Exhibit 99.3
Exception Grades
Run Date - 1/5/2023 11:28:47 AM
| SitusAMC 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 | 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 |
| xxx | 2023010111 | XXX | 801903121752-4264 | XXX | Credit | Credit | AUS Discrepancy / Guidelines Discrepancy | Guideline | Guideline Requirement: PITIA reserves months discrepancy. | Calculated PITIA months reserves of X.XX is less than Guideline PITIA months reserves of X.XX. | X months PITI reserve requirement not meet but meets the exception policy based on compensating factor of Low front end DTI, Low LTV | Guideline variance approved by lender at time of origination. | Originator Pre-Close | Reviewer Comment (XXX): CRE DXXX |
XXX | XXX | 2 | C | B | C | B | C | B | C | B | C | B | XXX | TX | Primary | Refinance - Rate/Term | C | B | C | B | C | A | C | A | Non QM | Non QM | No | |||||
| xxx | 2023010111 | XXX | 801903121752-25454 | XXX | 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 (XXX): Received CDA |
XXX | XXX | 1 | C | A | C | A | C | A | C | A | C | A | XXX | TX | Primary | Refinance - Rate/Term | C | B | C | B | C | A | C | A | Non QM | Non QM | No | |||||||||
| xxx | 2023010111 | XXX | 801903121752-22166 | XXX | Property | Property - Appraisal | Appraisal Data Integrity | Property - Appraisal | Appraiser's license or certification was not active at the time of the appraisal. | Valuation Type: Appraisal / Valuation Report Date: XXX | Reviewer Comment (XXX): Received copy of license effective XXX through XXX Buyer Comment (XXX): why do we need history? license show issued XXX and expire X/XX/XXX which is in between the time the appraisal was completed. Reviewer Comment (XXX): Rec'd copy of appraiser license expiring on XXX; unable to verify license history prior to XXX effective date on National Registry. Buyer Comment (XXX): app done X/XX and appraiser lic expire X/XX/XXX ? |
XXX | XXX | 1 | C | A | C | A | C | A | C | A | C | A | XXX | TX | Primary | Refinance - Rate/Term | C | B | C | B | C | A | C | A | Non QM | Non QM | No | ||||||||
| xxx | 2023010111 | XXX | 801903121752-3212 | XXX | Credit | Income / Employment | Income Documentation | Income / Employment | Employment Error: Employment job title not provided. | Borrower: XXX // Employment Type: Employment / Income Type: Wages / Start Date: XXX, Borrower: XXX // Employment Type: Employment / Income Type: Wages / Start Date: XXX, Borrower: XXX // Employment Type: Employment / Income Type: Wages / Start Date: XXX, Borrower: XXX // Employment Type: Employment / Income Type: Wages / Start Date: XXX, Borrower: XXX // Employment Type: Employment / Income Type: Wages / Start Date: XXX, Borrower: XXX // Employment Type: Employment / Income Type: Wages / Start Date: XXX, Borrower: XXX // Employment Type: Employment / Income Type: Wages / Start Date: XXX, Borrower: XXX // Employment Type: Employment / Income Type: Wages / Start Date: XXX | Not provided | Reviewer Comment (XXX): Client elects to waive. |
XXX | XXX | 2 | B | B | B | B | B | B | B | B | B | B | XXX | TX | Primary | Refinance - Rate/Term | C | B | C | B | C | A | C | A | Non QM | Non QM | No | |||||||
| xxx | 2023010111 | XXX | 801903121752-5895 | XXX | 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) | Texas Constitution Section XX(a)(X): Texas Cash-out Loan. No evidence that borrower(s) received copies of all documents signed at time of closing. | Reviewer Comment (XXX): Received borrower signed acknowledgement |
XXX | XXX | 1 | C | A | C | A | C | A | C | A | C | A | XXX | TX | Primary | Refinance - Rate/Term | Either Deliver the required documents to the borrower or refund or credit the borrower $X,XXX 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 | B | C | B | C | A | C | A | Non QM | Non QM | Yes | |||||||
| xxx | 2023010111 | XXX | 801903121752-23015 | XXX | Compliance | Compliance | State Compliance | State Defect | (TX50(a)(6)) Texas Cash-out Loan (Security Instrument did not disclose that loan is a Texas Home Equity Loan) | Texas Constitution Section XX(a)(X): Texas Cash-out Loan. Security instrument does not disclose that the loan is a TX Home Equity/XX(a)(X) Loan. | Reviewer Comment (XXX): Xnd lien being paid off at closing is subject to TXXX(a)(X). Reviewer Comment (XXX): Payoff of a non-purchase money lien is considered cash out Buyer Comment (XXX): Correct which makes it a no cash out. If the borrower would have received money back then the tx XX (a)(X) docs would have been done. Reviewer Comment (XXX): Loan is a Texas Equity out loan transaction. $XX,XXX.XX non-purchase money lien (item # X of title commitment paid off through closing. Buyer Comment (XXX): This was a a No Cash Out Rate Term Refinance and not a TX XX(a)(X) so this doc would have not been required. Reviewer Comment (XXX): Rec'd copy of Notice Concerning Extensions of Credit; Security Instrument did not disclose that loan is a TX Home Equity Loan. Exception to remain. |
XXX | XXX | 1 | C | A | C | A | C | A | C | A | C | A | XXX | TX | Primary | Refinance - Rate/Term | Refund or credit the borrower $X,XXX 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 | B | C | B | C | A | C | A | Non QM | Non QM | Yes | |||||||
| xxx | 2023010111 | XXX | 801903121752-6336 | XXX | Compliance | Compliance | State Compliance | Misc. State Level | (TX50(a)(6)) Texas Cash-out Loan (T-42 Endorsement Not Obtained) | Texas Constitution Section XX(a)(X): Acceptable FNMA title insurance endorsements not obtained for home equity loan. The loan file does not evidence the Title Policy includes the Texas T-XX endorsement or the T-XX.X endorsement. (The loan is a Texas Section XX (a)(X) home equity loan.) | Reviewer Comment (XXX): Xnd lien being paid off at closing is subject to TXXX(a)(X). |
XXX | XXX | 1 | B | A | B | A | B | A | B | A | B | A | XXX | TX | Primary | Refinance - Rate/Term | The endorsements would be required at the time of original title policy issuance, there is not an obvious remediation | C | B | C | B | C | A | C | A | Non QM | Non QM | No | |||||||
| xxx | 2023010111 | XXX | 801903121752-2422 | XXX | Compliance | Compliance | State Compliance | State Defect | (TX50(a)(6)) Texas Cash-out Loan (Acknowledgment of Fair Market Value Disclosure Not Provided) | Texas Constitution Section XX(a)(X): Borrower did not receive written "Acknowledgment of the Fair Market Value" of homestead property securing loan. | Reviewer Comment (XXX): Xnd lien being paid off at closing is subject to TXXX(a)(X). Reviewer Comment (XXX): Payoff of a non-purchase money lien is considered cash out Buyer Comment (XXX): Correct which makes it a no cash out. If the borrower would have received money back then the tx XX (a)(X) docs would have been done. Reviewer Comment (XXX): Loan is a Texas Equity out loan transaction. $XX,XXX.XX non-purchase money lien (item # X of title commitment paid off through closing. Buyer Comment (XXX): this was a No Cash Out Rate Term Refinance and not a TX XX(a)(X). |
XXX | XXX | 1 | C | A | C | A | C | A | C | A | C | A | XXX | TX | Primary | Refinance - Rate/Term | To Remediate: the lender or holder may either: (X) Deliver to the borrower the required disclosure documents and obtain an executed copy; OR, (X) refund or credit the borrower $X,XXX 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 | C | B | C | A | C | A | Non QM | Non QM | Yes | |||||||
| xxx | 2023010112 | XXX | 801911134734-25454 | XXX | 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 (XXX): Received CDA |
XXX | XXX | 1 | C | A | C | A | C | A | C | A | C | A | XXX | TX | Primary | Purchase | C | A | C | A | A | A | C | A | Non QM | Non QM | No | |||||||||
| xxx | 2023010112 | XXX | 801911134734-5404 | XXX | Credit | Income / Employment | Income Documentation | Income / Employment | Income Docs Missing: | Borrower: XXXX Borrower-prepared P&L | Reviewer Comment (XXX): Cleared P&L provided |
XXX | XXX | 1 | C | A | C | A | C | A | C | A | C | A | XXX | TX | Primary | Purchase | C | A | C | A | A | A | C | A | Non QM | Non QM | No | ||||||||
| xxx | 2023010623 | XXX | 801912137242-23931 | XXX | Credit | Legal / Regulatory / Compliance | Title / Lien Defect | Title | Title Policy is Preliminary or Commitment, and not a Final Title Policy. | Title Evidence: Commitment | Reviewer Comment (XXX): Provided. |
XXX | XXX | 1 | A | A | A | A | A | A | A | A | A | A | XXX | TX | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | N/A | No | |||||||||||
| xxx | 2023010623 | XXX | 801912137242-595 | XXX | Credit | Loan Package Documentation | Closing / Title | Loan Package Documentation | Title Error: Title vesting does not concur with deed | Company name listed on title, and individual's name on the mortgage. | Reviewer Comment (XXX): provided. |
XXX | XXX | 1 | C | A | C | A | C | A | C | A | C | A | XXX | TX | Investment | Refinance - Cash-out - Other | C | A | C | A | A | A | N/A | No | |||||||||||
| xxx | 2023010640 | 201530007258 | XXX | 201530007258-3495 | XXX | Compliance | Compliance | Federal Compliance | ECOA | ECOA Appraisal - Appraisal Provided Prior to Date Performed | ECOA Valuations Rule (Dodd-Frank XXX): Date valuation provided to applicant is prior to the date when valuation was performed. Unable to determine compliance with appraisal timing requirements. (Type:Primary/XXX) | The valuation was updated XXX, with no evidence the updated valuation was provided to the borrower | XXX | XXX | 2 | B | B | B | B | B | B | B | B | B | B | XXX | OR | Investment | Refinance - Cash-out - Other | B | B | A | A | B | B | A | A | N/A | N/A | No | |||||||
| xxx | 2023010641 | 301624004581 | XXX | 301624004581-6543 | XXX | 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 XX% or $XXX.XX. Insufficient or no cure was provided to the borrower. (X) | Ten Percent Fee Tolerance amount of $XXX.XX exceeds tolerance of $XXX.XX. Sufficient cure or changed circumstance was not provided. | Reviewer Comment (XXX): Documentation provided. Exception cleared Seller Comment (XXX): Updated PCCD moving the fee to section C Seller Comment (XXX): PCCD with corrected fee removed from section B Reviewer Comment (XXX): Documentation provided shows the paid to party in Box B as having changed. Fees in Xnd PCCD do not align to borrower totals at consummation. Please provide a PCCD showing the Title- Doc Prep Fee as being removed from section B, and reflected to the correct party in Section C. Or, provide a refund to the borrower, proof of mailing, LOE, and updated PCCD. Seller Comment (XXX): the borrower shopped title services, and the $XXX.XX should have been moved to Box C. The consummation CD generated on XX/XX shows it in B – and it got stuck there because the two Byte fee lines were pointing at the same HUD line #. I have fixed that and the CD I just generated now shows the Processing fee in Box C X. Recording Fee increased by $XX.XX consummation CD disclosed XXX mtg XXX deed with total XXX the final settlement statement says XX deed trust recording XX grant deed recording the recording fee dropped No cure required to be issued per Compliance review see updated PCCD Seller Comment (XXX): Corrected PCCD Reviewer Comment (XXX): Title- Doc Prep fee for $XXX was not listed on the LE under services borrower did not shop for. Recording Fee increased $XX. The increase in fees is $XXX. Please provide a borrower a check in the amount of $XXX a PCCD, copy of the refund check, LOE to the borrower, and proof of mailing. Seller Comment (XXX): FSS and PCCD Seller Comment (XXX): When file was reconciled against the FSS no cure is required see PCCD and FSS |
XXX | XXX | 1 | C | A | C | A | C | A | C | A | C | A | XXX | CA | 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 | |||||
| xxx | 2023010641 | 301624004581 | XXX | 301624004581-20080 | XXX | Credit | Income / Employment | Income Documentation | Income / Employment | Large deposits were not sourced and/or letter of explanation was not provided. | There is a $XXX,XXX deposit on bank statement ending XXX that is being used for assets to close that the loan file does not contain source or explanation for. | Reviewer Comment (XXX): documentation provided. Exception cleared Seller Comment (XXX): Please see attached cancelled check and see the divorce decree documents supporting the marital settlement agreement |
XXX | XXX | 1 | C | A | C | A | C | A | C | A | C | A | XXX | CA | Primary | Purchase | C | A | C | A | C | A | A | A | Non QM | Non QM | No |