Client Name:
Client Project Name:	BRAVO 2024-RPL1
Start - End Dates:	2/21/2018 - 1/31/2020
Deal Loan Count:	6


Conditions Report 2.0

Loans in Report:	6
Loans with Conditions:	5

Loan Number

Original Principal Balance

State

Initial Lender ATR/QM Status

Loan Level ATR/QM Status

Initial Securitization Overall Loan Grade

Final Securitization Overall Loan Grade

Initial Securitization Credit Loan Grade

Final Securitization Credit Loan Grade

Initial Securitization Property Valuations Loan Grade

Final Securitization Property Valuations Loan Grade

Initial Securitization Compliance Loan Grade

Final Securitization Compliance Loan Grade

Initial S&P Overall Loan Grade

Final S&P Overall Loan Grade

Initial S&P Credit Loan Grade

Final S&P Credit Loan Grade

Initial S&P Property Valuations Loan Grade

Final S&P Property Valuations Loan Grade

Initial S&P Compliance Loan Grade

Final S&P Compliance Loan Grade

Condition Category

Condition Sub Category

Condition Status

Initial Securitization Condition Grade

Final Securitization Condition Grade

Initial S&P Condition Grade

Final S&P Condition Grade

Condition Code

Condition Description

Condition Material Indicator

Initial Comments

Client/Seller Response Comments

Conclusion Comments

TRID Error Type

Cure Method

Compensating Factors

RPL1995

XXXXXX

ATR/QM: Exempt

Compliance

Federal Consumer Protection

Active

N/A

CMPFDCP3254

TILA - Cannot determine if ARM Program Disclosure was provided in a timely manner

The Early Arm Statement was provided however, it is not dated so there is no way to determine if it was delivered to borrower within three days of the application date of XXX.

(No Data)

Not Applicable

CFCFS2860: Good credit history
- Clayton Comments: Good credit history for both borrowers, with not late payments reporting

CFCFS1741: Credit score exceeds guidelines
- Clayton Comments: Mid fico: 708, minimum credit score allowed 620

RPL1995

XXXXXX

ATR/QM: Exempt

Compliance

Federal Consumer Protection

Satisfied

CMPFDCP849

TILA - Required ARM Loan Program Disclosure missing

Required Early ARM Loan Program Disclosure missing in file

7/3/2019: Lender provided the Early Arm Disclosure Statement.

7/3/2019: Exception satisfied however, exception CMPFDCP3254 generated since the disclosure is not dated.

(No Data)

Not Applicable

RPL1995

XXXXXX

ATR/QM: Exempt

Compliance

TILA/RESPA Integrated Disclosure

Satisfied

CMPTRID4352

TRID - CD: At least one section contains formatting that does not comply with the Regulation

Final CD XXX and Post CD XXX, section E., field Transfer Taxes - missing payee's name

7/30/2019: Lender provided PCCD dated XXX with the Transfer Tax payee name included and a letter of explanation to borrower.

7/30/2019: Exception satisfied.

Hybrid

Not Applicable

RPL1995

XXXXXX

ATR/QM: Exempt

Compliance

TILA/RESPA Integrated Disclosure

Satisfied

CMPTRID4463

TRID - Assumption selection on the CD does not match the clause in the mortgage.

Per ARM Rider, loan is assumable under certain condition. Final CD indicates loan is not assumable. Values are not matching. Condition pending receiving corrected Post CD with LOE and proof of delivery to borrower

7/30/2019: Lender provided a letter of explanation and a PCCD dated XXX with the assumption changed to assumable.

7/30/2019: Exception satisfied.

Non-Numeric

Not Applicable

RPL1995

XXXXXX

ATR/QM: Exempt

Compliance

TILA/RESPA Integrated Disclosure

Satisfied

CMPTRID5051

TRID - CD: Inconsistency between the amounts disclosed for the Homeowners' Insurance premium in one or more sections of the CD

Final CD XXX and Post CD XXX, section F. field HOI - incorrect value. Per HOI invoice in file, total amount due for HOI is $XXX

7/12/2019: Lender provided a refund letter to the borrower from the HOI company stating a credit was applied to the account and that a refund check for the remaining credit on the account was enclosed. However, a re-disclosed CD from lender with the correct HOI amount, LOX and client's permission for 130(b) or (c) cure is still required to satisfy. Exception remains. 7/25/2019: Lender provided PCCD dated XXX with the correct HOI amount and a letter of explanation to borrower.

7/25/2019: Exception satisfied.

Numeric

Not Applicable

RPL1995

XXXXXX

ATR/QM: Exempt

Compliance

TILA/RESPA Integrated Disclosure

Satisfied

CMPTRID3600

TRID - CD delivered only via e-mail but there is no prior e-sign consent in file; by regulation, CD must be treated as not delivered

Initial CD XXX is e-signed by both borrowers however prior e-consent found in file is only for borrower 1. Missing e-consent for borrower 2.

7/12/2019: Lender provided the borrower's e-consent.

7/12/2019: Exception satisfied.

(No Data)

Not Applicable

RPL1995

XXXXXX

ATR/QM: Exempt

Compliance

TILA/RESPA Integrated Disclosure

Satisfied

CMPTRID5111

TRID - LE delivered only via e-mail but there is no prior e-sign consent in file; by regulation, LE must be treated as not delivered

LE XXX is e-signed by second borrower however no prior e-consent found in file. Only first borrower e-consent is found in file dated XXX

7/12/2019: Lender provided the borrower's e-consent.

7/12/2019: Exception satisfied.

(No Data)

Not Applicable

RPL2008

XXXXXX

Non-QM: Lender documented all ATR UW factors

CFCFS1744: DTI below guideline requirement
- Clayton Comments:  DTI of 18.67 is below lender's guide lines max of 50%.

CFCFS2854: Significant time in profession
- Clayton Comments:  Borrower has been in the same line of work for 14 years.

CFCFS1731: Verified cash reserves exceed guidelines
- Clayton Comments:  Verified cash reserves of 6.58 months PITI exceed guide lines.

RPL1515

XXXXXX

(No Data)

ATR/QM: Not Applicable

N/A

Compliance

Federal Consumer Protection

Active

CMPFDCP314

TILA - Final TIL not dated, unable to confirm timely delivery

Final TIL is not hand dated by the borrower, unable to confirm timely delivery.

(No Data)

RPL1515

XXXXXX

(No Data)

ATR/QM: Not Applicable

N/A

Compliance

State Prepayment Penalty

Active

CMPSTPP106

PPP - Prepayment penalty exceeds maximum allowed (%)

Maximum prepayment penalty is 1% of amount repaid. Prepayment penalty per note is 6 months interest of OPB. Prepayment penalty expired XXX in 60 months.

(No Data)

Prepayment penalty has expired

(No Data)

Not Applicable

(No Data)

RPL1515

XXXXXX

(No Data)

ATR/QM: Not Applicable

N/A

Compliance

State Prepayment Penalty

Active

CMPSTPP108

PPP - Prepayment penalty type exceeds maximum allowed

Prepayment penalty type exceeds maximum allowed. Prepayment penalty expired XXX in 60 months.

(No Data)

Prepayment penalty has expired

(No Data)

Not Applicable

(No Data)

RPL1515

XXXXXX

(No Data)

ATR/QM: Not Applicable

N/A

Compliance

State Prepayment Penalty

Active

CMPSTPP1535

PPP - Prepayment penalty term exceeds state maximum

Maximum prepayment penalty is 1% of amount prepaid. Prepayment penalty per note is 6 months interest of OPB. Prepayment penalty expired XXX in 60 months.

(No Data)

Prepayment penalty has expired

(No Data)

Not Applicable

(No Data)

RPL1542

XXXXXX

(No Data)

ATR/QM: Not Applicable

N/A

Compliance

Documentation

Active

CMPDOC155

Application Missing

Missing Application.

(No Data)

Applicable Statute of Limitations has expired - Final grade EV2

(No Data)

Not Applicable

(No Data)

RPL1542

XXXXXX

(No Data)

ATR/QM: Not Applicable

N/A

Compliance

Federal Consumer Protection

Active

CMPFDCP300

HMDA Rate Spread greater than threshold

Test APR of 11.759% with HMDA Benchmark Rate of 4.540% causing variance of 7.219% which exceeds HMDA Rate spread Trigger of 3.000.

(No Data)

RPL1542

XXXXXX

(No Data)

ATR/QM: Not Applicable

N/A

Compliance

Right of Rescission

Active

CMPROR118

ROR - Disbursement date is on/before disclosed "midnight of" date

Disbursement date of XXX is before disclosed midnight of date of XXX.

(No Data)

RPL1542

XXXXXX

(No Data)

ATR/QM: Not Applicable

N/A

Compliance

Right of Rescission

Active

CMPROR2330

ROR - Disbursement date is before end of statutory rescission period

Disbursement date of XXX is prior to end of rescission period date of XXX based on transaction date of XXX.

(No Data)

Applicable Statute of Limitations has expired - EV2

(No Data)

Not Applicable

(No Data)

RPL1326

XXXXXX

QM: GSE Temporary - QM/RP

Compliance

TILA/RESPA Integrated Disclosure

Satisfied

CMPTRID4352

TRID - CD: At least one section contains formatting that does not comply with the Regulation

Final CD XXX Transaction Information section is missing seller address.

5.30.19 - Lender provided LOX and corrected with CD with sellers address.

5.30.19 - Exception satisfied

Hybrid

Not Applicable

CFCFS1731: Verified cash reserves exceed guidelines
- Clayton Comments: 70 months PITI reserves verified, max per guidelines is 6 months

RPL1326

XXXXXX

QM: GSE Temporary - QM/RP

Property Valuations

Appraisal

Satisfied

PRVAAPPR3116

Missing updated valuation

Missing updated property valuation supporting the appraised value of $XXX.

5/23/2019 Desk Review provided supports value with a 0% variance.

5/23/2019 Exception satisfied.

(No Data)

Not Applicable

CFCFS1731: Verified cash reserves exceed guidelines
- Clayton Comments: 70 months PITI reserves verified, max per guidelines is 6 months

RPL1994

XXXXXX

ATR/QM: Exempt

Compliance

Right of Rescission

Active

CMPROR1909

Incorrect ROR Form Used - H8 Form Used in Refinance With Original Creditor

Regulation Z designates the H9 rescission form as the form designed for same lender refinance transactions; for this loan the lender is using the H8 form. Regulation Z has language allowing the use of a substantially similar notice. Claytons view has been that an H8 protects the lender and assignee to at least the same extent as an H9, but Clayton recognized that one could think that the mere existence of the H9 takes away the substantially similar notice argument. The majority of U.S. Circuit Courts that have opined on the issue have upheld the use of an H8 in a same-lender refinance; therefore, Clayton grades the use of an H8 form in a same-lender refinance as a level 2/B- Non Material exception in those Circuits that have not decided on this issue.

(No Data)

Not Applicable

CFCFS1736: Significant time at current residence
- Clayton Comments: Borrower has owned his home 7 years and 10 months.

CFCFS1741: Credit score exceeds guidelines
- Clayton Comments: Credit score of 739 exceeds the minimum of 620, 109 points.

RPL1994

XXXXXX

ATR/QM: Exempt

Compliance

TILA/RESPA Integrated Disclosure

Satisfied

CMPTRID3716

TRID - Curable issue related to the Closing Disclosure in file

Lender name is missing the LLC in the Transaction Information section of CD XXX. Corrected on PCCD XXX.

(No Data)

Exception satisfied since corrected on PCCD.

(No Data)

Not Applicable

RPL1994

XXXXXX

ATR/QM: Exempt

Compliance

TILA/RESPA Integrated Disclosure

Satisfied

CMPTRID4214

TRID - Loan Estimate: An LE is missing at least one required data point

The Lender contact information is in the Broker section of NMLS on LE. Corrected on CD.

(No Data)

5/07/2019: Exception satisfied since corrected on CD.

Hybrid

Not Applicable

RPL1994

XXXXXX

ATR/QM: Exempt

Compliance

TILA/RESPA Integrated Disclosure

Satisfied

CMPTRID4285

TRID - CD: The value for Loan Amount in the LE column of the CD's Calculating Cash to Close table (Alt Version) is different from the value disclosed on the last LE

The Loan Amount of $XXX disclosed in the LE column of the Calculating Cash To Close table on CD XXX and PCCD XXX do not match the Loan Amount of $XXX on the LE.

6/20/2019: Lender provided the PCCD dated XXX however the calculating cash to close values in the LE column still do not match the LE values. Exception remains. 6/21/2019: Lender provided LE dated XXX which has the matching values of the CD's Calculating Cash to Close table LE column.

6/21/2019: Exception satisfied.

Non-Numeric

Not Applicable

CFCFS1736: Significant time at current residence
- Clayton Comments: Borrower has owned his home XXX years and XXX months.

CFCFS1741: Credit score exceeds guidelines
- Clayton Comments: Credit score of 739 exceeds the minimum of 620, 109 points.

RPL1994

XXXXXX

ATR/QM: Exempt

Compliance

TILA/RESPA Integrated Disclosure

Satisfied

CMPTRID4299

TRID - CD: The value for Total Closing Costs in the LE column of the CD's Calculating Cash to Close table is different from the value disclosed on the last LE

The Total Closing Costs (J) value of -$XXX disclosed in the LE column of the Calculating Cash To Close table on CD XXX and PCCD XXX do not match the Total Closing Costs (J) value of -$XXX on the LE.

6/20/2019: Lender provided the PCCD dated XXX however the calculating cash to close values in the LE column still do not match the LE values. Exception remains.6/21/2019: Lender provided LE dated XXX which has the matching values of the CD's Calculating Cash to Close table LE column.

6/21/2019: Exception satisfied.

Non-Numeric

Not Applicable

RPL1994

XXXXXX

ATR/QM: Exempt

Compliance

TILA/RESPA Integrated Disclosure

Satisfied

CMPTRID4309

TRID - CD: The value for Cash to Close in the LE column of the CD's Calculating Cash to Close table is different from the value disclosed on the last LE

The Cash to Close value of $XXX disclosed in the LE column of the Calculating Cash To Close table on CD XXX and PCCD XXX do not match the Estimated Cash to Close value of $XXX on the LE.

6/20/2019: Lender provided the PCCD dated XXX however the calculating cash to close values in the LE column still do not match the LE values. Exception remains.6/21/2019: Lender provided LE dated XXX which has the matching values of the CD's Calculating Cash to Close table LE column.

6/21/2019: Exception satisfied.

Non-Numeric

Not Applicable

RPL1994

XXXXXX

ATR/QM: Exempt

Compliance

TILA/RESPA Integrated Disclosure

Satisfied

CMPTRID4312

TRID - CD: The value for Total Payoffs and Payments in the LE column of the CD's Calculating Cash to Close table is different from the value disclosed on the last LE

The Total Payoffs and Payments value of -$XXX disclosed in the LE column of the Calculating Cash To Close table on CD XXX and PCCD XXX do not match the Estimated Total Payoffs and Payments value of -$XXX on the LE.

6/20/2019: Lender provided the PCCD dated XXX however the calculating cash to close values in the LE column still do not match the LE values. Exception remains.6/21/2019: Lender provided LE dated XXX which has the matching values of the CD's Calculating Cash to Close table LE column.

6/21/2019: Exception satisfied.

Non-Numeric

Not Applicable

RPL1994

XXXXXX

ATR/QM: Exempt

Compliance

TILA/RESPA Integrated Disclosure

Satisfied

CMPTRID4463

TRID - Assumption selection on the CD does not match the clause in the mortgage.

Assumption selection on the CD does not match the clause in the mortgage. Per ARM Rider loan is assumable upon approval after initial fixed period.

6/20/2019: Lender provided the PCCD dated XXX correcting the Assumption statement and a letter of explanation to the borrower.

6/20/2019: Exception satisfied.

Non-Numeric

Not Applicable

RPL1994

XXXXXX

ATR/QM: Exempt

Credit

Credit/Mtg History

Satisfied

CRDCRMH1805

Debts/obligations not disclosed/accounted for at origination

LOX regarding XXX. Advise what property this is tied to as well as applicable documentation for taxes and insurance.

5/15/2019 - Lender provided an updated final 1003 to show that the HELOC belongs to a REO XXX and to include another REO. In addition, included property profiles on both properties.

5/15/2019 - Exception satisfied.

(No Data)

Not Applicable