Document

Missing Document: Lease Agreement not provided

Please provide updated month-to-month Lease Agreement for subject property.

Reviewer Comment (2022-05-23): Received and associated Lease Agreement . Section 16 of Lease agreement verifies that the lease becomes a month to month agreement at the end of the Term . Received landlord letter to tenant verifying the increase in rent amount as of XX/XXXX. Exception cleared. Seller Comment (2022-05-20): • Landlord letter to tenant verifying the month to month rent increase as of XX/XXXX Seller Comment (2022-05-20): • Lease agreement with clause in section 16 that verifies the lease becomes a month to month agreement at the end of the term

05/23/2022

1

A

CO

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217778602

438035505

XXX

25555074

Credit

Guideline

Guideline Issue

Guideline

Aged document: Primary Valuation is older than guidelines permit

-

Desk review effective date is XX/XX/XX with a report date ofXX/XX/XX, does not match the appraisal effective date ofXX/XX/XX

Reviewer Comment (2022-05-23): Client provided CDA with Effective Date of XX/XX/XX. Seller Comment (2022-05-20): • CDA for the appraisal that was effective X/X/XX

05/23/2022

1

A

CO

Investment

Refinance - Cash-out - Other

C

A

C

A

C

A

N/A

No

217778602

438035505

XXX

25555080

Property

Valuation

Valuation Issue

Valuation

The desk review has a effective date that is other than what the appraisal effective date is. The desk review should have the same effective date as the appraisal

Desk review effective date is XX/XX/XX with a report date ofXX/XX/XX, does not match the appraisal effective date ofXX/XX/XX

Reviewer Comment (2022-05-23): Client provided CDA with Effective Date of XX/XX/XX. Seller Comment (2022-05-20): • CDA for the appraisal that was effective X/X/XX

05/23/2022

1

A

CO

Investment

Refinance - Cash-out - Other

C

A

C

A

C

A

N/A

No

217778603

438035506

XXX

25556908

Credit

Investment Product

General

Investment Product

REO property does not have a lease in place and required by guidelines.

-

Please provide updated Lease Agreement

Reviewer Comment (2022-05-23): Client provided copy of letter verifying lease is now month to month and effective XX/XX/XX the monthly rent amount is $XXXX. Seller Comment (2022-05-20): • Landlord letter to tenant verifying the month to month rent increase as of XX/XXXX Seller Comment (2022-05-20): • Lease agreement with clause in section 16 that verifies the lease becomes a month to month agreement at the end of the term

05/23/2022

1

A

CO

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217778603

438035506

XXX

25564133

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Appraisal delivered to Borrower on XX/XX. Provide a copy of the appraisal issued on or before XX/XX.

Reviewer Comment (2022-05-16): Client provided copy of initial appraisal report. Seller Comment (2022-05-12): • Appraisal that was delivered to the borrower on X/XX

05/16/2022

1

A

CO

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217779553

438035348

XXX

25563354

Credit

Missing Document

General

Missing Document

Missing Document: Cash-Out Utilization not provided

Reviewer Comment (2022-05-16): Client provided signed Business Purpose Certificate. Seller Comment (2022-05-13): see attached

05/16/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217779553

438035348

XXX

25563401

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Business Purpose Certificate not provided

Reviewer Comment (2022-05-16): Client provided signed Business Purpose Certificate. Seller Comment (2022-05-13): see attached

05/16/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217779555

438035367

XXX

25565101

Credit

Investment Product

General

Investment Product

REO property does not have a lease in place and required by guidelines.

-

Provide most recent fully executed lease agreement on subject.

Reviewer Comment (2022-05-20): Client provided corrected appraisal which shows the property is vacant.  There is no tenant in place.  Photos for the initial appraisal show the property was vacant at the time the preliminary appraisal was done. Seller Comment (2022-05-19): The property is vacant as shown in the revised appraisal-the original appraisal was marked Tenant occupied in error-photos show property is vacant.

05/20/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217779555

438035367

XXX

25569357

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Provide the Articles of Incorporation for XXXX .

Reviewer Comment (2022-05-20): Client provided Articles of Organization of XXXX. Seller Comment (2022-05-19): see attached

05/20/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217779562

438035372

XXX

25564497

Compliance

Compliance

State Compliance

State HPML

XXXX Rate Spread Threshold Test Compliant

XXXX Rate Spread Home Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.XX% + X.XX%, or X.X%.  Compliant Rate Spread Home Loan.

Reviewer Comment (2022-05-17): Seller requests buyer review. Seller Comment (2022-05-13): Seller requests buyer review: unable to clear

05/17/2022

2

B

NC

Primary

Purchase

Within 90 days of closing and prior to institution of any action against the lender, (1) notify the borrower, and (2) make appropriate restitution at the option of the borrower to either (a) make the loan comply with prohibited acts and practices or (b) change the terms of the loan in a manner beneficial to the borrower so the loan is no longer rate spread.   (Narrow Defense - Requires CHD Approval) Within 120 days of discovery , which compliance failure was not intentional and resulted from a bona fide error,  creditor must: (1) provide Lender Attestation to AMC attesting the failure was not intentional and was a bona fide error notwithstanding procedures in place to prevent such loans from being made (specific details on how rate spread home loan was made despite procredures to prevent); (2) notify the borrower, and make appropriate restitution at the option of the borrower to either (a) make the loan comply with prohibited acts and practices or (b) change the terms of the loan in a manner beneficial to the borrower so the loan is no longer rate spread.

C

B

C

A

B

B

A

A

Non QM

Non QM

Yes

217779562

438035372

XXX

25564498

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Non Escrowed Property Costs Year 1

TILA-RESPA Integrated Disclosure - Loan Disclosures: Amount of Non-Escrowed Property Costs over Year 1 of XXX on Final Closing Disclosure provided on XX/XX/XX not accurate.

Discrepancy is due to subject loan monthly HOA calculated as $XXX, but appraisal report indicates $XXX

Reviewer Comment (2022-05-17): Seller requests buyer review. Seller Comment (2022-05-13): Seller requests buyer review: unable to clear

05/17/2022

2

B

NC

Primary

Purchase

Letter of Explanation & Corrected Closing Disclosure

C

B

C

A

B

B

A

A

Non QM

Non QM

Yes

217779562

438035372

XXX

25564562

Credit

Insurance

Insurance Analysis

Insurance

Insufficient Coverage: Hazard insurance coverage amount is insufficient.

Please provide a replacement cost estimate of $XXX or less, or provide an updated hazard insurance binder with total dwelling coverage of $XXX. There is a hazard insurance coverage shortfall of $XXX

Reviewer Comment (2022-05-18): XX% additional coverage included in policy Reviewer Comment (2022-05-18): No additional documentation received.

05/18/2022

1

A

NC

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

217779562

438035372

XXX

25564612

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

The file is missing the mortgage statement or other documentation to confirm the PITIA for the REO property located at XXXX Please provide the mortgage statment and tax verification for this property.

Reviewer Comment (2022-05-18): Final CD, Note, Tax Cert and HOI policies provided for the REO property located at  XXXX Seller Comment (2022-05-16): see attached

05/18/2022

1

A

NC

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

217779562

438035372

XXX

25564851

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Initial and final 1003s do not indicate marital status for either Borrower. Provide updated 1003s indicating marital status for both Borrowers.

Reviewer Comment (2022-05-17): 1003s for each Borrower indicating marital status received. Seller Comment (2022-05-16): see attached

05/17/2022

1

A

NC

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

217779562

438035372

XXX

25565570

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Borrowers rent from a private landlord. GLs require for twelve months of rental history. Provide Venmo statements verifying two payments of $XXX monthly.

Reviewer Comment (2022-05-17): VOR, lease and rental history verified by XXXX payments in the amount of $XXX appearing on both the XXXX #XXXX and XXXX #XXXX statements. Seller Comment (2022-05-16): see attached

05/17/2022

1

A

NC

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

217779562

438035372

XXX

25606076

Credit

Missing Document

General

Missing Document

Missing Document: Evidence of Access to Funds not provided

Provide evidence use of business funds will not have a negative impact on the borrowers' business.

Reviewer Comment (2022-05-17): CPA letter received verifying use of business funds not having a negative impact on the business. Seller Comment (2022-05-16): see attached

05/17/2022

1

A

NC

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

217779562

438035372

XXX

25606079

Credit

Missing Document

General

Missing Document

Missing Document: Evidence of Access to Funds not provided

Provide evidence use of business funds will not have a negative impact on the borrowers' business.

Reviewer Comment (2022-05-17): CPA letter verifying use of business funsd not having a negative impact on the business. Seller Comment (2022-05-16): see attached

05/17/2022

1

A

NC

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

217782094

438035345

XXX

25586631

Compliance

Compliance

State Compliance

State Defect

(State High Cost) New Jersey High-Cost Loan (Points and Fees)

XXXX Home Ownership Security Act: Points and Fees on subject loan ofX.XX% is in excess of the allowable maximum of X.XX% of the Total Loan Amount. Points and Fees total $XXX. on a Total Loan Amount of $XXX. vs. an allowable total of $XXX. (an overage of $XXX oX.XX%).  Non-Compliant High Cost Loan.

QM Points and Fees threshold exceeded by $XXX. or .XX%.  Lender to issue refund of overage to borrower.  Lender to provide copy of refund check and proof of delivery.  Provide payment history of loan verifying loan is not 60 days delinquent.

Reviewer Comment (2022-05-25): Letter detailing undiscounted rate bona fide points received. Seller Comment (2022-05-24): see attached Reviewer Comment (2022-05-18): The document provided does not reference the subject transaction, is not on letterhead and is not signed nor dated by the individual supplying the Undiscounted Rate information. Exception remains. Seller Comment (2022-05-16): see attached

05/25/2022

1

A

NJ

Primary

Purchase

Within 45 days of closing, provide: (1) Letter of Explanation; (2) refund of amount over the high-cost threshold maximum; and (3) proof of delivery. (Narrow Defense - CHD Approval Required)  Within 365 days of closing, and prior to lender receiving any notice from borrower of the compliance failure, provide:  (1) Lender Attestation to AMC attesting (i) the failure was not intentional and was a bona fide error notwithstanding procedures in place to prevent such loans from being made and (ii) the lender has not received any notice from borrower of the failure; (2) refund of amount over the high-cost threshold maximum; and (3) proof of delivery.

C

B

B

B

C

B

A

A

Non QM

Non QM

Yes

217782094

438035345

XXX

25586633

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Non Escrowed Property Costs Year 1

TILA-RESPA Integrated Disclosure - Loan Disclosures: Amount of Non-Escrowed Property Costs over Year 1 of XXX on Final Closing Disclosure provided on XX/XX/XX not accurate.

The final CD disclosed the Amount of Escrowed Property Costs over Year 1 as $XXX. on page 4; however the Property Taxes ($XXX.), Insurance ($XXX) and HOA ($XXX) total $XXX.per year.  Provide a post-close CD correcting the Escrow Account section and a copy of the letter of explanation letter sent to the borrower disclosing the changes made.

Reviewer Comment (2022-05-18): Seller requests buyer review. Seller Comment (2022-05-16): Seller requests buyer review: unable to clear

05/18/2022

2

B

NJ

Primary

Purchase

Letter of Explanation & Corrected Closing Disclosure

C

B

B

B

C

B

A

A

Non QM

Non QM

Yes

217782094

438035345

XXX

25619696

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

- ___

1099 Transcripts verifying income not provided.

Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and $5,000.00. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least X months. Borrower has worked in the same position for more than X years. Borrower has verified disposable income of at least $XXX. Borrower has been employed in the same industry for more than x years. The representative FICO score exceeds the guideline minimum by at least X points.

Lender Exception with Comp Factors provided for regrade and waive. Lender Exception with Comp Factors provided for regrade and waive.

Owner Originator,Owner Owner Owner Owner Originator,Owner

Reviewer Comment (2022-05-13): Lender Exception with Comp Factors provided for regrade and waive.

05/13/2022

2

B

NJ

Primary

Purchase

C

B

B

B

C

B

A

A

Non QM

Non QM

No

217782356

438035201

XXX

25588740

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (1st Lien, Escrow Not Established)

Federal Higher-Priced Mortgage Loan (2013): HOA blanket policy does not include walls-in coverage and required supplemental insurance was not escrowed on a 1st lien mortgage loan.

Reviewer Comment (2022-05-18): Final CD reflects escrow for both taxes and insurance as required. Seller Comment (2022-05-18): Please refer to the initial escrow account disclosure which has insurance and taxes both escrowed - please waive

05/18/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217782356

438035201

XXX

25588741

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.XX% + X.XX%, or X.X%.  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-05-18): Final CD reflects escrow for both taxes and insurance as required.

05/18/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217782356

438035201

XXX

25588742

Compliance

Compliance

Federal Compliance

Missing Non-Required Data

(Missing Data) Last Rate Set Date

Last Date Rate Set and Initial Rate Lock Date not provided.  Worst Case Scenario between Creditor Application Date and Transaction Date used to determine rate used for testing.

Reviewer Comment (2022-05-18): COCs dated XX/X verifying initial lock date and relocK X/Xnterest rate change dated X/XX received. Seller Comment (2022-05-16): XX-XX coc & LE attached Seller Comment (2022-05-16): Locked LE attached

05/18/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217782356

438035201

XXX

25588744

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Interim Closing Disclosure Timing Test

TILA-RESPA Integrated Disclosure - Corrected Closing Disclosure provided on or after XX/XX/XX contains a change in APR and was not received by borrower at least three (3) business days prior to consummation

Reviewer Comment (2022-05-20): CD dated X/XX and electronically signed by Borrowers on X/XX received. Seller Comment (2022-05-18): Please see esigned CD X.XX Reviewer Comment (2022-05-17): Please provide proof of receipt for the X/XX CD for testing. Seller Comment (2022-05-13): Consummation on the loan transaction took place on X.XX. See Final Closing CD with issue date/closing date X.XX. Condition invalid, please waive

05/20/2022

1

A

CA

Primary

Refinance - Cash-out - Other

TRID timing exception, no remediation available.

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217782356

438035201

XXX

25588745

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for HOA/Condo Questionnaire.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

No cure or changed circumstance provided.

Reviewer Comment (2022-05-17): XXXX  Received valid COC dated XX/XX therefore no cure required. Seller Comment (2022-05-17): Noted on coc XX-X uploaded X-XX Questionnaire Fee added at $XXX file previously disclosed as a PUD and is actually a Condo Reviewer Comment (2022-05-17): XXXX  received COC dated XX/XX/XX but upon further review same dated COC was in file. Need additional information to justify the reason why fee was added on LE dated XX/XX/XX or need cure. Seller Comment (2022-05-16): COC attached addressing addition of HOA condo Questionnaire Fee Reviewer Comment (2022-05-16): XXXX  received LE dated XX/XX and XX/XX along with corresponding COCs. However, the reason for adding HOA condo questionnaire fee is not mentioned on it. Kindly provide additional information that can validate the purpose of adding fee on LE or need cure documents. Seller Comment (2022-05-13): COCs and LEs

05/17/2022

1

A

CA

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217792642

438035337

XXX

25599154

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

Missing Document: Rider - 1-4 Family not provided

Provide copy of 1-4 Rider as stated on security instrument.

Reviewer Comment (2022-05-19): 1-4 Family Rider received. Seller Comment (2022-05-17): 1-4 Rider

05/19/2022

1

A

NY

Investment

Purchase

C

A

C

A

A

A

N/A

No

217792642

438035337

XXX

25620222

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Appraisal receipt acknowledgments signed by borrower veriyfing receipt of the appraisal on XX/XX, XX/XX and X/XX.The appraisal dated XX/XX is the only appraisal provided. Provide all appraisals issued for the subject property that were delivered to the Borrower.

Reviewer Comment (2022-05-19): Received revised appraisals dated X/XX and X/XX. Seller Comment (2022-05-18): Appraisal X.X Seller Comment (2022-05-18): appraisal X-XX

05/19/2022

1

A

NY

Investment

Purchase

C

A

C

A

A

A

N/A

No

217792839

438035366

XXX

25595769

Credit

Insurance

Insurance Analysis

Insurance

Insufficient Coverage: Hazard insurance coverage amount is insufficient.

Reviewer Comment (2022-05-19): Letter from insurance agent validating insurance coverage is 100% of the insurable value. Seller Comment (2022-05-17): see RCE

05/19/2022

1

A

NC

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

A

A

N/A

Exempt from ATR

No

217792839

438035366

XXX

25595863

Compliance

Compliance

Federal Compliance

TRID

TRID Ten Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Ten Percent Fee Tolerance exceeded. Total amount of $XX exceeds tolerance of $XX plus 10% or $XX.  Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2022-05-12): Sufficient Cure Provided At Closing

05/12/2022

1

A

NC

Investment

Refinance - Cash-out - Other

Final CD evidences Cure

C

A

C

A

A

A

A

A

N/A

Exempt from ATR

Yes

217792839

438035366

XXX

25599282

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Borrowers rent from a private landlord. Provide the most recent 12 months consecutive rent payments from either and/or both borrowers Venmo accounts verifying $XXX paid twice monthly.

Reviewer Comment (2022-05-19): Copy of lease, VOR, bank statements, borrower attestation and lender's cert received. Seller Comment (2022-05-17): see attached

05/19/2022

1

A

NC

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

A

A

N/A

Exempt from ATR

No

217795721

438035351

XXX

25611453

Compliance

Compliance

State Compliance

State Defect

(TX50(a)(6)) Texas Cash-out Loan  (Loan closed prior to expiration of 12-day cooling off period)

XXXX Constitution Section 50(a)(6): Loan closed prior to expiration of 12-day cooling off period as required by Section 50(g) and Section 50(a)(6)(M)(i).

Document dated XX/XX/XX-

Reviewer Comment (2022-05-23): Client provided disclosure that was signed by the borrowers on XX/XX/XX. Seller Comment (2022-05-20): 12 Day Notice

05/23/2022

1

A

TX

Primary

Refinance - Cash-out - Other

Refund or credit the borrower $1,000 and offer the borrower the right to refinance the extension of credit for the remaining term of the loan at no cost to the borrower on the same terms, including interest, as the original extension of credit with any modifications necessary to comply with this section or on terms on which the borrower and the lender or holder otherwise agree.

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217795721

438035351

XXX

25611454

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Loan Estimate Timing Electronically Provided

TILA-RESPA Integrated Disclosure: Loan Estimate not delivered to Borrower(s) within three (3) business days of application. Initial Loan Estimate dated XX/XX/XX was electronically provided without or prior to borrower's consent to receive electronic disclosures. Failure to comply with the provisions of the E-Sign Act and failure to provide good faith estimate of fees timely may result in additional fee tolerance violations.

Loan Estimate dated XX/XX/XX is with electronic signature with date of XX/XX/XX.

Reviewer Comment (2022-05-25): XXXX  Received LOE showing LE presented manually. Seller Comment (2022-05-24): See letter

05/25/2022

1

A

TX

Primary

Refinance - Cash-out - Other

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217795721

438035351

XXX

25611491

Compliance

Compliance

State Compliance

Misc. State Level

(TX50(a)(6)) Texas Cash-out Loan (T-42 Endorsement Not Obtained)

XXXX Constitution Section 50(a)(6): Acceptable FNMA title insurance endorsements not obtained for home equity loan.  The loan file does not evidence the Title Policy includes the XXXX T-42 endorsement or the T-42.1 endorsement. (The loan is a XXXX Section 50 (a)(6) home equity loan.)

Not on title. Provide XXXX Disclosure From T-64 verifying Endorsements included for the subject transaction.

Reviewer Comment (2022-05-23): Client provided XXXX Disclosure Form T-64 which shows T-42 and T-42.1 included in title coverage. Seller Comment (2022-05-20): T-64 Disclosure

05/23/2022

1

A

TX

Primary

Refinance - Cash-out - Other

The endorsements would be required at the time of original title policy issuance, there is not an obvious remediation

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217795721

438035351

XXX

25615415

Compliance

Compliance

State Compliance

State Defect

(TX50(a)(6)) Texas Cash-out Loan  (Acknowledgment of Fair Market Value Disclosure Not Provided)

XXXX Constitution Section 50(a)(6): Borrower did not receive written "Acknowledgment of the Fair Market Value" of homestead property securing loan.

Reviewer Comment (2022-05-20): Client provided Acknowledgment of Fair Market Value. Seller Comment (2022-05-19): Fair Market Acknowledgement

05/20/2022

1

A

TX

Primary

Refinance - Cash-out - Other

To Remediate: the lender or holder may either: (1) Deliver to the borrower the required disclosure documents and obtain an executed copy; OR, (2) refund or credit the borrower $1,000 and offer the borrower the right to refinance the extension of credit for the remaining term of the loan at no cost to the borrower on the same terms, including interest, as the original extension of credit with any modifications necessary to comply with this section or on terms on which the borrower and the lender or holder otherwise agree.  Letter of explanation and proof of delivery of cure documents required, and, if cured with refund or credit, copy of refund check or evidence of principal reduction also required.

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217795721

438035351

XXX

25622537

Compliance

Compliance

State Compliance

State Defect

(TX50(a)(6)) Texas Cash-out Loan  (Loan Not Closed At Office of Lender, Attorney, or Title Company)

XXXX Constitution Section 50(a)(6):  Unable to determine if loan was closed at an authorized location due to missing documentation.

Reviewer Comment (2022-05-23): The Notice Concerning Extensions of Credit document signed by borrower stated the Loan May Close Only at the Office of the Lender, Title Company, or an Attorney at Law. Seller Comment (2022-05-20): Notice Concerning Extensions of Credit Section 50(A)(6), Article XVI

05/23/2022

1

A

TX

Primary

Refinance - Cash-out - Other

Refund or credit the borrower $1,000 and offer the borrower the right to refinance the extension of credit for the remaining term of the loan at no cost to the borrower on the same terms, including interest, as the original extension of credit with any modifications necessary to comply with this section or on terms on which the borrower and the lender or holder otherwise agree.

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217795721

438035351

XXX

25688830

Compliance

Compliance

State Compliance

State Defect

(TX50(a)(6)) Texas Cash-out Loan  (Acknowledgment of Fair Market Value Disclosure Not Properly Executed by all persons vested on title)

XXXX Constitution Section 50(a)(6): Acknowledgment of the Fair Market Value not properly executed.

Acknowledgment of Fair Market Value is not signed by the Lender.

Reviewer Comment (2022-05-23): Client provided acknowledgment signed by Lender. Seller Comment (2022-05-23): see Lender Signed Fair Market Acknowledgement uploaded

05/23/2022

1

A

TX

Primary

Refinance - Cash-out - Other

To Remediate: the lender or holder may either: (1) Deliver to the borrower the required disclosure documents and obtain an executed copy; OR, (2) refund or credit the borrower $1,000 and offer the borrower the right to refinance the extension of credit for the remaining term of the loan at no cost to the borrower on the same terms, including interest, as the original extension of credit with any modifications necessary to comply with this section or on terms on which the borrower and the lender or holder otherwise agree.  Letter of explanation and proof of delivery of cure documents required, and, if cured with refund or credit, copy of refund check or evidence of principal reduction also required.

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217795721

438035351

XXX

25688831

Compliance

Compliance

State Compliance

State Defect

(TX50(a)(6)) Texas Cash-out Loan  (Acknowledgment of Fair Market Value Disclosure Not Signed by the Lender)

XXXX Constitution Section 50(a)(6): Acknowledgment of the Fair Market Value not properly executed by the Lender.

Acknowledgment of Fair Market Value is not signed by the Lender.

Reviewer Comment (2022-05-23): Client provided acknowledgment signed by Lender. Seller Comment (2022-05-23): Lender Signed Fair Market Acknowledgement

05/23/2022

1

A

TX

Primary

Refinance - Cash-out - Other

To Remediate: the lender or holder may either: (1) Deliver to the borrower the required disclosure documents, (AFMV signed by the lender), and obtain an executed copy; OR (2) refund or credit the borrower $1,000 and offer the borrower the right to refinance the extension of credit for the remaining term of the loan at no cost to the borrower on the same terms, including interest, as the original extension of credit with any modifications necessary to comply with this section or on terms on which the borrower and the lender or holder otherwise agree. Letter of explanation and proof of delivery of cure documents required, and, if cured with refund or credit, copy of refund check or evidence of principal reduction also required.

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217796099

438035421

XXX

25635655

Compliance

Compliance

Federal Compliance

ATR/QM Defect

Check Loan Designation Match - ATR

Ability to Repay (Dodd-Frank 2014): Originator Loan Designation of Non QM does not match Due Diligence Loan Designation of ATR Fail.

Third party verification of borrower's employment dates  and status of business was not provided.

Reviewer Comment (2022-05-24): EMD has been sourced Seller Comment (2022-05-23): EMD Reviewer Comment (2022-05-23): CPA letter received verifying borrower's employment history. No additional document received regarding earnest money source. Exception remains. Seller Comment (2022-05-19): CPA

05/24/2022

1

A

FL

Primary

Purchase

Lender to provide updated ATR/QM status

C

A

C

A

C

A

A

A

Non QM

Non QM

Yes

217796099

438035421

XXX

25635656

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General Ability To Repay Provision Income and Assets - Assets

Ability to Repay (Dodd-Frank 2014): Unable to verify assets using reasonably reliable third-party records.

Third party verification of earnest money and source not provided.

Reviewer Comment (2022-05-24): EMD has been sourced Seller Comment (2022-05-23): EMD Reviewer Comment (2022-05-23): No additional documentation received.

05/24/2022

1

A

FL

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217796099

438035421

XXX

25635657

Compliance

Compliance

Federal Compliance

ATR/QM

NonQM ATR

Ability-to-Repay (Dodd-Frank 2014): General Ability-to-Repay requirements not satisfied.

Third party verification of borrower's employment dates  and status of business was not provided.

Reviewer Comment (2022-05-24): EMD has been sourced Reviewer Comment (2022-05-23): Assets including earnest money has not be documented.

05/24/2022

1

A

FL

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217796099

438035421

XXX

25635660

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Re-Inspection Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Sufficient or excess cure was provided to the borrower at Closing.

Appraisal Re Inspection fee was last disclosed as $XXX on LE but disclosed as $XXX on Final Closing Disclosure. File for this fee or cure provided at closing. Provide a post-close CD disclosing the tolerance cure to include $XX a copy of refund check, proof of delivery, and a copy of the letter of explanation sent to the borrower disclosing the changed made or VCC.

Reviewer Comment (2022-05-16): Sufficient Cure Provided At Closing

05/16/2022

1

A

FL

Primary

Purchase

Final CD evidences Cure

C

A

C

A

C

A

A

A

Non QM

Non QM

Yes

217796099

438035421

XXX

25657593

Credit

Missing Document

General

Missing Document

Missing Document: Official Check not provided

Please provide source and season of EMD finds.

Reviewer Comment (2022-05-24): Client provided bank statement showing source of EMD as well as verification of receipt of the funds from XXXX. Seller Comment (2022-05-23): EMD sourcing

05/24/2022

1

A

FL

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217796099

438035421

XXX

25662081

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Not Provided at or Before Closing (3-Day Waiver In File)

ECOA Valuations Rule (Dodd-Frank 2014): Borrower waived right to receive a copy of the appraisal at least three (3) business days prior to closing, and appraisal was not provided at or before closing.

Reviewer Comment (2022-05-19): Client provided Confirmation of Delivery Appraisal/Valuation Report to Borrower showing the report was delivered via email on XX/XX/XX. Seller Comment (2022-05-18): App Ack with method of delivery

05/19/2022

1

A

FL

Primary

Purchase

C

A

C

A

C

A

A

A

Non QM

Non QM

No

217798136

438035384

XXX

25629633

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.XX% + X.XX%, or X.X%.  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-05-20): Client provided copy of preliminary appraisal report. Seller Comment (2022-05-19): appraisal uploaded

05/20/2022

1

A

CA

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217798136

438035384

XXX

25634795

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Appraisal Not Obtained Timely)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Appraisal not obtained prior to consummation.

There is an appraisal confirmation report in the file that shows the preliminary appraisal was sent to the borrower on XX/XX/XX.  Provide a copy of this appraisal report for compliance testing.

Reviewer Comment (2022-05-20): Client provided copy of preliminary appraisal report. Seller Comment (2022-05-19): appraisal dated X-XX.XXXX

05/20/2022

1

A

CA

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217798177

438035341

XXX

25629315

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

- ___

Provide copy of homeowners insurance due to XX statement verifies no tax and insurance in payment.

Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and $5,000.00. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least X months. Borrower has verified disposable income of at least $XXX. The representative FICO score exceeds the guideline minimum by at least X points.

Borrower's reserves exceeds the minimum requirement by more than XXX%. Credit score exceeds minimum requirement by more than 20 points.

Owner Originator Pre-Close,Owner Owner Owner,Originator Pre-Close

Reviewer Comment (2022-05-20): Lender exception to waive documentation to support property taxes and homeowner's insurance for XXXX. Seller Comment (2022-05-19): see attached

05/20/2022

2

B

CA

Investment

Purchase

C

B

C

B

A

A

A

A

N/A

Exempt from ATR

No

217798177

438035341

XXX

25636834

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: Investor qualifying total debt ratio discrepancy.

1008 included in the file reflects a neg rent amount for the subject property in the amount of $XXX.. The actual neg rent for the subject property is $XXX. resulting in a DTI of XX.XX%. Provide an updated 1008 including the final actual neg rent for the subject property.

Reviewer Comment (2022-05-20): Comparable Rent Schedule received for subject property. Projected rent minus vacancy factor used for qualifying. Seller Comment (2022-05-19): see attached

05/20/2022

1

A

CA

Investment

Purchase

C

B

C

B

A

A

A

A

N/A

Exempt from ATR

No

217798177

438035341

XXX

25663224

Credit

Credit

Credit Documentation

Guideline

Missing Document: Verification of Rent (VOR) / Verification of Mortgage (VOM) not provided

1003 indicates the borrower has lived in their primary residence for a year. The Fraud Report indicates the borrower purchased the property in XX/XX. Credit Supplement only reflects 3 months history. Please provide the full mortgage history for the borrower's primary residence.

Reviewer Comment (2022-05-20): Refinance closing statement for property located XXXX paying off XXXX. Credit report includes mortgage history for XXXX from when purchased X/X/XX. Closing statement for purchase also received. Seller Comment (2022-05-19): see attached

05/20/2022

1

A

CA

Investment

Purchase

C

B

C

B

A

A

A

A

N/A

Exempt from ATR

No

217798533

438035427

XXX

25656511

Credit

Missing Document

General

Missing Document

Missing Document: HUD/CD not provided

Provide the Final CD or Final HUD 1; document in file is the Estimated Closing Statement.

Reviewer Comment (2022-05-25): Final Closing statement document received for the subject property. Exception cleared Seller Comment (2022-05-24): The attached Closing Statement is the same document as the Final Settlement Statement per my conversation with  xxxx @ xxx-xxx-xxxx. Please clear this exception. Thank you. Reviewer Comment (2022-05-24): Received duplicate post close date closing statement on XX/XX/XX. Please provide the Final Closing Disclosure or Final HUD to clear this exception, Exception Remains. Seller Comment (2022-05-23): FSS re-uploaded Reviewer Comment (2022-05-23): Received post close date closing statement on XX/XX/XX, Kindly provide the Final CD or Final HUD to clear this exception, Exception Remains Seller Comment (2022-05-20): Final Settlement Statement

05/25/2022

1

A

AZ

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217821449

438035306

XXX

25642259

Credit

Guideline

Guideline Issue

Guideline

Missing required income documentation .

-

Per guidelines, income from 1099 must be verified with transcripts.  The Wage and Income Transcript for XXXX shows No Record of Return Filed.  Provide Wage and Income Transcript for XXXX.

Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least X months. Borrower has worked in the same position for more than X years. Borrower has been employed in the same industry for more than x years. The qualifying DTI on the loan is at least 10% less than the guideline maximum.

Documented reserves are more than XXX% greater than the minimum requirement. Total debt is more than 10% less the maximum allowable.

Originator Pre-Close,Owner Owner Owner Owner,Originator Pre-Close

Reviewer Comment (2022-05-24): Lender approved exception waiving the XXXX 1099 transcripts. Seller Comment (2022-05-23): see attached

05/24/2022

2

B

TN

Primary

Refinance - Rate/Term

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217821449

438035306

XXX

25642260

Credit

Guideline

Guideline Issue

Guideline

Refi Purpose reflects Rate/Term and cash out greater than the lesser of 2% of the loan amount or $2000.

Cash to Borrower:  ___; Total Cash Out:    ___;  Refi Purpose:  ___

Borrower purchased subject within 12 months and cash from this transaction is to reimburse total value of funds used during purchase (Technical Refinance).  Lender Exception in the file is contingent on verifying funds for the initial purchase were from borrower's own assets and not borrowed funds.  Provide documentation that clearly shows funds for the initial purchase were borrower's own funds as well as a Certified Copy of the Final Settlement Statement from the initial purchase.

Reviewer Comment (2022-05-24): HUD for subject property purchase dated X/XX, wire confirmations verifying source of funds, LOEs regarding source of funds and a copy of a private note received. Seller Comment (2022-05-23): see attached

05/24/2022

1

A

TN

Primary

Refinance - Rate/Term

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217821449

438035306

XXX

25642261

Credit

Guideline

Guideline Issue

Guideline

Two years of employment was not verified.

-

Provide VVOE dated within 10 business days of the Note date for the borrower's current employment. Provide Wage and Income Transcript for XXXX

Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least X months. Borrower has worked in the same position for more than X years. Borrower has been employed in the same industry for more than x years. The qualifying DTI on the loan is at least 10% less than the guideline maximum.

Documented reserves are more than XXX% greater than the minimum requirement. Total debt is more than 10% less the maximum allowable.

Originator Pre-Close,Owner Owner Owner Owner,Originator Pre-Close

Reviewer Comment (2022-05-24): Lender exception in file to waive 1099 transcript for XXXX.  Client provided VVOE per guidelines. Seller Comment (2022-05-24): see attached exception Reviewer Comment (2022-05-24): XXXX 1099 transcript not received. Exception remains. Seller Comment (2022-05-23): see attached

05/24/2022

2

B

TN

Primary

Refinance - Rate/Term

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217821449

438035306

XXX

25642428

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points.  Fee Amount of $XXX. exceeds tolerance of $XXX..  Insufficient or no cure was provided to the borrower.

Loan discount point fee was last disclosed as $XXX on LE but disclosed as $XXX. on Final Closing Disclosure. File for this fee or cure provided at closing. Provide a post-close CD disclosing the tolerance cure to include $XX, a copy of refund check, proof of delivery, and a copy of the letter of explanation sent to the borrower disclosing the changed made or VCC.

Reviewer Comment (2022-05-24): XXXX  received attestation regarding D090 issue date. Reviewer Comment (2022-05-24): XXXX  upon further review the provided COC date is XX/XX and the Loan Disocunt Point increases to $XXX. on CD XX/XX which is not within 3 bussiness days. So kindly provide a valid COC for the CD dated XX/XX or Cure is required. Seller Comment (2022-05-23): see attached coc

05/24/2022

1

A

TN

Primary

Refinance - Rate/Term

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

B

C

A

A

A

Non QM

Non QM

Yes

217821449

438035306

XXX

25658251

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

- ___

Per guidelines, income from 1099 must be verified with transcripts.  The Wage and Income Transcript for XXXX shows No Record of Return Filed.  Provide Wage and Income Transcript for XXXX.

Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least X months. Borrower has worked in the same position for more than X years. Borrower has been employed in the same industry for more than x years. The qualifying DTI on the loan is at least 10% less than the guideline maximum.

Documented reserves are more than XXX% greater than the minimum requirement. Total debt is more than 10% less the maximum allowable.

Originator Pre-Close,Owner Owner Owner Owner,Originator Pre-Close

Reviewer Comment (2022-05-24): Lender approved exception waiving the XXXX 1099 transcripts. Seller Comment (2022-05-23): see attached

05/24/2022

2

B

TN

Primary

Refinance - Rate/Term

C

B

C

B

C

A

A

A

Non QM

Non QM

No

217822029

438035390

XXX

25645631

Credit

Credit

Credit Calculation / Analysis

Credit

Guideline Issue:  Insufficient tradelines per credit guidelines

Borrower has XXXX active trade lines and XXXX of the active trade lines he is an authorized user, which is the only account with a required 24 month history. GLs require at least three trade lines and a credit history covering 24 months.  Lender Exception in file states Exception Recommendation is "May Consider" and the Recommendation Comments state "Exception request not considered as submitted.  Count offer terms are Max XX LTV. There is a XX bps hit to LLPA. The loan is locked."  Verified maximum LTV of XX% is set.

Borrower has verified disposable income of at least $XXX.

Lender approved exception to allow Borrower that does not meet trade line requirements.

Owner

Reviewer Comment (2022-05-18): Lender exception in file for borrower that does not meet trade line requirements. Reviewer Comment (2022-05-18): Closed in error. Reviewer Comment (2022-05-17): Lender approved exception to allow Borrower that does not meet trade line requirements.

05/18/2022

2

B

TX

Primary

Purchase

B

B

B

B

B

B

B

B

Non QM

Non QM

No

217822029

438035390

XXX

25661754

Compliance

Compliance

Federal Compliance

Missing Non-Required Data

(Missing Data) Last Rate Set Date

Last Date Rate Set and Initial Rate Lock Date not provided.  Worst Case Scenario between Creditor Application Date and Transaction Date used to determine rate used for testing.

Reviewer Comment (2022-05-23): Seller acknowledges Seller Comment (2022-05-20): Seller requests buyer review: We accept the Exception "AS IS" with no Grade Change. Please clear conditions.

05/23/2022

2

B

TX

Primary

Purchase

B

B

B

B

B

B

B

B

Non QM

Non QM

No

217822029

438035390

XXX

25661853

Compliance

Compliance

Federal Compliance

Federal HPML

TIL Higher Priced Mortgage Loan Safe Harbor Test

TILA HPML appraisal Rule (Dodd-Frank 2014): Safe Harbor requirements not satisfied.

Reviewer Comment (2022-05-23): Seller acknowledges Seller Comment (2022-05-20): Seller requests buyer review: We accept Exception "AS IS"  with no grade change. Please clear conditions.

05/23/2022

2

B

TX

Primary

Purchase

B

B

B

B

B

B

B

B

Non QM

Non QM

No

217822029

438035390

XXX

25661969

Property

Property - Appraisal

Appraisal Reconciliation

Property - Appraisal

Appraisal is required to be in name of Lender

-

There is an Appraisal Transfer Letter in the file from XXXX to XXXX., however, the guidelines require that the AMC provide an assignment of appraisal to the seller. In lieu of this requirement the AMC's business license must be independently verified by the seller.

Reviewer Comment (2022-05-23): Seller acknowledges exception Seller Comment (2022-05-20): Seller requests buyer review: We accept Exception "AS IS"  with no grade change. Please clear conditions.

05/23/2022

2

B

TX

Primary

Purchase

B

B

B

B

B

B

B

B

Non QM

Non QM

No

217822029

438035390

XXX

25663885

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of revised valuation to applicant three (3) business days prior to consummation.

Provide initial appraisal.

Reviewer Comment (2022-05-23): Seller acknowledges Seller Comment (2022-05-20): Seller requests buyer review: We accept Exception "AS IS"  with no grade change. Please clear conditions.

05/23/2022

2

B

TX

Primary

Purchase

B

B

B

B

B

B

B

B

Non QM

Non QM

No

217823660

438035388

XXX

25664044

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

The payment information on the 1008 does not match the information on the Final 1003.  The amount of the P&I and the HOI are not correct.  Provide revised 1008 that reflects the correct payment information for the subject property.

Reviewer Comment (2022-06-01): Client provided revised 1008 showing the correct payment information. Seller Comment (2022-06-01): 1008 & 1003 attached

06/01/2022

1

A

CA

Primary

Refinance - Cash-out - Other

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217823660

438035388

XXX

25664074

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

The subject is a XXXX property type is in the file.  Lender exception provided.

The representative FICO score exceeds the guideline minimum by at least X points. The qualifying DTI on the loan is at least 10% less than the guideline maximum. The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least X months. Borrower has worked in the same position for more than X years. Borrower has verified disposable income of at least $XXX. Borrower has been employed in the same industry for more than x years.

Lender Exception with Comp Factors provided for regrade and waive. Lender Exception with Comp Factors provided for regrade and waive.

Originator,Owner Owner Originator,Owner Owner Owner Owner Owner

Reviewer Comment (2022-05-19): Lender Exception with Comp Factors provided for regrade and waive.

05/19/2022

2

B

CA

Primary

Refinance - Cash-out - Other

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217823663

438035394

XXX

25652425

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Fraud Report not provided

Reviewer Comment (2022-06-01): Client provided DRIVE Fraud Report with PASS Status. Seller Comment (2022-06-01): Fraud Guard attached

06/01/2022

1

A

NY

Investment

Purchase

C

A

C

A

A

A

N/A

No

217823663

438035394

XXX

25670221

Credit

Missing Document

General

Missing Document

Missing Document: Evidence of Access to Funds not provided

Provide CPA letter verifying use of business funds will not negatively impact the business.

Reviewer Comment (2022-06-02): Client provided CPA letter stating that use of business funds will not have a negative impact on the business. Seller Comment (2022-06-01): CPA Letter attached

06/02/2022

1

A

NY

Investment

Purchase

C

A

C

A

A

A

N/A

No

217849766

438035239

XXX

25675876

Credit

Borrower and Mortgage Eligibility

Mortgage / Program Eligibility

Borrower and Mortgage Eligibility

Guideline Requirement: Loan to value discrepancy.

Calculated loan to value percentage of ___ exceeds Guideline loan to value percentage of ___.

Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least X months. Borrower has been employed in the same industry for more than x years. The representative FICO score exceeds the guideline minimum by at least X points.

Borrower has been employed in the same industry for more than x years. Guidelines Representative FICO: XXX Representative FICO: XXX

Owner Owner Owner,Originator

Reviewer Comment (2022-05-19): Lender Exception for LTV of XX% on Coop.

05/19/2022

2

B

NY

Primary

Purchase

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217849766

438035239

XXX

25675877

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: Combined loan to value discrepancy.

Calculated combined loan to value percentage of ___ exceeds Guideline combined loan to value percentage of ___.

Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least X months. Borrower has verified disposable income of at least $XXX. Borrower has been employed in the same industry for more than x years. The representative FICO score exceeds the guideline minimum by at least X points.

Documentation Type: XXX Disposable Income: $XXX Borrower has been employed in the same industry for more than x years. Guidelines Representative FICO: XXX Representative FICO: XXX

Owner Originator,Owner Owner Owner,Originator

Reviewer Comment (2022-05-19): Lender Exception for LTV of XX% on Coop.

05/19/2022

2

B

NY

Primary

Purchase

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217849766

438035239

XXX

25675878

Credit

Guideline

Guideline Issue

Guideline

Loan does not meet minimum income documentation requirements.

-

Co-borrower had an employment gap greater than XXXX months for the period of time between XX/XX/XX to XX/XX/XX.  A minimum two year history in the line of work prior to the gap is required.  File contains documentation for X months prior to gap for employment with XXXX from XX/XX/XX to XX/XX/XX.

Reviewer Comment (2022-05-24): Verification of self employment/XXXX received. XXXX is still active and overlaps the employment period between XXXX and XXXX resulting in no employment gap. Income not being used to qualify. Seller Comment (2022-05-24): see attached

05/24/2022

1

A

NY

Primary

Purchase

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217849767

438035290

XXX

25664195

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Borrower shows declining income in deposits to XXXX account (XX.XX%) and XXXX account (XX%).

The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least X months. Borrower has worked in the same position for more than X years. Borrower has verified disposable income of at least $XXX. Borrower has been employed in the same industry for more than x years.

Loan to Value: XX% Guideline Maximum Loan to Value: XX% Reserves: X Guideline Requirement: X Borrower has worked in the same position for more than X years. Documentation Type: XXX Disposable Income: $XXX Borrower has been employed in the same industry for more than x years.

Originator,Owner Owner Originator,Owner Originator,Owner Owner,Originator

Reviewer Comment (2022-05-18): Approved Lender Exception for declining income.

05/18/2022

2

B

GA

Primary

Refinance - Cash-out - Other

B

B

B

B

A

A

A

A

Non QM

Non QM

No

217849769

438035405

XXX

25654159

Compliance

Compliance

State Compliance

State HPML

XXXX HPML Threshold Test Compliant

XXXX Higher-Priced Mortgage Loan: APR on subject loan ofX.XX% or Final Disclosure APR ofX.XX% is in excess of allowable threshold of APOR X% + X.XX%, orX.XX% Compliant Higher Priced Loan.

Loan APR on subject loan of XX.XX% or Final Disclosure APR ofXX.XX% is in excess of allowable threshold of APORXX.XX% +XX.XX%, orXX.XX%.  Compliant Higher Priced Mortgage Loan. Compliance Report not in file, unable to determine discrepancy.

Reviewer Comment (2022-05-24): Seller acknowledges exception. Seller Comment (2022-05-23): Seller requests buyer review: unable to clear

05/24/2022

2

B

MA

Primary

Purchase

No obvious cure

B

B

A

A

B

B

A

A

Non QM

Non QM

No

217849964

438035413

XXX

25655860

Compliance

Compliance

Federal Compliance

Missing Non-Required Data

(Missing Data) Last Rate Set Date

Last Date Rate Set and Initial Rate Lock Date not provided.  Worst Case Scenario between Creditor Application Date and Transaction Date used to determine rate used for testing.

There is an unsigned  XXXX  Interest Rate Lock/Float Agreement in the file.  Provide rate lock.

Reviewer Comment (2022-05-24): Seller has elected to waive this exception with no grade change. Seller Comment (2022-05-23): Seller requests buyer review: We are accepting the Exception Grade 2 "AS IS" Please waive conditions.

05/24/2022

2

B

OR

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

217849964

438035413

XXX

25670497

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

There is a signed/dated Appraisal Acknowledgement in the file with a date of XX/XX/XX.  We do not have a copy of this appraisal.  Provide a copy of the appraisal delivered XX/XX/XX for compliance testing.

Reviewer Comment (2022-05-24): Client provided copy of preliminary appraisal report dated XX/XX/XX. Seller Comment (2022-05-24): Appraisal

05/24/2022

1

A

OR

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

217850309

438035407

XXX

25659490

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Non Escrowed Property Costs Year 1

TILA-RESPA Integrated Disclosure - Loan Disclosures: Amount of Non-Escrowed Property Costs over Year 1 of XXX on Final Closing Disclosure provided on XX/XX/XX not accurate.

Non-Escrowed Property Costs over Year 1 of XXX on Final Closing Disclosure provided on XX/XX/XX not accurate. This amount should be $XXX, which is based on $XXX quarterly HOA statement. Please provide corrected CD with evidence it was sent to the borrower with an explanation, or corrected supporting escrow documentation.

Reviewer Comment (2022-06-17): Aggregator elects to waive.

06/17/2022

2

B

FL

Primary

Refinance - Cash-out - Other

Letter of Explanation & Corrected Closing Disclosure

B

B

A

A

B

B

A

A

Non QM

Non QM

Yes

217857874

438035406

XXX

25666083

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points.  Fee Amount of $XXX. exceeds tolerance of $XXX..  Insufficient or no cure was provided to the borrower.

Loan discount point fee was last disclosed as $XXX on LE but disclosed as $XXX on Final Closing Disclosure. No cure provided at closing. Provide a post-close CD disclosing the tolerance cure to include $XXX, a copy of refund check, proof of delivery, and a copy of the letter of explanation sent to the borrower disclosing the changed made or VCC.

Reviewer Comment (2022-05-25): XXXX  received COC dated XX/XX/XX. Seller Comment (2022-05-24): LE X-XX

05/25/2022

1

A

FL

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217857874

438035406

XXX

25666084

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $XXX. exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Appraisal fee was last disclosed as $XXX on LE but disclosed as $XXX. on Final Closing Disclosure. No cure provided at closing. Provide a post-close CD disclosing the tolerance cure to include $XXX., a copy of refund check, proof of delivery, and a copy of the letter of explanation sent to the borrower disclosing the changed made or VCC.

Reviewer Comment (2022-05-25): XXXX  received COC dated XX/XX/XX. Seller Comment (2022-05-24): LE X-XX

05/25/2022

1

A

FL

Primary

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217858514

438035389

XXX

25673556

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Subject property is a XXXX.

The representative FICO score exceeds the guideline minimum by at least X points. Borrower has a clean housing payment history

Guidelines Representative FICO: XXX Representative FICO: XXX Housing payment history clean for XX months.

Owner,Originator Originator

Reviewer Comment (2022-05-19): Lender Exception for XXXX.

05/19/2022

2

B

GA

Investment

Purchase

C

B

C

B

A

A

N/A

No

217858514

438035389

XXX

25673836

Credit

Missing Document

General

Missing Document

Missing Document: Evidence of Access to Funds not provided

Provide evidence, as indicated by the Guidelines, that the borrower is authorized to use business funds for this transaction and use of funds will not have a negative impact on the business.

Reviewer Comment (2022-05-27): Received LOE on XX/XX/XX, As per available bank statement the assets and reserves are sufficient however business funds documents are not required and same has been verified in LOE, Exception Cleared Seller Comment (2022-05-26): UW LOE. Seller Comment (2022-05-26): Office of the Secretary of State Certificate of Fact uploaded.

05/27/2022

1

A

GA

Investment

Purchase

C

B

C

B

A

A

N/A

No

217858515

438035408

XXX

25672615

Compliance

Compliance

Federal Compliance

Missing Disclosure

Notice of Special Flood Hazard Disclosure Not Provided Timely

FDPA Notification Rule: Creditor did not provide a Notice of Special Flood Hazard Disclosure within a reasonable time prior to closing.

Provide fully executed Notice of Flood Hazard Disclosure within 10 business days prior to closing. Notices included in the file are dated X/XX and X/XX.

Reviewer Comment (2022-06-09): Seller elects to waive exception. Seller Comment (2022-05-27): Seller requests buyer review: we request for conditions to be waive and accept the conditions "AS IS".

06/09/2022

2

B

FL

Investment

Purchase

C

B

C

A

B

B

A

A

N/A

Exempt from ATR

No

217858515

438035408

XXX

25674126

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Final 1003 states the Borrower's current address is XXXX, which is owned by the Borrower and the REO schedule lists XXXX as the Borrower's primary residence. The XXXX housing payment is included in qualifying, however the housing expense for XXXX is not. XXXX is not listed in the schedule of real estate. Provide clarification of Borrower's primary/current address and the mortgage statement or other documentation to confirm the PITIA for the property located at XXXX.

Reviewer Comment (2022-06-02): Client provided revised 1003 showing the borrower's correct address for primary residence as XXXX, as well as an explanation for the discrepancy. Seller Comment (2022-06-02): See Memo Seller Comment (2022-06-02): See 1003

06/02/2022

1

A

FL

Investment

Purchase

C

B

C

A

B

B

A

A

N/A

Exempt from ATR

No

217858515

438035408

XXX

25682078

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

Provide the appraisal delivery document for the final appraisal report dated XX/XX/XX.

Reviewer Comment (2022-06-09): Seller elects to waive exception. Seller Comment (2022-05-27): Seller requests buyer review: we request for conditions to be waive and accept the conditions "AS IS".

06/09/2022

2

B

FL

Investment

Purchase

C

B

C

A

B

B

A

A

N/A

Exempt from ATR

No

217859069

438035252

XXX

25733008

Credit

Loan Package Documentation

Application / Processing

Missing Document

Missing Document: Other not provided

Missing Corporate Resolution forXXXX.

Reviewer Comment (2022-05-26): Executed Corporate Resolution dated x/xx forXXXX received. Seller Comment (2022-05-25): see attached

05/26/2022

1

A

NY

Investment

Purchase

D

A

D

A

A

A

A

A

N/A

Exempt from ATR

No

217859070

438035369

XXX

25678682

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Please provide UW Worksheet for bank statement income to reflect Lenders income calculations.

Reviewer Comment (2022-05-27): UW Income Analysis Worksheet for personal and business XXXX received. Seller Comment (2022-05-26): see attached

05/27/2022

1

A

FL

Primary

Refinance - Cash-out - Other

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217859070

438035369

XXX

25678883

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Please provide mortgage statement, tax and insurance verification

Reviewer Comment (2022-05-27): Received Mortgage statement and tax & insurance are escrowed, Exception Cleared Seller Comment (2022-05-26): see attached

05/27/2022

1

A

FL

Primary

Refinance - Cash-out - Other

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217859070

438035369

XXX

25683335

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

There is a Lender Exception in the file to allow XXX day mortgage late on HELOC.  Condition of the exception is that back payments made on the HELOC are to be verified since XXXX does not report on credit.  Verification documents were not found in the file.

The Loan to Value (LTV) on the loan is less than the guideline maximum by at least 10%. Borrower has worked in the same position for more than X years. Borrower has verified disposable income of at least $XXX. Borrower has owned the subject property for at least X years. Borrower has been employed in the same industry for more than x years.

Lender Exception with Comp Factors provided for regrade and waive. Lender Exception with Comp Factors provided for regrade and waive.

Owner Owner Owner Originator,Owner Originator,Owner

Reviewer Comment (2022-05-24): Lender Exception with Comp Factors provided for regrade and waive.

05/24/2022

2

B

FL

Primary

Refinance - Cash-out - Other

C

B

C

B

A

A

A

A

Non QM

Non QM

No

217859071

438035382

XXX

25683872

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Excessive NSFs - X in 24 months between two accounts.

The refinance has decreased the borrower's monthly debt payments by 20% or more. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least X months. Borrower's monthly mortgage payment has decreased by at least 20%. Borrower has worked in the same position for more than X years. Borrower has verified disposable income of at least $XXX. Borrower has been employed in the same industry for more than x years.

Borrower's documented reserves are XXX% greater than the minimum requirement. Borrower has been employed in his current position since XXXX. Borrower's residual exceeds the minimum requirement by more than $3,000. Borrower has owned his business since XXXX.

Owner Originator Pre-Close,Owner Owner Originator Pre-Close,Owner Originator Pre-Close,Owner Owner,Originator Pre-Close

Reviewer Comment (2022-05-20): Lender approved exception for excessive NSFs.

05/20/2022

2

B

NJ

Primary

Refinance - Cash-out - Other

B

B

B

B

A

A

A

A

Non QM

Non QM

No

217859072

438035383

XXX

25677309

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Initial Loan Estimate Timing Electronically Provided

TILA-RESPA Integrated Disclosure: Loan Estimate not delivered to Borrower(s) within three (3) business days of application. Initial Loan Estimate dated XX/XX/XX was electronically provided without or prior to borrower's consent to receive electronic disclosures. Failure to comply with the provisions of the E-Sign Act and failure to provide good faith estimate of fees timely may result in additional fee tolerance violations.

Borrowers E-Signed Loan Estimate onXX/XX/XX, but E-Consent was accepted onXX/XX/XX

Reviewer Comment (2022-05-26): XXXX  Received Earliest E-Consent. Seller Comment (2022-05-25): see attached

05/26/2022

1

A

NJ

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217859072

438035383

XXX

25677352

Compliance

Compliance

Federal Compliance

TRID

TRID Ten Percent Tolerance Violation With Sufficient Cure - 1026.19(f)(2) Cure

TILA-RESPA Integrated Disclosure: Ten Percent Fee Tolerance exceeded. Total amount of $XXX exceeds tolerance of $XXX plus 10% or $XXX.  Sufficient or excess cure was provided to the borrower.

Recording Fee increased from $XXX to $XXX, without a valid change in circumstance - No cure was provided

Reviewer Comment (2022-05-20): Sufficient Cure Provided within 60 Days of Closing

05/20/2022

1

A

NJ

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217859155

438035404

XXX

25676857

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Purchase Agreement / Sales Contract not provided

Provide fully executed purchase contract.

Reviewer Comment (2022-05-27): Purchase agreement for the subject property received. Reviewer Comment (2022-05-27): Received Purchase contract. Final CD reflects seller credit of $XXX which is not reflecting on the purchase contract. Please provide the amended purchase contract with the correction. Also Multi-family addendum and escalation clause copy not provided. Exception remains Seller Comment (2022-05-26): see attached

05/27/2022

1

A

ME

Investment

Purchase

D

A

D

A

A

A

N/A

No

217859155

438035404

XXX

25676891

Credit

Credit

Credit Eligibility

Credit

Borrower has open Tradelines which are less than the minimum required by guidelines.

-

Provide additional open account.

Reviewer Comment (2022-05-27): VOR included in file at time of review included in trade line count. Seller Comment (2022-05-26): see attached

05/27/2022

1

A

ME

Investment

Purchase

D

A

D

A

A

A

N/A

No

217859155

438035404

XXX

25676900

Credit

Credit

Credit Eligibility

Credit

Active Tradeline requirement not met.

-

Provide proof an active account to meet requirement.

Reviewer Comment (2022-05-27): VOR and mortgage statement included in file at time of review included in trade line count. Seller Comment (2022-05-26): see attached

05/27/2022

1

A

ME

Investment

Purchase

D

A

D

A

A

A

N/A

No

217952727

438035415

XXX

25771369

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Seller's name missing from the final CD.

Reviewer Comment (2022-06-01): Client provided PCCD and copy of LOX adding Seller information. Seller Comment (2022-05-31): Please see PC CD - Letter to Borrower attached disclosing Seller information

06/01/2022

1

A

FL

Investment

Purchase

C

A

C

A

A

A

N/A

No

217954022

438035168

XXX

25762126

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Deeds / Warranty / Grant / Quit-Claim not provided

Title commitment reports  XXXX  as being the title holder. Provide a true and certified copy of the deed transferring title to the trust at closing.

Reviewer Comment (2022-06-01): Client provided a copy of the recorded Quit Claim Deed transferring title from  XXXX , a XXXX Limited Liability Company to XXXX, as XXXX as any amendments thereto. Seller Comment (2022-06-01): XX/XX XX - attached Quitclaim Deed

06/01/2022

1

A

FL

Investment

Refinance - Cash-out - Other

D

A

D

A

A

A

N/A

No

217963468

438035340

XXX

25759676

Credit

Asset

Asset Documentation

Asset

Guideline Issue:Insufficient asset documentation.

-

Provide additional months on statements to complete requirement. Provide proof of source of initial deposit opening the account onXX/XX/XX.

Reviewer Comment (2022-06-01): Deducted the initial deposit from usable assets, funds not needed.

06/01/2022

1

A

NY

Investment

Purchase

C

A

C

A

A

A

N/A

No

217966328

438035420

XXX

25777353

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Right to Receive Copy of Appraisal Disclosure Not Provided Timely

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide "Right to Receive a Copy" appraisal disclosure to applicant within three (3) business days of application or determination of first lien status.

Reviewer Comment (2022-06-01): Seller elects to waive this exception with no grade change. Seller Comment (2022-06-01): Seller requests buyer review: Please waive condition - Seller accepts condition as is

06/01/2022

2

B

CA

Investment

Purchase

B

B

B

B

B

B

A

A

N/A

Exempt from ATR

No

217966328

438035420

XXX

25809033

Credit

Borrower and Mortgage Eligibility

Mortgage / Program Eligibility

Borrower and Mortgage Eligibility

Guideline Requirement: Loan to value discrepancy.

Calculated loan to value percentage of ___ exceeds Guideline loan to value percentage of ___.

Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least X months. Borrower has verified disposable income of at least $XXX. Borrower has been employed in the same industry for more than x years. Borrower has worked in the same position for more than X years.

Reserves: X Guideline Requirement: X Documentation Type: XXX Disposable Income: $XXX Borrower has been employed in the same industry for more than x years. Borrower has worked in the same position for more than X years.

Originator,Owner Originator Originator,Owner Owner,Originator

Reviewer Comment (2022-05-31): Lender Exception for LTV of XX.XX%, allow use of C-Corp profits that cannot be documented as received.

05/31/2022

2

B

CA

Investment

Purchase

B

B

B

B

B

B

A

A

N/A

Exempt from ATR

No

217966328

438035420

XXX

25809034

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: Combined loan to value discrepancy.

Calculated combined loan to value percentage of ___ exceeds Guideline combined loan to value percentage of ___.

Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least X months. Borrower has verified disposable income of at least $XXX. Borrower has been employed in the same industry for more than x years. Borrower has worked in the same position for more than X years.

Reserves: X Guideline Requirement: X Documentation Type: XXX Disposable Income: $XXX Borrower has been employed in the same industry for more than x years. Borrower has worked in the same position for more than X years.

Originator,Owner Originator Originator,Owner Owner,Originator

Reviewer Comment (2022-05-31): Lender Exception for LTV of XX.XX%, allow use of C-Corp profits that cannot be documented as received.

05/31/2022

2

B

CA

Investment

Purchase

B

B

B

B

B

B

A

A

N/A

Exempt from ATR

No

217973513

438035342

XXX

25762172

Compliance

Compliance

Federal Compliance

Missing Required Data (other than HUD-1 or Note)

Payoff Statement Missing

Missing Payoff Statement: Unable to determine if a prepayment penalty was included in the pay-off which may impact high cost findings.

Reviewer Comment (2022-06-08): Seller elects to waive. Seller Comment (2022-06-01): Seller requests buyer review: unable to clear

06/08/2022

2

B

TX

Primary

Refinance - Cash-out - Other

C

B

B

B

C

B

A

A

Non QM

Non QM

No

217973513

438035342

XXX

25762176

Compliance

Compliance

State Compliance

Misc. State Level

(TX50(a)(6)) Texas Cash-out Loan (T-42 Endorsement Not Obtained)

XXXX Constitution Section 50(a)(6): Acceptable FNMA title insurance endorsements not obtained for home equity loan.  The loan file does not evidence the Title Policy includes the XXXX T-42 endorsement or the T-42.1 endorsement. (The loan is a XXXX Section 50 (a)(6) home equity loan.)

Reviewer Comment (2022-06-01): Client provided documentation showing T-42 and T-42.1 will be issued with the Final Title Policy. Seller Comment (2022-06-01): see attached

06/01/2022

1

A

TX

Primary

Refinance - Cash-out - Other

The endorsements would be required at the time of original title policy issuance, there is not an obvious remediation

C

B

B

B

C

B

A

A

Non QM

Non QM

No

217973513

438035342

XXX

25762177

Compliance

Compliance

State Compliance

State Defect

(TX50(a)(6)) Texas Cash-out Loan  (Acknowledgment of Fair Market Value Disclosure Not Provided)

XXXX Constitution Section 50(a)(6): Borrower did not receive written "Acknowledgment of the Fair Market Value" of homestead property securing loan.

Reviewer Comment (2022-06-01): Client provided signed copy of the Acknowledgment of Fair Market Value. Seller Comment (2022-06-01): see attached

06/01/2022

1

A

TX

Primary

Refinance - Cash-out - Other

To Remediate: the lender or holder may either: (1) Deliver to the borrower the required disclosure documents and obtain an executed copy; OR, (2) refund or credit the borrower $1,000 and offer the borrower the right to refinance the extension of credit for the remaining term of the loan at no cost to the borrower on the same terms, including interest, as the original extension of credit with any modifications necessary to comply with this section or on terms on which the borrower and the lender or holder otherwise agree.  Letter of explanation and proof of delivery of cure documents required, and, if cured with refund or credit, copy of refund check or evidence of principal reduction also required.

C

B

B

B

C

B

A

A

Non QM

Non QM

Yes

217973513

438035342

XXX

25762179

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2022-05-26): Sufficient Cure Provided At Closing

05/26/2022

1

A

TX

Primary

Refinance - Cash-out - Other

Final CD evidences Cure

C

B

B

B

C

B

A

A

Non QM

Non QM

Yes

217973513

438035342

XXX

25811935

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Borrower has declining income and excess NSF checks.

Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least X months. Borrower has worked in the same position for more than X years. Borrower has verified disposable income of at least $XXX. Borrower has been employed in the same industry for more than x years. The qualifying DTI on the loan is at least 10% less than the guideline maximum.

Reserves: X Guideline Requirement: X Borrower has worked in the same position for more than X years. Documentation Type: XXX Disposable Income: $XXX Borrower has been employed in the same industry for more than x years. DTI: XX.XX% Guideline Maximum DTI: XX.XX%

Originator,Owner Originator,Owner Originator,Owner Originator,Owner Owner,Originator

Reviewer Comment (2022-05-31): Lender Exception for NSF checks and declining income.

05/31/2022

2

B

TX

Primary

Refinance - Cash-out - Other

C

B

B

B

C

B

A

A

Non QM

Non QM

No

217973514

438035368

XXX

25764090

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Transfer Tax.  Fee Amount of $XXX. exceeds tolerance of $XXX..  Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2022-05-26): Sufficient Cure Provided At Closing

05/26/2022

1

A

FL

Primary

Purchase

Final CD evidences Cure

A

A

A

A

A

A

A

A

Non QM

Non QM

Yes

217975709

438035379

XXX

25774170

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Provide a post-close CD disclosing the tolerance cure, a copy of refund check, proof of delivery, and a copy of the letter of explanation sent to the borrower disclosing the changed made or VCC.

Reviewer Comment (2022-06-06): XXXX  received valid COC dated XX/XX/XX. Seller Comment (2022-06-03): Please see LE & COC disclosing addition of discount points

06/06/2022

1

A

FL

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

217975709

438035379

XXX

25775506

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Copy of Appraisal Not Provided 3 Business Days Prior to Consummation

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

Provide all appraisals and evidence they were all sent to the borrower at least 3 days prior to closing.

Reviewer Comment (2022-06-07): Client provided appraisal delivery documents showing when appraisal reports were emailed to borrower. Seller Comment (2022-06-07): Please see appraisal acknowledgement for X-XX appraisal attached Seller Comment (2022-06-07): SSR FNM Seller Comment (2022-06-07): SSR FRE Seller Comment (2022-06-07): Appraisal attached X-XX

06/07/2022

1

A

FL

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217975709

438035379

XXX

25775507

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.XX% + X.XX%, or X.X%.  Non-Compliant Higher Priced Mortgage Loan.

Waterfall

Reviewer Comment (2022-06-07): Client provided appraisal delivery documents showing when appraisal reports were emailed to borrower.

06/07/2022

1

A

FL

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217975709

438035379

XXX

25775508

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Timing of Appraisal to Consumer)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Creditor did not provide a copy of each valuation to applicant three (3) business days prior to consummation.

Waterfall

Reviewer Comment (2022-06-07): Client provided appraisal delivery documents showing when appraisal reports were emailed to borrower.

06/07/2022

1

A

FL

Primary

Purchase

C

A

A

A

C

A

A

A

Non QM

Non QM

No

217979103

438035195

XXX

25838560

Credit

Missing Document

General

Missing Document

Missing Document: Evidence of Access to Funds not provided

CPA access to funds letter missing from the loan file.

Reviewer Comment (2022-06-03): Client provided revised 1003 and 1008 removing business bank account information as well as an UW Memo stating the business bank statement balance was mistakenly left on the final 1003.  Borrower received enough cash out to cover necessary reserves.  Access to Funds Letter is no longer required. Seller Comment (2022-06-03): see attached

06/03/2022

1

A

PA

Primary

Refinance - Cash-out - Other

C

A

C

A

A

A

A

A

Non QM

Non QM

No

217979115

438035401

XXX

25793675

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Included in the file is the acknowledgment of  receipt of the appraisal delivery datedXX/XX/XX for the initial appraisal report. Provide a copy of the appraisal dated on or beforeXX/XX/XX.

Reviewer Comment (2022-06-07): Client provided copy of initial appraisal report dated XX/XX/XX. Seller Comment (2022-06-06): see attached

06/07/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

217979116

438035411

XXX

25793263

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Post-close/future rents that exceed market rents used in qualifying.

Borrower has owned the subject property for at least X years. The representative FICO score exceeds the guideline minimum by at least X points.

Borrower has owned properties for more than x years. Credit score exceeds requirement by more than 20 points.

Originator Pre-Close,Owner Owner,Originator Pre-Close

Reviewer Comment (2022-05-31): Lender exception approval to utilize/future lease amounts that exceed market rents listed on the appraisal for qualification.

05/31/2022

2

B

CA

Investment

Refinance - Cash-out - Other

D

B

D

B

A

A

N/A

No

217979116

438035411

XXX

25793356

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Deeds / Warranty / Grant / Quit-Claim not provided

Copy of deed transferring title from XXXX dated XX/XX/XX to XXXX.

Reviewer Comment (2022-06-03): Client provided copy of recorded Grand Deed from the Trust to XXXXLLC, a XXXX Limited Liability Company. Seller Comment (2022-06-03): see attached

06/03/2022

1

A

CA

Investment

Refinance - Cash-out - Other

D

B

D

B

A

A

N/A

No

217980009

438035321

XXX

25793339

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

Provide CDA.

Reviewer Comment (2022-06-07): Client provided CDA from XXXX with value of $XXX,XXX which results in a value variance of X.X% (within 10% set forth in guidelines). Seller Comment (2022-06-06): Appraisal attached Seller Comment (2022-06-06): RDA attached

06/07/2022

1

A

NY

Investment

Refinance - Cash-out - Other

D

A

C

A

D

A

N/A

No

217980009

438035321

XXX

25793888

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Appraisal acknowledgment receipt dated XX/XX/XX included in the file with an appraisal datedXX/XX/XX. Provide the initial appraisal dated on or before XX/XX/XX.

Reviewer Comment (2022-06-03): Client provided copy of preliminary appraisal report dated XX/XX/XX. Seller Comment (2022-06-03): Please see X-X appraisal attached

06/03/2022

1

A

NY

Investment

Refinance - Cash-out - Other

D

A

C

A

D

A

N/A

No

217980010

438035424

XXX

25809747

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Provide valid changed circumstance and/or rate lock confirmation and disclosure delivered to Borrower when loan was initially locked on X/XX.

Reviewer Comment (2022-06-03): Client provided copy of COC and LE dated XX/XX/XX. Seller Comment (2022-06-03): Locked LE & COC attached X-X

06/03/2022

1

A

CA

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

218000230

438035422

XXX

25827393

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Non Escrowed Property Costs Year 1

TILA-RESPA Integrated Disclosure - Loan Disclosures: Amount of Non-Escrowed Property Costs over Year 1 of XXX on Final Closing Disclosure provided on XX/XX/XX not accurate.

Monthly HOA captured as $XXX, which should be $XXX Annually per appraisal report.

Reviewer Comment (2022-06-08): Seller elects to waive exception. Seller Comment (2022-06-06): Seller requests buyer review: unable to clear

06/08/2022

2

B

SC

Primary

Purchase

Letter of Explanation & Corrected Closing Disclosure

B

B

B

B

B

B

A

A

Non QM

Non QM

Yes

218000230

438035422

XXX

25827788

Credit

Guideline

Guideline Issue

Guideline

Two years of employment was not verified.

-

Please provide prior employment verification to reflect a minimum of  2 years self employment, or employment in similar field.

Borrowers made a down payment from their own funds on this purchase transaction of at least 5% and $5,000.00. Borrower's monthly reserves have been verified and exceed the amount required based on the guidelines by at least X months. Borrower has worked in the same position for more than X years. Borrower has verified disposable income of at least $XXX. Borrower has been employed in the same industry for more than x years. The qualifying DTI on the loan is at least 10% less than the guideline maximum.

Documented reserves exceeds the minimum requirement by more than XXX%. Residual income exceed minimum requirement by  more than $3,000. DTI is more than 10% less than the maximum allowable.

Owner Originator Pre-Close,Owner Owner Originator Pre-Close,Owner Owner Owner,Originator Pre-Close

Reviewer Comment (2022-06-01): Lender approved exception for less than two years of self-employment and worked in a different field prior to self-employment.

06/01/2022

2

B

SC

Primary

Purchase

B

B

B

B

B

B

A

A

Non QM

Non QM

No

218007273

438035426

XXX

25841664

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

Missing Document: Rider - PUD not provided

Provide PUD rider.

Reviewer Comment (2022-06-07): Client provided copy of signed Planned Unit Development Rider. Seller Comment (2022-06-07): PUD Rider attached

06/07/2022

1

A

CA

Investment

Purchase

C

A

C

A

A

A

N/A

No

218009666

438035350

XXX

25841593

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points.  Fee Amount of $XXX. exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Discount Fees added, without a valid change in circumstance. Provide VCC or cure to the borrwer with a PC CD and evidence it was sent to the borrower with an explanation of changes.

Reviewer Comment (2022-06-07): XXXX  received updated LE on XX/XX and COC dated XX/XX & XX/XX for the Loan discount point was increased due to rate was locked on XX/XX and Rate has been extended on XX/XX. Seller Comment (2022-06-07): X-XX COC attached increase in discount pts X.XXX% Seller Comment (2022-06-07): Please see LE - COC attached adding discount pts

06/07/2022

1

A

FL

Second Home

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

218040400

438035526

XXX

25903879

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

Missing Document: Title Preliminary not provided

File is missing a copy of the Preliminary Title Report.

Reviewer Comment (2022-04-25): Title Commitment has been received. Exception cleared. Buyer Comment (2022-04-22): attached, thanks.

04/25/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

218040400

438035526

XXX

25903880

Credit

Legal / Regulatory / Compliance

Title / Lien Defect

Legal / Regulatory / Compliance

Final Title Policy is missing. No evidence of title in file.

File is missing the Title Commitment and Final Title Policy. Upon receipt of the missing Title Commitment, additional conditions may apply.

Reviewer Comment (2022-05-11): Final Title Policy has been received. Exception cleared. Buyer Comment (2022-05-09): final attached, thanks. Reviewer Comment (2022-04-25): Final Title policy is yet not received. Exception remains. Buyer Comment (2022-04-22): per email from title, final doc not yet ready

05/11/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

218040400

438035526

XXX

25903881

Credit

Legal / Regulatory / Compliance

Title / Lien Defect

Title

Title Policy is Preliminary or Commitment, and not a Final Title Policy.

Reviewer Comment (2022-05-11): Final Title Policy has been received. Exception cleared. Reviewer Comment (2022-04-25): Final Title policy is yet not received. Exception remains.

05/11/2022

1

A

FL

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

218040439

438035536

XXX

25903996

Credit

Missing Document

General

Missing Document

Missing Document: Evidence of Access to Funds not provided

Borrower was qualified with XXXX. File is missing the CPA, EA or licensed tax preparer's letter stating that the use of the business funds will not have a negative impact on the business operations, or the lender's full cash flow analysis of the business as required by the lender's guidelines. File contains an exception request to allow 100% use of the business funds without the required liquidity documentation however, the corresponding approval email from the Starwood exceptions team was not provided.

The qualifying DSCR on the loan is greater than the guideline minimum.

Client approved an exception to waive the required CPA letter for business accounts used for qualifying assets and required a minimum DSCR of X%. Verified DSCR is X%.

Owner,Aggregator

Reviewer Comment (2022-05-19): Client approved an exception to waive the required CPA letter for business accounts used for qualifying assets and required a minimum DSCR of X%. Verified DSCR is X.XX%. Buyer Comment (2022-05-18): Please see the attached email approval Reviewer Comment (2022-05-11): Received a one-page exception approval that is missing the XXXX exception teams info and the document date. Please provide the entire email approval. Exception remains. Buyer Comment (2022-05-06): Please see the attached

05/19/2022

2

B

AZ

Investment

Refinance - Rate/Term

C

B

C

B

A

A

N/A

No

218040439

438035536

XXX

25903997

Credit

Missing Document

General

Missing Document

Missing Document: Evidence of Access to Funds not provided

Borrower was qualified with XXXX. File is missing the CPA, EA or licensed tax preparer's letter stating that the use of the business funds will not have a negative impact on the business operations, or the lender's full cash flow analysis of the business as required by the lender's guidelines. File contains an exception request to allow 100% use of the business funds without the required liquidity documentation however, the corresponding approval email from the Starwood exceptions team was not provided.

The qualifying DSCR on the loan is greater than the guideline minimum.

Client approved an exception to waive the required CPA letter for business accounts used for qualifying assets and required a minimum DSCR of X%. Verified DSCR is X%.

Owner,Aggregator

Reviewer Comment (2022-05-19): Client approved an exception to waive the required CPA letter for business accounts used for qualifying assets and required a minimum DSCR of X%. Verified DSCR is X.XX%. Buyer Comment (2022-05-18): Please see the attached email approval Reviewer Comment (2022-05-11): Received a one-page exception approval that is missing the XXXX exception teams info and the document date. Please provide the entire email approval. Exception remains. Buyer Comment (2022-05-06): Please see the attached

05/19/2022

2

B

AZ

Investment

Refinance - Rate/Term

C

B

C

B

A

A

N/A

No

218040439

438035536

XXX

25903998

Credit

Credit

Credit Documentation

Credit

There is no lease in place for the subject property and the absence of this document casts doubt on business purpose of loan.

Lease on the subject XXXX property in the file expired on XX/XX/XX and converted to a month to month lease. Appraisal report noted that according to the owner, a 12 month lease has been signed with a prospective tenant at a rate of $XXX. per month, beginning on XX/XX/XX. Subject loan closed on XX/XX/XX however, the file is missing the new 12 month executed lease.

Reviewer Comment (2022-05-13): Executed Lease agreement has been provided for the subject property for a period of XX months from XX/XX/XX to XX/XX/XXXX. Exception cleared. Buyer Comment (2022-05-12): Lease

05/13/2022

1

A

AZ

Investment

Refinance - Rate/Term

C

B

C

B

A

A

N/A

No

218040439

438035536

XXX

25904000

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

ADDED XX/XX/XX: There are two signed Prepayment Note Addendums, with two different sets of terms for the prepayment penalty; X.X% on one and 6 months interest on the other. Provide documentation that confirms the correct prepayment terms such as the rate lock, approval or screen shot that sets forth the terms of the prepayment. Upon receipt of the prepayment penalty clarification, additional conditions may apply.

Reviewer Comment (2022-05-19): Received the lender's screenshot which verifies the correct prepayment penalty is X% of the amount of the prepayment exceeding 20% of the original principal balance in the preceding XX-month period. Buyer Comment (2022-05-19): 2.5%

05/19/2022

1

A

AZ

Investment

Refinance - Rate/Term

C

B

C

B

A

A

N/A

No

218040448

438035545

XXX

25904017

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Issue:  Refinance seasoning requirements not met

Borrowing entity purchased the subject property on XX/XX/XX which was XXX days from the cash-out refinance application date of XX/XX/XX. Lender's guidelines require a 6 month waiting period for a cash-out refinance. File contains the lender's exception request and an email approval to allow a cash-out refinance with less than 6 months seasoning however, this exception cannot be waived due to missing the 3-year Prepayment Penalty Addendum to the Note, which was a condition of the exception approval.

Reviewer Comment (2022-05-05): Note Addendum - Prepayment has been provided dated XX/XX/XX. Exception cleared. Buyer Comment (2022-05-03): Note addendum

05/05/2022

1

A

NY

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

218040448

438035545

XXX

25904018

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Note Addendum - Prepayment not provided

File is missing the 3-year Prepayment Penalty Addendum to the Note as required by the Starwood exceptions team to allow as cash-out refinance with less than 6 months seasoning.

Reviewer Comment (2022-05-05): Note Addendum - Prepayment has been provided dated XX/XX/XX. Exception cleared. Buyer Comment (2022-05-03): Note Addendum

05/05/2022

1

A

NY

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

Yes

218040448

438035545

XXX

25904019

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

Security Instrument Error: Security instrument loan amount and note original loan amount do not concur.

Subject loan is a  XXXX  refinance and the Consolidated Note verifies the  XXXX  loan amount is $XXX. however, the Mortgage in the file only reflects a loan of amount of $XXX.. File is missing the fully executed consolidated Mortgage as required by the lender's  XXXX  guidelines.

Reviewer Comment (2022-05-05): Received received security instrument document with corrected loan amount and same has been associated in file. Exception cleared. Buyer Comment (2022-05-03): XXXX

05/05/2022

1

A

NY

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

218040448

438035545

XXX

25904020

Credit

Modification

Loss Mitigation Document Check

Modification

Missing Document: Missing extension or deferment agreement.

File is missing the fully executed XXXX  ( XXXX  Form 3172) as required by the lender's  XXXX  guidelines.

Reviewer Comment (2022-05-05): Received Executed XXXX consolidation, Extension & Modification Agreement and associated same in file. Exception cleared. Buyer Comment (2022-05-03): XXXX

05/05/2022

1

A

NY

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

218040448

438035545

XXX

25904021

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Articles of Incorporation not provided

File is missing the Articles of Incorporation filed with the State of XX for the subject borrowing corporation as required by the lender's guidelines.

Reviewer Comment (2022-05-05): Received Articles of Incorporation document and associated the same in file. Exception Cleared. Buyer Comment (2022-05-03): XXXX

05/05/2022

1

A

NY

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

218040448

438035545

XXX

25904022

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Bylaws not provided

Bylaws document is missing

Reviewer Comment (2022-05-11): Operating agreement has been attached in lieu of Bylaws doc as per the guideline. Exception cleared. Buyer Comment (2022-05-10): Rebuttal attached

05/11/2022

1

A

NY

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

N/A

No

218040454

438035517

XXX

25904038

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

Missing Document: Title Preliminary not provided

The file is missing a copy of the Title Commitment.

Reviewer Comment (2022-05-03): Title commitment received, document associated and details updated. Exception Cleared. Buyer Comment (2022-05-02): see attached title commit

05/03/2022

1

A

OH

Investment

Purchase

C

A

C

A

A

A

N/A

No

218040454

438035517

XXX

25904039

Credit

Loan Package Documentation

Loan File

Missing Document

Missing Document: Hazard Insurance Policy not provided

File is missing the Hazard Insurance Policy for the subject investment property to verify sufficient dwelling coverage and the annual premium. Upon receipt of the missing Hazard Insurance Policy, additional conditions may apply.

Reviewer Comment (2022-05-03): Received Hazard Insurance document, details updated and document associated. Exception Cleared. Buyer Comment (2022-05-02): see attached hoi

05/03/2022

1

A

OH

Investment

Purchase

C

A

C

A

A

A

N/A

No

218040454

438035517

XXX

25904040

Credit

Legal / Regulatory / Compliance

Title / Lien Defect

Legal / Regulatory / Compliance

Final Title Policy is missing. No evidence of title in file.

File is missing a copy of both the Title Commitment and the Final Title Policy.

Reviewer Comment (2022-05-11): Final Title Policy has been provided. Exception cleared. Buyer Comment (2022-05-10): see attached ftp Reviewer Comment (2022-05-05): Title commitment in file, also noted final title has not  been issued, therefore this exception will be cleared when final title policy will be received. Exception Remains. Buyer Comment (2022-05-03): the final title policy has not been issued yet, the file just closed on X/XX.  Please clear. Reviewer Comment (2022-05-03): Final Title is missing, hence, exception remains. Buyer Comment (2022-05-02): see attached title commit, final title policy is not available yet.

05/11/2022

1

A

OH

Investment

Purchase

C

A

C

A

A

A

N/A

No

218040457

438035516

XXX

25904048

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Purchase Agreement / Sales Contract not provided

File missing fully executed sales contract for the subject investment property which was purchased under a 1031-exchange.

Reviewer Comment (2022-05-13): Fully executed sales contract has been provided for the subject investment property which was purchased under a 1031 exchange. Exception cleared. Buyer Comment (2022-05-11): contract attached, thanks

05/13/2022

1

A

IN

Investment

Purchase

D

A

D

A

A

A

N/A

No

218040457

438035516

XXX

25904049

Credit

Missing Document

General

Missing Document

One or more of your documents was not signed and dated by the borrower(s).

Subject loan is an investment purchase under a 1031-exchange. Borrower and seller did not sign the Assignment of Rights in Replacement Property Contract.

Reviewer Comment (2022-05-13): Fully executed Assignment of Rights in Replacement Property Contract has been provided .Document associated, exception is cleared. Buyer Comment (2022-05-12): attached, thanks.

05/13/2022

1

A

IN

Investment

Purchase

D

A

D

A

A

A

N/A

No

218040457

438035516

XXX

25904050

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Business Purpose Certificate not provided

File is missing the required Business Purpose Certificate for the subject investment loan.

Reviewer Comment (2022-05-11): Received the Business Purpose Certificate. Buyer Comment (2022-05-11): attached, thanks.

05/11/2022

1

A

IN

Investment

Purchase

D

A

D

A

A

A

N/A

No

218040471

438035518

XXX

25904134

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Provided Prior to Date Performed

ECOA Valuations Rule (Dodd-Frank 2014): Date valuation provided to applicant is prior to the date when valuation was performed.  Unable to determine compliance with appraisal timing requirements.

Buyer Comment (2022-04-04): please waive, thanks. Reviewer Comment (2022-04-04): Appraisal is dated X-XX-XXissing receipt of updated appraisal Exception remains. Buyer Comment (2022-03-18): Receipt of Appraisal

04/04/2022

2

B

TX

Investment

Refinance - Cash-out - Other

C

B

C

A

C

B

A

A

N/A

Exempt from ATR

No

218040471

438035518

XXX

25904135

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Verified. A tolerance fee of $XXX exceeds appraisal fee of $XXX .no cure provided to the borrower

Reviewer Comment (2022-03-22): XXXX  received corrrcted PCCD with Final Settlement Statement. Buyer Comment (2022-03-21): cured at closing, please see attachment. thanks. Reviewer Comment (2022-03-21): XXXX  received duplicate copy of final CD however, the cure amount is not updated under inner column of section J due to which we are unable to verify the credit was given for cure. kindly provide corrected PCCD along with the copy of true and certified final settlement Statement to validate the cure was given at closing. Buyer Comment (2022-03-18): FINAL CD reflects the $XX Cure.

03/22/2022

1

A

TX

Investment

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

A

C

B

A

A

N/A

Exempt from ATR

Yes

218040471

438035518

XXX

25904136

Compliance

Compliance

Federal Compliance

TILA

TILA - Impermissible Prepayment Penalty

Truth in Lending Act (Dodd-Frank 2014): Covered transaction contains impermissible prepayment penalty.

Reviewer Comment (2022-05-18): Received the executed Business Purpose Certificate which verifies the subject cash-out proceeds were used for business purposes and not for personal use. Buyer Comment (2022-05-17): signed affirmation and certificate of business purpose attached, thanks. Buyer Comment (2022-05-13): Please see attached letter stating cash out will be used for future investments, confirming business purpose use Reviewer Comment (2022-05-05): Under 1026.43(g), a PPP is only permissible on a fixed rate, QM and non-HPML loan and is limited to 26 months and 2% for years 1-2 and 1% for year 3.  If seller is claiming business purpose exemption from TILA, a signed business purpose cert is required per deal settings to treat loan as business purpose exempt from TILA. Exception remains. Buyer Comment (2022-04-29): form attached, thanks. Buyer Comment (2022-04-27): the pccd states "this form is a statement of final loan terms and closing costs. compare this document with your loan estimate." there's also the chart on page 3 of the LE & CD. the only other loan comparison i have knowledge of is for XX loans, which is not applicable. please advise what loan summary comparison disclosure you're looking for? thanks in advance. Reviewer Comment (2022-04-26): Require Loan summary Comparison disclosure as received document is Business Purpose certificate require designated document to clear this exception . Hence, Exception remains. Buyer Comment (2022-04-22): attached, thanks. Reviewer Comment (2022-04-18): Require Loan summary Comparison disclosure to clear this exception. Hence, Exception remains. Buyer Comment (2022-04-13): attached pccd, thanks

05/18/2022

1

A

TX

Investment

Refinance - Cash-out - Other

C

B

C

A

C

B

A

A

N/A

Exempt from ATR

No

218040471

438035518

XXX

25904137

Compliance

Compliance

Federal Compliance

TRID

TRID Final Closing Disclosure Prepayment Penalty Amount

TILA-RESPA Integrated Disclosure - Loan Terms: Final Closing Disclosure provided on XX/XX/XX with a prepayment payment disclosed the maximum prepayment penalty amount that does not match the actual maximum amount for the loan.

There are two PPP docs in file, both signed. Entering the 6 months interest, as this will result in a higher calculated PPP.

Reviewer Comment (2022-04-15): XXXX  received Letter of Explanation & Corrected Closing Disclosure. Buyer Comment (2022-04-13): attached pccd, thanks Reviewer Comment (2022-03-21): XXXX  received X-X-XX CD and rebuttal that the correct PPP addendum is the X.X%.  However, the $XXXX amount on the prepayment penalty disclosed on page 1 of the Final CD is an incorrect calculation.  The correct amount should be $XXXX.  Prepayment is X.X% of the balance over 20%.  Loan amount is $XXXXXX and 20% prepayment would leave a balance of $XXX.Worse case scenario is loan is completely paid off in the 1st 3 years, then the X.X% x $XXXXXX is the calculation which = $XXXX.  Corrected CD and LOE to borrower correcting is required. Buyer Comment (2022-03-18): See attached ATR/QM - The correct  PPP addendum is the 2.5 - $XXXXX.XX.

04/15/2022

2

B

TX

Investment

Refinance - Cash-out - Other

Letter of Explanation & Corrected Closing Disclosure

C

B

C

A

C

B

A

A

N/A

Exempt from ATR

Yes

218040471

438035518

XXX

25904138

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Please provide documentation of correct PPP. The loan has two signed Addendums, with two different sets of terms, X.X% on one and 6 months interest on the other.

Reviewer Comment (2022-05-04): Evidence of correct PPP provided. Buyer Comment (2022-04-29): loan summary form attached, thanks. Buyer Comment (2022-04-13): attached pccd, thanks Reviewer Comment (2022-03-24): Similar TRID exception already open, once it will cleared this exception would be automatically cleared. Buyer Comment (2022-03-23): please see prepayment rider attached to the XX DOT. thanks.

05/04/2022

1

A

TX

Investment

Refinance - Cash-out - Other

C

B

C

A

C

B

A

A

N/A

Exempt from ATR

No

218040471

438035518

XXX

25904139

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Lender Credit Tolerance Violation

TILA-RESPA Integrated Disclosure: Zero Percent Tolerance exceeded for Lender Credits. Final Lender Credit of $X  is less than amount of binding Lender Credit previously disclosed in the amount of $XXX.

Lender credit for tolerance cure is  added without increasing general Lender Credit

Reviewer Comment (2022-04-15): XXXX  received Letter of Explanation, Copy of cure refund, proof of mailing & Corrected Closing Disclosure. Buyer Comment (2022-04-13): refund attached, thanks. Reviewer Comment (2022-03-31): XXXX  received lender rebuttal.  The lender credit of $XX.XX (general lender credit, not a cure credit) was given to borrower and set as baseline on X-XX-XX LE. The final CD issued X-X reflects the $XX lender credit but then the X-XX corrected CD then adds a cure amount of $XX for the appraisal violation, which then removes the other lender credit.  Cure credit for a tolerance violation can not be used for the general lender credit and general lender credit was not given to borrower. The appraisal fee tolerance violation cure of $XX is separate credit.  Corrected CD, LOE to borrower, copy of cure for $XX and proof of mailing is required. Buyer Comment (2022-03-30): Lender credit in the amount of $XX for appraisal was given at closing.

04/15/2022

2

B

TX

Investment

Refinance - Cash-out - Other

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

A

C

B

A

A

N/A

Exempt from ATR

Yes

218040509

438035532

XXX

25904261

Credit

Hazard Insurance

Insufficient Coverage

Hazard Insurance

The Hazard Insurance Policy Effective Date is after closing.

Hazard Insurance Policy in file has an effective date ofXX/XX/XX, which occurred after the loan disbursement date ofXX/XX/XX. There was not an updated Hazard Policy found in the file with an effective date on or before loan disbursement.

Reviewer Comment (2022-04-04): HOI policy received with an effective date of XX/XX/XX which is on the note date. Exception is cleared. Buyer Comment (2022-03-31): see attached hoi-eff X/XX

04/04/2022

1

A

NY

Primary

Purchase

C

B

C

A

B

B

A

A

Non QM

Non QM

No

218040509

438035532

XXX

25904263

Compliance

Compliance

State Compliance

State HPML

(State HPML Disclosure) New York Subprime Loan (Counseling Disclosure Not Provided)

XXXX Subprime Loan: Counseling Disclosure not provided to borrower.

File is missing a copy of the XX Subprime Counseling Disclosure.

Buyer Comment (2022-03-28): EV2, please waive.

03/28/2022

2

B

NY

Primary

Purchase

No obvious cure

C

B

C

A

B

B

A

A

Non QM

Non QM

No

218040509

438035532

XXX

25904264

Compliance

Compliance

State Compliance

State HPML

(State HPML Disclosure) New York Subprime Loan (Subprime Legend Not on Mortgage)

XXXX Subprime Loan:  Mortgage does not contain a legend stating that the subprime loan is subject to Section 6-m of the Banking Law.

File is missing a copy of the XX Subprime Disclosure.

Buyer Comment (2022-03-28): EV2, please waive.

03/28/2022

2

B

NY

Primary

Purchase

Provide the following:  Letter of Explanation,  corrected Mortgage (with required Legend), and proof of mailing.  Best Practice would be to have signed and re-recorded Mortgage. (This will overwrite the existing Exception Remediation which reads: Provide the following: Corrected Mortgage (with required Legend), Letter of Explanation, and Proof of Delivery.  Best Practice would be to have signed and re-recorded Mortgage.).

C

B

C

A

B

B

A

A

Non QM

Non QM

Yes

218040509

438035532

XXX

25904265

Compliance

Compliance

State Compliance

State HPML

(State HPML Disclosure) New York Subprime Loan (Notice of Taxes and Insurance Not Provided)

Unable to test disclosure of taxes and insurance due to missing information.

File is missing a copy of the XX Subprime Tax Disclosure.

Buyer Comment (2022-03-28): EV2, please waive.

03/28/2022

2

B

NY

Primary

Purchase

No obvious cure

C

B

C

A

B

B

A

A

Non QM

Non QM

No

218040509

438035532

XXX

25904268

Compliance

Compliance

State Compliance

State HPML

XXXX Subprime Home Loan Threshold Fixed Non-Compliant

XXXX Subprime Loan: APR on subject loan of X.XX% or Final Disclosure APR of X.XX% is in excess of allowable threshold of Prime Mortgage Market Rate X.XX% + X.XX%, or X.XX%.  Non-Compliant SubPrime Loan.

Buyer Comment (2022-03-28): EV2, please waive.

03/28/2022

2

B

NY

Primary

Purchase

While considered narrow in its defense, the cure provisions under the NY Subprime law allows lenders, when acting in good faith, to make appropriate restitution to the borrower to satisfy the subprime home loan requirements and remove the loan from subprime status.  Cure may be made through refund if (1) there is bona fide evidence of good faith (i.e, lender has controls and policies in place to avoid making subprime loans); and (2) the borrower has not yet brought any action against lender.  There is no time limit for which such restitution must be made.

C

B

C

A

B

B

A

A

Non QM

Non QM

Yes

218040514

438035543

XXX

25904285

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Missing HOA verification for both properties.

Reviewer Comment (2022-04-13): No HOA document require as per received closing disclosure. Exception cleared. Buyer Comment (2022-04-11): Credit

04/13/2022

1

A

FL

Investment

Purchase

C

A

C

A

A

A

A

A

N/A

Exempt from ATR

No

218040514

438035543

XXX

25904286

Credit

Asset

Asset Calculation / Analysis

Asset

Guideline Requirement: Available for Reserves discrepancy.

Borrower qualified with pending net sale proceeds of $XXX. Missing all documentation as required per guides for the pending sale on the XXXX property.

Reviewer Comment (2022-04-18): Received closing disclosure for net to processed property "XXXX" also revised 1003,1008 and explanation letter and associated the same in file, reserve & asset requirement has been fulfilled. Exception cleared. Buyer Comment (2022-04-15): 1008 1003 and Assets Reviewer Comment (2022-04-13): Require relevant document as borrower qualified Pending net sale proceeds of $XXX noted on final 1003 and available bank statement of XXXX for designated account #XXXX already used for income, also no additional bank statement provided or left to fulfill the asset and reserve requirement. please provide relevant document to clear this exception, Hence, Exception remains. Buyer Comment (2022-04-11): Assets

04/18/2022

1

A

FL

Investment

Purchase

C

A

C

A

A

A

A

A

N/A

Exempt from ATR

No

218040514

438035543

XXX

25904287

Credit

Asset

Asset Calculation / Analysis

Asset

Available for Closing is insufficient to cover Cash From Borrower.

Borrower qualified with pending net sale proceeds of $XXX. Missing all documentation as required per guides for the pending sale on the XXXX property.

Reviewer Comment (2022-04-18): Received closing disclosure for net to processed property "XXXX" also revised 1003,1008 and explanation letter and associated the same in file, reserve & asset requirement has been fulfilled. Exception cleared. Buyer Comment (2022-04-15): 1008 1003 and Asset Document Reviewer Comment (2022-04-13): Require relevant document as borrower qualified Pending net sale proceeds of $XXXXXXX.XX noted on final 1003 and available bank statement of XXXX for designated account #XXXX already used for income, also no additional bank statement provided or left to fulfill the asset and reserve requirement. please provide relevant document to clear this exception, Hence, Exception remains. Buyer Comment (2022-04-11): Assets

04/18/2022

1

A

FL

Investment

Purchase

C

A

C

A

A

A

A

A

N/A

Exempt from ATR

No

218040514

438035543

XXX

25904288

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

Title Error: Title vesting does not concur with deed

Security instrument reflects xxxx and Title reflects XXXX, a single man.

Reviewer Comment (2022-04-13): Received Warranty Deed document with relevant information and same has been associated, Exception Cleared. Buyer Comment (2022-04-11): Warranty Deed Reviewer Comment (2022-04-08): Require title should be in the name business entity"XXXXLLC" instead of "XXXX" as per other document in file. Hence Exception remains. Buyer Comment (2022-04-04): Please see Assignment and Assusmtion

04/13/2022

1

A

FL

Investment

Purchase

C

A

C

A

A

A

A

A

N/A

Exempt from ATR

No

218040618

438035539

XXX

25904534

Credit

Document Error

General

Document Error

Note terms reflect Interest Only.  Interest-Only Rider was not checked on the Security Instrument screen.  Correct data or set exception.

Note provided in the file is an Interest-Only Period Fixed Rate Note however, this Note is missing the Interest Only terms. Final Closing Disclosure and the 1008 reflect the subject loan is a fixed rate loan. Upon receipt of the executed Fixed Rate Note, additional conditions may apply.

Reviewer Comment (2022-05-05): Received corrected note document, document verified and accepted. Details are updated as per the document, document associated. Exception cleared. Buyer Comment (2022-05-05): Corrected Note

05/05/2022

1

A

WA

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

218040618

438035539

XXX

25904537

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $XXX. exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Appraisal Fee was disclosed as $XXX on the Initial Loan Estimate, but disclosed as $XXX. on the revised Loan Estimate dated XX/XX/XX and on the Final Closing Disclosure. COC issued on XX/XX/XX disclosed the reason for the change as "Settlement Charge - appraisal fee updated" however, the COC did not disclose what new information warranted an increase in the Appraisal Fee. Evidence of cure for the increase of $XXX was not provided.

Reviewer Comment (2022-05-03): XXXX  received Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD Buyer Comment (2022-05-02): Post CD LOX Refund Check and Proof of Delivery Reviewer Comment (2022-04-26): XXXX  received COC dated XX/XX/XX stating "Appraisal Fee updated(received appraisal invoice with rush fee added). Appraisal fee increase on receipt of invoice is not a valid reason. Please provide more information on when the lender became aware of the need for rush of Appraisal.  Appraisal fee should be increased after lender became aware of the fee requirement, and the redisclosure must be within 3 business days otherwise cure would be due to borrower. Buyer Comment (2022-04-25): Appraisal Invoice with COC

05/03/2022

2

B

WA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

218040618

438035539

XXX

25904538

Credit

Asset

Asset Calculation / Analysis

Asset

Available for Closing is insufficient to cover Cash From Borrower.

Verified assets of $XXX. are insufficient to cover the funds needed for closing of $XXX.. Shortage is due to borrower's checking statement verifies a large deposit of $XXX. on XX/XX/XX which was not sourced ,and the file is missing proof the gift of $XXX. was transferred to the borrower as required by the lender's guidelines. Both amounts have therefore been excluded.

Reviewer Comment (2022-04-25): Received revised bank statement with additional funds and explanations regarding Gift funds $XXX. and reserve and assets requirement now fulfilled. Exception cleared. Buyer Comment (2022-04-22): Reserves

04/25/2022

1

A

WA

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

218040618

438035539

XXX

25904539

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: PITIA reserves months discrepancy.

Verified reserves of x months are insufficient to cover the x months of reserves as required by the xxxx guidelines.Shortage is due to borrower's checking statement verifies a large deposit of $XXX. on XX/XX/XX which was not sourced ,and the file is missing proof the gift of $XXX. was transferred to the borrower as required by the lender's guidelines. Both amounts have therefore been excluded.

Reviewer Comment (2022-04-25): Received revised bank statement with additional funds and explanations regarding Gift funds $XXX. and reserve and assets requirement now fulfilled. Exception cleared. Buyer Comment (2022-04-22): Reserves

04/25/2022

1

A

WA

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

218040645

438035515

XXX

25904681

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Credit Report Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Sufficient or excess cure was provided to the borrower at Closing.

Credit Report fee was disclosed at $xxx on the Initial Loan Estimate, but disclosed as $xxx on the Final Closing Disclosure datedXX/XX/XX. No valid changed circumstance was found in the file. A lender credit of $xxx provided at closing was sufficient to cover the tolerance violation amount totaling $xxx.

Reviewer Comment (2022-04-28): Sufficient Cure Provided At Closing

04/28/2022

1

A

VA

Primary

Purchase

Final CD evidences Cure

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

218040645

438035515

XXX

25904682

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Reinspection Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Sufficient or excess cure was provided to the borrower at Closing.

Reinspection fee was not disclosed on the Initial Loan Estimate, but disclosed as $XXX on the Final Closing Disclosure datedXX/XX/XX. No valid changed circumstance was found in the file. A lender credit of $XXX provided at closing was sufficient to cover the tolerance violation amount totaling $XXX.

Reviewer Comment (2022-04-28): Sufficient Cure Provided At Closing

04/28/2022

1

A

VA

Primary

Purchase

Final CD evidences Cure

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

218040645

438035515

XXX

25904683

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Provided Prior to Date Performed

ECOA Valuations Rule (Dodd-Frank 2014): Date valuation provided to applicant is prior to the date when valuation was performed.  Unable to determine compliance with appraisal timing requirements.

Appraisal was delivered to borrower onXX/XX/XX which occurred after the appraisal effective date ofXX/XX/XX. This date, however, occurred prior to the appraisal report date ofXX/XX/XX. There is no evidence that an updated valuation report was delivered to the borrower on or after the report date.

Buyer Comment (2022-04-29): EV2, please waive.

04/29/2022

2

B

VA

Primary

Purchase

C

B

A

A

C

B

A

A

Non QM

Non QM

No

218040645

438035515

XXX

25904686

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Credit Report Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Fee disclosed was  last disclosed as $XXX on LE but disclosed as $XXX on Final Closing Disclosure.  File does not contain a valid COC for this fee, nor evidence of cure in file.

Reviewer Comment (2022-05-16): XXXX : Suffcient cure provided at closing. Buyer Comment (2022-05-16): please waive, cures for the increased Credit Report Fee and the Reinspection Fee were completed on the Final CD at Closing.

05/16/2022

1

A

VA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

218040645

438035515

XXX

25904687

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Reinspection Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Fee was not disclosed on Loan Estimate.  File does not contain a valid COC for this fee, nor evidence of cure.

Reviewer Comment (2022-05-16): XXXX : Suffcient cure provided at closing. Buyer Comment (2022-05-16): please waive, cures for the increased Credit Report Fee and the Reinspection Fee were completed on the Final CD at Closing.

05/16/2022

1

A

VA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

218040645

438035515

XXX

25904688

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Home Warranty Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Fee was not disclosed on Loan Estimate.  File does not contain a valid COC for this fee, nor evidence of cure.

Reviewer Comment (2022-05-16): XXXX  received corrected PCCD with LOE. Buyer Comment (2022-05-16): see attached pccd docs.

05/16/2022

1

A

VA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

218040645

438035515

XXX

25904689

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Title - Abstract / Title Search.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Fee disclosed was  last disclosed as $XXX on LE but disclosed as $XXX on Final Closing Disclosure.  File does not contain a valid COC for this fee, nor evidence of cure in file.

Reviewer Comment (2022-05-11): Received a valid COC for the increase in the Title - Abstract Title Search Fee. Buyer Comment (2022-05-11): see attached coc.

05/11/2022

1

A

VA

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

A

A

C

B

A

A

Non QM

Non QM

Yes

218040650

438035530

XXX

25904705

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Appraisal Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Sufficient or excess cure was provided to the borrower at Closing.

Zero Percent Fee Tolerance exceeded for Appraisal Fee. Fee Amount of $XXX disclosed on the final CD exceeds tolerance of $XXX disclosed on the LE. Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2022-04-27): Sufficient Cure Provided At Closing

04/27/2022

1

A

FL

Primary

Purchase

Final CD evidences Cure

C

B

C

B

C

B

A

A

Non QM

Non QM

Yes

218040650

438035530

XXX

25904707

Compliance

Compliance

Federal Compliance

ATR/QM Defect

Check Loan Designation Match - ATR Risk

Ability to Repay (Dodd-Frank 2014): Originator Loan Designation of Non QM does not match Due Diligence Loan Designation of ATR Risk.

Loan exceeds XXX% max DTI.  Lender did not count an installment loan with balance of $xxxx and payment of $xxx.  Based on monthly payment and balance, number of months left to pay on the installment loan exceeds guideline requirements of x payments to exclude debt.

Reviewer Comment (2022-05-18): Received lender approved exception with compensating factors to waive the auto loan payment with less than XX remaining. Calculated months remaining of X.XXX months was rounded to XX months. Buyer Comment (2022-05-13): Please see the attached exception approval Buyer Comment (2022-05-13): . Reviewer Comment (2022-05-13): Please provide lender's exception approval form or similar documentation as unable to locate in the file. Exception remains. Buyer Comment (2022-05-12): An exception has been approved for this file. Please check with XXXX and clear. Reviewer Comment (2022-05-05): Require revised credit report supplement document for installment loan with balance of $XXXX and payment of $XXX as it's still not less than 10 months as per system, as per response calculation monthly payment XXX XXXX/XXX=X.XXX months remaining however if we round off the figure it will comes out as XX.Hence, please provide latest document which reflects latest figures to clear this exception, Exception remains. Buyer Comment (2022-05-04): Please see the attached

05/18/2022

1

A

FL

Primary

Purchase

Lender to provide updated ATR/QM Loan Designation

C

B

C

B

C

B

A

A

Non QM

Non QM

Yes

218040650

438035530

XXX

25904708

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General ATR Provision Investor and Non QM DTIs match and both moderately exceed Guidelines

Ability to Repay (Dodd-Frank 2014): The DTI calculated in accordance with the Lenders Guidelines and 1026.43(c)(5) of XX.XX% moderately exceeds the guideline maximum of XX.XX%. (DTI Exception is eligible to be regraded with compensating factors.)

Loan exceeds XXX% max DTI.  Lender did not count an installment loan with balance of $xxxx and payment of $xxx.  Based on monthly payment and balance, number of months left to pay on the installment loan exceeds guideline requirements of x payments to exclude debt.

Borrower has been employed in the same industry for more than x years. Borrower has worked in the same position for more than X years.

Borrower has been self-employed since XXXX. Subject loan closed on XXXX. Borrower has been self-employed since XXXX.

Aggregator,Owner Owner,Aggregator

Reviewer Comment (2022-05-18): Received lender approved exception with compensating factors to waive the auto loan payment with less than XX remaining. Calculated months remaining of X.XXX months was rounded to XX months. Reviewer Comment (2022-05-05): Require revised credit report supplement document for installment loan with balance of $XXXX and payment of $XXX as it's still not less than 10 months as per system, as per response calculation monthly payment XXX.XX XXXX.XX/XXX.XX=X.XXX months remaining however if we round off the figure it will comes out as 10.Hence, please provide latest document which reflects latest figures to clear this exception, Exception remains. Buyer Comment (2022-05-04): Please see the attached

05/18/2022

2

B

FL

Primary

Purchase

C

B

C

B

C

B

A

A

Non QM

Non QM

No

218040650

438035530

XXX

25904709

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: Investor qualifying total debt ratio discrepancy.

Loan exceeds XXX% max DTI.  Lender did not count an installment loan with balance of $xxxx and payment of $xxx.  Based on monthly payment and balance, number of months left to pay on the installment loan exceeds guideline requirements of x payments to exclude debt.

Borrower has been employed in the same industry for more than x years. Borrower has worked in the same position for more than X years.

Borrower has been self-employed since XXXX. Subject loan closed on XXXX. Borrower has been self-employed since XXXX.

Aggregator,Owner Owner,Aggregator

Reviewer Comment (2022-05-18): Received lender approved exception with compensating factors to waive the auto loan payment with less than XX remaining. Calculated months remaining of X.XXX months was rounded to XX months. Reviewer Comment (2022-05-05): Require revised credit report supplement document for installment loan with balance of $XXXX and payment of $XXX as it's still not less than 10 months as per system, as per response calculation monthly payment XXX.XX XXXX.XX/XXX.XX=X.XXX months remaining however if we round off the figure it will comes out as 10.Hence, please provide latest document which reflects latest figures to clear this exception, Exception remains. Buyer Comment (2022-05-04): Please see the attached

05/18/2022

2

B

FL

Primary

Purchase

C

B

C

B

C

B

A

A

Non QM

Non QM

No

218040650

438035530

XXX

25904710

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General Ability To Repay Provision Investor Guidelines

Ability to Repay (Dodd-Frank 2014): Based on the loan failing one or more guideline components, the loan is at ATR risk.

Loan exceeds XXX% max DTI.  Lender did not count an installment loan with balance of $xxxx and payment of $xxx.  Based on monthly payment and balance, number of months left to pay on the installment loan exceeds guideline requirements of x payments to exclude debt.

Reviewer Comment (2022-05-18): Received lender approved exception with compensating factors to waive the auto loan payment with less than XX remaining. Calculated months remaining of X.XXX months was rounded to XX months. Reviewer Comment (2022-05-05): Require revised credit report supplement document for installment loan with balance of $XXXX and payment of $XXX as it's still not less than 10 months as per system, as per response calculation monthly payment XXX.XX XXXX.XX/XXX.XX=X.XXX months remaining however if we round off the figure it will comes out as 10.Hence, please provide latest document which reflects latest figures to clear this exception, Exception remains. Buyer Comment (2022-05-04): Please see the attached

05/18/2022

1

A

FL

Primary

Purchase

C

B

C

B

C

B

A

A

Non QM

Non QM

No

218040650

438035530

XXX

25904711

Credit

Credit

AUS Discrepancy / Guidelines Discrepancy

Guideline

Guideline Requirement: Investor qualifying total debt ratio discrepancy.

Calculated investor qualifying total debt ratio of XX.XX% exceeds Guideline total debt ratio of XX.XX%.

Borrower has been employed in the same industry for more than x years. Borrower has worked in the same position for more than X years.

Borrower has been self-employed since XXXX. Subject loan closed on XXXX. Borrower has been self-employed since XXXX.

Aggregator,Owner Owner,Aggregator

Reviewer Comment (2022-05-18): Received lender approved exception with compensating factors to waive the auto loan payment with less than XX remaining. Calculated months remaining of X.XXX months was rounded to XX months.

05/18/2022

2

B

FL

Primary

Purchase

C

B

C

B

C

B

A

A

Non QM

Non QM

No

218040651

438035535

XXX

25904713

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

File is missing a copy of insurance verification for investment property located at  XXXX

Reviewer Comment (2022-05-05): Reo property " XXXX " is a free and clear also LAND only hence hazard insurance verification not require. Exception cleared. Buyer Comment (2022-05-04): Please see the attached

05/05/2022

1

A

AZ

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

A

A

N/A

Exempt from ATR

No

218040651

438035535

XXX

25904714

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

File is missing insurance and tax verification for investment property located at  XXXX

Reviewer Comment (2022-05-23): Received revised 1008 and 1003 as per the document reo property " XXXX " has been removed from system for DTI, document associated. Exception cleared. Buyer Comment (2022-05-20): Please see the attached updated 1008 and 1003 Reviewer Comment (2022-05-13): Please provide Insurance verification or relevant documentation for the property at XXXX as this has been included in DTI calculations as per the final 1003, also on 1008 underwriter comments states that the REO XXXXX is owned by other LLC's client owns. Exception remains. Buyer Comment (2022-05-12): Please see the attached reponse Reviewer Comment (2022-05-05): Require Hazard insurance verification for reo property " XXXX " to clear this exception, tax information updated from received property report and same has been associated in file. Exception remains for HOI document. Buyer Comment (2022-05-04): Please see the attached

05/23/2022

1

A

AZ

Investment

Refinance - Cash-out - Other

C

A

C

A

A

A

A

A

N/A

Exempt from ATR

No

218040652

438035682

XXX

25904716

Compliance

Compliance

Federal Compliance

ATR/QM Defect

General Ability To Repay Provision Income and Assets - Assets

Ability to Repay (Dodd-Frank 2014): Unable to verify assets using reasonably reliable third-party records.

File is missing a copy of the source of Gift Funds.  File contains the gift letter and wire confirmation, however, there is not a bank statement from donors bank sourcing the gift funds.

Reviewer Comment (2022-05-13): Gift Letter dated XX/XX/XX prior to note date of XX/XX/XX has been provided. Document associated and details updated. Exception is cleared. Reviewer Comment (2022-05-11): XXXX approved the exception for the gift funds being wired to the title company after the note date and exception was approved subject to ensuring the Gift Letter was dated prior to the Note. However, the gift letter in the file is dated XX/XX/XX, which is after the Note date of XX/XX/XX. Exception remains. Buyer Comment (2022-05-09): Exception approved Reviewer Comment (2022-04-29): Loan fails ATR due to date of the gifts funds received on XX/XX/XX, Gift funds were wired to the closing agent after the note date of XX/XX/XX. Exception can not be cleared due to compliance requirement. Provide gift funds within the note date to clear the exception. Exception remains. Buyer Comment (2022-04-28): Not required per guides, wire to title is all that is needed.

05/13/2022

1

A

CA

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

218040652

438035682

XXX

25904718

Compliance

Compliance

Federal Compliance

ATR/QM Defect

Check Loan Designation Match - ATR

Ability to Repay (Dodd-Frank 2014): Originator Loan Designation of Non QM does not match Due Diligence Loan Designation of ATR Fail.

Loan fails ATR due to missing documentation from donors bank account sourcing gift funds.

Reviewer Comment (2022-05-13): Gift Letter dated XX/XX/XX prior to note date of XX/XX/XX has been provided. Document associated and details updated. Exception is cleared. Buyer Comment (2022-05-12): Gift letter prior to X-XX Reviewer Comment (2022-05-11): XXXX approved the exception for the gift funds being wired to the title company after the note date and exception was approved subject to ensuring the Gift Letter was dated prior to the Note. However, the gift letter in the file is dated XX/XX/XX, which is after the Note date of XX/XX/XX. Exception remains. Reviewer Comment (2022-04-29): Loan fails ATR due to date of the gifts funds received on XX/XX/XX , Gift funds were wired to the closing agent after the note date of XX/XX/XX. Exception can not be cleared due to compliance requirement. Provide gift funds within the note date to clear the exception. Exception remains. Buyer Comment (2022-04-28): Not required per guidelines

05/13/2022

1

A

CA

Primary

Purchase

Lender to provide updated ATR/QM status

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

218040652

438035682

XXX

25904719

Compliance

Compliance

Federal Compliance

ATR/QM

NonQM ATR

Ability-to-Repay (Dodd-Frank 2014): General Ability-to-Repay requirements not satisfied.

Loan fails ATR due to missing documentation from donors bank account sourcing gift funds.

Reviewer Comment (2022-05-13): Gift Letter dated XX/XX/XX prior to note date of XX/XX/XX has been provided. Document associated and details updated. Exception is cleared. Reviewer Comment (2022-04-29): Loan fails ATR due to date of the gifts funds received on XX/XX/XX, Gift funds were wired to the closing agent after the note date of XX/XX/XX. Exception can not be cleared due to compliance requirement. Provide gift funds within the note date to clear the exception. Exception remains.

05/13/2022

1

A

CA

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

218040652

438035682

XXX

25904720

Credit

Missing Document

General

Missing Document

Missing Document: Source of Funds/Deposit not provided

File is missing a copy of the Donor's bank account sourcing gift funds.

Reviewer Comment (2022-05-13): Gift Letter dated XX/XX/XX prior to note date of XX/XX/XX has been provided. Document associated and details updated. Exception is cleared. Reviewer Comment (2022-05-11): XXXX approved the exception for the gift funds being wired to the title company after the note date and exception was approved subject to ensuring the Gift Letter was dated prior to the Note. However, the gift letter in the file is dated XX/XX/XX, which is after the Note date of XX/XX/XX. Exception remains. Reviewer Comment (2022-04-29): Loan fails ATR due to date of the gifts funds received on XX/XX/XX, Gift funds were wired to the closing agent after the note date of XX/XX/XX. Exception can not be cleared due to compliance requirement. Provide gift funds within the note date to clear the exception. Exception remains. Buyer Comment (2022-04-28): Not required per guidelines

05/13/2022

1

A

CA

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

218040652

438035682

XXX

25904721

Credit

Income / Employment

Income Documentation

Income / Employment

Verification(s) of employment is not within 10 business days of the Note.

-

Work Number with Income verification is in file with verification date showingXX/XX/XX which is more than 10 business days prior to the note date ofXX/XX/XX.

Reviewer Comment (2022-04-29): Work number has been provided dated XX/XX/XX within 10 business days of the note date. Exception cleared. Buyer Comment (2022-04-28): see attached voe.

04/29/2022

1

A

CA

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

218040652

438035682

XXX

25904722

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Provided Prior to Date Performed

ECOA Valuations Rule (Dodd-Frank 2014): Date valuation provided to applicant is prior to the date when valuation was performed.  Unable to determine compliance with appraisal timing requirements.

Buyer Comment (2022-04-28): EV2, please waive.

04/28/2022

2

B

CA

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

218040655

438035522

XXX

25904731

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Loan Discount Points.  Fee Amount of $XXX. exceeds tolerance of $XXX..  Insufficient or no cure was provided to the borrower.

Loan Discount Point Fee was  last disclosed as $XXX. on LE but disclosed as $XXX. on Final Closing Disclosure.  File does not contain a valid COC for this fee, nor evidence of cure in file.   Provide a post-close CD disclosing the tolerance cure to include $XXX, a copy of refund check, proof of delivery, and a copy of the letter of explanation sent to the borrower disclosing the changes made.

Reviewer Comment (2022-05-02): XXXX  received valid COC hence no further action required Buyer Comment (2022-05-02): see attached le/coc/track-disc pts

05/02/2022

1

A

FL

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

218040657

438035077

XXX

25904740

Compliance

Compliance

Federal Compliance

Federal Defect

(Fed High Cost) Federal High-Cost Mortgage Loan (Points and Fees)

Truth in Lending Act (High-Cost Mortgage): Points and Fees on subject loan ofX.XX% is in excess of the allowable maximum of X.XX% of the Federal Total Loan Amount. Points and Fees of $XXX. on a Federal Total Loan Amount of $XXX. vs. an allowable total of $XXX. (an overage of $XXX oX.XX%).  Non-Compliant High Cost Loan.

Reviewer Comment (2022-05-18): Received verification of the lender's ownership percentage in the affiliated title company is less than XX.XX% therefore, all title fees paid to affiliate can be considered as paid to a 3rd party provider. Buyer Comment (2022-05-12): XXXX is not an Affiliate with XXXX.  XXXX (owner) does not own XX% so there is no Affliation please waive. Reviewer Comment (2022-05-09): The XXXX Report in file is not including any of the title fees, paid to First Source Title Agency (an affiliate of the lender) in the points and fees calculation. Requesting clarification of the justification of excluding these title fees given they were paid to a lender affiliate. The HOEPA rules under 1026.32(b)(1) (D) only allow certain bona fide fees NOT retained by the creditor, broker, or affiliate of either to be excluded. Exception remains. Buyer Comment (2022-05-02): Final XXXX (Compliance Report)

05/18/2022

1

A

FL

Primary

Refinance - Cash-out - Other

(1) Signed letter from borrower indicating their choice to either (a) accept refund and make loan non-high-cost or (b) keep loan as high-cost and make loan compliant; (2) Assuming option (a) is selected, a copy of refund check and proof of mailing; (3) Assuming option (b) is selected, proof of cure for each of the prohibited practices violations noted.

C

A

A

A

C

A

A

A

Non QM

Non QM

Yes

218040660

438035540

XXX

25904750

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

File is missing a copy of the Tax Verification for the REO property located at XXXX.

Reviewer Comment (2022-05-05): The property at  XXXX  is a cooperative unit and taxes are included in the maintenance fee , there are no separate property taxes document as per the documentation  provided. Exception cleared. Buyer Comment (2022-05-03): see attached uw lox/docs

05/05/2022

1

A

NY

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

218040660

438035540

XXX

25904751

Credit

Credit

Credit Documentation

Guideline

Missing Document: Asset not provided

File is missing X more month bank statement for  XXXX  IRA account, XXX statements received..  The most recent X months of statements must be provided for any account that will be utilized for asset qualification.

Reviewer Comment (2022-05-11): Received sufficient documentation to verify the transfers from trust account #XXXX to open account #XXXX on XX/XX/XX. Brokerage statements for account #XXXX are dated from XX/XX/XX to XX/XX/XX (3 months) and brokerage statements for account #XXXX are dated from XX/XX/XX to XX/XX/XX (3 months). Buyer Comment (2022-05-11): see attached uw lox-assets Reviewer Comment (2022-05-10): Require X more month bank statement for  XXXX  IRA account#XXXX as available only X months bank statement in file and require X months of statements must be provided for any account that will be utilized for asset qualification to clear this exception. As per received response for  XXXX  account#XXXX was transferred to  XXXX #XXXX and received bank statements consider and X months account statement are documented and same has been associated in file. Exception  Remains. Buyer Comment (2022-05-09): see attached uw lox and docs Reviewer Comment (2022-05-05): Noted the  XXXX  IRA account #XXXX was originally in the father's name and then transferred to the co-borrower, we have close out statement in file. However we would still need to know the bank statement provided with account number #XXXX is linked with which IRA account as we have used two  XXXX  advisors accounts one stocks#XXXX and another #XXXX. Both of these accounts have only X months bank statements in file. Need clarification. Exception remains. Buyer Comment (2022-05-03): see attached uw lox/docs

05/11/2022

1

A

NY

Primary

Purchase

C

A

C

A

A

A

A

A

Non QM

Non QM

No

218040663

438035428

XXX

25904759

Credit

Title

General

Title

Title Policy Coverage is less than Original Loan Amount.

Title Commitment reflects an ALTA Loan Policy amount of $XXX., which is insufficient to cover the subject loan amount of $XXX.. Final Title Policy was not provided to verify sufficient title coverage was obtained

Reviewer Comment (2022-05-03): Received Title commitment with corrected policy amount, details updated and document associated. Exception Cleared. Buyer Comment (2022-05-02): corrected title

05/03/2022

1

A

NV

Primary

Refinance - Rate/Term

C

B

C

A

C

B

A

A

Non QM

Non QM

No

218040663

438035428

XXX

25904760

Credit

Income / Employment

Income Documentation

Income / Employment

Verification(s) of employment is not within 10 business days of the Note.

-

File is missing a copy of the Employment Verification for the borrower completed within 10 business days of the Note date.

Reviewer Comment (2022-05-03): We have received VVOE for the borrower which is dated XX/XX/XX and our note date is XX/XX/XX the document is within 10 business days from the note date. Hence, no concerns, exception cleared. Buyer Comment (2022-05-02): VVOE

05/03/2022

1

A

NV

Primary

Refinance - Rate/Term

C

B

C

A

C

B

A

A

Non QM

Non QM

No

218040663

438035428

XXX

25904762

Compliance

Compliance

Federal Compliance

Missing Non-Required Data

(Missing Data) Last Rate Set Date

Last Date Rate Set and Initial Rate Lock Date not provided.  Worst Case Scenario between Creditor Application Date and Transaction Date used to determine rate used for testing.

File is missing a copy of the lender's Rate Lock agreement.

Buyer Comment (2022-05-02): grade 2 cond. waived

05/02/2022

2

B

NV

Primary

Refinance - Rate/Term

C

B

C

A

C

B

A

A

Non QM

Non QM

No

218040663

438035428

XXX

25904765

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Extension Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Extension Fee was not disclosed on the Initial Loan Estimate, but disclosed as $XXX on the Final Closing Disclosure datedXX/XX/XX. No valid changed circumstance was found in the file. No evidence was found in the file that a Cure was provided at closing to cover the tolerance violation amount totaling $XXX..

Reviewer Comment (2022-05-12): XXXX  received valid COC for adding fee. Buyer Comment (2022-05-11): LEs, CD, COCs to clear .

05/12/2022

1

A

NV

Primary

Refinance - Rate/Term

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

218040663

438035428

XXX

25904766

Compliance

Compliance

Miscellaneous Compliance

Compliance

Other Compliance Exception (Manual Add)

Change of circumstances in file dated XX/XX/XX, XX/XX/XX, XX/XX/XX and XX/XX/XX with no corresponding LE provided.

Reviewer Comment (2022-05-11): All the missing Loan estimates along with corresponding Change of circumstance have been provided. Documents associated. Exception cleared. Buyer Comment (2022-05-10): missing LEs:

05/11/2022

1

A

NV

Primary

Refinance - Rate/Term

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

218040664

438035552

XXX

25904767

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Provided Prior to Date Performed

ECOA Valuations Rule (Dodd-Frank 2014): Date valuation provided to applicant is prior to the date when valuation was performed.  Unable to determine compliance with appraisal timing requirements.

File does not contain evidence of prior receipt of appraisal.

Buyer Comment (2022-05-05): Grade 2

05/05/2022

2

B

NY

Investment

Purchase

C

B

C

A

B

B

A

A

N/A

Exempt from ATR

No

218040664

438035552

XXX

25904768

Credit

Legal / Regulatory / Compliance

Title / Lien Defect

Title

Title Policy is Preliminary or Commitment, and not a Final Title Policy.

Reviewer Comment (2022-05-13): Final Title Policy has been provided which confirms vesting. Details updated and document associated. Exception cleared.

05/13/2022

1

A

NY

Investment

Purchase

C

B

C

A

B

B

A

A

N/A

Exempt from ATR

No

218040664

438035552

XXX

25904769

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

Title Error: Title vesting does not concur with deed

Title commitment proposed insured does not match vesting on transfer deed and security instrument and final title policy is not in file to confirm final vesting on title.

Reviewer Comment (2022-05-13): Final Title Policy has been provided which confirms vesting. Details updated and document associated. Exception cleared. Buyer Comment (2022-05-12): Correct title policy showing it is vested in the LLC

05/13/2022

1

A

NY

Investment

Purchase

C

B

C

A

B

B

A

A

N/A

Exempt from ATR

No

218040666

438035683

XXX

25904773

Compliance

Compliance

Federal Compliance

TRID

TRID Zero Percent Tolerance Violation With Sufficient Cure Provided At Closing

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Transfer Tax.  Fee Amount of $XXX. exceeds tolerance of $XXX..  Sufficient or excess cure was provided to the borrower at Closing.

Reviewer Comment (2022-05-04): Sufficient Cure Provided At Closing

05/04/2022

1

A

FL

Primary

Purchase

Final CD evidences Cure

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

218040666

438035683

XXX

25904776

Compliance

Compliance

Federal Compliance

ATR/QM

Self-Employed Tax Return Recency - ATR

Ability to Repay (Dodd-Frank 2014): Self Employed Tax Returns - The business or personal tax returns provided are not the most recent. Application Date XX/XX/XX,  Most Recent Tax Return End Date XX/XX/XX, Tax Return Due Date XX/XX/XX.

File is missing business tax return extension for XXXX.

Buyer Comment (2022-05-05): Grade 2

05/05/2022

2

B

FL

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

218040666

438035683

XXX

25904777

Compliance

Compliance

Federal Compliance

ATR/QM

Self-Employed Tax Return Recency - ATR

Ability to Repay (Dodd-Frank 2014): Self Employed Tax Returns - The business or personal tax returns provided are not the most recent. Application Date XX/XX/XX,  Most Recent Tax Return End Date XX/XX/XX, Tax Return Due Date XX/XX/XX.

File is missing business tax return extension for XXXX.

Buyer Comment (2022-05-05): Grade 2

05/05/2022

2

B

FL

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

218040666

438035683

XXX

25904778

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

File missing proof of insurance or letter indicating insurance not carried on property owned free and clear.

Reviewer Comment (2022-05-11): LOX has been provided stating that the home is demolished and there is just the land and no home insurance. Exception cleared. Buyer Comment (2022-05-09): Please see the attached

05/11/2022

1

A

FL

Primary

Purchase

C

B

C

A

C

B

A

A

Non QM

Non QM

No

218040666

438035683

XXX

25904779

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Title - Abstract / Title Search.  Fee Amount of $XX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Fee was not disclosed on Loan Estimate.  File does not contain a valid COC for this fee, nor evidence of cure.

Reviewer Comment (2022-05-19): XXXX  received PCCD, LOE, proof of mailing & copy of refund check. Buyer Comment (2022-05-18): cure attached

05/19/2022

2

B

FL

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

218040666

438035683

XXX

25904780

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Title - Insurance Binder Fee.  Fee Amount of $XXX exceeds tolerance of $XXX.  Insufficient or no cure was provided to the borrower.

Fee was not disclosed on Loan Estimate.  File does not contain a valid COC for this fee, nor evidence of cure.

Reviewer Comment (2022-05-19): XXXX  received PCCD, LOE, proof of mailing & copy of refund check. Buyer Comment (2022-05-18): cure attached

05/19/2022

2

B

FL

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

218040666

438035683

XXX

25904781

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Zero Percent Tolerance Violation Without Sufficient Cure Provided

TILA-RESPA Integrated Disclosure: Zero Percent Fee Tolerance exceeded for Transfer Tax.  Fee Amount of $XXX. exceeds tolerance of $XXX..  Insufficient or no cure was provided to the borrower.

Fee disclosed was  last disclosed as $XXX. on LE but disclosed as $XXX. on Final Closing Disclosure.  File does not contain a valid COC for this fee, nor evidence of cure in file.

Reviewer Comment (2022-05-19): XXXX  upon further review sufficient cure provided at closing Buyer Comment (2022-05-18): remaining cure attached Reviewer Comment (2022-05-13): XXXX : Cure provided at closing is insufficient to cure for all the citing (additional exception - Title - Insurance Binder Fee and Title - Abstract/ Title Search Fee ) exception. Exception remains. Buyer Comment (2022-05-12): Cure given on final cd in section J.

05/19/2022

1

A

FL

Primary

Purchase

Fee Tolerance Refund Provide the Following: Letter of Explanation, Proof of Delivery, Copy of Refund Check, and Corrected CD

C

B

C

A

C

B

A

A

Non QM

Non QM

Yes

218260066

438035548

XXX

26168366

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

File is missing a copy of the secondary valuation required for securitization purposes.

Reviewer Comment (2022-05-10): CDA provided. Buyer Comment (2022-05-06): cda

05/10/2022

1

A

NY

Investment

Refinance - Cash-out - Other

D

A

A

A

D

A

N/A

No

218260070

438035531

XXX

26168372

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

Missing Document: Verification of Identification not provided

Verification of Identification (including detailed info about which identification form was used and its number) for each borrower is missing from the file.

Reviewer Comment (2022-04-18): Received Patriot Act Customer Identification document for/as Verification of Identification document. Document associated and exception cleared. Buyer Comment (2022-04-15): US Patriot Act Disclosure

04/18/2022

1

A

FL

Investment

Purchase

C

A

C

A

A

A

N/A

No

218260070

438035531

XXX

26168373

Credit

Missing Document

General

Missing Document

Missing Document: Evidence of Access to Funds not provided

Borrowers were qualified with business assets. File is missing the CPA, EA or licensed tax preparer's letter stating that the use of the business funds will not have a negative impact on the business operations, or the lender's full cash flow analysis of the business as required by the lender's guidelines.

Reviewer Comment (2022-06-08): CPA letter has been provided which states XXXX was dissolved on XXXX XXXX due to the sale of the property and sale proceeds were used. Business funds can be used. Exception cleared. Buyer Comment (2022-06-07): Please see attached Reviewer Comment (2022-05-31): Provided is the 1008 with underwriter comments only, we would require a CPA letter , EA or licensed tax preparer's letter or lender's Cash Flow analysis for the business account to clear this exception. Exception remains. Buyer Comment (2022-05-27): see attached Reviewer Comment (2022-05-18): Guidelines require a CPA letter or lender's cash flow analysis for all loan types to verify liquidity for all business accounts used for closing and/or reserves. In order to waive and regrade this exception, a lender's exception with compensating factors (approved by XXXX) is required. Buyer Comment (2022-05-11): Please waive condition - this is a XXXX Loan, not a bank statement loan therefore this conditions is not applicable Reviewer Comment (2022-04-27): Require CPA letter, EA or licensed tax preparer's letter stating that the use of the business funds will not have a negative impact on the business operations, or the lender's full cash flow analysis of the business as required by the lender's guidelines to clear this exception however received bank statements instead of CPA Letter. Hence, Exception remains. Buyer Comment (2022-04-25): Bank Statements

06/08/2022

1

A

FL

Investment

Purchase

C

A

C

A

A

A

N/A

No

218260072

438035529

XXX

26168376

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Non Escrowed Property Costs Year 1

TILA-RESPA Integrated Disclosure - Loan Disclosures: Amount of Non-Escrowed Property Costs over Year 1 of XXX on Final Closing Disclosure provided on XX/XX/XX not accurate.

Final CD page 4 reflects $XXX ($XX monthly). Appraisal reflects $XX per month.

Buyer Comment (2022-03-31): Grade 2

03/31/2022

2

B

VA

Investment

Refinance - Cash-out - Other

Letter of Explanation & Corrected Closing Disclosure

B

B

A

A

B

B

A

A

N/A

Exempt from ATR

No

218260072

438035529

XXX

26168378

Credit

Credit

Miscellaneous

Guideline

Credit Exception:

Business Purpose Certification missing from the loan file. Please provide.

Reviewer Comment (2022-06-10): Business purpose certificate received. Exception cleared. Buyer Comment (2022-06-08): Please see the attached business purpose disclosure

06/10/2022

1

A

VA

Investment

Refinance - Cash-out - Other

B

B

A

A

B

B

A

A

N/A

Exempt from ATR

No

218260077

438035520

XXX

26168400

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

Missing Document: Rider - 1-4 Family not provided

File is missing a copy of the 1-4 Family Rider to the Security Instrument.  Property is a 3 Family Investment Property.

Reviewer Comment (2022-06-13): Rider - 1-4 Family has been provided. Exception cleared. Buyer Comment (2022-06-10): 1-4 Family Rider

06/13/2022

1

A

NJ

Investment

Purchase

D

B

C

B

B

B

D

A

N/A

Exempt from ATR

No

218260077

438035520

XXX

26168401

Compliance

Compliance

Federal Compliance

Missing Disclosure

Notice of Special Flood Hazard Disclosure Not Provided Timely

FDPA Notification Rule: Creditor did not provide a Notice of Special Flood Hazard Disclosure within a reasonable time prior to closing.

Notice of Special Flood Hazard Disclosure provided at closing.  Missing document provided prior to closing.

Buyer Comment (2022-03-21): EV2, please waive.

03/21/2022

2

B

NJ

Investment

Purchase

D

B

C

B

B

B

D

A

N/A

Exempt from ATR

No

218260077

438035520

XXX

26168403

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

Loan is to be securitized and missing a copy of the secondary valuation.

Reviewer Comment (2022-03-30): Secondary Valuation( CDA) has been provided. Document associated and updated. Exception cleared. Buyer Comment (2022-03-29): see attached cda. Reviewer Comment (2022-03-22): Require Secondary valuation (CDA) as per guidelines to clear this exception. Hence, Exception Remains. Buyer Comment (2022-03-21): per XXXX procedure, cda's are ordered by them on our behalf.

03/30/2022

1

A

NJ

Investment

Purchase

D

B

C

B

B

B

D

A

N/A

Exempt from ATR

No

218260077

438035520

XXX

26168404

Credit

Guideline

Guideline Issue

Guideline

The Guarantor's Percent of Business Ownership does not meet guideline requirements.

- % of Business Ownership: ___

Borrower only own's XXX% of LLC.  The other owner of the LLC did not sign documents.  There is a Lender's Exception in file under the approval.

Borrower has verified disposable income of at least $XXX. Borrower has been employed in the same industry for more than x years. The representative FICO score exceeds the guideline minimum by at least X points.

$XXX in residual income. XX years in same line of work. Guidelines Representative FICO: XXX: Representative FICO: XXX = XX points.

Originator,Owner Originator,Owner Owner,Originator

Reviewer Comment (2022-03-18): Client elects to waive with comp factors.

03/18/2022

2

B

NJ

Investment

Purchase

D

B

C

B

B

B

D

A

N/A

Exempt from ATR

No

218260077

438035520

XXX

26168405

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

XXXX and XXXX missing a copy of the lease agreements. XXXX missing HOI.

Reviewer Comment (2022-03-30): Lease agreements received for the properties at XXXX Ave and XXXX,  Exception cleared. Buyer Comment (2022-03-29): FULL LEASE AGREEMENTS FORXXXX AND XXXX - IF ADDITIONAL INFORMATION IS NEEDED PLEASE PROVIDE CLARIFICATION. Reviewer Comment (2022-03-29): Full lease agreement for the properties at XXXX  and XXXX is still missing to consider the rental income as provided one are only the screenshots where no rental income is evident. Exception remains. Buyer Comment (2022-03-28): the full leases for XXXX and XXXX have been uploaded on X/XX and X/XX.  Please see attached screen shots. Reviewer Comment (2022-03-25): Letter of explanation for XXXX Avenue associated however lease agreement for XXXX Ave and XXXX Ave is still missing. Exception Remains Buyer Comment (2022-03-23): see attached leases. Buyer Comment (2022-03-23): see attached leases Reviewer Comment (2022-03-23): Noted there is no insurance for the property at XXXX , however lease agreements for the property at XXXX and XXXX is still required to clear the exception. Buyer Comment (2022-03-21): see attached reo docs-XXXX and XXXX leases, XXXX bwr lox no hoi.

03/30/2022

1

A

NJ

Investment

Purchase

D

B

C

B

B

B

D

A

N/A

Exempt from ATR

No

218260077

438035520

XXX

26168406

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Provided Prior to Date Performed

ECOA Valuations Rule (Dodd-Frank 2014): Date valuation provided to applicant is prior to the date when valuation was performed.  Unable to determine compliance with appraisal timing requirements.

Buyer Comment (2022-06-13): EV2, please waive.

06/13/2022

2

B

NJ

Investment

Purchase

D

B

C

B

B

B

D

A

N/A

Exempt from ATR

No

218260078

438035684

XXX

26168381

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Appraisal Provided Prior to Date Performed

ECOA Valuations Rule (Dodd-Frank 2014): Date valuation provided to applicant is prior to the date when valuation was performed.  Unable to determine compliance with appraisal timing requirements.

Appraisal effective date isXX/XX/XX which the date appraisal was signed is XX/XX/XX which is after the date when borrower received copy of the appraisal. Per acknowledgement of receipt email, borrower downloaded appraisal onXX/XX/XX.

Reviewer Comment (2022-06-03): Evidence of appraisal receipt provided. Buyer Comment (2022-06-03): Appraisal delivery receipt.

06/03/2022

1

A

FL

Primary

Refinance - Cash-out - Other

C

B

C

A

B

B

A

A

Non QM

Non QM

No

218260078

438035684

XXX

26168382

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.XX% + X.XX%, or X.X%.  Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-06-03): Evidence of appraisal receipt provided.

06/03/2022

1

A

FL

Primary

Refinance - Cash-out - Other

C

B

C

A

B

B

A

A

Non QM

Non QM

No

218260078

438035684

XXX

26168383

Compliance

Compliance

Federal Compliance

TRID Defect

TRID Final Closing Disclosure Non Escrowed Property Costs Year 1

TILA-RESPA Integrated Disclosure - Loan Disclosures: Amount of Non-Escrowed Property Costs over Year 1 of XXX on Final Closing Disclosure provided on XX/XX/XX not accurate.

Subject property is in a PUD with HOA dues.  Appraisal reflects HOA dues as an annual amount of $XXX. Final CD reflects $XXX.

Reviewer Comment (2022-04-26): XXXX  received Post CD and LOX. Buyer Comment (2022-04-25): PCCD attached.

04/26/2022

2

B

FL

Primary

Refinance - Cash-out - Other

Letter of Explanation & Corrected Closing Disclosure

C

B

C

A

B

B

A

A

Non QM

Non QM

No

218260078

438035684

XXX

26168385

Credit

Credit

Credit Documentation

Guideline

The Verification of Rent (VOR) / Verification of Mortgage (VOM) is required and was not found in file.

File is missing verification of both the 1st and 2nd mortgages.  These are not shown on the credit report nor are they shown on a credit supplement.  There is no pay history statement in file for either mortgage.

Reviewer Comment (2022-05-25): Verification of Mortgage document has been provided which confirms loan has been paid in full and no late payments in XX months, details updated and document associated. Exception cleared. Buyer Comment (2022-05-24): VOM

05/25/2022

1

A

FL

Primary

Refinance - Cash-out - Other

C

B

C

A

B

B

A

A

Non QM

Non QM

No

218260078

438035684

XXX

26168386

Credit

Insurance

Insurance Analysis

Insurance

Insufficient Coverage: Hazard insurance coverage amount is insufficient.

Hazard Insurance Policy Coverage amount of $XXX is not sufficient coverage.  Policy does not contain verbiage reflecting Guaranteed Replacement cost and it does not disclose any extended coverage.  Replacement cost estimator is not in file.  Coverage shortfall is $XXX.

Reviewer Comment (2022-06-03): Extended replacement cost provided. Reviewer Comment (2022-05-25): The provided dwelling coverage amount of $XXX,XXX on checklist is not sufficient coverage and it does not include any extended coverage. Provide replacement cost estimator for coverage shortfall of $XXX.xception remains. Buyer Comment (2022-05-24): Checklist Reviewer Comment (2022-04-28): Replacement cost estimator is required, ordinance or Law coverage with XX% of dwelling can not be considered as Replacement cost., please provide additional coverage to clear the exception. Exception remains. Reviewer Comment (2022-04-28): Cleared in Error. Reviewer Comment (2022-04-27): RCE is not required as on HOI policy, there is XX% extended dwelling coverage. Details updated, exception is cleared. Buyer Comment (2022-04-26): Policy has additional XX% coverage on top of the $XXX,XXX for a total of $XXX,XXX.

06/03/2022

1

A

FL

Primary

Refinance - Cash-out - Other

C

B

C

A

B

B

A

A

Non QM

Non QM

No

218260078

438035684

XXX

26168388

Compliance

Compliance

Federal Compliance

Federal HPML

Federal HPML 2014 Non Compliant

Federal Higher-Priced Mortgage Loan: APR on subject loan of X.X% or Final Disclosure APR of X.X% is in excess of allowable threshold of APOR X.XX% + X.XX%, or X.X%.  Non-Compliant Higher Priced Mortgage Loan.

Reviewer Comment (2022-06-08): Preliminary appraisal provided. Buyer Comment (2022-06-08): Please clear this waterfall condition after appraisal receipt is tied to original appraisal.

06/08/2022

1

A

FL

Primary

Refinance - Cash-out - Other

C

B

C

A

B

B

A

A

Non QM

Non QM

No

218260078

438035684

XXX

26168389

Compliance

Compliance

Federal Compliance

Federal HPML

(Fed HPML Provision) Federal Higher-Priced Mortgage Loan (Appraisal Not Obtained Timely)

TILA HPML Appraisal Rule (Dodd-Frank 2014): Appraisal not obtained prior to consummation.

Provide all appraisals and evidence they were all sent to the borrower at least 3 days prior to closing.

Reviewer Comment (2022-06-08): Preliminary appraisal provided. Buyer Comment (2022-06-08): This is the original appraisal and you have the certificate of delivery already X/XX. Please clear. you should now have original apprasial and delivery and revised appraisal and delivery. 2 appraisals 2 deliveries. Reviewer Comment (2022-06-08): Missing a copy of the preliminary appraisal and any other interim appraisals along with their evidence of receipt?

06/08/2022

1

A

FL

Primary

Refinance - Cash-out - Other

C

B

C

A

B

B

A

A

Non QM

Non QM

No