Exception Grades

Run Date - 10/14/2024 1:55:01 PM

SitusAMC Loan ID

Customer Loan ID

Seller Loan ID

Investor Loan Number

Unique Loan ID

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

DBRS Initial Exception Rating

DBRS Final Exception Rating

Fitch Initial Exception Rating

Fitch Final Exception Rating

Kroll Initial Exception Rating

Kroll Final Exception Rating

Moody's Initial Exception Rating

Moody's Final Exception Rating

S&P Initial Exception Rating

S&P Final Exception 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

[redacted]

[redacted]

[redacted]

[redacted]

59318031

11569865

 

 

Compliance

Compliance

Federal Compliance

TRID

TRID Seller Closing Disclosure

TILA-RESPA Integrated Disclosure:  Seller Closing Disclosure not located in the file.

not in loan file

 

 

 

Reviewer Comment (2019-04-26): Client elects to waive.

 

 

04/26/2019

2

B

B

B

B

B

B

B

B

B

B

 

NJ

Investment

Purchase

Letter of Explanation & Corrected Closing Disclosure

C

B

A

A

B

B

C

A

N/A

N/A

Yes

[redacted]

[redacted]

[redacted]

[redacted]

59318031

11569943

 

 

Property

Appraisal Reconciliation

Value Discrepancy

Appraisal Reconciliation

Loan is to go in a securitization and reflects only one valuation product when two are required.

 

 

 

 

 

Reviewer Comment (2019-05-14): Provided

05/14/2019

 

 

1

C

A

C

A

C

A

C

A

C

A

 

NJ

Investment

Purchase

 

C

B

A

A

B

B

C

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

59318031

11576809

 

 

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 $XXXXX exceeds tolerance of $XXXXX.  Sufficient or excess cure was provided to the borrower at Closing.

 

 

 

 

 

 

04/24/2019

 

1

A

A

A

A

A

A

A

A

A

A

 

NJ

Investment

Purchase

Final CD evidences Cure

C

B

A

A

B

B

C

A

N/A

N/A

Yes

[redacted]

[redacted]

[redacted]

[redacted]

57748352

14990918

 

 

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 valuation was provided to the borrower prior to the final report date.

 

 

 

Reviewer Comment (2019-11-19): Client elects to waive.

 

 

11/19/2019

2

B

B

B

B

B

B

B

B

B

B

 

AL

Investment

Refinance - Rate/Term

 

B

B

A

A

B

B

A

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

57748352

14991108

 

 

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 $XXXXX exceeds tolerance of $XXXXX.  Sufficient or excess cure was provided to the borrower at Closing.

Zero Percent Fee Tolerance exceeded for Appraisal Re-Inspection Fee.  Fee Amount of $XXXXX exceeds tolerance of $XXXXX.  Sufficient or excess cure was provided to the borrower at Closing.

 

 

 

 

 

11/12/2019

 

1

A

A

A

A

A

A

A

A

A

A

 

AL

Investment

Refinance - Rate/Term

Final CD evidences Cure

B

B

A

A

B

B

A

A

N/A

N/A

Yes

[redacted]

[redacted]

[redacted]

[redacted]

54971003

15530244

 

 

Credit

Legal / Regulatory / Compliance

Title / Lien Defect

Legal / Regulatory / Compliance

Final Title Policy is missing. No evidence of title in file.

 

 

 

 

 

Reviewer Comment (2019-12-09): Exception cleared.


Seller Comment (2019-12-06): Title Policy

12/09/2019

 

 

1

C

A

C

A

C

A

C

A

C

A

 

CA

Investment

Refinance - Rate/Term

 

C

B

C

A

C

B

A

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

54971003

15530245

 

 

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 XXXXX 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.

Missing Esign agreement.

 

 

 

Reviewer Comment (2019-12-31): XXXXX received E consent. Exception Cleared.


Seller Comment (2019-12-23): Econsent

12/31/2019

 

 

1

C

A

C

A

C

A

C

A

C

A

 

CA

Investment

Refinance - Rate/Term

 

C

B

C

A

C

B

A

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

54971003

15530246

 

 

Compliance

Compliance

Federal Compliance

TRID

TRID Esign Consent Agreement Status

ESIGN Act - Missing esign consent.  TRID disclosures provided electronically will not be used to set or rebaseline fees for tolerance purposes.  Disclosures sent electronically may result in a fee tolerance violation of up to $XXXXX and disclosure timing violations.

E-sign consent agreement was not provided.

 

 

 

Reviewer Comment (2019-12-06): Client elects to waive.

 

 

12/06/2019

2

B

B

B

B

B

B

B

B

B

B

 

CA

Investment

Refinance - Rate/Term

No Defined Cure

C

B

C

A

C

B

A

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

54971003

15530247

 

 

Compliance

Compliance

Federal Compliance

TRID

TRID Final Closing Disclosure Closing Date

TILA-RESPA Integrated Disclosure - General Information: Final Closing Disclosure provided on  XXXXX disclosed a Closing Date that did not match the actual date of consummation.

Closing date was listed as  XXXXX however, borrower's signed final CD on XXXXX.

 

 

 

Reviewer Comment (2019-12-05): PCCD corrected the closing date.

 

12/05/2019

 

1

B

A

B

A

B

A

B

A

B

A

 

CA

Investment

Refinance - Rate/Term

Letter of Explanation & Corrected Closing Disclosure

C

B

C

A

C

B

A

A

N/A

N/A

Yes

[redacted]

[redacted]

[redacted]

[redacted]

54971003

15530248

 

 

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Property newly refinanced and documentation was not provided to verify new PITI payment.

 

 

 

Reviewer Comment (2020-01-28): Exception cleared.


Seller Comment (2020-01-28): CD


Reviewer Comment (2020-01-27): Final 1008 reflects primary closing concurrently with subject. Need final CD to confirm PITIA for XXXXX.


Reviewer Comment (2019-12-27): Docs are from the new refinance loan. Final 1003 read LoanLock PITI $XXXXX balance $XXXXX


Seller Comment (2019-12-23): XXXXX docs

01/28/2020

 

 

1

C

A

C

A

C

A

C

A

C

A

 

CA

Investment

Refinance - Rate/Term

 

C

B

C

A

C

B

A

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

54971003

15530249

 

 

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

Missing VVOE - Employment Only for XXXXX required by AUS.

 

 

 

Reviewer Comment (2019-12-09): Exception cleared


Seller Comment (2019-12-06): VOE

12/09/2019

 

 

1

C

A

C

A

C

A

C

A

C

A

 

CA

Investment

Refinance - Rate/Term

 

C

B

C

A

C

B

A

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

59436833

16212693

 

 

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.

There's no evidence of receipt of the appraisal by the borrowers.

 

 

 

Reviewer Comment (2020-02-20): Client elects to waive.

 

 

02/20/2020

2

B

B

B

B

B

B

B

B

B

B

 

NY

Investment

Refinance - Cash-out - Other

 

C

B

C

A

C

B

C

A

N/A

Temporary HPQM (GSE/Agency Eligible)

No

[redacted]

[redacted]

[redacted]

[redacted]

59436833

16212695

 

 

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 $8,500.00 exceeds tolerance of $0.00.  Insufficient or no cure was provided to the borrower.

Mortgage Broker fee disclosed as $0 on the LE dated XX/XX/XX; but disclosed as $8,500 on the Final Closing Disclosure.

 

 

 

Reviewer Comment (2020-02-19): Lender Correspondence and Change of Circumstance uploaded as a trailing doc

02/19/2020

 

 

1

C

A

C

A

C

A

C

A

C

A

 

NY

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

C

A

N/A

Temporary HPQM (GSE/Agency Eligible)

Yes

[redacted]

[redacted]

[redacted]

[redacted]

59436833

16212696

 

 

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 $800.00 exceeds tolerance of $700.00.  Insufficient or no cure was provided to the borrower.

Appraisal fee disclosed as $700 on the LE dated XX/XX/XX; but disclosed as $800 on the Final Closing Disclosure.

 

 

 

Reviewer Comment (2020-02-19): Lender Correspondence and Change of Circumstance uploaded as a trailing doc

02/19/2020

 

 

1

C

A

C

A

C

A

C

A

C

A

 

NY

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

C

A

N/A

Temporary HPQM (GSE/Agency Eligible)

Yes

[redacted]

[redacted]

[redacted]

[redacted]

59436833

16212718

 

 

Credit

Asset

Asset Calculation / Analysis

Asset

AUS Findings: Available for Reserves discrepancy.

 

Copy of bank statements not provided in file.

 

 

 

Reviewer Comment (2020-02-19): Bank stmts uploaded as a trailing doc

02/19/2020

 

 

1

C

A

C

A

C

A

C

A

C

A

 

NY

Investment

Refinance - Cash-out - Other

 

C

B

C

A

C

B

C

A

N/A

Temporary HPQM (GSE/Agency Eligible)

No

[redacted]

[redacted]

[redacted]

[redacted]

59436833

16219363

 

 

Credit

Insurance

Insurance Analysis

Insurance

Insufficient Coverage: Hazard insurance coverage amount is insufficient.

 

Policy reflects coverage of $800K; Cost New is $1,248,500; Loan Amount is $XXXXX. There's a shortfall of $198,800.

 

 

 

Reviewer Comment (2020-02-19): Replacement Cost Estimator provided as trailing doc

02/19/2020

 

 

1

C

A

C

A

C

A

C

A

C

A

 

NY

Investment

Refinance - Cash-out - Other

 

C

B

C

A

C

B

C

A

N/A

Temporary HPQM (GSE/Agency Eligible)

No

[redacted]

[redacted]

[redacted]

[redacted]

59436833

16219443

 

 

Property

Appraisal Reconciliation

Value Discrepancy

Appraisal Reconciliation

Loan is to go in a securitization and reflects only one valuation product when two are required.

 

CU Risk Score is not provided.

 

 

 

Reviewer Comment (2020-02-21): 0% variance

02/21/2020

 

 

1

C

A

C

A

C

A

C

A

C

A

 

NY

Investment

Refinance - Cash-out - Other

 

C

B

C

A

C

B

C

A

N/A

Temporary HPQM (GSE/Agency Eligible)

No

[redacted]

[redacted]

[redacted]

[redacted]

59436833

16219454

 

 

Credit

Income / Employment

Income Documentation

Income / Employment

Income Docs Missing:

-

There's no evidence of a 4506-T provided for both borrowers.

 

 

 

Reviewer Comment (2020-02-19): 4506t uploaded for both borrowers as trailing doc

02/19/2020

 

 

1

C

A

C

A

C

A

C

A

C

A

 

NY

Investment

Refinance - Cash-out - Other

 

C

B

C

A

C

B

C

A

N/A

Temporary HPQM (GSE/Agency Eligible)

No

[redacted]

[redacted]

[redacted]

[redacted]

59436833

16240072

 

 

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

No evidence of leases and/or tax returns to verify income for REO's.

 

 

 

Reviewer Comment (2020-02-27): exception cleared


Reviewer Comment (2020-02-19): Provide accurate Sch E for subject; reflecting mortgage interest in XXXXX. "Other interest" is not a usable figure for calculating rental income.

02/27/2020

 

 

1

C

A

C

A

C

A

C

A

C

A

 

NY

Investment

Refinance - Cash-out - Other

 

C

B

C

A

C

B

C

A

N/A

Temporary HPQM (GSE/Agency Eligible)

No

[redacted]

[redacted]

[redacted]

[redacted]

53659281

17729078

 

 

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. (Type:Primary/XX/XX/XX)

There is no evidence the borrower was provided with a copy of the appraisal.

 

 

 

Reviewer Comment (2020-06-09): Client elects to waive.

 

 

06/09/2020

2

B

B

B

B

B

B

B

B

B

B

 

NY

Investment

Refinance - Cash-out - Other

 

B

B

A

A

B

B

A

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

54888517

18817502

 

 

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.

File is missing documentation that the borrower was provided a copy of the appraisal at least 3 business days prior to closing

 

 

 

Reviewer Comment (2019-12-05): Evidence of appraisal delivery was provided, please see new exception.


Seller Comment (2019-12-04): delviery


Reviewer Comment (2019-11-25): Waiver was received, please provide evidence when the appraisal was sent.


Seller Comment (2019-11-22): not required...appraisal timing waiver

12/05/2019

 

 

1

B

A

B

A

B

A

B

A

B

A

 

TX

Investment

Refinance - Cash-out - Other

 

B

B

A

A

B

B

A

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

54888517

18817503

 

 

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.

Evidence of appraisal delivery was provided; however, delivery date of XX/XX/XX was 40 days after closing occurred,

 

 

 

Reviewer Comment (2019-12-09): Client acknowledges.

 

 

12/09/2019

2

 

B

 

B

 

B

 

B

 

B

 

TX

Investment

Refinance - Cash-out - Other

 

B

B

A

A

B

B

A

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

52812094

20782118

 

 

Credit

Loan Package Documentation

Loan File

Missing Document

Missing Document: Hazard Insurance Policy not provided

 

The file is missing a copy of hazard insurance.

 

 

 

Reviewer Comment (2021-05-21): HOI declarations page provided


Seller Comment (2021-05-15): see attached

05/21/2021

 

 

1

C

A

C

A

C

A

C

A

C

A

 

NY

Investment

Refinance - Rate/Term

 

D

A

C

A

A

A

D

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

52812094

20782426

 

 

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

 

The file is missing a copy of the secondary valuation required for securitization purposes.

 

 

 

Reviewer Comment (2021-06-02): 0% Variance.

06/02/2021

 

 

1

D

A

D

A

D

A

D

A

D

A

 

NY

Investment

Refinance - Rate/Term

 

D

A

C

A

A

A

D

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

59058264

21115281

 

 

Compliance

Compliance

Federal Compliance

GSE

FNMA Points and Fees

XXXXX Points and Fees on subject loan of 6.51875% is in excess of the allowable maximum of the greater of 5.00000% of the Original Loan Amount and $1000.00 (2021). XXXXX Finance Charge total $3,129.00 on a Original Loan Amount of $XXXXX vs. an allowable total of $2,400.00 and $1000.00 (2021) (an overage of $729.00 or 1.51875%).

The Points and Fees is in excess of the allowable maximum by $729.00.

 

 

 

Reviewer Comment (2021-07-20): XX/XX/XX Cleared.

07/20/2021

 

 

1

B

A

B

A

B

A

B

A

B

A

 

PA

Investment

Purchase

LOE, copy of check and proof of mailing/delivery. Note: Testing is optional based on deal settings.

B

A

A

A

B

A

A

A

N/A

N/A

Yes

[redacted]

[redacted]

[redacted]

[redacted]

59986978

21193063

 

 

Credit

Title

General

Title

Title Policy Coverage is less than Original Loan Amount.

 

 

 

 

 

Reviewer Comment (2021-08-05): Updated commitment received.

08/05/2021

 

 

1

C

A

C

A

C

A

C

A

C

A

 

IN

Investment

Purchase

 

C

A

C

A

A

A

C

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

59986978

21193389

 

 

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

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

-

442 is not in the file due to a 203K Maximum Mortgage worksheet and 203K Renovation loan agreement.   Funds collected at closing for the project.

 

 

 

Reviewer Comment (2021-08-03): Received Explanation for missing 442 in file, as it is a XXXXX loan program it is not required for 2nd appraisal. Exception cleared.

08/03/2021

 

 

1

C

A

C

A

C

A

C

A

C

A

 

IN

Investment

Purchase

 

C

A

C

A

A

A

C

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

55909984

21201317

 

 

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

 

The file is missing a copy of the secondary valuation required for securitization purposes.

 

 

 

Reviewer Comment (2021-08-05): XXXXX supporting value provided.

08/05/2021

 

 

1

D

A

D

A

D

A

D

A

D

A

 

MO

Investment

Refinance - Rate/Term

 

D

A

C

A

A

A

D

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

55909984

21261519

 

 

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Provide a copy of the new mortgage statement or Closing Disclosure from the simultaneous closing for this REO.

 

 

 

Reviewer Comment (2021-10-06): Note, Closing Disclosure and First payment letter received . exception cleared.


Reviewer Comment (2021-09-22): Closing disclosures show PITIA as $958.89 and the mortgage statement shows PITIA as $1220.40. Please provide a supporting documents for the difference between the mortgage statement and final 1003 /closing disclosure. Exception remains.


Reviewer Comment (2021-09-07): The available mortgage statement for mentioned property is showing PITIA in the amount of "$1220.40"; however, as per final 1003 in REO section reflects $958.89  . Please provide supporting document for difference between Mortgage statement and Final 1003 hence Exception Remains .


Reviewer Comment (2021-08-01): Mortgage statement is received. However, it is for the subject property 'XXXXX' and not REO property 'XXXXX'.


Reviewer Comment (2021-07-30): Closing Disclosure received is for subject property and not for the REO property. Exception not cleared.

10/06/2021

 

 

1

C

A

C

A

C

A

C

A

C

A

 

MO

Investment

Refinance - Rate/Term

 

D

A

C

A

A

A

D

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

55749372

21233517

 

 

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

 

This File is missing a copy of the secondary valuation required for securitization purposes.

 

 

 

Reviewer Comment (2021-08-06): ARR provided

08/06/2021

 

 

1

D

A

D

A

D

A

D

A

D

A

 

OR

Investment

Refinance - Rate/Term

 

D

A

C

A

A

A

D

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

55749372

21233713

 

 

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

XXXXX - Monthly statement to confirm PITI
XXXXX - Monthly statement to confirm PITI
XXXXX - Monthly statement, tax and insurance verification
XXXXX - tax and insurance verification
XXXXX - Monthly statement to confirm PITI

 

 

 

Reviewer Comment (2021-09-14): Tax Cert received for property at XXXXX. Exception cleared.


Reviewer Comment (2021-09-09): Require tax sheet document for the property located at XXXXX. Exception remains.


Reviewer Comment (2021-09-02): Insurance and Tax Verification Document is missing for the properties "XXXXX" , " XXXXX" , "XXXXX" and "XXXXX" . and First payment letter is provided for rest all the properties for Identify PITI ,Insurance and Tax. Exception Remains


Reviewer Comment (2021-08-30): Received and associated statements for (Address: XXXXX, Address: XXXXX, Address: XXXXX) missing statements from rest of the REO addresses, Exception remains..


Reviewer Comment (2021-08-26): Missing Mortgage statements for the following REO Properties: XXXXX,  XXXXX, XXXXX and XXXXX.  The Closing Statements do not reflect the PITI collected for each property listed.  Exception Remains


Seller Comment (2021-08-25): uploaded XXXXX Sch E to verify HOI for for XXXXX


Reviewer Comment (2021-08-23): Received LOE for the missing documents. However, if the properties are refinanced, then please provide the copies of Final CD of the requested properties. Exception remains.


Reviewer Comment (2021-08-06): The following documents were not provided:
XXXXX - Monthly statement to confirm PITI; XXXXX - Monthly statement to confirm PITI; XXXXX - Monthly statement, tax and insurance verification; XXXXX - tax and insurance verification; XXXXX - Monthly statement to confirm PITI

09/14/2021

 

 

1

C

A

C

A

C

A

C

A

C

A

 

OR

Investment

Refinance - Rate/Term

 

D

A

C

A

A

A

D

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

54159142

21254956

 

 

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

 

This File is missing a copy of the secondary valuation required for securitization purposes.

 

 

 

Reviewer Comment (2021-08-06): ARR provided

08/06/2021

 

 

1

D

A

D

A

D

A

D

A

D

A

 

NC

Investment

Purchase

 

D

A

A

A

D

A

D

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

54159142

21255796

 

 

Compliance

Loan Package Documentation

Closing / Title

Missing, Incorrect, or Incomplete Note

Missing Document: Note - Subject Lien not provided

 

 

 

 

 

Reviewer Comment (2021-07-29): Note document received on XX/XX/XX

07/29/2021

 

 

1

D

A

D

A

D

A

D

A

D

A

 

NC

Investment

Purchase

 

D

A

A

A

D

A

D

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

56851367

21256334

 

 

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

 

A Secondary Valuation is missing from the loan file.

 

 

 

Reviewer Comment (2021-08-06): Desk review provided. Exception cleared.


Reviewer Comment (2021-07-14): SAMC ordered secondary valuation of XX/XX/XX, nothing additional required on your part.


Reviewer Comment (2021-07-12): Require Secondary appraisal. CU score is 4.6.


Seller Comment (2021-07-12): XXXXX - Appraisal report uploaded, kindly check and let us know if required anything else.

08/06/2021

 

 

1

D

A

D

A

D

A

D

A

D

A

 

IN

Investment

Purchase

 

D

A

A

A

B

A

D

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

56851367

21257267

 

 

Compliance

Compliance

Federal Compliance

GSE

FNMA Points and Fees

FNMA Points and Fees on subject loan of 5.14950% is in excess of the allowable maximum of the greater of 5.00000% of the Original Loan Amount and $1000.00 (XXXXX). FNMA Finance Charge total $2,554.15 on a Original Loan Amount of $49,600.00 vs. an allowable total of $2,480.00 and $1000.00 (XXXXX) (an overage of $74.15 or .14950%).

 

 

 

 

Reviewer Comment (2021-07-14): Exception cleared


Seller Comment (2021-07-12): GSE (FNMA/FHLMC Limitations) Document is uploaded XX/XX/XX, kindly help with the status update and let us know if required anything else .

07/14/2021

 

 

1

B

A

B

A

B

A

B

A

B

A

 

IN

Investment

Purchase

LOE, copy of check and proof of mailing/delivery. Note: Testing is optional based on deal settings.

D

A

A

A

B

A

D

A

N/A

N/A

Yes

[redacted]

[redacted]

[redacted]

[redacted]

58388927

21303052

 

 

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Missing HOA verification for XXXXX. Missing the mortgage statement and tax verification for XXXXX. Missing the mortgage statement for XXXXX.

 

 

 

Reviewer Comment (2022-09-14): Received HOA verification, credit report, and tax verifications. Cleared.


Reviewer Comment (2021-07-26): Document still missing hence exceptions remains.

09/14/2022

 

 

1

C

A

C

A

C

A

C

A

C

A

 

MI

Investment

Purchase

 

C

A

C

A

A

A

A

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

58388927

21303211

 

 

Credit

Borrower and Mortgage Eligibility

Mortgage / Program Eligibility

Borrower and Mortgage Eligibility

AUS Findings: Investor qualifying total debt ratio discrepancy.

 

XXXXX final 1003 P&I reflects $1701.00 and mortgage stmt from XXXXX reflects $2339.34. For REO XXXXX PITI $612.00 and final 1003 reflects $415.00. For REO XXXXX PITI is $6605.20 and final 1003 reflects $6575.72. For REO XXXXX PITI $395.75 and final 1003 reflects $319.00. For REO XXXXX PITI $431.14 and final 1003 reflects $330.00. The discrepancies are due to PITI.

 

 

 

Reviewer Comment (2021-07-30): Correction made in REO section now DTI is within 3% and there is no warning in AUS tab. P&I for REO XXXXX updated from Credit Report as credit report was issued later than the mortgage statement. Cleared for DTI.

07/30/2021

 

 

1

C

A

C

A

C

A

C

A

C

A

 

MI

Investment

Purchase

 

C

A

C

A

A

A

A

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

57112930

21319789

 

 

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

 

 

 

 

 

Reviewer Comment (2021-08-16): Desk review provided. Exception cleared.

08/16/2021

 

 

1

D

A

D

A

D

A

D

A

D

A

 

IN

Investment

Purchase

 

D

A

A

A

A

A

D

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

53261244

21795735

 

 

Credit

Insurance

Insurance Analysis

Insurance

Insurance address does not match Note address.

 

Insurance address shows city as XXXXX

 

 

 

Reviewer Comment (2021-08-17): As per XXXXX document received, Zip code is acceptable for both XXXXX and XXXXX. Exception Cleared.


Seller Comment (2021-08-17): XX/XX/XX DS: Please see attached XXXXX showing zip code is acceptable for both XXXXX and XXXXX.

08/17/2021

 

 

1

C

A

C

A

C

A

C

A

C

A

 

SC

Investment

Purchase

 

C

A

C

A

A

A

A

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

53261244

21795750

 

 

Credit

System

General

System

Flood Certificate Subject Address does not match Note address.

 

Flood certificate address shows city as XXXXX

 

 

 

Reviewer Comment (2021-08-17): As per XXXXX document received, Zip code is acceptable for both XXXXX and XXXXX. Exception Cleared.


Seller Comment (2021-08-17): XX/XX/XX DS: Please see attached XXXXX showing zip code is acceptable for both XXXXX and XXXXX.

08/17/2021

 

 

1

C

A

C

A

C

A

C

A

C

A

 

SC

Investment

Purchase

 

C

A

C

A

A

A

A

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

58458352

22173193

 

 

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

 

The file is missing a copy of the secondary valuation required for securitization purposes.

 

 

 

Reviewer Comment (2021-09-03): XXXXX associated. Exception Cleared

09/03/2021

 

 

1

D

A

D

A

D

A

D

A

D

A

 

CA

Investment

Purchase

 

D

A

A

A

A

A

D

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

58458352

22680744

 

 

Property

Valuation

General

Valuation

Valuation Product pending

 

XXXXX/ 2 days - XXXXX - No MLS Sheets

 

 

 

Reviewer Comment (2021-09-03): XXXXX associated. Exception Cleared


Reviewer Comment (2021-09-01): Valuation Received - XX/XX/XX

09/03/2021

 

 

1

 

A

 

A

 

A

 

A

 

A

 

CA

Investment

Purchase

 

D

A

A

A

A

A

D

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

55379632

21736909

 

 

Compliance

Compliance

Federal Compliance

GSE

FNMA Points and Fees

XXXXX Points and Fees on subject loan of 5.02312% is in excess of the allowable maximum of the greater of 5.00000% of the Original Loan Amount and $1000.00 (2021). XXXXX Finance Charge total $42,696.50 on a Original Loan Amount of $XXXXX vs. an allowable total of $42,500.00 and $1000.00 (2021) (an overage of $196.50 or .02312%).

XXXXX Points and Fees on subject loan of 5.02312% is in excess of the allowable maximum of the greater of 5.00000% of the Original Loan Amount and $1000.00 (XXXXX). XXXXX Finance Charge total $42,696.50 on a Original Loan Amount of $XXXXX vs. an allowable total of $42,500.00 and $1000.00 (XXXXX) (an overage of $196.50 or .02312%).

 

 

 

Reviewer Comment (2021-08-19): Client elects to waive.


Reviewer Comment (2021-08-06): Provide documentation verifying the undiscounted rate and price. The undiscounted rate is the starting interest rate before pricing adjustments are applied. Exception remains.


Seller Comment (2021-08-05): Please review attached Rate Lock Request sheet and High Cost Analysis

 

 

08/19/2021

2

B

B

B

B

B

B

B

B

B

B

 

FL

Investment

Purchase

LOE, copy of check and proof of mailing/delivery. Note: Testing is optional based on deal settings.

B

B

B

B

B

B

A

A

N/A

N/A

Yes

[redacted]

[redacted]

[redacted]

[redacted]

55379632

21736910

 

 

Credit

Loan Package Documentation

Application / Processing

Loan Package Documentation

FEMA Disaster Issue: The subject property is located in a FEMA disaster that does not have a declared end date.

 

 

Property not inspected post FEMA declared disaster, but property is not located near the declared disaster area.

Not located near the disaster site.

SitusAMC,Aggregator

Reviewer Comment (2021-08-19): Client elects to waive.


Reviewer Comment (2021-07-27): Not located near the disaster site. Client elects to waive.

 

 

08/19/2021

2

B

B

B

B

B

B

B

B

B

B

 

FL

Investment

Purchase

 

B

B

B

B

B

B

A

A

N/A

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

50894623

21436799

 

 

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

 

A secondary valuation was not provided for securitization.

 

 

 

Reviewer Comment (2021-09-10): Desk review provided. Exception cleared.

09/10/2021

 

 

1

D

A

D

A

D

A

D

A

D

A

 

CO

Investment

Refinance - Cash-out - Other

 

D

A

A

A

A

A

D

A

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

57157386

26717229

 

 

Credit

Missing Document

General

Missing Document

Missing Document: Notice to the Home Loan Applicant (Credit Acknowledgement) not provided

 

 

Borrower has worked in the same position for more than 3 years.

The Loan to Value (LTV) on the loan is less than or equal to 70%.

The representative FICO score is above 680.

 

SitusAMC

SitusAMC

SitusAMC

Reviewer Comment (2024-09-27): Client elects to waive. Comp factors: OK to Accept: Non-Material disclosure. Additional comp factors: FICO 702; CLTV < 69%; Reserves >$27K; Residual income >$14K per month; Loan is performing

 

 

09/27/2024

2

C

B

C

B

C

B

C

B

C

B

 

KS

Investment

Refinance - Cash-out - Other

 

C

B

C

B

B

B

A

A

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

57157386

26717230

 

 

Credit

Missing Document

General

Missing Document

Missing Document: 1007 Rent Comparison Schedule not provided

 

 

Borrower has worked in the same position for more than 3 years.

The Loan to Value (LTV) on the loan is less than or equal to 70%.

The representative FICO score is above 680.

 

SitusAMC

SitusAMC

SitusAMC

Reviewer Comment (2024-09-27): Client elects to waive. Comp factors: OK to Accept: FICO 702; CLTV < 69%; Reserves >$27K; Residual income >$14K per month; Loan is performing

 

 

09/27/2024

2

C

B

C

B

C

B

C

B

C

B

 

KS

Investment

Refinance - Cash-out - Other

 

C

B

C

B

B

B

A

A

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

57157386

26717354

 

 

Credit

Borrower and Mortgage Eligibility

Mortgage / Program Eligibility

Borrower and Mortgage Eligibility

Transaction Error: Outstanding liens were not paid at closing.

-

 

Borrower has worked in the same position for more than 3 years.

The Loan to Value (LTV) on the loan is less than or equal to 70%.

The representative FICO score is above 680.

 

SitusAMC

SitusAMC

SitusAMC

Reviewer Comment (2024-09-27): Client elects to waive. Comp factors: OK to Accept: Sufficient Reserves; Additional Comp factors: FICO 702; CLTV < 69%; Reserves >$27K; Residual income >$14K per month; Loan is performing

 

 

09/27/2024

2

C

B

C

B

C

B

C

B

C

B

 

KS

Investment

Refinance - Cash-out - Other

 

C

B

C

B

B

B

A

A

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

57157386

26717557

 

 

Compliance

Compliance

Federal Compliance

ECOA

ECOA Appraisal - Right to Receive Copy of Appraisal Disclosure Missing

ECOA Valuations Rule (Dodd-Frank 2014): Creditor did not provide "Right to Receive a Copy" appraisal disclosure to consumer.

 

 

 

 

Reviewer Comment (2024-09-27): Client elects to waive.

 

 

09/27/2024

2

B

B

B

B

B

B

B

B

B

B

 

KS

Investment

Refinance - Cash-out - Other

 

C

B

C

B

B

B

A

A

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

51316542

24686572

 

 

Credit

Title

Document Error

Title

There is no dollar amount noted on the title policy.

 

Title policy amount is not provided on the Preliminary title.

 

 

 

Reviewer Comment (2022-03-21): Final title report associated & exception cleared.


Seller Comment (2022-03-17): final title

03/21/2022

 

 

1

B

A

B

A

B

A

B

A

B

A

 

CA

Investment

Refinance - Rate/Term

 

C

A

C

A

C

A

A

A

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

51316542

24693052

 

 

Compliance

Compliance

Federal Compliance

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

Disparity In Occupancy - Investment Loans

Loan does not qualify for Investment Loans scope because the Final 1003 does not indicate that the property will be an Investment Property or the Final 1003 Declarations, Valuation or Occupancy Cerificate indicates the borrower intends to occupy the subject property.

The Final 1003 indicates the borrower will occupy the subject property  and the borrower's present address is the same as the  subject property. However the Occupancy Certificate indicates the property is an investment property.

 

 

 

Reviewer Comment (2022-03-22): Received updated 1003, Letter of explanation signed by borrower stating current occupancy working remotely in San Francisco and subject property is investment property borrower is not staying in subject and Occupancy certificate indicate the same. Exception Cleared


Seller Comment (2022-03-21): The 1003 was incorrectly marked, the underwriter did the loan as investment see letter of explanation and updated 1003.

03/22/2022

 

 

1

C

A

C

A

C

A

C

A

C

A

 

CA

Investment

Refinance - Rate/Term

 

C

A

C

A

C

A

A

A

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

51316542

24694870

 

 

Credit

Guideline

Guideline Issue

Guideline

Employment was not verified within 10 days of the note date.

 

Verification of employment within 10 days of closing is missing.

 

 

 

Reviewer Comment (2022-04-26): VVOE provided prior to delivery.


Reviewer Comment (2022-03-22): Unable to clear. Document is required to be within 10 days of note. Exception remains.


Seller Comment (2022-03-21): Please see verbal after the closing date.

04/26/2022

 

 

1

C

A

C

A

C

A

C

A

C

A

 

CA

Investment

Refinance - Rate/Term

 

C

A

C

A

C

A

A

A

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

50396297

24687200

 

 

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

 

Secondary valuation required for securitization.

 

 

 

Reviewer Comment (2022-02-10): Received XXX Desk Review dated 02/09/2022 with a value of $960,000, which gives 0.00% variance from the Appraised value. Exception cleared.

02/10/2022

 

 

1

D

A

D

A

D

A

D

A

D

A

 

AZ

Investment

Purchase

 

D

A

A

A

A

A

D

A

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

50396297

24725600

 

 

Property

Valuation

General

Valuation

Valuation Product pending

 

XXXX / 2 days - CDA - No MLS Sheets

 

 

 

Reviewer Comment (2022-02-10): Received XXXX Desk Review dated 02/09/2022 with a value of $960,000, which gives 0.00% variance from the Appraised value. Exception cleared.


Reviewer Comment (2022-02-09): Valuation Received - 02/09/2022

02/10/2022

 

 

1

 

A

 

A

 

A

 

A

 

A

 

AZ

Investment

Purchase

 

D

A

A

A

A

A

D

A

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

59119516

22994732

 

 

Credit

Title

General

Title

Final Title Policy Coverage is less than Original Loan Amount.

The Final Title Policy Amount of ___ is less than the note amount of ___ based on the ___ in file.

The preliminary title report in file disclosed $XXXXX of title insurance coverage; however this is less than the loan amount of $XXXXX.  Provide a copy of the final title policy or a supplemental title report verifying title insurance of at least the loan amount.

 

 

 

Reviewer Comment (2021-10-13): docs provided - exception cleared.


Seller Comment (2021-10-13): XX/XX/XX TC please see attached title policy for correct loan amount $XXXXX, please clear.

10/13/2021

 

 

1

C

A

C

A

C

A

C

A

C

A

 

ID

Investment

Purchase

 

C

A

C

A

A

A

A

A

Safe Harbor QM (APOR)

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

59081246

23916153

 

 

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

 

Loan to be securitized.  Acceptable secondary valuation is missing.

 

 

 

Reviewer Comment (2022-03-22): Desk review provided.


Seller Comment (2022-03-14): Please see attached XXXXXto clear this condition.


Reviewer Comment (2021-12-09): There is no specific company however XXXXXby XXXXX or XXXXX Real XXXXXare acceptable. Exception remains.


Seller Comment (2021-12-07): Does this need to be with a particular company? Kindly advise what exactly is required.


Reviewer Comment (2021-12-07): Provide secondary valuation XXXXX is required. Exception remains.


Seller Comment (2021-12-03): Please see attached which was provided in the file. Please advise if this is not acceptable, what is needed for an "acceptable" 2nd valuation.

03/22/2022

 

 

1

D

A

D

A

D

A

D

A

D

A

 

TX

Investment

Purchase

 

D

A

C

A

A

A

D

A

Safe Harbor QM (APOR)

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

59081246

23916214

 

 

Credit

Asset

Asset Calculation / Analysis

Asset

Available for Closing is insufficient to cover Cash From Borrower.

 

Documentation verifying borrower access to funds and no adverse impact on business was not provided for business checking account XXXXX.  Per documentation provided, borrower has 50% ownership in XXXXX.

 

 

 

Reviewer Comment (2022-03-22): Exception cleared.


Seller Comment (2022-03-14): Please see attached CPA letter for review.  Letter states no adverse affects to the stability of business

03/22/2022

 

 

1

C

A

C

A

C

A

C

A

C

A

 

TX

Investment

Purchase

 

D

A

C

A

A

A

D

A

Safe Harbor QM (APOR)

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

59081246

23916904

 

 

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Mortgage statement was not provided for XXXXX.  If taxes and insurance are not escrowed, documentation verifying taxes and insurance (and any HOA dues, if applicable) is required as well.

 

 

 

Reviewer Comment (2021-12-07): Property  at XXXXX is not owned by the borrower(s).  document provided in the file ( D0393) is a contract of termination notice and release of earnest money. Exception Cleared.


Seller Comment (2021-12-03): This property is not owned by the borrower(s). The document provided in the file is a contract of termination notice. Please advise if condition can be cleared.

12/07/2021

 

 

1

C

A

C

A

C

A

C

A

C

A

 

TX

Investment

Purchase

 

D

A

C

A

A

A

D

A

Safe Harbor QM (APOR)

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

59081246

23917561

 

 

Credit

Asset

Asset Calculation / Analysis

Asset

Guideline Requirement: Available for Reserves discrepancy.

 

Documentation verifying borrower access to funds and no adverse impact on business was not provided for business checking account XXXXX.  Per documentation provided, borrower has 50% ownership in XXXXX.

 

 

 

Reviewer Comment (2022-03-22): Exception cleared.


Seller Comment (2022-03-14): Please see attached CPA letter for review.  Letter states no adverse affects to the stability of business

03/22/2022

 

 

1

C

A

C

A

C

A

C

A

C

A

 

TX

Investment

Purchase

 

D

A

C

A

A

A

D

A

Safe Harbor QM (APOR)

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

59081246

23922225

 

 

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

Documentation verifying property taxes for XXXXX was not provided in loan file.

 

 

 

Reviewer Comment (2022-01-27): Tax Information provided - exception cleared


Seller Comment (2022-01-25): Please see attached tax verification as requested to clear this condition.


Reviewer Comment (2021-12-07): Closing disclosure provided in file for the property at  XXXXX shows Taxes and insurance are not escrowed . Provide Tax verification . Exception remains.


Seller Comment (2021-12-03): Please advise - Mortgage statement shows that taxes and insurance is escrowed. HOI is provided as well, showing that the remainder is for taxes.

01/27/2022

 

 

1

C

A

C

A

C

A

C

A

C

A

 

TX

Investment

Purchase

 

D

A

C

A

A

A

D

A

Safe Harbor QM (APOR)

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

56787835

22938095

 

 

Credit

Insurance

Insurance Analysis

Insurance

Insufficient Coverage: Hazard insurance coverage amount is insufficient.

 

HOI coverage is insufficient by $485,976.00.  Provide updated policy reflecting minimum coverage of $1,069,776.00 OR provide copy of insurer's replacement cost estimate supporting current  coverage amount.

The qualifying DTI on the loan is less than or equal to 35%.

The Loan to Value (LTV) on the loan is less than or equal to 70%.

 

SitusAMC

SitusAMC

Reviewer Comment (2021-10-28): Client elects to waive.


Reviewer Comment (2021-10-28): Comp factors: 24% DTI, 437k in reserves, 28% LTV


Reviewer Comment (2021-10-11): Estimated cost new $1,337,220.00 X 80% = $1,069,776.00
Dwelling coverage                                        -$583,800.00
Coverage Shortfall                                           =   $485,976.00. Exception remains.


Seller Comment (2021-10-08): XX/XX/XX JH: Please rescind. The dwelling coverage must cover the cost to rebuild or the outstanding principle balance. This policy meets the latter requirement.

 

 

10/28/2021

2

C

B

C

B

C

B

C

B

C

B

 

CO

Investment

Refinance - Rate/Term

 

D

B

C

B

A

A

D

A

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

56787835

22938101

 

 

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

 

The file is missing a copy of the secondary valuation required for securitization purposes.

 

 

 

Reviewer Comment (2021-09-30): Received a XXXXX XXXXX dated XX/XX/XX which provided a value of $1,480,000, a 0% variance from the appraised value of $1,480,000, value supported.

09/30/2021

 

 

1

D

A

D

A

D

A

D

A

D

A

 

CO

Investment

Refinance - Rate/Term

 

D

B

C

B

A

A

D

A

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

56787835

22938119

 

 

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

- ___
___
___

Please provide lease agreements for the following properties: XXXXX.

 

 

 

Reviewer Comment (2021-10-26): Updated 1003, AUS, 1008 provided - Approved DTI 47.37% - Exception cleared.


Seller Comment (2021-10-25): XX/XX/XX JH: Please rescind. The addresses are reporting on the 8825, so we can derive the income from the 8825, then reduce the amount of income to offset the liability to $0. The subject property also has rental income reporting, so if the rental claimed for XXXXX is added to the ratio, the loan qualifies with a ratio of 47.37%. Please see AUS, 1003, and 1008.


Reviewer Comment (2021-10-04): The rental income is reporting on the business returns. so rental income is calculated based on form 8825. If we considering rental from 8825 losses increase and DTI is going beyond the limit, hence provide UW rental income calculation worksheet mention in detail. Exception remains


Seller Comment (2021-10-01): XX/XX/XX JH: Please rescind. The lease agreements are not required, the rental income is reporting on the business returns with a full year reporting.

10/26/2021

 

 

1

C

A

C

A

C

A

C

A

C

A

 

CO

Investment

Refinance - Rate/Term

 

D

B

C

B

A

A

D

A

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

56787835

23043455

 

 

Property

Valuation

General

Valuation

Valuation Product pending

 

XXXXX / 2 days - XXXXX - No MLS Sheets

 

 

 

Reviewer Comment (2021-09-30): Received a XXXXX XXXXX dated XX/XX/XX which provided a value of $1,480,000, a 0% variance from the appraised value of $1,480,000, value supported.


Reviewer Comment (2021-09-29): Valuation Received - XX/XX/XX

09/30/2021

 

 

1

 

A

 

A

 

A

 

A

 

A

 

CO

Investment

Refinance - Rate/Term

 

D

B

C

B

A

A

D

A

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

57110664

22957299

 

 

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 (2021-09-30): Client requests to waive.

 

 

09/30/2021

2

B

B

B

B

B

B

B

B

B

B

 

OR

Investment

Refinance - Cash-out - Other

 

D

B

C

B

A

A

D

A

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

57110664

22957370

 

 

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

 

The file was missing a copy of the secondary valuation that is required for securitization purposes.

 

 

 

Reviewer Comment (2021-10-05): Cleared: Received XXXXX by XXXXX dated XX/XX/XX with a value of $590,000 (0% Variance)

10/05/2021

 

 

1

D

A

D

A

D

A

D

A

D

A

 

OR

Investment

Refinance - Cash-out - Other

 

D

B

C

B

A

A

D

A

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

57110664

22959521

 

 

Credit

Insurance

Insurance Analysis

Insurance

Insufficient Coverage: Hazard insurance coverage amount is insufficient.

 

HOI coverage is insufficient by $50,820.   Provide verification of policy with sufficient coverage OR provide copy of insurer's replacement cost estimate supporting current coverage amount.

The Loan to Value (LTV) on the loan is less than or equal to 70%.

The representative FICO score is above 680.

 

SitusAMC

SitusAMC

Reviewer Comment (2021-10-28): Client elects to waive.


Reviewer Comment (2021-10-28): Comp factors: 53% LTV, 767 FICO & 218mo reserves


Reviewer Comment (2021-10-26): Short coverage: $26,320.00. XXXXX tests hazard coverage in accordance with XXXXX, which requires coverage equal to or the lesser of the following: 1) 100% of the insurable value of the improvements, as established by the property insurer; or 2) the unpaid principal balance of the mortgage, as long as it at least equals the minimum amount-80% of the insurable value of the improvements-required to compensate for damage or loss on a replacement cost basis. If it does not, then coverage that does provide the minimum required amount must be obtained. Exception remains.


Reviewer Comment (2021-10-25): Provided policy doesn't suffice the requirement also mortgage clause is incorrect. Please provide updated hazard insurance policy or replacement cost estimator. Exception remains.


Seller Comment (2021-10-22): XX/XX/XX DL: Please rescind. Please see attached HOI policy. See page 3/4 which states "We have increased the coverage limit on your home by 2.400% to reflect the estimated cost to rebuild your home. This increase is based on information we received from XXXXX, an independent firm specializing in construction costs." which means the dwelling has been reassessed in order to ensure replacement cost is covered.


Reviewer Comment (2021-10-11): Short coverage: $26,320.00. XXXXX tests hazard coverage in accordance with XXXXX, which requires coverage equal to or the lesser of the following: 1) 100% of the insurable value of the improvements, as established by the property insurer; or 2) the unpaid principal balance of the mortgage, as long as it at least equals the minimum amount-80% of the insurable value of the improvements-required to compensate for damage or loss on a replacement cost basis. If it does not, then coverage that does provide the minimum required amount must be obtained. Exception remains.


Seller Comment (2021-10-11): XX/XX/XX DS: Attached HOI policy covers an additional 25% which totals $332500 which exceeds loan amount and is sufficient.

 

 

10/28/2021

2

C

B

C

B

C

B

C

B

C

B

 

OR

Investment

Refinance - Cash-out - Other

 

D

B

C

B

A

A

D

A

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

57110664

23043502

 

 

Property

Valuation

General

Valuation

Valuation Product pending

 

XXXXX / 2 days - XXXXX - No MLS Sheets

 

 

 

Reviewer Comment (2021-10-05): Cleared: Received XXXXX by XXXXX dated XX/XX/XX with a value of $590,000 (0% Variance)


Reviewer Comment (2021-09-30): Valuation Received - XX/XX/XX

10/05/2021

 

 

1

 

A

 

A

 

A

 

A

 

A

 

OR

Investment

Refinance - Cash-out - Other

 

D

B

C

B

A

A

D

A

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

50085881

22950173

 

 

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

The file is missing documentation to verify the P&I payment for XXXXX.

 

 

 

Reviewer Comment (2021-10-05): Received Closing Disclosure Reviewed and Associated the Document. Exception


Seller Comment (2021-10-04): XX/XX/XX AMB: Please rescind.  Please see the final CD for the property located at XXXXX.  This property was financed with XXXXX at the same time as the subject property.

10/05/2021

 

 

1

C

A

C

A

C

A

C

A

C

A

 

TX

Investment

Purchase

 

C

A

C

A

A

A

A

A

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

50085881

22950175

 

 

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

The file is missing documentation to verify the P&I payment for XXXXX.

 

 

 

Reviewer Comment (2021-10-05): Received Closing Disclosure Reviewed and Associated the Document. Exception


Seller Comment (2021-10-04): XX/XX/XX AMB: Please rescind.  See the attached final CD for the property at XXXXX.  This property was financed with XXXXX at the same time as the subject property.

10/05/2021

 

 

1

C

A

C

A

C

A

C

A

C

A

 

TX

Investment

Purchase

 

C

A

C

A

A

A

A

A

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

58880121

22950207

 

 

Credit

Missing Document

General

Missing Document

Missing Document: Notice to the Home Loan Applicant (Credit Acknowledgement) not provided

 

 

 

 

 

Reviewer Comment (2021-10-06): Notice to the Home Loan Applicant (Credit Acknowledgement)  received. Exception cleared.


Seller Comment (2021-10-04): XX/XX/XX AMB: Please rescind.  See the attached document showing the Notice to the Home Loan Applicant provided.

10/06/2021

 

 

1

C

A

C

A

C

A

C

A

C

A

 

WA

Investment

Refinance - Cash-out - Other

 

C

A

C

A

A

A

A

A

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

58880121

22995582

 

 

Credit

Income / Employment

Income Documentation

Missing Document

REO Documents are missing.

-

The statement and tax verification for the above noted REO were not in file

 

 

 

Reviewer Comment (2021-10-06): Lien report for REO confirms the XXXXX with loan amount of $XXXXX. The Tax report confirms the annual tax amount. Exception cleared.


Seller Comment (2021-10-04): XX/XX/XX AMB: Please rescind.  Principal and interest for the property are documented through the credit report, can see the XXXXX account reporting on credit.  Please also see the lien report proving the XXXXX account is tied to the property at XXXXX, showing the original loan amount as $450,000.  This matches the high balance amount on the credit report, along with the payment history provided from the XXXXX account provided.  Please also see the tax document for this property provided confirming the annual tax amount.

10/06/2021

 

 

1

C

A

C

A

C

A

C

A

C

A

 

WA

Investment

Refinance - Cash-out - Other

 

C

A

C

A

A

A

A

A

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

55420728

22959677

 

 

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

 

Secondary valuation required for securitization is missing.

 

 

 

Reviewer Comment (2021-10-27): AVM provided.

10/27/2021

 

 

1

D

A

D

A

D

A

D

A

D

A

 

NY

Investment

Refinance - Cash-out - Other

 

D

B

A

A

A

A

D

B

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

55420728

23459809

 

 

Property

Valuation

General

Valuation

Valuation Product pending

 

XXXXX / 2 day -XXXXX - With MLS Sheets

 

 

 

Reviewer Comment (2021-10-28): Received XXXXX XXXXX dated XX/XX/XX with the value of $450,000.00, which gives variance of 0.00% from the appraised value. Hence, exception cleared.


Reviewer Comment (2021-10-27): Valuation Received - XX/XX/XX

10/28/2021

 

 

1

 

A

 

A

 

A

 

A

 

A

 

NY

Investment

Refinance - Cash-out - Other

 

D

B

A

A

A

A

D

B

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

55420728

23508840

 

 

Property

Appraisal Reconciliation

Value Discrepancy

Appraisal Reconciliation

Loan is to be securitized.  Highest level secondary valuation supports the value. There is a lower level tertiary product that does not support the qualifying value.; Sec ID: 22

Note Date:  ___; Lien Position: ___

 

 

 

 

Reviewer Comment (2021-10-28): Client elects to waive.

 

 

10/28/2021

2

 

A

 

A

 

A

 

A

 

B

 

NY

Investment

Refinance - Cash-out - Other

 

D

B

A

A

A

A

D

B

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

50838524

23011088

 

 

Credit

Loan Package Documentation

Closing / Title

Loan Package Documentation

Missing Document: Rider - 1-4 Family not provided

 

The file was missing a copy of the 1-4 Family Rider.

 

 

 

Reviewer Comment (2021-10-25): Received  a copy of the 1-4 Family Rider Exception Cleared.


Seller Comment (2021-10-22): XXXXX XX/XX/XX MWM Please Rescind and see attached

10/25/2021

 

 

1

C

A

C

A

C

A

C

A

C

A

 

CA

Investment

Purchase

 

D

B

C

A

A

A

D

B

 

N/A

No

[redacted]

[redacted]

[redacted]

[redacted]

50838524

23012287

 

 

Property

Property - Appraisal

Appraisal Documentation

Property - Appraisal

Loan is to be securitized.  Secondary  valuation is missing.; Sec ID: 2

 

The file was missing a copy of the secondary valuation that is required for securitization purposes.

 

 

 

Reviewer Comment (2021-10-05): XXXXX dated XX/XX/XX received and verified. Exception cleared.

10/05/2021

 

 

1

D

A

D

A

D

A

D

A

D

A

 

CA

Investment

Purchase

 

D

B

C

A

A