GCAT 2022-NQM2 Trust ABS-15G/A
Exhibit 99.23
| Loan ID | Loan Number | Last Name | Note Date | Original Loan Amount | QM Status | ATR Status | Compliance Exceptions | Credit Exceptions | Property Valuation Exceptions | Initial Rating | Final Rating | Initial Credit Rating | Final Credit Rating | Initial Compliance Rating | Final Compliance Rating | Initial Property Valuation Rating | Final Property Valuation Rating | Initial Overall Grade(Moody's) | Final Overall Grade(Moody's) | Initial Credit Grade (Moody's) | Final Credit Grade (Moody's) | Initial Property Valuation Grade (Moody's) | Final Property Valuation Grade (Moody's) | Initial Compliance Grade (Moody's) | Final Compliance Grade (Moody's) | Initial Overall Grade (S&P) | Final Overall Grade (S&P) | Initial Credit Grade (S&P) | Final Credit Grade (S&P) | Initial Property Valuation Grade (S&P) | Final Property Valuation Grade (S&P) | Initial Compliance Grade (S&P) | Final Compliance Grade (S&P) | Initial Overall Grade (Fitch) | Final Overall Grade (Fitch) | Initial Credit Grade (Fitch) | Final Credit Grade (Fitch) | Initial Property Valuation Grade (Fitch) | Final Property Valuation Grade (Fitch) | Initial Compliance Grade (Fitch) | Final Compliance Grade (Fitch) | Initial Overall Loan Grade (DBRS Morningstar) | Final Overall Loan Grade (DBRS Morningstar) | Initial Credit Grade (DBRS Morningstar) | Final Credit Grade (DBRS Morningstar) | Initial Property Valuation Grade (DBRS Morningstar) | Final Property Valuation Grade (DBRS Morningstar) | Initial Compliance Grade(DBRS Morningstar) | Final Compliance Grade(DBRS Morningstar) | Initial Overall Loan Grade (KBRA) | Final Overall Loan Grade (KBRA) | Initial Credit Grade (KBRA) | Final Credit Grade (KBRA) | Initial Property Valuation Grade (KBRA) | Final Property Valuation Grade (KBRA) | Initial Compliance Grade(KBRA) | Final Compliance Grade(KBRA) |
| 436293748 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Appraisal was performed by appropriately licensed appraiser- The appraisal under review was performed and completed by an appropriately licensed appraiser. |
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| 436293749 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Open) State Testing- This loan failed the XXXX subprime home loan test. (XXXX SB 8143 Section 5, 1(c)). Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor- Seller is Exempt. |
(Open) Donor's ability to provide- Satisfactory evidence was not in the file of the donor's ability to provide funds to the borrower. The loan file contained a XXXX gift letter from XXXX, a XXXX gift letter from XXXX, a XXXX gift letter from XXXX, a XXXX gift letter from XXXX, a XXXX gift letter from XXXX and XXXX, a XXXX gift letter from XXXX and XXXX, a XXXX gift letter from XXXX, a XXXX gift letter from XXXXX, a XXXX gift letter from XXXX, a$25,000 gift letter from XXXX, an XXXX gift letter from XXXX, and an XXXX gift letter from XXXX along with canceled checks and proof gifts were deposited into the borrower's account; however, evidence the gift funds came from the donors' accounts was not provided. |
(Clear) Appraisal was performed by appropriately licensed appraiser- The appraisal under review was performed and completed by an appropriately licensed appraiser. |
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| 436293750 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. AVM in file supports value. |
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| 436293751 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Open) TRID - Post-Consummation CD delivery date Borrower paid amount- The file contains a signed/certified ALTA statement dated XX/XX/XXXX. The statement does not match the revised PCCD issued on XX/XX/XXXX and no post consummation CD was provided in the file. Per § 1026.19(f)(2)(iii, creditors must provide a corrected Closing Disclosure if an event in connection with the settlement occurs during the 30-calendar-day period after consummation that causes the Closing Disclosure to become inaccurate and results in a change to an amount paid by the consumer from what was previously disclosed. Per the PCCD, the consumer received XXXX at consummation; however, per the ALTA statement, the consumer received XXXX. The fee appears to be in Section E. The fee is subject to tolerance. (Clear) Federal Testing- This loan failed the TRID total of payments test. (12 CFR §1026.18(d)(1)) The total of payments is XXXX. The disclosed total of payments of XXXX is not considered accurate because it is understated by more than $100. Response 1 (XX/XX/XXXX XX:XXAM) The application date is prior to XX/XX/XXXX. TOP testing not required. (Resolved) (Open) Disclosures Federal Missing- The Home Loan Tool Kit is missing. Although the first page of the disclosure was included in the loan file, because the rest of the pages were missing, auditor is unable to determine that the disclosure was provided to the consumer. Evidence that it was provided within 3 business days of application is required. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines |
(Clear) Appraisal - Secondary Valuation Product Not Provided- The loan file does not contain evidence that a secondary valuation product was ordered or performed. Response 1 (XX/XX/XXXX XX:XXPM) AVM supports value within 10%. (Resolved) |
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| 436293752 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. AVM in file supports value. |
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| 436293754 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. AVM in file supports value. |
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| 436293755 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. AVM in file supports value. |
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| 436293756 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Open) Disclosures Federal Missing- The Home loan toolkit is missing. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines |
(Clear) Appraisal - Secondary Valuation Product Not Provided- The loan file does not contain evidence that a secondary valuation product was ordered or performed. Response 1 (XX/XX/XXXX XX:XXPM) AVM supports value within 10%. (Resolved) |
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| 436293757 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Open) TRID CD- premiums Optional- The Home Warranty Fee on the PCCD issued on XX/XX/XXXX is not followed by the word Optional. Items that disclose any premiums paid for separate insurance, warranty, guarantee, or event-coverage products not required by the creditor must include the parenthetical description (optional) at the end of the label. (' 1026.37(g)(4)(ii)). Non-material defect. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Appraisal - Secondary Valuation Product Not Provided- The loan file does not contain evidence that a secondary valuation product was ordered or performed. Response 1 (XX/XX/XXXX XX:XXPM) AVM supports value within 10%. (Resolved) |
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| 436293758 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) Reserve Assets- Sufficient reserves to meet guideline requirements were not verified in the file. Total required assets XXXX (funds to close XXXX plus 12 month's P&I reserves on subject XXXX). Audit verified assets XXXX results in a reserves shortage of XXXX. The asset worksheet in the loan file reflects some type of refund with a description of "refund from FSS" in the amount of XXXX, and not verified in the loan file. Response 1 (XX/XX/XXXX XX:XXAM) Total verified assets are XXXX and total required assets are XXXX. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. AVM in file supported value. |
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| 436293759 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Open) Disclosures Federal Missing- Although the first page of the Home Loan Toolkit was included in the loan file, because the rest of the pages were missing, auditor is unable to determine that the disclosure was provided to the consumer. Evidence that it was provided within 3 business days of application is required. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. AVM in file supports value. |
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| 436293760 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Open) TRID CD - Settlement Agent License- The license number is missing for the Settlement Agent company on the last PCCD issued on XX/XX/XXXX. Non-material defect. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. AVM in file supports value. |
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| 436293761 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. AVM in file supported value. |
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| 436293762 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. AVM in file supported value. |
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| 436293763 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Open) TRID CD - Settlement Agent License- As a result of the documentation provided, the following finding has ben added: The license number is missing for the Settlement Agent Individual Contact on the last revised PCCD issued on XX/XX/XXXX. Non-material defect. (Open) Disclosures Federal Late- As a result of the documentation provided, the following finding has ben added:There is no date evident on the CHARM Booklet to determine if it was disclosed within 3 business days of the application date, XX/XX/XXXX. Response 1 (XX/XX/XXXX XX:XXPM) The information provided is not sufficient to cure the finding. The ARM disclosure in the loan file does not mention the borrower acknowledging the Charm Booklet. (Clear) QM FAIL- As a result of the documentation provided, the following finding has ben added: This loan's points and fees exceed the qualified mortgage points and fees threshold. The loan amount is XXXX or more, and the transaction's total points and fees is XXXX, which exceeds 3 percent of the total loan amount of XXXX. The following fees were included in the testing: Mortgage Broker XXXX, Loan Discount XXXX and Underwriting XXXX. If discount points are bona-fide and excludable, please provide undiscounted rate. Response 1 (XX/XX/XXXX XX:XXAM) The information provided is not sufficient to cure the finding. The total points and fees is XXXX, which exceeds 3 percent of the total loan amount of XXXX. The following fees were included in the testing: Mortgage Broker XXXX, Loan Discount XXXX and Underwriting XXXX. If discount points are bona-fide and excludable, please provide undiscounted rate. (Upheld) Response 2 (XX/XX/XXXX XX:XXPM) Finding not needed for Non-QM designated loans. (Clear) Missing Mortgage- The mortgage is missing from the loan file. Response 1 (XX/XX/XXXX XX:XXPM) The provided documentation is sufficient to cure the finding. (Resolved) (Clear) Missing Note- The note is missing from the loan file. Response 1 (XX/XX/XXXX XX:XXPM) The provided documentation is sufficient to cure the finding. (Resolved) (Clear) Missing ARM Disclosure- The file contains no evidence that the ARM Disclosure was provided to the borrower. Response 1 (XX/XX/XXXX XX:XXAM) The provided documentation is sufficient to cure the finding. (Resolved) (Clear) TRID - Missing Closing Disclosure- There is no evidence of a complete, Closing Disclosure provided in the loan file. As a result the following reviews could not be performed: TILA Accuracy, MDIA, Agency Points and Fees, QM Points and Fees, QM DTI Threshold, Federal Threshold, State Threshold, tolerance violation review, and final Closing Disclosure accuracy. Response 1 (XX/XX/XXXX XX:XXPM) The provided documentation is sufficient to cure the finding. (Resolved) (Clear) TRID - Missing Loan Estimate- The file is missing the Loan Estimate. A compliance review testing for timing and threshold tolerance could not be completed. Response 1 (XX/XX/XXXX XX:XXPM) The provided documentation is sufficient to cure the finding. (Resolved) (Clear) TRID - SPL - Missing- The file is missing a written list of Service Providers. Response 1 (XX/XX/XXXX XX:XXPM) The provided documentation is sufficient to cure the finding. (Resolved) |
(Clear) Appraisal Misc- There are additional appraisal findings. Per the origination appraisal: "The subject has an unpermitted addition at the rear of the property that consists of a living room, kitchen, bathroom and 2 bedrooms. All work conforms to the existing structure and was completed in a workman like manner. No permits were provided and no value was given." It should be noted that the un-permitted addition had a stove which was removed and gas line capped per the appraisal update. The appraisal did not indicate whether un-permitted work was common for the area. The appraisal also did not indicated if the zoning permitted the type of work that was done. The appraiser did not indicate what the effect of the un-permitted addition on the marketability of the property, or what the consequences/penalties of not having obtained a permit for the work are. Response 1 (XX/XX/XXXX XX:XXPM) Appraisal was done subject to completion for the removal of the stove and capping the gas line in the unpermitted addition. The appraiser commented that all work conforms to the existing structure and was completed in a workman like manner. No permits were provided and no value was given. Completion certificate was provided in the loan file which verified that the stove was removed and the gas line was capped. As repairs were completed, no safety issues were present, structure was completed in a workman like manner with no effect to marketability and that no value was included for unpermitted addition, it does not pose an issue. (Resolved) (Clear) Debts- The credit report reflected two mortgage debts which were not fully verified as not being the borrower's responsibility. Per the origination credit report the borrower has a mortgage payment with XXXX with a monthly payment of XXXX and a mortgage with XXXX with a monthly payment of XXXX. The loan file partially ties these mortgages to two properties owned by the ex-spouse located at XXXX and XXXX. Court docs show that the borrower is not responsible for these properties; however, these mortgages were not documented to be tied to these properties. Response 1 (XX/XX/XXXX XX:XXPM) Documentation provided is sufficient to link mortgage to properties. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. AVM in file supports value. |
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| 436293764 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Open) TRID CD - Settlement Agent License- The license number is missing for the Settlement Agent company on the last revised CD issued on XX/XX/XXXX. Non-material defect. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Appraisal - Secondary Valuation Product Not Provided- The loan file does not contain evidence that a secondary valuation product was ordered or performed. Response 1 (XX/XX/XXXX XX:XXAM) AVM obtained supports value within 10%. |
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| 436293765 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Open) Disclosures Federal Missing- The Home Loan Toolkit is missing. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. AVM in file supports value. |
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| 436293766 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Open) Disclosures Federal Missing- Although the first page of the Home Loan Toolkit was included in the loan file, because the rest of the pages were missing, auditor is unable to determine that the disclosure was provided to the consumer. Evidence that it was provided within 3 business days of application is required. |
(Clear) Program Parameters- The subject loan does not meet Program Parameters for source of income. The borrower made a statement that her XXXX purchased the business the borrower is working for. The loan file contains a wire for a gift from the business the borrower works for with a gift letter stating that amount was given by the borrower's XXXX. The guidelines reflect that an unacceptable source of income is employment by a relative; therefore, the income used in qualifying is not eligible. Response 1 (XX/XX/XXXX XX:XXPM) Documentation provided is sufficient. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. AVM in file supported value. |
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| 436293768 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Open) TRID CD- Section B incorrect payee- The loan contains the following fee or fees where 'compensation to' does not reflect a Payee on the revised CD issued XX/XX/XXXX: Appraisal Fee. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value. |
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| 436293770 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Open) TRID CD ' Transaction Information/Seller Info- The CD issued on XX/XX/XXXX does not reflect the complete seller information. Missing Seller's Address. Non-material defect. (Clear) Inaccurate Mortgage- The mortgage was incomplete due to the following. Missing the PUD Rider. Per the Appraisal and Title the subject property is located in a PUD. Response 1 (XX/XX/XXXX XX:XXAM) The documentation provided is sufficient to cure the finding. (Resolved) |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value. |
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| 436293867 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) Program Parameters- The subject loan does not meet Program Parameters for Payment Shock. The maximum payment shock is 350%; however, the Borrowers payment shock is XXXX%. It should be noted that the Lender granted an exception for this particular issue. Compensating factors utilized to downgrade to level EV2. Credit Score of XXXX exceeds the minimum required by guidelines of 660. Total residual income is XXXX. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436293869 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
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| 436293871 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
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| 436293872 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Open) VOR Required- VOR /VOM required. Verification of 12 months housing payments is required. The guidelines require a minimum 12 months of mortgage history, 0x30x12, for non-FTHBs and a Minimum 12 months of rental history, 0x30x12, is required for FTHB. The guidelines for FTHB indicate that 12 months minimum verification of rent is required to be documented via canceled checks or evidence of the payments via bank statements. The borrower was living rent free and therefore, has no housing history as required. It should be noted that the Lender granted an exception for this particular issue. Compensating factors utilized to downgrade to level EV2. (Clear) Program Parameters- The subject loan does not meet Program Parameters. The subject loan does not meet Program Parameters for DSCR minimum requirements. The guidelines require a purchase transaction using DSCR with an LTV of XXXX% have a minimum of 1.00. The subject loan closed with a DSCR of only XXXX (Rent of XXXX / PITI of XXXX), which is less than the minimum required of 1.00. Response 1 (XX/XX/XXXX XX:XXAM) Exception granted by Originator and accepted by Investor. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436293873 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
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| 436293896 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436293897 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
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| 436293898 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) TRID - Zero Tolerance Violation Not Cured- This loan failed the charges that cannot increase test. The loan contains charges that exceed the good faith determination according to 1026.19(e)(3)(i). A valid change of circumstance was not provided in the loan file. Therefore, the addition to the following fee was not accepted: Underwriting Fee. This results in a cost to cure of: XXXX. If curing defect with a refund, the following documents must be provided: LOE, PCCD, copy of refund, proof of delivery. Per regulation, correction must be made no later than 60 days after consummation. Response 1 (XX/XX/XXXX XX:XXPM) The documentation provided is sufficient to cure the finding. (Resolved) |
(Clear) VVOE required- The guidelines require verification of the borrower's business to be obtained within 10 business days of the note date. The loan file contained a CPA letter dated XX/XX/XXXX and a business search with no date; however, the note date is XX/XX/XXXX. A verification of the borrower’s business within 10 business days is not present in the loan file. Response 1 (XX/XX/XXXX XX:XXAM) Renewal date is not verification date, which is unknown due to missing internet printout date. (Upheld) Response 2 (XX/XX/XXXX XX:XXPM) It is agreed that the CPA letter is within 120 days; however, there does not appear to be documentation that re-verification took place within 20 days. Please clarify. (Upheld) Response 3 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
3 | 2 | 3 | 1 | 3 | 2 | 1 | 1 | C | B | C | A | A | A | C | B | C | B | C | A | A | A | C | B | C | B | C | A | A | A | C | B | C | B | C | A | A | A | C | B | C | B | C | A | A | A | C | B |
| 436293899 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) TRID - Revised LE Delivery Date (after issue of CD)- This loan failed the revised loan estimate delivery date test (after issuance of Closing Disclosure). The Revised Loan Estimate issued on XX/XX/XXXX was issued after providing the Closing Disclosure dated XX/XX/XXXX . Response 1 (XX/XX/XXXX XX:XXPM) The documentation provided is sufficient to cure the finding. (Resolved) |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436293900 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Open) TRID CD ' Transaction Information/Seller Info- The CD issued on XX/XX/XXXX does not reflect the complete seller information. Seller's Address is missing. Non-material defect. |
(Clear) LDP/EPL- LDP/EPL. The guidelines require that all loans must be submitted to an automated third-party fraud and data check tool (i.e. FraudGuard, DataVerify’s DRIVE, etc.). A copy of the findings report must be included in the loan file. All red flags and inconsistencies must be resolved and the supporting documentation clearing the deficiencies are to be provided as well. The loan file contained a copy of the Drive report; however, the Drive Score result was 0 for auto refer/FAIL. The loan file did not contain a copy of the fraud report with the red flags and inconsistencies resolved as required. Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
3 | 2 | 3 | 1 | 2 | 2 | 1 | 1 | C | B | C | A | A | A | B | B | C | B | C | A | A | A | B | B | C | B | C | A | A | A | B | B | C | B | C | A | A | A | B | B | C | B | C | A | A | A | B | B |
| 436293901 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
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| 436293902 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) TRID - Zero Tolerance Violation Not Cured- This loan failed the charges that cannot increase test. The loan contains charges that exceed the good faith determination according to 1026.19(e)(3)(i). A valid change of circumstance was not provided in the loan file. Therefore, the increase to the following fee was not accepted: Appraisal Fee. This results in a cost to cure of: XXXX. If curing defect with a refund, the following documents must be provided: LOE, PCCD, copy of refund, proof of delivery. Per regulation, correction must be made no later than 60 days after consummation. Response 1 (XX/XX/XXXX XX:XXPM) The documentation provided is sufficient to cure the finding. (Resolved) |
(Clear) Income Docs- The income/employment is not documented properly according to guides. The guidelines required a business narrative be provided for bank statement income type. The loan file contained a narrative worksheet; however, the worksheet is blank. A business narrative was not provided as required. Response 2 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) Response 1 (XX/XX/XXXX XX:XXPM) Business narrative not received. (Upheld) (Clear) VVOE required- The guidelines require verification of the borrower's business to be obtained within 10 business days of the note date. A verification of the borrower’s business within 10 business days is not present in the loan file. Response 1 (XX/XX/XXXX XX:XXPM) Exception granted by Originator and accepted by Investor. (Resolved) (Clear) Debts Not verified on credit report- The application lists significant debts that were not verified on the credit report and not independently verified. The loan application reflects that the borrower is responsible for child support liability f XXXX per month; however, the loan file contained no documentation to verify the debt. Response 1 (XX/XX/XXXX XX:XXPM) Exception granted by Originator and accepted by Investor. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXXX, which supports the appraised value. |
3 | 2 | 3 | 2 | 3 | 2 | 1 | 1 | C | B | C | B | A | A | C | B | C | B | C | B | A | A | C | B | C | B | C | B | A | A | C | B | C | B | C | B | A | A | C | B | C | B | C | B | A | A | C | B |
| 436293903 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) Income Docs- The income/employment is not documented properly according to guides. The guidelines required a business narrative be provided for bank statement income type. A business narrative was not provided as required. Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
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| 436293904 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) TRID - Zero Tolerance Violation Not Cured- This loan failed the charges that cannot increase test. The loan contains charges that exceed the good faith determination according to 1026.19(e)(3)(i). A valid change of circumstance was not provided in the loan file. Therefore, the increase to the following fee was not accepted: Appraisal Fee. This results in a cost to cure of: XXXX. If curing defect with a refund, the following documents must be provided: LOE, PCCD, copy of refund, proof of delivery. Per regulation, correction must be made no later than 60 days after consummation. Response 1 (XX/XX/XXXX XX:XXPM) The documentation provided is sufficient to cure the finding. (Resolved) |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Appraisal - Secondary Valuation Product Not Provided- The loan file does not contain evidence that a secondary valuation product was ordered or performed. Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
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| 436293905 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| 436293906 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) Assets- Assets. The file did not contain evidence the borrower had the proper amount of funds required. The borrower was required to evidence 6 months in PITIA reserves equal to XXXX (XXXX PITIA X 6 months) this is in addition to the requirement of XXXX in funds to close, prepaid items and earnest money deposit. The guidelines do not allow a sole proprietor to use business assets to meet the funds to close or reserves requirements. The loan file only contained evidence of XXXX in business funds. The Borrower's CPA indicated in a letter that the Borrower is a sole proprietor. As a sole proprietor, the borrower is not allowed per guidelines to use business assets to satisfy the funds needed for the subject transaction. As a result, the borrower would be short XXXX in funds for closing and reserves. Response 1 (XX/XX/XXXX XX:XXPM) Guidelines specify Schedule C filers cannot use business funds; however, the loan is a bank statement program and the tax filing type was not disclosed and is not applicable. (Resolved) (Clear) VOR Required- Verification of 12 months rental payments is required. Verification of 12 months housing payments is required. The guidelines require a minimum 12 months of mortgage history, 0x30x12, for non-FTHBs and a Minimum 12 months of rental history, 0x30x12, is required for FTHB. The guidelines for FTHB indicate that 12 months minimum verification of rent is required to be documented via canceled checks or evidence of the payments via bank statements. The final 1003 indicates the borrower owned and resided in a property located at XXXX. However, review of the borrower's credit report and the REO section reflected on the fraud report, indicate no history of mortgages or property ownership records for the borrower. Therefore, the borrower should have been qualified as a FTHB and the loan file does not contain 12 months minimum verification of rent is documented via canceled checks or evidence of the payments via bank statements. Response 1 (XX/XX/XXXX XX:XXPM) Exception granted by Originator and accepted by Investor. (Resolved) (Clear) Program Parameters- The subject loan does not meet Program Parameters for the maximum loan amount permitted. The borrower was qualified under the 12 Month Bank Statement program. The loan file contained no documentation the borrower had ownership in real property within the previous 7 years. The max loan amount for a FTHB purchase with a XXXX fico and an LTV of XXXX% is XXXX. The loan closed with a loan amount of XXXX. The XXXX loan amount exceeds the $1,500,000 loan amount maximum. Response 1 (XX/XX/XXXX XX:XXPM) Exception granted by Originator and accepted by Investor. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
3 | 2 | 3 | 2 | 1 | 1 | 1 | 1 | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A |
| 436293908 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| 436293909 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| 436293910 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) Inaccurate Mortgage- The mortgage was missing the notary page. Response 1 (XX/XX/XXXX XX:XXPM) The documentation provided is sufficient to cure the finding. (Resolved) |
(Clear) Miscellaneous- There are additional observations that impact the credit decision and/or quality of the loan. The appraisal reflects the subject property as a 7 story established condo. The guidelines required a completed condo questionnaire, Established Project Certification, Current Annual Budget, Current Balance sheet (dated within the last 60 days), Evidence of current HOA/Project Insurance in compliance with FNMA guidelines, and any Amendments, Supplements etc. to the Project Legal documents. The loan file contains a copy of the condo questionnaire; however, all other condo documents are missing from the loan file. Response 1 (XX/XX/XXXX XX:XXPM) Please provide the Master Policy. (Upheld) Response 2 (XX/XX/XXXX XX:XXPM) Master Policy received. (Resolved) (Clear) Gift Letter / Funds- A required gift letter was missing from the file and/or the donor funds were not verified. The loan file contained a gift receipt for XXXX; however, the gift letter provided in the loan file was only for the amount of XXXX. A corrected gift letter in the higher amount was not present in the loan file. Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) (Open) Credit Scores- The borrower's credit scores are below the minimum allowable per guidelines. The minimum credit score required by guidelines was 660. The borrower's qualifying credit score was only XXXX, which does not meet the minimum required. It should be noted that the Lender granted an exception for this particular issue. Compensating factors utilized to downgrade to level EV2. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
3 | 2 | 3 | 2 | 3 | 1 | 1 | 1 | C | B | C | B | A | A | C | A | C | B | C | B | A | A | C | A | C | B | C | B | A | A | C | A | C | B | C | B | A | A | C | A | C | B | C | B | A | A | C | A |
| 436293911 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) Income Docs- The income is not documented properly according to guides. The guidelines require 4 months evidence of receipt of rent payments and a corresponding lease to properly document rental income using DSCR program on all refinance transactions. The loan file contained a lease agreement; however, the loan file did not contain any evidence of rent payments collected. Response 1 (XX/XX/XXXX XX:XXAM) Guideline snip provided does not contain a date. (Upheld) Response 2 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
3 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A |
| 436293912 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) Income Docs- The income is not documented properly according to guides. The guidelines require a YTD profit and loss statement for self-employed full documentation borrowers. The profit and loss statement is missing for the business known as XXXX. XXXX, as reflected on the schedule C of the XXXX and XXXX return documentation. Response 1 (XX/XX/XXXX XX:XXPM) Exception granted by Originator and accepted by Investor. (Resolved) (Clear) VVOE required- The guidelines required CPA or Certified Tax Preparer verification for full documentation self-employed borrowers. The borrower owned 2 businesses reported on schedule C; however, the loan file did not contain a CPA or Certified Tax Preparer verification as required. Response 1 (XX/XX/XXXX XX:XXPM) Exception granted by Originator and accepted by Investor. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
3 | 2 | 3 | 2 | 1 | 1 | 1 | 1 | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A |
| 436293913 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| 436293914 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) TRID - Zero Tolerance Violation Not Cured- This loan failed the charges that cannot increase test. The loan contains charges that exceed the good faith determination according to 1026.19(e)(3)(i). A valid change of circumstance was not provided in the loan file. Therefore, the increase to the following fee was not accepted: Appraisal Fee . This results in a cost to cure of: XXXX. If curing defect with a refund, the following documents must be provided: LOE, PCCD, copy of refund, proof of delivery. Per regulation, correction must be made no later than 60 days after consummation. Response 1 (XX/XX/XXXX XX:XXPM) The documentation provided is sufficient to cure the finding. (Resolved) |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
3 | 2 | 1 | 1 | 3 | 2 | 1 | 1 | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B |
| 436293915 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Open) Resident Alien- The loan file does not contain sufficient documentation to evidence borrower's residency. Documentation in the file documents that the Borrower's Employment Authorization expires on XX/XX/XXXX. The file contains Form I-797C, Notice of Action requesting renewal in XX/XX/XXXX. It should be noted that the Lender granted an exception for this issue. Credit Score of XXXX exceeds the minimum required by guidelines of 720. Verified post closing reserves of XXXXX or XXX months. Minimum required per guidelines is 5 months. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A | B | B | B | B | A | A | A | A |
| 436293916 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
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| 436293917 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
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| 436293918 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
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| 436293919 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Open) Income Docs- The income is not documented properly according to guides. The Guidelines state that Business Assets are generally not eligible to be used for Asset Utilization calculation. The subject loan used Business Bank Statements from XX/XX/XXXX to XX/XX/XXXX. The Loan file contained an exception for the use of the Business Bank Statements. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a AVM, dated XX/XX/XXXX, which supports the appraised value. |
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| 436293920 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
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| 436293921 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) TRID - Zero Tolerance Violation Not Cured- This loan failed the charges that cannot increase test. The loan contains charges that exceed the good faith determination according to 1026.19(e)(3)(i). A valid change of circumstance was not provided in the loan file. Therefore, the increase/addition to the following fee was not accepted: Appraisal Fee. This results in a cost to cure of: XXXX. If curing defect with a refund, the following documents must be provided: LOE, PCCD, copy of refund, proof of delivery. Per regulation, correction must be made no later than 60 days after consummation. Response 1 (XX/XX/XXXX XX:XXPM) The documentation provided is sufficient to cure the finding. (Resolved) |
(Open) Program Parameters- Borrowers with foreclosure activity within the prior 48 months of the application are ineligible. The Borrowers Final Judgement of Foreclosure was dated XX/XX/XXXX, which is only 45 months prior to subject loan. It should be noted that the Lender granted an exception for this particular issue. Compensating factors utilized to downgrade to level EV2. Credit Score of XXX exceeds the minimum required by guidelines of 720. DTI of XXXX% is below maximum of 50%. Verified post closing reserves of XXXX or XXXX months. Minimum required guidelines is 6 months. (Open) VVOE required- A VVOE is required within 10 days of Note date. No VVOE is in evidence in the file. The file contains only written Verifications of Employment for the Borrowers. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
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| 436293922 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Open) Debts- The file is missing documentation of the sale of the Borrower's departing residence. Public records, obtained thru redfin.com reflects the departing residence closed XX/XX/XXXX; however, the file is missing any documentation of the sale. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
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| 436293923 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
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| 436293924 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) TRID - PR Revised CD - Waiting Period- This loan failed the revised closing disclosure delivery date test (waiting period required).( 12 CFR §1026.19(f)(2)(ii) )The revised closing disclosure delivery requires a new waiting period and the revised closing disclosure delivery date is provided and the revised closing disclosure method of delivery is marked as either: The revised closing disclosure receipt date is provided and the revised closing disclosure receipt date is less than three business days (counting all calendar days except Sunday and specified legal public holidays) before the consummation date, or closing / settlement date if no consummation date is provided, of the transaction The CD issued on XX/XX/XXXX, contained one of the following: APR change which required a new 3-day waiting period. Response 1 (XX/XX/XXXX XX:XXPM) The explanation provided is sufficient to cure the finding. (Resolved) |
(Clear) Miscellaneous- There are additional observations that could impact the credit decision and/or quality of the loan. The subject loan closed in a trust; however, the certification of trust is not present in the loan file as required by guidelines. Response 1 (XX/XX/XXXX XX:XXPM) Referenced documentation not received. (Upheld) Response 2 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
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| 436293925 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
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| 436293926 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Open) Incomplete Bank Statements- The bank and/or asset statements are incomplete. The guidelines required 12 months consecutive and complete bank statements to properly document income using the 12 months bank statement program. The loan file contained business bank statements for the months of XXXX to XXXXX and one statement ending XXXX from XXXX ending in XXXX. The statement for month ending XXXX is missing from the loan file. Additionally for the bank statement ending XXXX, it is noted as being six total pages, however only page one and two are present. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
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| 436293927 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) Federal Testing- The file failed one or more of the federal threshold tests. This loan failed the high-cost mortgage points and fees threshold test due to one of the following findings: (12 CFR §1026.32(a)(1)(ii)(A), (B)). The loan amount is XXXX or more, and the transaction's total points and fees is XXXX, which exceeds 5 percent of the total loan amount of XXXX. This loan failed the high-cost mortgage financing of points and fees test. (12 CFR §1026.34(a)(10)). The loan finances, directly or indirectly, any points and fees, as defined in the legislation. Fees included in the test: Mortgage Broker Fee, Points, and Underwriting Fee. A cost to cure in the amount of XXXX is required. Response 1 (XX/XX/XXXX XX:XXPM) The documentation provided is sufficient to cure the finding. (Resolved) |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
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| 436293928 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Open) Income Docs- The guidelines require 4 months evidence of receipt of rent payments and a corresponding lease to properly document rental income using DSCR program on all refinance transactions. The subject loan closed on XX/XX/XXXX. The loan file contained a lease agreement dated XX/XX/XXXX. The evidence of rent payment for XXXX is not in the loan file. 4 consecutive months of rent were not evidenced in the loan file as required. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
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| 436293929 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) VVOE required- The guidelines require verification of the borrower's business to be obtained within 10 business days of the note date. The loan file contained a CPA letter dated XX/XX/XXXX and a business search with no date; however, the note date is XX/XX/XXXX. A verification of the borrower’s business within 10 business days is not present in the loan file. Response 1 (XX/XX/XXXX XX:XXPM) The web search must contain a date. (Upheld) Response 2 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) (Clear) VOR Required- Verification of 12 months rental payments is required. The guidelines for FTHB indicate that 12 months minimum verification of rent is required to be documented via canceled checks or evidence of the payments via bank statements. The loan file contained a private VOR which indicated that the borrower had rented since XX/XX/XXXX at XXXX per month; however, the rent payments were not supported by 12 months canceled checks or bank statement withdrawals as required. Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) (Clear) Resident Alien- The borrower and co-borrower indicate Resident Alien status on the loan application. The loan file contains a copy of the co-borrower permanent residence alien card; however, the file contains no evidence documenting the permanent residence alien card for the primary borrower. Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a AVM, dated XX/XX/XXXX, which supports the appraised value. |
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| 436293930 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) VVOE required- A VVOE is required within 10 days of Note date. The note is dated 09/08/2021. The loan file contains a WVOE dated XX/XX/XXXX. The loan file does not contain a VVOE within 10 business days of the note date. Response 2 (XX/XX/XXXX XX:XXAM) Borrower is inactive as of 8/30/2013. (Upheld) Response 3 (XX/XX/XXXX XX:XXAM) VVOW received is sufficient. (Resolved) Response 1 (XX/XX/XXXX XX:XXPM) VVOE provided is from prior employment. (Upheld) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
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| 436293956 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) Income Docs- The income is not documented properly according to guides. The guidelines require 4 months evidence of receipt of rent payments and a corresponding lease to properly document rental income using DSCR program on all refinance transactions. The loan file contained a lease agreement; however, the loan file did not contain any evidence of rent payments collected. Further, the guidelines require an Exhibit C - Business purpose & occupancy affidavit to be completed and signed at origination. The loan file contained no evidence of the Exhibit C - Business purpose & occupancy affidavit as required. Response 1 (XX/XX/XXXX XX:XXAM) Business Purpose disclosure provided. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. |
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| 436294014 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an CDA dated XX/XX/XXXX, which supports the appraised value. |
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| 436294015 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294016 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294017 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Appraisal - Secondary Valuation Product Not Provided- The loan file does not contain evidence that a secondary valuation product was ordered or performed. Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
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| 436294018 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294019 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value not supported within 10% of original appraisal amount- The value was not supported within 10% of the appraised value as of the effective date. The Loan File contained an AVM which showed a variance in value of XXXX%, which required a CDA; however, the loan file did not contain a CDA as required. Response 1 (XX/XX/XXXX XX:XXAM) CDA supports appraised value. (Resolved) |
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| 436294020 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) TRID - Zero Tolerance Violation Not Cured- This loan failed the charges that cannot increase test. The loan contains charges that exceed the good faith determination according to 1026.19(e)(3)(i). A valid change of circumstance was not provided in the loan file. Therefore, the increase to the following fees was not accepted: Appraisal Fee. This results in a cost to cure of: XXXX. If curing defect with a refund, the following documents must be provided: LOE, PCCD, copy of refund, proof of delivery. Per regulation, correction must be made no later than 60 days after consummation. Response 1 (XX/XX/XXXX XX:XXAM) The documentation provided is sufficient to cure the finding. (Resolved) |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an CDA dated XX/XX/XXXX, which supports the appraised value. |
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| 436294021 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an CDA dated XX/XX/XXXX, which supports the appraised value. |
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| 436294022 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Appraisal - Secondary Valuation Product Not Provided- The loan file does not contain evidence that a secondary valuation product was ordered or performed. Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
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| 436294023 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294024 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294025 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Open) State Testing- This loan failed the XXXX subprime home loan test. (XXXX SB 8143 Section 5, 1(c)) Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. The loan is compliant with XXXX Subprime limitations and prohibited practices. The loan is compliant with XXXX Subprime limitations and prohibited practices. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294026 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294027 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) Assets - Recent Large Deposits- Recent large deposits were not adequately sourced and/or documented. The XXXX statement reflect XXXX being deposited on XX/XX/XXXX. The loan file contains a copy of the deposited check; however, does not contain a bank statement from where the money came from. Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
3 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A |
| 436294028 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations. |
(Clear) Assets Source Season- The funds required to close were not properly sourced and/or seasoned. Initial Deposit check provided is not from a verified account. Large deposit recently deposited came from an account which was not verified. Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an CDA dated XX/XX/XXXX, which supports the appraised value. |
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| 436294030 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294031 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Appraisal - Secondary Valuation Product Not Provided- Appraisal - Secondary Valuation Product Not Provided. The loan file does not contain evidence that a secondary valuation product was ordered or performed. The guidelines require that an Automated Valuation Model (AVM) be run on all loans. The loan file did not contain an Automated Valuation Model (AVM). Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
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| 436294032 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Appraisal - Secondary Valuation Product Not Provided- The loan file does not contain evidence that a secondary valuation product was ordered or performed. Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
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| 436294033 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| 436294034 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Open) HMDA- The application is missing the HMDA/Government Monitoring Information. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value not supported within 10% of original appraisal amount- The value was not supported within 10% of the appraised value as of the effective date. The loan file does not contain an AVM. Response 1 (01/04/2022 8:11AM) Documentation received is sufficient. (Resolved) |
3 | 2 | 1 | 1 | 2 | 2 | 3 | 1 | C | B | A | A | C | A | B | B | C | B | A | A | C | A | B | B | C | B | A | A | C | A | B | B | C | B | A | A | C | A | B | B | C | B | A | A | C | A | B | B |
| 436294037 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| 436294038 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) Hazard Insurance- The loan was missing current hazard insurance policy on the subject property with sufficient coverage/replacement cost. Hazard insurance in the amount of the full loan amount or cost new was required. The HOI Dec page provided reflected a dwelling coverage of XXXX. The loan file did not contain a replacement cost estimate and the full loan amount was XXXX; therefore, hazard insurance provided had insufficient coverage. Response 1 (XX/XX/XXXX XX:XXAM) Please provide the referenced Master Condo Policy. (Upheld) Response 2 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
3 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A |
| 436294040 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA date XX/XX/XXX, which supports the appraised value. |
1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| 436294041 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations. |
(Clear) Reserve Assets- Sufficient reserves to meet Loan Approval requirements were not verified in the file. Borrower was required to bring funds of XXXX to close, which include all POC items and EMD. Reserves in the amount of XXXX, or 3 months are required, bring total required assets to XXXX. Borrower's verified assets are XXXX, which results in a reserve shortage of XXXX. Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
3 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A |
| 436294044 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Open) State Testing- This loan failed the XXXX home loan test. (XXXX SB 8143 Section 5, 1(c)) Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. The loan is compliant with XXXX Subprime limitations and prohibited practices. |
(Clear) Flood Cert- The flood certificate is missing from the loan file. Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) (Clear) Income Docs- The income is not documented properly according to guides. The loan file is missing the co-borrower's VOE verifying the annual base income of XXXX. Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
3 | 2 | 3 | 1 | 2 | 2 | 1 | 1 | C | B | C | A | A | A | B | B | C | B | C | A | A | A | B | B | C | B | C | A | A | A | B | B | C | B | C | A | A | A | B | B | C | B | C | A | A | A | B | B |
| 436294048 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Open) State Testing- This loan failed the XXXX subprime home loan test. (XXXX SB 8143 Section 5, 1(c)). Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. The loan has an APR of XXXX%. The APR threshold is 5.070%. The loan is compliant with XXXX Subprime limitations and prohibited practices. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294050 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| 436294053 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) State Testing- This loan failed the XXXX subprime home loan test. (XXXX SB 8143 Section 5, 1(c)) Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. While the XXXX Subprime Home Loan provisions specify that lenders may lawfully make this type of loan subject to certain conditions, some lenders and secondary market investors may prefer not to fund or buy subprime home loans even if the additional conditions are met. The loan is not compliant with XXXX Subprime limitations and prohibited practices, due to the absence of escrow of taxes and insurance. Response 1 (XX/XX/XXXX XX:XXPM) Mitigating Factor- Seller is Exempt. |
(Clear) Sales contract- The Sales Contract has not been properly executed by all parties. The sales contract provided was missing page 1. Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) (Clear) Assets Misc- There are additional asset findings. The lenders guidelines required a recent bank statement to support the required funds. The Note date was XX/XX/XXXX. The XXXX account ending XXXX was provided with an ending date of XX/XX/XXXX. The Note date was XX/XX/XXXX. The most recent XXXX statement provided was greater than 120 days from the Note date. Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) (Clear) Donor's ability to provide- Satisfactory evidence was not in the file of the donor's ability to provide funds to the borrower. Gift funds were utilized in the required funds. The lender guidelines required copies of the donor's canceled personal check or official bank/certified check with donor name as remitted or donor's non-negotiated check and donor's bank statement evidencing withdrawal of the gift. Required documentation was not provided. Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) (Clear) Hazard Insurance- The loan was missing current hazard insurance policy on the subject property which sufficient coverage/replacement cost. Subject is a co-operative. The master commercial liability and property insurance declaration page was not provided as required. Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) (Clear) Miscellaneous- There are additional observations that could impact the credit decision and/or quality of the loan. The subject is a co-operative. Evidence to support the co-op would be considered as warrantable was not provided and documentation for non-warrantable co-op requirements were also missing. Additional the completed QB Questionnaire for the co-op was missing. Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
3 | 2 | 3 | 1 | 3 | 2 | 1 | 1 | C | B | C | A | A | A | C | B | C | B | C | A | A | A | C | B | C | B | C | A | A | A | C | B | C | B | C | A | A | A | C | B | C | B | C | A | A | A | C | B |
| 436294054 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| 436294055 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| 436294057 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| 436294058 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| 436294059 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| 436294060 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| 436294061 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value not supported within 10% of original appraisal amount- The value was not supported within 10% of the appraised value as of the effective date. The loan file contains an AVM with an estimated value of XXXX which is XXXX% greater then the appraised value of XXXX. Response 1 (XX/XX/XXXX XX:XXAM) CDA supports appraised value. (Resolved) |
3 | 1 | 1 | 1 | 1 | 1 | 3 | 1 | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A |
| 436294062 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| 436294063 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| 436294064 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Appraisal - Secondary Valuation Product Not Provided- The loan file does not contain evidence that a secondary valuation product was ordered or performed. Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
3 | 1 | 1 | 1 | 1 | 1 | 3 | 1 | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A |
| 436294065 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Appraisal - Secondary Valuation Product Not Provided- The loan file does not contain evidence that a secondary valuation product was ordered or performed. Response 1 (XX/XX/XXXX XX:XXAM) CDA supports appraised value. (Resolved) (Clear) Appraisal is not made as-is - missing completion certification- The appraisal provided was made subject-to completion and/or repairs with no completion certification provided. Without this certification, Auditor was unable to verify if property was completed and/or repairs made. Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
3 | 1 | 1 | 1 | 1 | 1 | 3 | 1 | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A | C | A | A | A |
| 436294066 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) State Testing- The file failed one or more of the state threshold tests. This loan failed the XXXX subprime home loan test. (XXXX SB 8143 Section 5, 1(c))Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor- Seller is Exempt. (Clear) TRID - Zero Tolerance Violation Not Cured- This loan failed the charges that cannot increase test. The loan contains charges that exceed the good faith determination according to 1026.19(e)(3)(i). This results in a cost to cure of: XXXX. If curing defect with a refund, the following documents must be provided: LOE, PCCD, copy of refund, proof of delivery. Per regulation, correction must be made no later than 60 days after consummation. Response 1 (XX/XX/XXXX XX:XXAM) The Appraisal fee increased XXXX on XX/XX/XXXX without a valid COC. The Appraisal Re-Inspection Fee increased XXXX on XX/XX/XXXX without a valid COC. A cost to cure in the amount of XXXX is required. Response 2 (XX/XX/XXXX XX:XXAM) The documentation provided is not sufficient to cure the finding. A valid COC was provided for the increase to the Appraisal fee. A cost to cure in the amount of XXXX remains. (Upheld) Response 3 (XX/XX/XXXX XX:XXPM) The documentation provided is sufficient to cure the finding. (Resolved) |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294067 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294068 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Open) State Testing- This loan failed the XXXX subprime home loan test. (XXXX SB 8143 Section 5, 1(c)) Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. The loan is compliant with XXXX Subprime limitations and prohibited practices. Mitigating Factor- Seller is Exempt. |
(Clear) Reserve Assets- Sufficient reserves to meet Loan Approval requirements were not verified in the file. The subject loan required verification of XXXX in assets, but only XXXX was verified, for a shortage of XXXX. Response 1 (XX/XX/XXXX XX:XXPM) Without documentation of the XXXX POC there is a XXXX shortage of funds. (Upheld) Response 2 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
3 | 2 | 3 | 1 | 2 | 2 | 1 | 1 | C | B | C | A | A | A | B | B | C | B | C | A | A | A | B | B | C | B | C | A | A | A | B | B | C | B | C | A | A | A | B | B | C | B | C | A | A | A | B | B |
| 436294069 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) Earnest Money documentation- Earnest Money documentation. The earnest money deposit was not properly documented and/or sourced. Source account did not show evidence of earnest money clearing account. The guidelines indicate that the Borrower is required to provide a copy of the cancelled down payment check (front and back) or wire confirmation from the incoming or outgoing bank. The borrower provided a front copy of the EMD check for XXXX written from the borrower(s) XXXX account on XX/XX/XXXX. However, the XXXX account statement provided is for the period of XX/XX/XXXX thru XX/XX/XXXX. The source account did not show evidence of earnest money clearing account. Therefore, the loan file did not contain adequate verification of the XXXX EMD. Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) (Clear) Assets Misc- Assets Misc. There are additional asset findings. The guidelines require asset accounts used to qualify with joint account holders not on the loan application must provide a letter stating that Borrower has access to 100% of funds in the bank account(s). The Borrower provided a XXXX checking account as asset verification. The account is jointly held with XXXX. The loan file does not contain a letter from the joint account holder confirming the borrower has access to 100% of the account funds. Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable. The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294071 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294072 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) Inaccurate Mortgage- The mortgage was not completed accurately. The property is located in a PUD, but there is no PUD Rider attached to the Mortgage. Response 1 (XX/XX/XXXX XX:XXAM) The documentation provided is sufficient to cure the finding. (Resolved) |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294073 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294074 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Open) State Testing- State Testing. This loan failed the XXXX subprime home loan test. (XXXX SB 8143 Section 5, 1(c). Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor- Seller is Exempt. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294075 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294076 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294211 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Open) State Testing- This loan failed the XXXX subprime home loan test. (XXXX SB 8143 Section 5, 1(c)) Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. While the XXXX Subprime Home Loan provisions specify that lenders may lawfully make this type of loan subject to certain conditions, some lenders and secondary. Mitigating Factor- Seller is Exempt. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294213 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations. |
(Clear) Hazard Insurance- The Hazard Insurance document contained in the loan file does not validate sufficient coverage/replacement cost guarantee/replacement estimate to cover the loan amount. Loan amount is XXXX. Replacement cost new is XXXX. Dwelling coverage is XXXX with no replacement cost or Expanded Replacement Cost coverage. Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) (Clear) Reserve Assets- Sufficient reserves to meet guideline requirements were not verified in the file. The borrower was required to evidence 6 months in PITIA reserves equal to XXXX (XXXX PITIA X 6 months) this is in addition to the requirement of XXXX in funds to close, prepaid items and earnest money deposit. Therefore, the borrower was required to evidence a total of XXXX in funds for the subject transaction. The loan file only contained evidence of XXXX in qualifying assets. As a result, there is a XXXX shortage in verified reserves. Response 1 (XX/XX/XXXX XX:XXPM) Taxes recalculated. Funds are sufficient. (Resolved) (Clear) Program Parameters- The subject loan does not meet Program Parameters for Rent Loss Coverage. All investment properties require rent-loss coverage equal to or greater than 6 months of total gross rents. Gross rent is XXXX for the subject, which is XXXX in rent-loss coverage required. The homeowner's insurance reflected no rent-loss coverage. Response 1 (01/18/2022 9:58AM) Documentation received is sufficient. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value. |
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| 436294215 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294216 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated 07/29/2021, which supports the appraised value. |
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| 436294217 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Open) HMDA- The HMDA/Government Monitoring Information section of the application is incomplete. The Ethnicity section was not completed. |
(Clear) Gift Letter / Funds- A required gift letter was missing from the file and/or the donor funds were not verified. A gift letter from XXXX for the wire deposit made on XX/XX/XXXX for XXXX is missing from the file. Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294219 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Open) TRID - CD Non-Borrower with Right to Rescind- There is no evidence of an Initial CD provided to the non-borrowing spouse. Per regulation, CD(s) must be provided to all who have the right to rescind. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294220 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Open) State Testing- This loan faileed the XXXX subprime home loan test. (XXXX SB 8143 Section 5, 1(c)) using the greater of the disclosure APR and the fully indexed rate, the loan is a subprime home loan, as defined in legislation. Mitigating Factor - Seller is Exempt |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value. |
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| 436294221 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) Inaccurate Mortgage- The mortgage was not completed accurately. The Default Rate and Prepayment Penalty Addendum to Note and Mortgage rider is missing. Response 1 (XX/XX/XXXX XX:XXPM) The documentation provided is sufficient to cure the finding. (Resolved) |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an CDA dated XX/XX/XXXX, which supports the appraised value. |
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| 436294222 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an CDA dated XX/XX/XXXX, which supports the appraised value. |
1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| 436294223 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Open) TRID - SPL - Missing- The file is missing a written list of Service Providers. (Clear) TRID - 10% Tolerance Violation Not Cured- This loan failed the charges that in total cannot increase more than 10% test. An SPL was not provided therefore title fees were tested at 10%. This results in a cost to cure of: XXXX. If curing with a refund, the following documents must be provided: LOE, PCCD, copy of refund, proof of delivery. Per regulation, refund and revised disclosures must be provided no later than 60 days after consummation. Response 1 (XX/XX/XXXX XX:XXPM) The documentation provided is sufficient to cure the finding. (Resolved) |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
3 | 2 | 1 | 1 | 3 | 2 | 1 | 1 | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B | C | B | A | A | A | A | C | B |
| 436294224 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) Application- The final application is either inaccurate, missing or not signed as required by guides. The application does not reflect the present market value of the borrower's current primary residence as required. Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
3 | 1 | 3 | 1 | 1 | 1 | 1 | 1 | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A | C | A | C | A | A | A | A | A |
| 436294225 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Open) State Testing- The file failed one or more of the state threshold tests. This loan failed the XXXX subprime home loan test. (XXXX SB 8143 Section 5, 1(c))Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor- Seller is Exempt. (Open) TRID CD- Section B incorrect payee- The loan contains the following fee, Property Condition Inspection, where 'compensation to' does not reflect a Payee on the revised CD. |
(Clear) Contract- The loan file contained an addendum to the contract; however, the addendum wasn't fully executed. Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294226 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A | A |
| 436294227 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Open) State Testing- This loan failed the XXXX subprime home loan test. (XXXX SB 8143 Section 5, 1(c)) Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor- Seller is Exempt. |
(Clear) Income Docs- The income and employment is not documented properly according to guides. The Borrower's income from his primary job is documented as XXXX per month. The origination underwriter credited the Borrower with XXXX per month from the primary job, with no documentation to support this figure. The Borrower claimed additional income from a second job driving XXXX, and the Borrower's bank account showed income deposits from this job. It appears that the additional income credited from the primary job was actually these earnings; However, the loan file contained no documentation from the employer or as a self employed Borrower to confirm this income or length of employment, beyond the deposits in the bank account and a Borrower letter stating he drove for XXXX. The loan file should have contained either a WVOE for this job or a profit and loss statement for this employment. Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294228 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Open) State Testing- This loan failed the XXXX subprime home loan test. (XXXX SB 8143 Section 5, 1(c)) Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor- Seller is Exempt. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294229 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294230 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Open) TRID - SPL - Missing- The file is missing a written list of Service Providers. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX which supports the appraised value. |
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| 436294231 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXX, which supports the appraised value. |
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| 436294232 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) TRID - 10% Tolerance Violation Not Cured- This loan failed the charges that in total cannot increase more than 10% test. A valid COC was not provided. Therefore the following fee increase was not accepted: Recording. This results in a cost to cure of: XXXX. If curing with a refund, the following documents must be provided: LOE, PCCD, copy of refund, proof of delivery. Per regulation, refund and revised disclosures must be provided no later than 60 days after consummation. Response 1 (XX/XX/XXXX XX:XXPM) Documents have not provided (Upheld) Response 2 (XX/XX/XXXX XX:XXPM) The documentation provided is sufficient to cure the finding. (Resolved) (Clear) State Testing- The file failed one or more of the state threshold tests. This loan failed the XXXX subprime home loan test. (XXXX SB 8143 Section 5, 1(c))Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor- Seller is Exempt. |
(Clear) Reserve Assets- Sufficient reserves to meet guideline requirements were not verified in the file. The borrower was required to evidence 6 months in PITIA reserves equal to XXXX (XXXX PITIA X 6 months) this is in addition to the requirement of XXXX in funds to close, prepaid items and earnest money deposit. Therefore, the borrower was required to evidence a total of XXXX in funds for the subject transaction. The loan file only contained evidence of XXXX in qualifying assets. As a result, there is a XXXX shortage in verified reserves and XXXX shortage in total asset. Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294235 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains CDA dated XX/XX/XXXX, which supports the appraised value. |
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| 436294236 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Open) State Testing- State Testing. This loan failed the XXXX subprime home loan test. (XXXX SB 8143 Section 5, 1(c))Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor-Seller is Exempt. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294237 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Open) State Testing- This loan failed the XXXX subprime home loan test. (XXXX SB 8143 Section 5, 1(c)). Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor- Seller is Exempt |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Appraisal - Secondary Valuation Product Not Provided- The loan file does not contain evidence that a secondary valuation product was ordered or performed. Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
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| 436294238 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294239 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Open) State Testing- The file failed one or more of the state threshold tests. This loan failed the XXXX subprime home loan test. (XXXX SB 8143 Section 5, 1(c)) Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor- Seller is Exempt. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294240 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294241 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations. |
(Clear) Program Parameters- The subject loan does not meet Program Parameters for LTV on a cashout refinance of an investment property. The subject loan closed with an LTV of XXXX%, whereas the maximum allowed as per guidelines is 65%. Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294242 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) TRID - Initial LE Delivery Date (from application)- This loan failed the initial loan estimate delivery date test (from application). The Initial LE provided in the loan file and dated XX/XX/XXXX cannot be verified due to missing application date on initial Loan Application. Response 1 (XX/XX/XXXX XX:XXAM) The documentation provided is sufficient to cure the finding. (Resolved) (Open) Missing HOC Disclosure- The file contains no evidence that the Home ownership Counseling Disclosure was provided to the consumer. (Open) TRID - SPL - Missing- The file is missing a written list of Service Providers. (Clear) TRID - 10% Tolerance Violation Not Cured- This loan failed the charges that in total cannot increase more than 10% test. (12 CFR §1026.19(e)(3)(ii)) The loan contains third-party services that the consumer was permitted to shop for and the charges exceed the good faith tolerance according to §1026.19(e)(3)(ii). The final charges that in total cannot increase more than 10% (XXXX) exceed the comparable charges (XXXX) by more than 10%. This results in a cost to cure of: XXXX. If curing with a refund, the following documents must be provided: LOE, PCCD, copy of refund, proof of delivery. Per regulation, refund and revised disclosures must be provided no later than 60 days after consummation. Response 1 (XX/XX/XXXX XX:XXAM) The documentation provided is sufficient to cure the finding. (Resolved) (Open) State Testing- The file failed one or more of the state threshold tests. This loan failed the XXXX subprime home loan test. (XXXX SB 8143 Section 5, 1(c)) Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor - Seller is exempt. |
(Clear) Gift Letter / Funds- A required gift letter was missing from the file and/or the donor funds were not verified. The guidelines require the Borrower to provide a copy of the cancelled down payment check (front and back) or wire confirmation from the incoming or outgoing bank. The purchase contract reflects a required EMD of XXXX. The XXXX EMD was also reflected on the Final CD. the loan file does not contain a copy of the cancelled down payment check or wire confirmation. Response 1 (XX/XX/XXXX XX:XXAM) XXXX EMD Cleared Gift check received. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294243 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294244 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Open) State Testing- State Testing. This loan failed the XXXX subprime home loan test. (XXXX SB 8143 Section 5, 1(c))Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor- Seller is Exempt. |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. |
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| 436294247 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Open) State Testing- This loan failed the XXXX subprime home loan test. (XXXX SB 8143 Section 5, 1(c)). Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor- Seller is Exempt. |
(Clear) Condo/HOA Dues- The file does not contain documentation supporting the HOA/Condo dues. The approval in the loan file indicated that the following minimum documentation is required to determine if project is warrantable: Completed QB Questionnaire | Master Commercial Liability and Property Insurances (and flood, if applicable). | Management company to verify the monthly maintenance payment for the subject unit and confirm if there are any current or pending special assessments. If so, verify the amount attributed to the subject unit. | If refinance, management company to verify if the monthly maintenance / special assessments have been paid timely for at least the last 12 months. The origination 1008 reflects that the condo was determined to have been non-warrantable; however, none of the documentation required to determine this was present in the loan file. Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an CDA dated XX/XX/XXXX, which supports the appraised value. |
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| 436294248 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an CDA dated XX/XX/XXXX, which supports the appraised value. |
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| 437016602 | XXXX | XXXX | XX/XX/XXXX | XXXX | N/A | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) The loan meets all applicable credit guidelines- The loan meets all applicable credit guidelines. |
(Clear) Appraisal - Secondary Valuation Product Not Provided- The loan file does not contain evidence that a secondary valuation product was ordered or performed. Buyer Comment 1 (XXXX) The remedy was accepted Response 1 (XXXX) AVM obtained which supported value. (Resolved) |
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| 437016615 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) TRID - Initial CD Delivery Date (prior to consummation)- Initial Closing Disclosure Date Test: The Initial Closing Disclosure dated XXXX was not received by the borrower at least three business days prior to the Consummation Date, XXXX Response 1 (XXXX) The documentation provided is sufficient to cure the finding. (Resolved) |
(Clear) REO PITI- The Borrower owns own other real estate and the PITI for each additional mortgage is not confirmed. The file is missing documentation of HOA fees for the Borrowers rental properties. Response 1 (XXXX) Exception granted by Originator and accepted by Investor. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XXXX which supports the appraised value. |
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| 437016616 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) Subordination Agreement- All existing subordinate financing must be re-subordinated. The subordination agreement for the existing subordinate lien is missing from the file. The existing HELOC on the subject property was paid at closing; however, the HELOC closure letter was not signed. The loan file did not contain a final title policy reflecting it had been closed. A subordination agreement is required for secondary financing remaining open on the subject property. Response 1 (XXXX) Referenced exception not received. (Upheld) Response 2 (XXXX) Evidence of payoff provided; however, neither HELOC Closure nor subordination was provided. (Upheld) Response 3 (XXXX) Please provide the Final Title Policy for clarity. (Upheld) Response 4 (XXXX) Documentation received is sufficient. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XXXX which supports the appraised value. |
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| 437016617 | XXXX | XXXX | XX/XX/XXXX | XXXX | Non-QM | ATR Compliant | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Open) VOR Required- Verification of 12 months housing payments is required. The guidelines require a minimum 12 months of mortgage history, 0x30x12, for non-FTHBs and a Minimum 12 months of rental history, 0x30x12, is required for FTHB. The guidelines for FTHB indicate that 12 months minimum verification of rent is required to be documented via canceled checks or evidence of the payments via bank statements. The borrower is a FTHB and was living rent free and therefore, has no housing history as required. It should be noted that the Lender granted an exception for this particular issue. Compensating factors utilized to downgrade to level EV2. (Clear) Reserve Assets- Sufficient reserves to meet the minimum requirement for investment properties were not verified in the file. The borrower was required to evidence XXXX in funds to close, earnest money deposit and pre-paid items. In addition, the borrower was required to evidence 6 months reserves totaling XXXX XXXX PITIA x 6 months). Therefore, the borrower was required to evidence a total of XXXX in funds for the subject transaction. The loan file contained evidence of XXXX in qualifying assets including the earnest money deposit of XXXX The loan file also contained a gift letter and gift check; however, the gift check was dated after all bank statement dates and there was no evidence of the borrower actually receiving the funds. As a result there was a XXXX shortage of verified assets for reserves. It should be noted that the Lender requested an exception for this particular issue; however, that exception was denied. Response 1 (XXXX) The bank statements provided are not the most recent statement balances used at origination. In addition, the gift letter itself does not document receipt of gift funds. There is no evidence of gift deposit into the borrower's account or evidence of gift funds wired to the closing table. Reducing reserves to 3 months still results in a XXXX reserve shortage. (Upheld) Response 2 (XXXX) Evidence of the XXXX appraisal payment clearance is required. The current asset shortage is XXXX (Upheld) Response 3 (XXXX) Documentation received is sufficient. (Resolved) (Open) Program Parameters- The subject loan does not meet Program Parameters for property flipping. The guidelines require that the subject property be owned by the seller for 6 months minimum prior to a purchase transaction. The subject property reflects the last sale on XXXX for XXXX and the subject property sales price is XXXX The subject loan closed on XXXX which is less than 6 months seasoning for flipping rules. It should be noted that the Lender granted an exception for this particular issue. Compensating factors utilized to downgrade to level EV2. |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XXXX which supports the appraised value. |
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| 437016618 | XXXX | XXXX | XX/XX/XXXX | XXXX | QM Exempt | ATR Exempt | (Clear) The loan is in compliance with all applicable laws and regulations- The loan is in compliance with all applicable laws and regulations |
(Clear) Income Docs- The income is not documented properly according to guides. The guidelines require 4 months evidence of receipt of rent payments and a corresponding lease to properly document rental income using DSCR program on all refinance transactions. The loan file contained a lease agreement; however, the loan file did not contain any evidence of rent payments collected. Response 1 (XXXX) Please provide specific guide. (Upheld) Response 2 (XXXX) Referenced guideline snips not received. (Upheld) Response 3 (XXXX) Documentation received is sufficient. (Resolved) |
(Clear) Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable- The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XXXX which supports the appraised value. |
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| Loan ID | Loan Number | Finding # | Last Name | Note Date | Audit Category | Audit Issue | Finding ID | Exception Finding | Compensating Factors | Remediation Status | Exception Rebuttal | Exception Response | Status Comment | Initial Findings Grade | Final Findings Grade | Initial Loan Grade | Final Loan Grade | Exception Date |
| 436293748 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations. | 1 | 1 | 1 | 1 | 1/25/2019 | |||||
| 436293748 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 1/25/2019 | |||||
| 436293748 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Appraisal was performed by appropriately licensed appraiser | XXXX | The appraisal under review was performed and completed by an appropriately licensed appraiser. | 1 | 1 | 1 | 1 | 1/25/2019 | |||||
| 436293749 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | State Testing | XXXX | This loan failed the XXXX subprime home loan test. (XXXX SB 8143 Section 5, 1(c)). Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor- Seller is Exempt. | Mitigating Factor- Seller is Exempt. | 2 | 2 | 2 | 2 | 2/20/2019 | ||||
| 436293749 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | Donor's ability to provide | XXXX | Satisfactory evidence was not in the file of the donor's ability to provide funds to the borrower. The loan file contained a XXXX gift letter from XXXX, a XXXX gift letter from XXXX, a XXXX gift letter from XXXX, a XXXX gift letter from XXXX, a XXXX gift letter from XXXX, a XXXX gift letter from XXXX, a XXXX gift letter from XXXX, a XXXX gift letter from XXXX, a XXXX gift letter from X, a XXXX gift letter from XXXX, an XXXX gift letter from XXXX, and an XXXX gift letter from XXXX along with canceled checks and proof gifts were deposited into the borrower's account; however, evidence the gift funds came from the donors' accounts was not provided. | Gift donors' bank statements evidencing withdrawal of gift funds is required. Credit score of XXXX exceeds the minimum required by guidelines of 700. DTI of XXXX% is below maximum of 50%. Verified post-closing reserves of XXXX or XXX months. Minimum required per guidelines is 3 months. |
2 | 2 | 2 | 2 | 2/20/2019 | ||||
| 436293749 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Appraisal was performed by appropriately licensed appraiser | XXXX | The appraisal under review was performed and completed by an appropriately licensed appraiser. | 1 | 1 | 2 | 2 | 2/20/2019 | |||||
| 436293768 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | TRID CD- Section B incorrect payee | XXXX | The loan contains the following fee or fees where 'compensation to' does not reflect a Payee on the revised CD issued XX/XX/XXXX: Appraisal Fee. | 2 | 2 | 2 | 2 | 8/25/2021 | |||||
| 436293768 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines | 1 | 1 | 2 | 2 | 8/25/2021 | |||||
| 436293768 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value. | 1 | 1 | 2 | 2 | 8/25/2021 | |||||
| 436293770 | XXXX | 1 of 4 | XXXX | XX/XX/XXXX | Compliance | Inaccurate Mortgage | XXXX | The mortgage was incomplete due to the following. Missing the PUD Rider. Per the Appraisal and Title the subject property is located in a PUD. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) PUD Rider |
Response 1 (XX/XX/XXXX XX:XXAM) The documentation provided is sufficient to cure the finding. (Resolved) |
3 | 1 | 3 | 2 | 9/27/2021 | ||
| 436293770 | XXXX | 2 of 4 | XXXX | XX/XX/XXXX | Compliance | TRID CD ' Transaction Information/Seller Info | XXXX | The CD issued on XX/XX/XXXX does not reflect the complete seller information. Missing Seller's Address. Non-material defect. | 2 | 2 | 3 | 2 | 9/27/2021 | |||||
| 436293770 | XXXX | 3 of 4 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines | 1 | 1 | 3 | 2 | 9/27/2021 | |||||
| 436293770 | XXXX | 4 of 4 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX which supports the appraised value. | 1 | 1 | 3 | 2 | 9/27/2021 | |||||
| 436293867 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 2 | 2 | 11/16/2021 | |||||
| 436293867 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | Program Parameters | XXXX | The subject loan does not meet Program Parameters for Payment Shock. The maximum payment shock is 350%; however, the Borrowers payment shock is XXXX%. It should be noted that the Lender granted an exception for this particular issue. Compensating factors utilized to downgrade to level EV2. Credit Score of XXXX exceeds the minimum required by guidelines of 660. Total residual income is XXXX. | XXX Score. XXXX per month residual income. | Resolved | 2 | 2 | 2 | 2 | 11/16/2021 | |||
| 436293867 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 2 | 2 | 11/16/2021 | |||||
| 436293869 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations. | 1 | 1 | 1 | 1 | 11/16/2021 | |||||
| 436293869 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/16/2021 | |||||
| 436293869 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/16/2021 | |||||
| 436293871 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/12/2021 | |||||
| 436293871 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/12/2021 | |||||
| 436293871 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/12/2021 | |||||
| 436293872 | XXXX | 1 of 4 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 3 | 2 | 11/12/2021 | |||||
| 436293872 | XXXX | 2 of 4 | XXXX | XX/XX/XXXX | Credit | Program Parameters | XXXX | The subject loan does not meet Program Parameters. The subject loan does not meet Program Parameters for DSCR minimum requirements. The guidelines require a purchase transaction using DSCR with an LTV of XXXX% have a minimum of XXXX. The subject loan closed with a DSCR of only XXXX (Rent of XXXX / PITI of XXXX), which is less than the minimum required of 1.00. | XXX Score. XXXX months of reserves. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Agree - exception uploaded |
Response 1 (XX/XX/XXXX XX:XXAM) Exception granted by Originator and accepted by Investor. (Resolved) |
3 | 2 | 3 | 2 | 11/12/2021 | |
| 436293872 | XXXX | 3 of 4 | XXXX | XX/XX/XXXX | Credit | VOR Required | XXXX | VOR /VOM required. Verification of 12 months housing payments is required. The guidelines require a minimum 12 months of mortgage history, 0x30x12, for non-FTHBs and a Minimum 12 months of rental history, 0x30x12, is required for FTHB. The guidelines for FTHB indicate that 12 months minimum verification of rent is required to be documented via canceled checks or evidence of the payments via bank statements. The borrower was living rent free and therefore, has no housing history as required. It should be noted that the Lender granted an exception for this particular issue. Compensating factors utilized to downgrade to level EV2. | Credit score of XXX exceeds the minimum required by guidelines of 680. | 2 | 2 | 3 | 2 | 11/12/2021 | ||||
| 436293872 | XXXX | 4 of 4 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 2 | 11/12/2021 | |||||
| 436293873 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/12/2021 | |||||
| 436293873 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/12/2021 | |||||
| 436293873 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/12/2021 | |||||
| 436293896 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/12/2021 | |||||
| 436293896 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/12/2021 | |||||
| 436293896 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/12/2021 | |||||
| 436293897 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/10/2021 | |||||
| 436293897 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/10/2021 | |||||
| 436293897 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/10/2021 | |||||
| 436293898 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | TRID - Zero Tolerance Violation Not Cured | XXXX | This loan failed the charges that cannot increase test. The loan contains charges that exceed the good faith determination according to 1026.19(e)(3)(i). A valid change of circumstance was not provided in the loan file. Therefore, the addition to the following fee was not accepted: Underwriting Fee. This results in a cost to cure of: XXXX. If curing defect with a refund, the following documents must be provided: LOE, PCCD, copy of refund, proof of delivery. Per regulation, correction must be made no later than 60 days after consummation. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Cure Docs |
Response 1 (XX/XX/XXXX XX:XXPM) The documentation provided is sufficient to cure the finding. (Resolved) |
3 | 2 | 3 | 2 | 11/12/2021 | ||
| 436293898 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | VVOE required | XXXX | The guidelines require verification of the borrower's business to be obtained within 10 business days of the note date. The loan file contained a CPA letter dated XX/XX/XXXX and a business search with no date; however, the note date is XX/XX/XXXX. A verification of the borrower’s business within 10 business days is not present in the loan file. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Disagree - current Verification of Business is Active & Good Standing Rebuttal 2 (XX/XX/XXXX XX:XXAM) per covid and fnma guideline Effective: These policies became effective for loans with application dates on or after Apr. 14, 2020 and are effective until further notice. - When a borrower is using self-employment income to qualify, the lender must verify the existence of the borrower’s business within 120 calendar days prior to the note date. Due to latency in system updates or recertifications using annual licenses, certifications, or government systems of record, lenders must take additional steps to confirm that the borrower’s business is open and operating. The lender must confirm this within 20 business days of the note date or after closing - reviewer states the reverification must happen within 10 days it is 20 days before or after note the latest it can be is prior to delivery - CPA letter provided dated XX/XX/XXXX is within the 120 day requirement and supports that the reverification was within 20 days of the note as the CPA letter is valid for 120 days not 30 days. SM-XX/XX/XXXX at XX:XX AM. Rebuttal 3 (XX/XX/XXXX XX:XXPM) per covid and fnma guideline Effective: These policies became effective for loans with application dates on or after Apr. 14, 2020 and are effective until further notice. - When a borrower is using self-employment income to qualify, the lender must verify the existence of the borrower’s business within 120 calendar days prior to the note date. Due to latency in system updates or recertifications using annual licenses, certifications, or government systems of record, lenders must take additional steps to confirm that the borrower’s business is open and operating. The lender must confirm this within 20 business days of the note date or after closing - reviewer states the reverification must happen within 10 days it is 20 days before or after note the latest it can be is prior to delivery - CPA letter provided dated XX/XX/XXXX is within the 120 day requirement and supports that the reverification was within 20 days of the note as the CPA letter is valid for 120 days not 30 days. SM-XX/XX/XXXX at XX:XX AM. Please see attached documents to Verify the Existence of the borrowers business. Per the Non Agency Selling guide we are able to use the business website showing it is active and able to schedule appointments. |
Response 1 (XX/XX/XXXX XX:XXAM) Renewal date is not verification date, which is unknown due to missing internet printout date. (Upheld) Response 2 (XX/XX/XXXX XX:XXPM) It is agreed that the CPA letter is within 120 days; however, there does not appear to be documentation that re-verification took place within 20 days. Please clarify. (Upheld) Response 3 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 2 | 11/12/2021 | ||
| 436293898 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 2 | 11/12/2021 | |||||
| 436293899 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | TRID - Revised LE Delivery Date (after issue of CD) | XXXX | This loan failed the revised loan estimate delivery date test (after issuance of Closing Disclosure). The Revised Loan Estimate issued on XX/XX/XXXX was issued after providing the Closing Disclosure dated XX/XX/XXXX. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXAM) Last LE issued and signed XX/XX/XXXX. Initial CD issued XX/XX/XXXX. See attached DocMagic history, LE and Prelim CD that was used for balancing with Title |
Response 1 (XX/XX/XXXX XX:XXPM) The documentation provided is sufficient to cure the finding. (Resolved) |
3 | 1 | 3 | 1 | 11/12/2021 | ||
| 436293899 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 3 | 1 | 11/12/2021 | |||||
| 436293899 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 1 | 11/12/2021 | |||||
| 436293900 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | TRID CD ' Transaction Information/Seller Info | XXXX | The CD issued on XX/XX/XXXX does not reflect the complete seller information. Seller's Address is missing. Non-material defect. | 2 | 2 | 3 | 2 | 11/10/2021 | |||||
| 436293900 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | LDP/EPL | XXXX | LDP/EPL. The guidelines require that all loans must be submitted to an automated third-party fraud and data check tool (i.e. FraudGuard, DataVerify’s DRIVE, etc.). A copy of the findings report must be included in the loan file. All red flags and inconsistencies must be resolved and the supporting documentation clearing the deficiencies are to be provided as well. The loan file contained a copy of the Drive report; however, the Drive Score result was 0 for auto refer/FAIL. The loan file did not contain a copy of the fraud report with the red flags and inconsistencies resolved as required. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Disagree - the DV pulled XX/XX/XXXX with XXX Score |
Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 2 | 11/10/2021 | ||
| 436293900 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 2 | 11/10/2021 | |||||
| 436293901 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/10/2021 | |||||
| 436293901 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/10/2021 | |||||
| 436293901 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/10/2021 | |||||
| 436293902 | XXXX | 1 of 5 | XXXX | XX/XX/XXXX | Compliance | TRID - Zero Tolerance Violation Not Cured | XXXX | This loan failed the charges that cannot increase test. The loan contains charges that exceed the good faith determination according to 1026.19(e)(3)(i). A valid change of circumstance was not provided in the loan file. Therefore, the increase to the following fee was not accepted: Appraisal Fee. This results in a cost to cure of: XXXX. If curing defect with a refund, the following documents must be provided: LOE, PCCD, copy of refund, proof of delivery. Per regulation, correction must be made no later than 60 days after consummation. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Cure Docs |
Response 1 (XX/XX/XXXX XX:XXPM) The documentation provided is sufficient to cure the finding. (Resolved) |
3 | 2 | 3 | 2 | 11/10/2021 | ||
| 436293902 | XXXX | 2 of 5 | XXXX | XX/XX/XXXX | Credit | Debts Not verified on credit report | XXXX | The application lists significant debts that were not verified on the credit report and not independently verified. The loan application reflects that the borrower is responsible for child support liability f XXXX per month; however, the loan file contained no documentation to verify the debt. | XXX months of reserves. XXX Score. XXXX per month residual income. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Agree - exception uploaded |
Response 1 (XX/XX/XXXX XX:XXPM) Exception granted by Originator and accepted by Investor. (Resolved) |
3 | 2 | 3 | 2 | 11/10/2021 | |
| 436293902 | XXXX | 3 of 5 | XXXX | XX/XX/XXXX | Credit | Income Docs | XXXX | The income/employment is not documented properly according to guides. The guidelines required a business narrative be provided for bank statement income type. The loan file contained a narrative worksheet; however, the worksheet is blank. A business narrative was not provided as required. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Disagree - business narrative attached Rebuttal 2 (XX/XX/XXXX XX:XXAM) reattaching previously uploaded doc |
Response 1 (XX/XX/XXXX XX:XXPM) Business narrative not received. (Upheld) Response 2 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 2 | 11/10/2021 | ||
| 436293902 | XXXX | 4 of 5 | XXXX | XX/XX/XXXX | Credit | VVOE required | XXXX | The guidelines require verification of the borrower's business to be obtained within 10 business days of the note date. A verification of the borrower’s business within 10 business days is not present in the loan file. | XXX Score. XXX months of reserves. XXX years same job. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Agree - exception approved |
Response 1 (XX/XX/XXXX XX:XXAM) Exception granted by Originator and accepted by Investor. (Resolved) |
3 | 2 | 3 | 2 | 11/10/2021 | |
| 436293902 | XXXX | 5 of 5 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 2 | 11/10/2021 | |||||
| 436293903 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 3 | 1 | 11/10/2021 | |||||
| 436293903 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | Income Docs | XXXX | The income/employment is not documented properly according to guides. The guidelines required a business narrative be provided for bank statement income type. A business narrative was not provided as required. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) business narrative |
Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 1 | 11/10/2021 | ||
| 436293903 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 1 | 11/10/2021 | |||||
| 436293904 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | TRID - Zero Tolerance Violation Not Cured | XXXX | This loan failed the charges that cannot increase test. The loan contains charges that exceed the good faith determination according to 1026.19(e)(3)(i). A valid change of circumstance was not provided in the loan file. Therefore, the increase to the following fee was not accepted: Appraisal Fee. This results in a cost to cure of: XXXX. If curing defect with a refund, the following documents must be provided: LOE, PCCD, copy of refund, proof of delivery. Per regulation, correction must be made no later than 60 days after consummation. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Cure Docs |
Response 1 (XX/XX/XXXX XX:XXPM) The documentation provided is sufficient to cure the finding. (Resolved) |
3 | 2 | 3 | 2 | 11/8/2021 | ||
| 436293904 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 3 | 2 | 11/8/2021 | |||||
| 436293904 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Appraisal - Secondary Valuation Product Not Provided | XXXX | The loan file does not contain evidence that a secondary valuation product was ordered or performed. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) CDA |
Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 2 | 11/8/2021 | ||
| 436293905 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/8/2021 | |||||
| 436293905 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/8/2021 | |||||
| 436293905 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/8/2021 | |||||
| 436293906 | XXXX | 1 of 5 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 3 | 2 | 11/8/2021 | |||||
| 436293906 | XXXX | 2 of 5 | XXXX | XX/XX/XXXX | Credit | Assets | XXXX | Assets. The file did not contain evidence the borrower had the proper amount of funds required. The borrower was required to evidence 6 months in PITIA reserves equal to XXXX (XXXX PITIA X 6 months) this is in addition to the requirement of XXXX in funds to close, prepaid items and earnest money deposit. The guidelines do not allow a sole proprietor to use business assets to meet the funds to close or reserves requirements. The loan file only contained evidence of XXXX in business funds. The Borrower's CPA indicated in a letter that the Borrower is a sole proprietor. As a sole proprietor, the borrower is not allowed per guidelines to use business assets to satisfy the funds needed for the subject transaction. As a result, the borrower would be short XXXX in funds for closing and reserves. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXAM) Disagree - CPA letter and proof of funds line up with assets and guidelines |
Response 1 (XX/XX/XXXX XX:XXPM) Guidelines specify Schedule C filers cannot use business funds; however, the loan is a bank statement program and the tax filing type was not disclosed and is not applicable. (Resolved) |
3 | 1 | 3 | 2 | 11/8/2021 | ||
| 436293906 | XXXX | 3 of 5 | XXXX | XX/XX/XXXX | Credit | Program Parameters | XXXX | The subject loan does not meet Program Parameters for the maximum loan amount permitted. The borrower was qualified under the 12 Month Bank Statement program. The loan file contained no documentation the borrower had ownership in real property within the previous 7 years. The max loan amount for a FTHB purchase with a XXXX fico and an LTV of XXX% is XXXX. The loan closed with a loan amount of XXXX. The XXXX loan amount exceeds the XXXX loan amount maximum. | XXX score. XXX months of reserves. XXXX per month residual income. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Agree - exception uploaded |
Response 1 (XX/XX/XXXX XX:XXPM) Exception granted by Originator and accepted by Investor. (Resolved) |
3 | 2 | 3 | 2 | 11/8/2021 | |
| 436293906 | XXXX | 4 of 5 | XXXX | XX/XX/XXXX | Credit | VOR Required | XXXX | Verification of 12 months rental payments is required. Verification of 12 months housing payments is required. The guidelines require a minimum 12 months of mortgage history, 0x30x12, for non-FTHBs and a Minimum 12 months of rental history, 0x30x12, is required for FTHB. The guidelines for FTHB indicate that 12 months minimum verification of rent is required to be documented via canceled checks or evidence of the payments via bank statements. The final 1003 indicates the borrower owned and resided in a property located at XXXX. However, review of the borrower's credit report and the REO section reflected on the fraud report, indicate no history of mortgages or property ownership records for the borrower. Therefore, the borrower should have been qualified as a FTHB and the loan file does not contain 12 months minimum verification of rent is documented via canceled checks or evidence of the payments via bank statements. | XXX score. XXX months of reserves. XXXX per month residual income. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Agree - previously uploaded exception covers this |
Response 1 (XX/XX/XXXX XX:XXPM) Exception granted by Originator and accepted by Investor. (Resolved) |
3 | 2 | 3 | 2 | 11/8/2021 | |
| 436293906 | XXXX | 5 of 5 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 2 | 11/8/2021 | |||||
| 436293908 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/8/2021 | |||||
| 436293908 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/8/2021 | |||||
| 436293908 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/8/2021 | |||||
| 436293909 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/8/2021 | |||||
| 436293909 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/8/2021 | |||||
| 436293909 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/8/2021 | |||||
| 436293910 | XXXX | 1 of 5 | XXXX | XX/XX/XXXX | Compliance | Inaccurate Mortgage | XXXX | The mortgage was missing the notary page. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Full SECI |
Response 1 (XX/XX/XXXX XX:XXPM) The documentation provided is sufficient to cure the finding. (Resolved) |
3 | 1 | 3 | 2 | 11/8/2021 | ||
| 436293910 | XXXX | 2 of 5 | XXXX | XX/XX/XXXX | Credit | Credit Scores | XXXX | The borrower's credit scores are below the minimum allowable per guidelines. The minimum credit score required by guidelines was 660. The borrower's qualifying credit score was only XXX, which does not meet the minimum required. It should be noted that the Lender granted an exception for this particular issue. Compensating factors utilized to downgrade to level EV2. | DTI of XXXX% is below maximum of 50%. Borrower has XXX years in the same profession, with same employer. Total residual income is XXXX per month. |
2 | 2 | 3 | 2 | 11/8/2021 | ||||
| 436293910 | XXXX | 3 of 5 | XXXX | XX/XX/XXXX | Credit | Gift Letter / Funds | XXXX | A required gift letter was missing from the file and/or the donor funds were not verified. The loan file contained a gift receipt for XXXX; however, the gift letter provided in the loan file was only for the amount of XXXX. A corrected gift letter in the higher amount was not present in the loan file. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXAM) Exception approved, SM-Gift Letter provided on XX/XX/XXXX XX:XX AM. |
Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 2 | 11/8/2021 | ||
| 436293910 | XXXX | 4 of 5 | XXXX | XX/XX/XXXX | Credit | Miscellaneous | XXXX | There are additional observations that could impact the credit decision and/or quality of the loan. The appraisal reflects the subject property as a 7 story established condo. The guidelines required a completed condo questionnaire, Established Project Certification, Current Annual Budget, Current Balance sheet (dated within the last 60 days), Evidence of current HOA/Project Insurance in compliance with FNMA guidelines, and any Amendments, Supplements etc. to the Project Legal documents. The loan file contains a copy of the condo questionnaire; however, all other condo documents are missing from the loan file. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Exception disapproved. This was a limited review and only condo questionnaire and master insurance policy required. Both were already in file Rebuttal 2 (XX/XX/XXXX XX:XXPM) Exception approved. |
Response 1 (XX/XX/XXXX XX:XXPM) Please provide the Master Policy. (Upheld) Response 2 (XX/XX/XXXX XX:XXPM) Master Policy received. (Resolved) |
3 | 1 | 3 | 2 | 11/8/2021 | ||
| 436293910 | XXXX | 5 of 5 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 2 | 11/8/2021 | |||||
| 436293911 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 3 | 1 | 11/8/2021 | |||||
| 436293911 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | Income Docs | XXXX | The income is not documented properly according to guides. The guidelines require 4 months evidence of receipt of rent payments and a corresponding lease to properly document rental income using DSCR program on all refinance transactions. The loan file contained a lease agreement; however, the loan file did not contain any evidence of rent payments collected. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Disagree - Pulled guidelines closest to the application date and did not find where 4 months rent payments were required. All that is required is the 1007 and lease. Please provide information on which guidelines being referenced Rebuttal 2 (XX/XX/XXXX XX:XXPM) Exception disapproved. INVALID: See Guidelines dated 8/13/21, pages 60 & 61 for DSCR documentation requirements. Prior guidelines did require this, but time of closing on the subject loan, the new guidelines were in place and this wasn't required. This guideline change was effective as of the updated published guidelines on XX/XX/XXXX. |
Response 1 (XX/XX/XXXX XX:XXAM) Guideline snip provided does not contain a date. (Upheld) Response 2 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 1 | 11/8/2021 | ||
| 436293911 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 1 | 11/8/2021 | |||||
| 436293912 | XXXX | 1 of 4 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 3 | 2 | 11/8/2021 | |||||
| 436293912 | XXXX | 2 of 4 | XXXX | XX/XX/XXXX | Credit | Income Docs | XXXX | The income is not documented properly according to guides. The guidelines require a YTD profit and loss statement for self-employed full documentation borrowers. The profit and loss statement is missing for the business known as XXXX as reflected on the schedule C of the XXXX and XXXX return documentation. | XXXX per month residual income. XXXX years same job. XXX years clean rental history. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Agree - exception approved |
Response 1 (XX/XX/XXXX XX:XXPM) Exception granted by Originator and accepted by Investor. (Resolved) |
3 | 2 | 3 | 2 | 11/8/2021 | |
| 436293912 | XXXX | 3 of 4 | XXXX | XX/XX/XXXX | Credit | VVOE required | XXXX | The guidelines required CPA or Certified Tax Preparer verification for full documentation self-employed borrowers. The borrower owned 2 businesses reported on schedule C; however, the loan file did not contain a CPA or Certified Tax Preparer verification as required. | XXXX per month residual income. XXX years same job. XXX years clean rental history. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Agree - previously uploaded exception covers this |
Response 1 (XX/XX/XXXX XX:XXPM) Exception granted by Originator and accepted by Investor. (Resolved) |
3 | 2 | 3 | 2 | 11/8/2021 | |
| 436293912 | XXXX | 4 of 4 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 2 | 11/8/2021 | |||||
| 436293913 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/8/2021 | |||||
| 436293913 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/8/2021 | |||||
| 436293913 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/8/2021 | |||||
| 436293914 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | TRID - Zero Tolerance Violation Not Cured | XXXX | This loan failed the charges that cannot increase test. The loan contains charges that exceed the good faith determination according to 1026.19(e)(3)(i). A valid change of circumstance was not provided in the loan file. Therefore, the increase to the following fee was not accepted: Appraisal Fee . This results in a cost to cure of: XXX. If curing defect with a refund, the following documents must be provided: LOE, PCCD, copy of refund, proof of delivery. Per regulation, correction must be made no later than 60 days after consummation. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Cure Docs |
Response 1 (XX/XX/XXXX XX:XXPM) The documentation provided is sufficient to cure the finding. (Resolved) |
3 | 2 | 3 | 2 | 11/5/2021 | ||
| 436293914 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 3 | 2 | 11/5/2021 | |||||
| 436293914 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 2 | 11/5/2021 | |||||
| 436293915 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 2 | 2 | 11/5/2021 | |||||
| 436293915 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | Resident Alien | XXXX | The loan file does not contain sufficient documentation to evidence borrower's residency. Documentation in the file documents that the Borrower's Employment Authorization expires on XX/XX/XXXX. The file contains Form I-797C, Notice of Action requesting renewal in XX/XX/XXXX. It should be noted that the Lender granted an exception for this issue. Credit Score of XXX exceeds the minimum required by guidelines of 720. Verified post closing reserves of XXXX or XXX months. Minimum required per guidelines is 5 months. | XXX Score. XXXX per month residual income. XXX months of reserves. | 2 | 2 | 2 | 2 | 11/5/2021 | ||||
| 436293915 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 2 | 2 | 11/5/2021 | |||||
| 436293916 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/5/2021 | |||||
| 436293916 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/5/2021 | |||||
| 436293916 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/5/2021 | |||||
| 436293917 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/5/2021 | |||||
| 436293917 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/5/2021 | |||||
| 436293917 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/5/2021 | |||||
| 436293918 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/5/2021 | |||||
| 436293918 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/5/2021 | |||||
| 436293918 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/5/2021 | |||||
| 436293919 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 2 | 2 | 11/8/2021 | |||||
| 436293919 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | Income Docs | XXXX | The income is not documented properly according to guides. The Guidelines state that Business Assets are generally not eligible to be used for Asset Utilization calculation. The subject loan used Business Bank Statements from XX/XX/XXXX to XX/XX/XXXX. The Loan file contained an exception for the use of the Business Bank Statements. | LTV of XXXX% is below maximum of 70% Credit score of XXX exceeds the minimum required by guidelines of 760 |
2 | 2 | 2 | 2 | 11/8/2021 | ||||
| 436293919 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a AVM, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 2 | 2 | 11/8/2021 | |||||
| 436293920 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/5/2021 | |||||
| 436293920 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/5/2021 | |||||
| 436293920 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/5/2021 | |||||
| 436293921 | XXXX | 1 of 4 | XXXX | XX/XX/XXXX | Compliance | TRID - Zero Tolerance Violation Not Cured | XXXX | This loan failed the charges that cannot increase test. The loan contains charges that exceed the good faith determination according to 1026.19(e)(3)(i). A valid change of circumstance was not provided in the loan file. Therefore, the increase/addition to the following fee was not accepted: Appraisal Fee. This results in a cost to cure of: XXXX. If curing defect with a refund, the following documents must be provided: LOE, PCCD, copy of refund, proof of delivery. Per regulation, correction must be made no later than 60 days after consummation. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Cure Docs |
Response 1 (XX/XX/XXXX XX:XXPM) The documentation provided is sufficient to cure the finding. (Resolved) |
3 | 2 | 3 | 2 | 11/5/2021 | ||
| 436293921 | XXXX | 2 of 4 | XXXX | XX/XX/XXXX | Credit | Program Parameters | XXXX | Borrowers with foreclosure activity within the prior 48 months of the application are ineligible. The Borrowers Final Judgement of Foreclosure was dated XX/XX/XXXX, which is only 45 months prior to subject loan. It should be noted that the Lender granted an exception for this particular issue. Compensating factors utilized to downgrade to level EV2. Credit Score of XXX exceeds the minimum required by guidelines of 720. DTI of XXXX% is below maximum of 50%. Verified post closing reserves of XXXX or XXX months. Minimum required guidelines is 6 months. | XXX Score. XXX months of reserves. XXXX per month residual income. | 2 | 2 | 3 | 2 | 11/5/2021 | ||||
| 436293921 | XXXX | 3 of 4 | XXXX | XX/XX/XXXX | Credit | VVOE required | XXXX | A VVOE is required within 10 days of Note date. No VVOE is in evidence in the file. The file contains only written Verifications of Employment for the Borrowers. | XXX Score. XXX months of reserves. XXXX per month residual income. | 2 | 2 | 3 | 2 | 11/5/2021 | ||||
| 436293921 | XXXX | 4 of 4 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 2 | 11/5/2021 | |||||
| 436293922 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 2 | 2 | 11/5/2021 | |||||
| 436293922 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | Debts | XXXX | The file is missing documentation of the sale of the Borrower's departing residence. Public records, obtained thru redfin.com reflects the departing residence closed XX/XX/XXXX; however, the file is missing any documentation of the sale. | XXX Score. XXX% DTI. XXXX per month residual income. | 2 | 2 | 2 | 2 | 11/5/2021 | ||||
| 436293922 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 2 | 2 | 11/5/2021 | |||||
| 436293923 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/5/2021 | |||||
| 436293923 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/5/2021 | |||||
| 436293923 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/5/2021 | |||||
| 436293924 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | TRID - PR Revised CD - Waiting Period | XXXX | This loan failed the revised closing disclosure delivery date test (waiting period required).( 12 CFR §1026.19(f)(2)(ii) )The revised closing disclosure delivery requires a new waiting period and the revised closing disclosure delivery date is provided and the revised closing disclosure method of delivery is marked as either: The revised closing disclosure receipt date is provided and the revised closing disclosure receipt date is less than three business days (counting all calendar days except Sunday and specified legal public holidays) before the consummation date, or closing / settlement date if no consummation date is provided, of the transaction The CD issued on XX/XX/XXXX, contained one of the following: APR change which required a new 3-day waiting period. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXAM) Initial CD issued to borrower XX/XX/XXXX with APR XXXX%. Next CD issued to borrower is final closing CD issued XX/XX/XXXX with APR XXXX%. *See attached Initial CD, Final CD and DocMagic history indicating actual CDs issued to borrowers. |
Response 1 (XX/XX/XXXX XX:XXPM) The explanation provided is sufficient to cure the finding. (Resolved) |
3 | 1 | 3 | 1 | 11/5/2021 | ||
| 436293924 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | Miscellaneous | XXXX | There are additional observations that could impact the credit decision and/or quality of the loan. The subject loan closed in a trust; however, the certification of trust is not present in the loan file as required by guidelines. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Disagree - cert of trust included Rebuttal 2 (XX/XX/XXXX XX:XXAM) previously uploaded doc attached again |
Response 1 (XX/XX/XXXX XX:XXPM) Referenced documentation not received. (Upheld) Response 2 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 1 | 11/5/2021 | ||
| 436293924 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 1 | 11/5/2021 | |||||
| 436293925 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/5/2021 | |||||
| 436293925 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/5/2021 | |||||
| 436293925 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/5/2021 | |||||
| 436293926 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 2 | 2 | 11/5/2021 | |||||
| 436293926 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | Incomplete Bank Statements | XXXX | The bank and/or asset statements are incomplete. The guidelines required 12 months consecutive and complete bank statements to properly document income using the 12 months bank statement program. The loan file contained business bank statements for the months of XXXX to XXXX XXXX and one statement ending XX/XX/XXXX from XXXX ending in XXXX. The statement for month ending XXXX is missing from the loan file. Additionally for the bank statement ending XX/XX/XXXX, it is noted as being six total pages, however only page one and two are present. | XXX Score. XXX months of reserves. XXXX per month residual income. | 2 | 2 | 2 | 2 | 11/5/2021 | ||||
| 436293926 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 2 | 2 | 11/5/2021 | |||||
| 436293927 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | Federal Testing | XXXX | The file failed one or more of the federal threshold tests. This loan failed the high-cost mortgage points and fees threshold test due to one of the following findings: (12 CFR §1026.32(a)(1)(ii)(A), (B)). The loan amount is XXXX or more, and the transaction's total points and fees is XXXX, which exceeds 5 percent of the total loan amount of XXXX. This loan failed the high-cost mortgage financing of points and fees test. (12 CFR §1026.34(a)(10)). The loan finances, directly or indirectly, any points and fees, as defined in the legislation. Fees included in the test: Mortgage Broker Fee, Points, and Underwriting Fee. A cost to cure in the amount of XXXX is required. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Cure Docs |
Response 1 (XX/XX/XXXX XX:XXPM) The documentation provided is sufficient to cure the finding. (Resolved) |
3 | 1 | 3 | 1 | 11/5/2021 | ||
| 436293927 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 3 | 1 | 11/5/2021 | |||||
| 436293927 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 1 | 11/5/2021 | |||||
| 436293928 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 2 | 2 | 11/5/2021 | |||||
| 436293928 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | Income Docs | XXXX | The guidelines require 4 months evidence of receipt of rent payments and a corresponding lease to properly document rental income using DSCR program on all refinance transactions. The subject loan closed on XX/XX/XXX. The loan file contained a lease agreement dated XX/XX/XXXX. The evidence of rent payment for XXXX is not in the loan file. 4 consecutive months of rent were not evidenced in the loan file as required. | XXX Score. XXXX% LTV. XXX months of reserves. | 2 | 2 | 2 | 2 | 11/5/2021 | ||||
| 436293928 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 2 | 2 | 11/5/2021 | |||||
| 436293929 | XXXX | 1 of 5 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 3 | 1 | 11/3/2021 | |||||
| 436293929 | XXXX | 2 of 5 | XXXX | XX/XX/XXXX | Credit | Resident Alien | XXXX | The borrower and co-borrower indicate XXXX status on the loan application. The loan file contains a copy of the co-borrower permanent residence alien card; however, the file contains no evidence documenting the XXXX for the primary borrower. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Disagree - valid photo id included |
Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 1 | 11/3/2021 | ||
| 436293929 | XXXX | 3 of 5 | XXXX | XX/XX/XXXX | Credit | VOR Required | XXXX | Verification of 12 months rental payments is required. The guidelines for FTHB indicate that 12 months minimum verification of rent is required to be documented via canceled checks or evidence of the payments via bank statements. The loan file contained a private VOR which indicated that the borrower had rented since XX/XX/XXXX at XXXX per month; however, the rent payments were not supported by 12 months canceled checks or bank statement withdrawals as required. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Disagree - 12 month mortgage history included |
Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 1 | 11/3/2021 | ||
| 436293929 | XXXX | 4 of 5 | XXXX | XX/XX/XXXX | Credit | VVOE required | XXXX | The guidelines require verification of the borrower's business to be obtained within 10 business days of the note date. The loan file contained a CPA letter dated XX/XX/XXXX and a business search with no date; however, the note date is XX/XX/XXXX. A verification of the borrower’s business within 10 business days is not present in the loan file. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Disagree - Verified per Google search business was operating at the time of closing and current along w. CPA Letter Rebuttal 2 (XX/XX/XXXX XX:XXPM) Disagree - Verified per Google search business was operating at the time of closing and current along w. CPA Letter; See attac;hed google print out with date |
Response 1 (XX/XX/XXXX XX:XXPM) The web search must contain a date. (Upheld) Response 2 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 1 | 11/3/2021 | ||
| 436293929 | XXXX | 5 of 5 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a AVM, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 1 | 11/3/2021 | |||||
| 436293930 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 3 | 1 | 11/3/2021 | |||||
| 436293930 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | VVOE required | XXXX | A VVOE is required within 10 days of Note date. The note is dated XX/XX/XXXX. The loan file contains a WVOE dated XX/XX/XXXX. The loan file does not contain a VVOE within 10 business days of the note date. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Disagree - VVOE within time guidelines Rebuttal 2 (XX/XX/XXXX XX:XXPM) Exception approved; VVOE on file and is from Current Employer See Attachment Rebuttal 3 (XX/XX/XXXX XX:XXPM) Exception approved; VVOE on file and is from Current Employer See Attachment |
Response 1 (XX/XX/XXXX XX:XXPM) VVOE provided is from prior employment. (Upheld) Response 2 (XX/XX/XXXX XX:XXAM) Borrower is inactive as of XX/XX/XXXX. (Upheld) Response 3 (XX/XX/XXXX XX:XXAM) VVOW received is sufficient. (Resolved) |
3 | 1 | 3 | 1 | 11/3/2021 | ||
| 436293930 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 1 | 11/3/2021 | |||||
| 436293956 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 3 | 1 | 11/3/2021 | |||||
| 436293956 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | Income Docs | XXXX | The income is not documented properly according to guides. The guidelines require 4 months evidence of receipt of rent payments and a corresponding lease to properly document rental income using DSCR program on all refinance transactions. The loan file contained a lease agreement; however, the loan file did not contain any evidence of rent payments collected. Further, the guidelines require an Exhibit C - Business purpose & occupancy affidavit to be completed and signed at origination. The loan file contained no evidence of the Exhibit C - Business purpose & occupancy affidavit as required. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Disagree - no longer applicable on DSCR loans as of XX/XX/XXXX per guideline change, this loan funded on XX/XX/XXXX |
Response 1 (XX/XX/XXXX XX:XXAM) Business Purpose disclosure provided. (Resolved) |
3 | 1 | 3 | 1 | 11/3/2021 | ||
| 436293956 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 1 | 11/3/2021 | |||||
| 436294014 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/30/2021 | |||||
| 436294014 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/30/2021 | |||||
| 436294014 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an CDA dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/30/2021 | |||||
| 436294015 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/30/2021 | |||||
| 436294015 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/30/2021 | |||||
| 436294015 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/30/2021 | |||||
| 436294016 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/29/2021 | |||||
| 436294016 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/29/2021 | |||||
| 436294016 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/29/2021 | |||||
| 436294017 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 3 | 1 | 11/29/2021 | |||||
| 436294017 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 3 | 1 | 11/29/2021 | |||||
| 436294017 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Appraisal - Secondary Valuation Product Not Provided | XXXX | The loan file does not contain evidence that a secondary valuation product was ordered or performed. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) AVM report |
Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 1 | 11/29/2021 | ||
| 436294018 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/24/2021 | |||||
| 436294018 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/24/2021 | |||||
| 436294018 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/24/2021 | |||||
| 436294019 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 3 | 1 | 11/24/2021 | |||||
| 436294019 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 3 | 1 | 11/24/2021 | |||||
| 436294019 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value not supported within 10% of original appraisal amount | XXXX | The value was not supported within 10% of the appraised value as of the effective date. The Loan File contained an AVM which showed a variance in value of XXXX%, which required a CDA; however, the loan file did not contain a CDA as required. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXAM) CDA uploaded. |
Response 1 (XX/XX/XXXX XX:XXAM) CDA supports appraised value. (Resolved) |
3 | 1 | 3 | 1 | 11/24/2021 | ||
| 436294020 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | TRID - Zero Tolerance Violation Not Cured | XXXX | This loan failed the charges that cannot increase test. The loan contains charges that exceed the good faith determination according to 1026.19(e)(3)(i). A valid change of circumstance was not provided in the loan file. Therefore, the increase to the following fees was not accepted: Appraisal Fee. This results in a cost to cure of: XXXX. If curing defect with a refund, the following documents must be provided: LOE, PCCD, copy of refund, proof of delivery. Per regulation, correction must be made no later than 60 days after consummation. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) It seems a COC was missed upon review. Please see attached for the COC LE regarding appraisal fee. |
Response 1 (XX/XX/XXXX XX:XXPM) The documentation provided is sufficient to cure the finding. (Resolved) |
3 | 1 | 3 | 1 | 11/24/2021 | ||
| 436294020 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 3 | 1 | 11/24/2021 | |||||
| 436294020 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an CDA dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 1 | 11/24/2021 | |||||
| 436294021 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/22/2021 | |||||
| 436294021 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/22/2021 | |||||
| 436294021 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an CDA dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/22/2021 | |||||
| 436294022 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 3 | 1 | 11/22/2021 | |||||
| 436294022 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 3 | 1 | 11/22/2021 | |||||
| 436294022 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Appraisal - Secondary Valuation Product Not Provided | XXXX | The loan file does not contain evidence that a secondary valuation product was ordered or performed. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXAM) AVM attached. |
Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 1 | 11/22/2021 | ||
| 436294023 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations. | 1 | 1 | 1 | 1 | 11/22/2021 | |||||
| 436294023 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/22/2021 | |||||
| 436294023 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/22/2021 | |||||
| 436294024 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/17/2021 | |||||
| 436294024 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/17/2021 | |||||
| 436294024 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/17/2021 | |||||
| 436294025 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | State Testing | XXXX | This loan failed the XX subprime home loan test. (XX SB 8143 Section 5, 1(c)) Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. The loan is compliant with XX Subprime limitations and prohibited practices. The loan is compliant with XX Subprime limitations and prohibited practices. | 2 | 2 | 2 | 2 | 11/17/2021 | |||||
| 436294025 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 2 | 2 | 11/17/2021 | |||||
| 436294025 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 2 | 2 | 11/17/2021 | |||||
| 436294026 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations. | 1 | 1 | 1 | 1 | 12/3/2021 | |||||
| 436294026 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 12/3/2021 | |||||
| 436294026 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 12/3/2021 | |||||
| 436294027 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 3 | 1 | 12/3/2021 | |||||
| 436294027 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | Assets - Recent Large Deposits | XXXX | Recent large deposits were not adequately sourced and/or documented. The XXXX bank statement reflect XXXX being deposited on XX/XX/XXXX. The loan file contains a copy of the deposited check; however, does not contain a bank statement from where the money came from. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Bank Statement attached. |
Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 1 | 12/3/2021 | ||
| 436294027 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 1 | 12/3/2021 | |||||
| 436294028 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations. | 1 | 1 | 3 | 1 | 12/8/2021 | |||||
| 436294028 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | Assets Source Season | XXXX | The funds required to close were not properly sourced and/or seasoned. Initial Deposit check provided is not from a verified account. Large deposit recently deposited came from an account which was not verified. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) EMD was from borrower's joint acct with 100% access, per our CDL guideline, we don't verify funds from account if we received the cancelled check and show the funds are from borrower self. |
Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 1 | 12/8/2021 | ||
| 436294028 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an CDA dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 1 | 12/8/2021 | |||||
| 436294030 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 12/6/2021 | |||||
| 436294030 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 12/6/2021 | |||||
| 436294030 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 12/6/2021 | |||||
| 436294031 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 3 | 1 | 12/6/2021 | |||||
| 436294031 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 3 | 1 | 12/6/2021 | |||||
| 436294031 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Appraisal - Secondary Valuation Product Not Provided | XXXX | Appraisal - Secondary Valuation Product Not Provided. The loan file does not contain evidence that a secondary valuation product was ordered or performed. The guidelines require that an Automated Valuation Model (AVM) be run on all loans. The loan file did not contain an Automated Valuation Model (AVM). | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) AVM attached. |
Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 1 | 12/6/2021 | ||
| 436294032 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations. | 1 | 1 | 3 | 1 | 12/6/2021 | |||||
| 436294032 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 3 | 1 | 12/6/2021 | |||||
| 436294032 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Appraisal - Secondary Valuation Product Not Provided | XXXX | The loan file does not contain evidence that a secondary valuation product was ordered or performed. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) AVM attached. |
Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 1 | 12/6/2021 | ||
| 436294033 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/30/2021 | |||||
| 436294033 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/30/2021 | |||||
| 436294033 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/30/2021 | |||||
| 436294034 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | HMDA | XXXX | The application is missing the HMDA/Government Monitoring Information. | 2 | 2 | 3 | 2 | 12/3/2021 | |||||
| 436294034 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 3 | 2 | 12/3/2021 | |||||
| 436294034 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value not supported within 10% of original appraisal amount | XXXX | The value was not supported within 10% of the appraised value as of the effective date. The loan file does not contain an AVM. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) please find the AVM report supporting the value. |
Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 2 | 12/3/2021 | ||
| 436294037 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/30/2021 | |||||
| 436294037 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/30/2021 | |||||
| 436294037 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/30/2021 | |||||
| 436294038 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 3 | 1 | 12/3/2021 | |||||
| 436294038 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | Hazard Insurance | XXXX | The loan was missing current hazard insurance policy on the subject property with sufficient coverage/replacement cost. Hazard insurance in the amount of the full loan amount or cost new was required. The HOI Dec page provided reflected a dwelling coverage of XXXX. The loan file did not contain a replacement cost estimate and the full loan amount was XXXX; therefore, hazard insurance provided had insufficient coverage. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) subject property is condo, we have master insurance for the whole building, HO6 is required when master insurance doesn't include walls in coverage, however, the coverage of HO6 is optional from borrower, we accept what ever coverage it is. it doesn't need to cover loan amount. Rebuttal 2 (XX/XX/XXXX XX:XXPM) Master policy attached. |
Response 1 (XX/XX/XXXX XX:XXPM) Please provide the referenced Master Condo Policy. (Upheld) Response 2 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 1 | 12/3/2021 | ||
| 436294038 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 1 | 12/3/2021 | |||||
| 436294040 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 12/9/2021 | |||||
| 436294040 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 12/9/2021 | |||||
| 436294040 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an CDA dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 12/9/2021 | |||||
| 436294041 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations. | 1 | 1 | 3 | 1 | 12/8/2021 | |||||
| 436294041 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | Reserve Assets | XXXX | Sufficient reserves to meet Loan Approval requirements were not verified in the file. Borrower was required to bring funds of XXXX to close, which include all POC items and EMD. Reserves in the amount of XXXX, or 3 months are required, bring total required assets to XXXX. Borrower's verified assets are XXXX, which results in a reserve shortage of XXXX. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXAM) Additional assets attached. XXXX*3 Months = XXXX + XXXX (Cash to close per Final CD) = XXXX Assets verified XXXX |
Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 1 | 12/8/2021 | ||
| 436294041 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 1 | 12/8/2021 | |||||
| 436294044 | XXXX | 1 of 4 | XXXX | XX/XX/XXXX | Compliance | State Testing | XXXX | This loan failed the XX subprime home loan test. (XX SB 8143 Section 5, 1(c)) Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. The loan is compliant with XX Subprime limitations and prohibited practices. | 2 | 2 | 3 | 2 | 11/30/2021 | |||||
| 436294044 | XXXX | 2 of 4 | XXXX | XX/XX/XXXX | Credit | Flood Cert | XXXX | The flood certificate is missing from the loan file. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Flood Cert attached. |
Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 2 | 11/30/2021 | ||
| 436294044 | XXXX | 3 of 4 | XXXX | XX/XX/XXXX | Credit | Income Docs | XXXX | The income is not documented properly according to guides. The loan file is missing the co-borrower's VOE verifying the annual base income of XXXX. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) VOE attached. |
Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 2 | 11/30/2021 | ||
| 436294044 | XXXX | 4 of 4 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 2 | 11/30/2021 | |||||
| 436294048 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | State Testing | XXXX | This loan failed the XX subprime home loan test. (XX SB 8143 Section 5, 1(c)). Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. The loan has an APR of XXXX%. The APR threshold is 5.070%. The loan is compliant with NY Subprime limitations and prohibited practices. | 2 | 2 | 2 | 2 | 12/3/2021 | |||||
| 436294048 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 2 | 2 | 12/3/2021 | |||||
| 436294048 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 2 | 2 | 12/3/2021 | |||||
| 436294050 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/30/2021 | |||||
| 436294050 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/30/2021 | |||||
| 436294050 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/30/2021 | |||||
| 436294053 | XXXX | 1 of 7 | XXXX | XX/XX/XXXX | Compliance | State Testing | XXXX | This loan failed the XX subprime home loan test. (XX SB 8143 Section 5, 1(c)) Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. While the XXXX Subprime Home Loan provisions specify that lenders may lawfully make this type of loan subject to certain conditions, some lenders and secondary market investors may prefer not to fund or buy subprime home loans even if the additional conditions are met. The loan is not compliant with XX Subprime limitations and prohibited practices, due to the absence of escrow of taxes and insurance. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) This is not applicable as we are a federal reserves bank. I believe it should be downgraded to EV-2. |
Response 1 (XX/XX/XXXX XX:XXPM) Mitigating Factor- Seller is Exempt. |
3 | 2 | 3 | 2 | 11/30/2021 | ||
| 436294053 | XXXX | 2 of 7 | XXXX | XX/XX/XXXX | Credit | Assets Misc | XXXX | There are additional asset findings. The lenders guidelines required a recent bank statement to support the required funds. The Note date was XX/XX/XXXX. The XXXX account ending XXXX was provided with an ending date of XX/XX/XXXX. The Note date was XX/XX/XXXX. The most recent XXXX statement provided was greater than 120 days from the Note date. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Bank Statement attached. |
Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 2 | 11/30/2021 | ||
| 436294053 | XXXX | 3 of 7 | XXXX | XX/XX/XXXX | Credit | Donor's ability to provide | XXXX | Satisfactory evidence was not in the file of the donor's ability to provide funds to the borrower. Gift funds were utilized in the required funds. The lender guidelines required copies of the donor's canceled personal check or official bank/certified check with donor name as remitted or donor's non-negotiated check and donor's bank statement evidencing withdrawal of the gift. Required documentation was not provided. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Gift Letter attached. Gift was made in two separate deposits of XXXX and XXXX. |
Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 2 | 11/30/2021 | ||
| 436294053 | XXXX | 4 of 7 | XXXX | XX/XX/XXXX | Credit | Hazard Insurance | XXXX | The loan was missing current hazard insurance policy on the subject property which sufficient coverage/replacement cost. Subject is a co-operative. The master commercial liability and property insurance declaration page was not provided as required. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XX\AM) Attached Master Insurance |
Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 2 | 11/30/2021 | ||
| 436294053 | XXXX | 5 of 7 | XXXX | XX/XX/XXXX | Credit | Miscellaneous | XXXX | There are additional observations that could impact the credit decision and/or quality of the loan. The subject is a co-operative. Evidence to support the co-op would be considered as warrantable was not provided and documentation for non-warrantable co-op requirements were also missing. Additional the completed QB Questionnaire for the co-op was missing. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Questionnaire attached. |
Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 2 | 11/30/2021 | ||
| 436294053 | XXXX | 6 of 7 | XXXX | XX/XX/XXXX | Credit | Sales contract | XXXX | The Sales Contract has not been properly executed by all parties. The sales contract provided was missing page 1. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Contract attached. |
Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 2 | 11/30/2021 | ||
| 436294053 | XXXX | 7 of 7 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 2 | 11/30/2021 | |||||
| 436294054 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/30/2021 | |||||
| 436294054 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/30/2021 | |||||
| 436294054 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/30/2021 | |||||
| 436294055 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 12/3/2021 | |||||
| 436294055 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 12/3/2021 | |||||
| 436294055 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 12/3/2021 | |||||
| 436294057 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 12/3/2021 | |||||
| 436294057 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 12/3/2021 | |||||
| 436294057 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 12/3/2021 | |||||
| 436294058 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 11/30/2021 | |||||
| 436294058 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 11/30/2021 | |||||
| 436294058 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 11/30/2021 | |||||
| 436294059 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations. | 1 | 1 | 1 | 1 | 12/3/2021 | |||||
| 436294059 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 12/3/2021 | |||||
| 436294059 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 12/3/2021 | |||||
| 436294060 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 12/15/2021 | |||||
| 436294060 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 12/15/2021 | |||||
| 436294060 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 12/15/2021 | |||||
| 436294061 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 3 | 1 | 12/15/2021 | |||||
| 436294061 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 3 | 1 | 12/15/2021 | |||||
| 436294061 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value not supported within 10% of original appraisal amount | XXXX | The value was not supported within 10% of the appraised value as of the effective date. The loan file contains an AVM with an estimated value of XXXX which is XXXX% greater then the appraised value of XXXX. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXAM) CDA uploaded. |
Response 1 (XX/XX/XXXX XX:XXAM) CDA supports appraised value. (Resolved) |
3 | 1 | 3 | 1 | 12/15/2021 | ||
| 436294062 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 12/15/2021 | |||||
| 436294062 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 12/15/2021 | |||||
| 436294062 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 12/15/2021 | |||||
| 436294063 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 12/15/2021 | |||||
| 436294063 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 12/15/2021 | |||||
| 436294063 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 12/15/2021 | |||||
| 436294064 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 3 | 1 | 12/15/2021 | |||||
| 436294064 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 3 | 1 | 12/15/2021 | |||||
| 436294064 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Appraisal - Secondary Valuation Product Not Provided | XXXX | The loan file does not contain evidence that a secondary valuation product was ordered or performed. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) AVM report |
Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 1 | 12/15/2021 | ||
| 436294065 | XXXX | 1 of 4 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 3 | 1 | 12/15/2021 | |||||
| 436294065 | XXXX | 2 of 4 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 3 | 1 | 12/15/2021 | |||||
| 436294065 | XXXX | 3 of 4 | XXXX | XX/XX/XXXX | Valuation | Appraisal - Secondary Valuation Product Not Provided | XXXX | The loan file does not contain evidence that a secondary valuation product was ordered or performed. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXAM) Documentation uploaded. |
Response 1 (XX/XX/XXXX XX:XXAM) CDA supports appraised value. (Resolved) |
3 | 1 | 3 | 1 | 12/15/2021 | ||
| 436294065 | XXXX | 4 of 4 | XXXX | XX/XX/XXXX | Valuation | Appraisal is not made as-is - missing completion certification | XXXX | The appraisal provided was made subject-to completion and/or repairs with no completion certification provided. Without this certification, Auditor was unable to verify if property was completed and/or repairs made. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXAM) Attached page 2 indicates the subject has been professionally completed. |
Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 1 | 12/15/2021 | ||
| 436294066 | XXXX | 1 of 4 | XXXX | XX/XX/XXXX | Compliance | State Testing | XXXX | The file failed one or more of the state threshold tests. This loan failed the XXXX subprime home loan test. (NY SB 8143 Section 5, 1(c))Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor- Seller is Exempt. | Resolved | 2 | 2 | 3 | 2 | 12/15/2021 | ||||
| 436294066 | XXXX | 2 of 4 | XXXX | XX/XX/XXXX | Compliance | TRID - Zero Tolerance Violation Not Cured | XXXX | This loan failed the charges that cannot increase test. The loan contains charges that exceed the good faith determination according to 1026.19(e)(3)(i). This results in a cost to cure of: XXXX. If curing defect with a refund, the following documents must be provided: LOE, PCCD, copy of refund, proof of delivery. Per regulation, correction must be made no later than 60 days after consummation. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Please clarify which fee is needed to be cured. Rebuttal 2 (XX/XX/XXXX XX:XXPM) Thank you for the clarification. Providing the correct COC form for the appraisal fee increase. Once confirmed it is just the recert increase that needs to be cured, we will prepare the check request for the invalid XXXX increase. Rebuttal 3 (XX/XX/XXXX XX:XXPM) Please see attached for the PCCD, LOE, and proof of refund/delivery. |
Response 1 (XX/XX/XXXX XX:XXPM) The Appraisal fee increased XXXX on XX/XX/XXXX without a valid COC. The Appraisal Re-Inspection Fee increased XXXX on XX/XX/XXXX without a valid COC. A cost to cure in the amount of XXXX is required. Response 2 (XX/XX/XXXX XX:XXAM) The documentation provided is not sufficient to cure the finding. A valid COC was provided for the increase to the Appraisal fee. A cost to cure in the amount of XXXX remains. (Upheld) Response 3 (XX/XX/XXXX XX:XXPM) The documentation provided is sufficient to cure the finding. (Resolved) |
3 | 2 | 3 | 2 | 12/15/2021 | ||
| 436294066 | XXXX | 3 of 4 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 3 | 2 | 12/15/2021 | |||||
| 436294066 | XXXX | 4 of 4 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 2 | 12/15/2021 | |||||
| 436294067 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 12/15/2021 | |||||
| 436294067 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 12/15/2021 | |||||
| 436294067 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 12/15/2021 | |||||
| 436294068 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | State Testing | XXXX | This loan failed the XX subprime home loan test. (XX SB 8143 Section 5, 1(c)) Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. The loan is compliant with XX Subprime limitations and prohibited practices. Mitigating Factor- Seller is Exempt. | 2 | 2 | 3 | 2 | 12/15/2021 | |||||
| 436294068 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | Reserve Assets | XXXX | Sufficient reserves to meet Loan Approval requirements were not verified in the file. The subject loan required verification of XXXX in assets, but only XXXX was verified, for a shortage of XXX. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) On Final CD, Cash to close from borrower: XXXX.XXX plus XX months PITIA XXXX. Total assets required: XXXX; We’ve verified total XXXX from TD account, so we’ve sufficient funds for this transaction. Rebuttal 2 (XX/XX/XXXX XX:XXPM) $895 POC-appraisal fee was paid by credit card prior to closing, please find the uploaded paid receipt |
Response 1 (XX/XX/XXXX XX:XXPM) Without documentation of the XXXX POC there is a XXXX shortage of funds. (Upheld) Response 2 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 2 | 12/15/2021 | ||
| 436294068 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 2 | 12/15/2021 | |||||
| 436294069 | XXXX | 1 of 4 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 3 | 1 | 12/15/2021 | |||||
| 436294069 | XXXX | 2 of 4 | XXXX | XX/XX/XXXX | Credit | Assets Misc | XXXX | Assets Misc. There are additional asset findings. The guidelines require asset accounts used to qualify with joint account holders not on the loan application must provide a letter stating that Borrower has access to 100% of funds in the bank account(s). The Borrower provided a XXXX checking account as asset verification. The account is jointly held with XXXX. The loan file does not contain a letter from the joint account holder confirming the borrower has access to 100% of the account funds. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Full access letter attached. |
Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 1 | 12/15/2021 | ||
| 436294069 | XXXX | 3 of 4 | XXXX | XX/XX/XXXX | Credit | Earnest Money documentation | XXXX | Earnest Money documentation. The earnest money deposit was not properly documented and/or sourced. Source account did not show evidence of earnest money clearing account. The guidelines indicate that the Borrower is required to provide a copy of the cancelled down payment check (front and back) or wire confirmation from the incoming or outgoing bank. The borrower provided a front copy of the EMD check for XXXX written from the borrower(s) XXXX account on XX/XX/XXXX. However, the XXXX account statement provided is for the period of XX/XX/XXXX thru XX/XX/XXXX. The source account did not show evidence of earnest money clearing account. Therefore, the loan file did not contain adequate verification of the XXXX EMD. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXAM) Escrow letter states that the EMD of XXXX is deposited. |
Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 1 | 12/15/2021 | ||
| 436294069 | XXXX | 4 of 4 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable. The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 1 | 12/15/2021 | |||||
| 436294071 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 12/15/2021 | |||||
| 436294071 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 12/15/2021 | |||||
| 436294071 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 12/15/2021 | |||||
| 436294072 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | Inaccurate Mortgage | XXXX | The mortgage was not completed accurately. The property is located in a PUD, but there is no PUD Rider attached to the Mortgage. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Please see attached for the security instrument along with riders. |
Response 1 (XX/XX/XXXX XX:XXAM) The documentation provided is sufficient to cure the finding. (Resolved) |
3 | 1 | 3 | 1 | 12/13/2021 | ||
| 436294072 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 3 | 1 | 12/13/2021 | |||||
| 436294072 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 1 | 12/13/2021 | |||||
| 436294073 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations. | 1 | 1 | 1 | 1 | 12/13/2021 | |||||
| 436294073 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 12/13/2021 | |||||
| 436294073 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 12/13/2021 | |||||
| 436294074 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | State Testing | XXXX | State Testing. This loan failed the XX subprime home loan test. (XX SB 8143 Section 5, 1(c). Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor- Seller is Exempt. | 2 | 2 | 2 | 2 | 12/13/2021 | |||||
| 436294074 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 2 | 2 | 12/13/2021 | |||||
| 436294074 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 2 | 2 | 12/13/2021 | |||||
| 436294075 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 12/13/2021 | |||||
| 436294075 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 12/13/2021 | |||||
| 436294075 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 12/13/2021 | |||||
| 436294076 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations. | 1 | 1 | 1 | 1 | 12/13/2021 | |||||
| 436294076 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 12/13/2021 | |||||
| 436294076 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 12/13/2021 | |||||
| 436294211 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | State Testing | XXXX | This loan failed the XX subprime home loan test. (XX SB 8143 Section 5, 1(c)) Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. While the XXXX Subprime Home Loan provisions specify that lenders may lawfully make this type of loan subject to certain conditions, some lenders and secondary. Mitigating Factor- Seller is Exempt. | 2 | 2 | 2 | 2 | 12/31/2021 | |||||
| 436294211 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 2 | 2 | 12/31/2021 | |||||
| 436294211 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 2 | 2 | 12/31/2021 | |||||
| 436294213 | XXXX | 1 of 5 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations. | 1 | 1 | 3 | 1 | 12/31/2021 | |||||
| 436294213 | XXXX | 2 of 5 | XXXX | XX/XX/XXXX | Credit | Hazard Insurance | XXXX | The Hazard Insurance document contained in the loan file does not validate sufficient coverage/replacement cost guarantee/replacement estimate to cover the loan amount. Loan amount is XXXX. Replacement cost new is XXXX. Dwelling coverage is XXXX with no replacement cost or Expanded Replacement Cost coverage. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) The insurance coverage exceeds the replacement cost on RCE attached. |
Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 1 | 12/31/2021 | ||
| 436294213 | XXXX | 3 of 5 | XXXX | XX/XX/XXXX | Credit | Program Parameters | XXXX | The subject loan does not meet Program Parameters for Rent Loss Coverage. All investment properties require rent-loss coverage equal to or greater than 6 months of total gross rents. Gros rent is XXXX for the subject, which is XXXX in rent-loss coverage required. The homeowner's insurance reflected no rent-loss coverage. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Attached HOI indicates XXXX coverage for loss of use. |
Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 1 | 12/31/2021 | ||
| 436294213 | XXXX | 4 of 5 | XXXX | XX/XX/XXXX | Credit | Reserve Assets | XXXX | Sufficient reserves to meet guideline requirements were not verified in the file. The borrower was required to evidence 6 months in PITIA reserves equal to XXXX (XXXX PITIA X 6 months) this is in addition to the requirement of XXXX in funds to close, prepaid items and earnest money deposit. Therefore, the borrower was required to evidence a total of XXXXX in funds for the subject transaction. The loan file only contained evidence of XXXX in qualifying assets. As a result, there is a XXXX shortage in verified reserves. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) per HUD-1: cash to close XXXX+XXXX (EMD)=XXXX; 6mo PITIA=XXXX*6=XXXXX; total assets required: XXXX; therefore, we've qualified assets XXXX in the file, which is sufficient; please reverify your PITIA reserves (see first payment letter and HUD-1) |
Response 1 (XX/XX/XXXX XX:XXPM) Taxes recalculated. Funds are sufficient. (Resolved) |
3 | 1 | 3 | 1 | 12/31/2021 | ||
| 436294213 | XXXX | 5 of 5 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 1 | 12/31/2021 | |||||
| 436294215 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 12/31/2021 | |||||
| 436294215 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 12/31/2021 | |||||
| 436294215 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 12/31/2021 | |||||
| 436294216 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 12/31/2021 | |||||
| 436294216 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 12/31/2021 | |||||
| 436294216 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 12/31/2021 | |||||
| 436294217 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | HMDA | XXXX | The HMDA/Government Monitoring Information section of the application is incomplete. The Ethnicity section was not completed. | 2 | 2 | 3 | 2 | 12/31/2021 | |||||
| 436294217 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | Gift Letter / Funds | XXXX | A required gift letter was missing from the file and/or the donor funds were not verified. A gift letter from XXXX for the wire deposit made on XX/XX/XXXX for XXXX is missing from the file. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXAM) Gift letter attached |
Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 2 | 12/31/2021 | ||
| 436294217 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 2 | 12/31/2021 | |||||
| 436294219 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | TRID - CD Non-Borrower with Right to Rescind | XXXX | There is no evidence of an Initial CD provided to the non-borrowing spouse. Per regulation, CD(s) must be provided to all who have the right to rescind. | 2 | 2 | 2 | 2 | 12/29/2021 | |||||
| 436294219 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 2 | 2 | 12/29/2021 | |||||
| 436294219 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 2 | 2 | 12/29/2021 | |||||
| 436294220 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | State Testing | XXXX | This loan faileed the XX subprime home loan test. (XX SB 8143 Section 5, 1(c)) using the greater of the disclosure APR and the fully indexed rate, the loan is a subprime home loan, as defined in legislation. Mitigating Factor - Seller is Exempt | 2 | 2 | 2 | 2 | 12/29/2021 | |||||
| 436294220 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 2 | 2 | 12/29/2021 | |||||
| 436294220 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 2 | 2 | 12/29/2021 | |||||
| 436294221 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | Inaccurate Mortgage | XXXX | The mortgage was not completed accurately. The Default Rate and Prepayment Penalty Addendum to Note and Mortgage rider is missing. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXAM) Please see attached for the full security instrument. |
Response 1 (XX/XX/XXXX XX:XXPM) The documentation provided is sufficient to cure the finding. (Resolved) |
3 | 1 | 3 | 1 | 12/29/2021 | ||
| 436294221 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 3 | 1 | 12/29/2021 | |||||
| 436294221 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an CDA dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 1 | 12/29/2021 | |||||
| 436294222 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 12/29/2021 | |||||
| 436294222 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 12/29/2021 | |||||
| 436294222 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an CDA dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 12/29/2021 | |||||
| 436294223 | XXXX | 1 of 4 | XXXX | XX/XX/XXXX | Compliance | TRID - 10% Tolerance Violation Not Cured | XXXX | This loan failed the charges that in total cannot increase more than 10% test. An SPL was not provided therefore title fees were tested at 10%. This results in a cost to cure of: XXXX. If curing with a refund, the following documents must be provided: LOE, PCCD, copy of refund, proof of delivery. Per regulation, refund and revised disclosures must be provided no later than 60 days after consummation. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Please see attached for the SSPL that was not provided. |
Response 1 (XX/XX/XXXX XX:XXPM) The documentation provided is sufficient to cure the finding. (Resolved) |
3 | 1 | 3 | 2 | 12/29/2021 | ||
| 436294223 | XXXX | 2 of 4 | XXXX | XX/XX/XXXX | Compliance | TRID - SPL - Missing | XXXX | The file is missing a written list of Service Providers. | 2 | 2 | 3 | 2 | 12/29/2021 | |||||
| 436294223 | XXXX | 3 of 4 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 3 | 2 | 12/29/2021 | |||||
| 436294223 | XXXX | 4 of 4 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 2 | 12/29/2021 | |||||
| 436294224 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 3 | 1 | 12/29/2021 | |||||
| 436294224 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | Application | XXXX | The final application is either inaccurate, missing or not signed as required by guides. The application does not reflect the present market value of the borrower's current primary residence as required. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) please find updated Final 1003 with market value now |
Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 1 | 12/29/2021 | ||
| 436294224 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 1 | 12/29/2021 | |||||
| 436294225 | XXXX | 1 of 4 | XXXX | XX/XX/XXXX | Compliance | State Testing | XXXX | The file failed one or more of the state threshold tests. This loan failed the XX subprime home loan test. (XX SB 8143 Section 5, 1(c))Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor- Seller is Exempt. | 2 | 2 | 3 | 2 | 12/29/2021 | |||||
| 436294225 | XXXX | 2 of 4 | XXXX | XX/XX/XXXX | Compliance | TRID CD- Section B incorrect payee | XXXX | The loan contains the following fee, Property Condition Inspection, where 'compensation to' does not reflect a Payee on the revised CD. | 2 | 2 | 3 | 2 | 12/29/2021 | |||||
| 436294225 | XXXX | 3 of 4 | XXXX | XX/XX/XXXX | Credit | Contract | XXXX | The loan file contained an addendum to the contract; however, the addendum wasn't fully executed. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Addendum attached. |
Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 2 | 12/29/2021 | ||
| 436294225 | XXXX | 4 of 4 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 2 | 12/29/2021 | |||||
| 436294226 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 12/27/2021 | |||||
| 436294226 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 12/27/2021 | |||||
| 436294226 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 12/27/2021 | |||||
| 436294227 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | State Testing | XXXX | This loan failed the XX subprime home loan test. (XX SB 8143 Section 5, 1(c)) Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor- Seller is Exempt. | 2 | 2 | 3 | 2 | 12/27/2021 | |||||
| 436294227 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | Income Docs | XXXX | The income and employment is not documented properly according to guides. The Borrower's income from his primary job is documented as XXXX per month. The origination underwriter credited the Borrower with XXXX per month from the primary job, with no documentation to support this figure. The Borrower claimed additional income from a second job driving XXXX, and the Borrower's bank account showed income deposits from this job. It appears that the additional income credited from the primary job was actually these earnings; However, the loan file contained no documentation from the employer or as a self employed Borrower to confirm this income or length of employment, beyond the deposits in the bank account and a Borrower letter stating he drove for XXXX. The loan file should have contained either a WVOE for this job or a profit and loss statement for this employment. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) The previous VOE (dated 9/9) is incorrect, please see attached final correct WVOE (dated 9/13). Also, we didn’t use second income from Uber driving to quality for this transaction, so no documentation need. |
Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 2 | 12/27/2021 | ||
| 436294227 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 2 | 12/27/2021 | |||||
| 436294228 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | State Testing | XXXX | This loan failed the XX subprime home loan test. (XX SB 8143 Section 5, 1(c)) Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor- Seller is Exempt. | 2 | 2 | 2 | 2 | 12/27/2021 | |||||
| 436294228 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 2 | 2 | 12/27/2021 | |||||
| 436294228 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 2 | 2 | 12/27/2021 | |||||
| 436294229 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 12/27/2021 | |||||
| 436294229 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 12/27/2021 | |||||
| 436294229 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 12/27/2021 | |||||
| 436294230 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | TRID - SPL - Missing | XXXX | The file is missing a written list of Service Providers. | 2 | 2 | 2 | 2 | 12/27/2021 | |||||
| 436294230 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 2 | 2 | 12/27/2021 | |||||
| 436294230 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 2 | 2 | 12/27/2021 | |||||
| 436294231 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 12/27/2021 | |||||
| 436294231 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 12/27/2021 | |||||
| 436294231 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 12/27/2021 | |||||
| 436294232 | XXXX | 1 of 4 | XXXX | XX/XX/XXXX | Compliance | State Testing | XXXX | The file failed one or more of the state threshold tests. This loan failed the XX subprime home loan test. (XX SB 8143 Section 5, 1(c))Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor- Seller is Exempt. | Resolved | 2 | 2 | 3 | 2 | 12/27/2021 | ||||
| 436294232 | XXXX | 2 of 4 | XXXX | XX/XX/XXXX | Compliance | TRID - 10% Tolerance Violation Not Cured | XXXX | This loan failed the charges that in total cannot increase more than 10% test. A valid COC was not provided. Therefore the following fee increase was not accepted: Recording. This results in a cost to cure of: XXXX. If curing with a refund, the following documents must be provided: LOE, PCCD, copy of refund, proof of delivery. Per regulation, refund and revised disclosures must be provided no later than 60 days after consummation. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Please see attached for the PCCD, LOE, Proof of Delivery and Proof of Refund. Rebuttal 2 (XX/XX/XXXX XX:XXPM) Please clarify what is needed additionally. Rebuttal 3 (XX/XX/XXXX XX:XXPM) Saw your response as, "(XX/XX/XXXX XX:XXPM):- DD Response. Documents have not provided ". Can you advise what else further is needed to clear this? I am re-attaching the same documents provided initially here for re-review (PCCD, LOE, proof of refund/delivery) Please let us know what else is needed or what was wrong, and thank you. |
Response 1 (XX/XX/XXXX XX:XXPM) Documents have not provided (Upheld) Response 2 (XX/XX/XXXX XX:XXPM) The documentation provided is sufficient to cure the finding. (Resolved) |
3 | 2 | 3 | 2 | 12/27/2021 | ||
| 436294232 | XXXX | 3 of 4 | XXXX | XX/XX/XXXX | Credit | Reserve Assets | XXXX | Sufficient reserves to meet guideline requirements were not verified in the file. The borrower was required to evidence 6 months in PITIA reserves equal to XXXX (XXXX PITIA X 6 months) this is in addition to the requirement of XXXX in funds to close, prepaid items and earnest money deposit. Therefore, the borrower was required to evidence a total of XXXX in funds for the subject transaction. The loan file only contained evidence of XXXX in qualifying assets. As a result, there is a XXXX shortage in verified reserves and XXXX shortage in total asset. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Per final CD, cash to close required XXXX plus 6 months PITIA XXXX, total required XXXX. We've verified assets from the transaction activity of XXXX (XXXX) at XXXX and Webull Investment account at XXXX, total asset XXXX, which is sufficient. |
Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 2 | 12/27/2021 | ||
| 436294232 | XXXX | 4 of 4 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 2 | 12/27/2021 | |||||
| 436294235 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations. | 1 | 1 | 1 | 1 | 12/22/2021 | |||||
| 436294235 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 12/22/2021 | |||||
| 436294235 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains CDA dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 12/22/2021 | |||||
| 436294236 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | State Testing | XXXX | State Testing. This loan failed the XX subprime home loan test. (XX SB 8143 Section 5, 1(c))Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor-Seller is Exempt. | 2 | 2 | 2 | 2 | 12/22/2021 | |||||
| 436294236 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 2 | 2 | 12/22/2021 | |||||
| 436294236 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 2 | 2 | 12/22/2021 | |||||
| 436294237 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | State Testing | XXXX | This loan failed the XX subprime home loan test. (XX SB 8143 Section 5, 1(c)). Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor- Seller is Exempt | 2 | 2 | 3 | 2 | 12/22/2021 | |||||
| 436294237 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 3 | 2 | 12/22/2021 | |||||
| 436294237 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Appraisal - Secondary Valuation Product Not Provided | XXXX | The loan file does not contain evidence that a secondary valuation product was ordered or performed. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXAM) Please see attached for the AVM. |
Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 2 | 12/22/2021 | ||
| 436294238 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 12/22/2021 | |||||
| 436294238 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 12/22/2021 | |||||
| 436294238 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 12/22/2021 | |||||
| 436294239 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | State Testing | XXXX | The file failed one or more of the state threshold tests. This loan failed the XX subprime home loan test. (XX SB 8143 Section 5, 1(c)) Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor- Seller is Exempt. | 2 | 2 | 2 | 2 | 12/22/2021 | |||||
| 436294239 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 2 | 2 | 12/22/2021 | |||||
| 436294239 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 2 | 2 | 12/22/2021 | |||||
| 436294240 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 12/20/2021 | |||||
| 436294240 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 12/20/2021 | |||||
| 436294240 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 12/20/2021 | |||||
| 436294241 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations. | 1 | 1 | 3 | 1 | 12/20/2021 | |||||
| 436294241 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | Program Parameters | XXXX | The subject loan does not meet Program Parameters for LTV on a cashout refinance of an investment property. The subject loan closed with an LTV of XXXX%, whereas the maximum allowed as per guidelines is 65%. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) The loan was done as a delayed purchase-see 1008-UW comments/ rate& term/Lite Doc-Investor/Fico XXX/loan amount XXXX. The max LTV is XXX% per our Matrix uploaded Rebuttal 2 (XX/XX/XXXX XX:XXPM) The loan was done as a delayed purchase-see 1008-UW comments/ rate& term refi./Lite Doc-Investor/Fico XXX/loan amount XXXX. The max LTV is XXXX% per our Matrix uploaded |
Response 1 (XX/XX/XXXX XX:XXPM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 1 | 12/20/2021 | ||
| 436294241 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 1 | 12/20/2021 | |||||
| 436294242 | XXXX | 1 of 7 | XXXX | XX/XX/XXXX | Compliance | Missing HOC Disclosure | XXXX | The file contains no evidence that the Home ownership Counseling Disclosure was provided to the consumer. | 2 | 2 | 3 | 2 | 12/17/2021 | |||||
| 436294242 | XXXX | 2 of 7 | XXXX | XX/XX/XXXX | Compliance | State Testing | XXXX | The file failed one or more of the state threshold tests. This loan failed the XX subprime home loan test. (NY SB 8143 Section 5, 1(c)) Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor - Seller is exempt. | 2 | 2 | 3 | 2 | 12/17/2021 | |||||
| 436294242 | XXXX | 3 of 7 | XXXX | XX/XX/XXXX | Compliance | TRID - 10% Tolerance Violation Not Cured | XXXX | This loan failed the charges that in total cannot increase more than 10% test. (12 CFR §1026.19(e)(3)(ii)) The loan contains third-party services that the consumer was permitted to shop for and the charges exceed the good faith tolerance according to §1026.19(e)(3)(ii). The final charges that in total cannot increase more than 10% (XXXX) exceed the comparable charges (XXXX) by more than 10%. This results in a cost to cure of: XXXX. If curing with a refund, the following documents must be provided: LOE, PCCD, copy of refund, proof of delivery. Per regulation, refund and revised disclosures must be provided no later than 60 days after consummation. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXAM) Please see attached for the SSPL that was not provided. |
Response 1 (XX/XX/XXXX XX:XXAM) The documentation provided is sufficient to cure the finding. (Resolved) |
3 | 1 | 3 | 2 | 12/17/2021 | ||
| 436294242 | XXXX | 4 of 7 | XXXX | XX/XX/XXXX | Compliance | TRID - Initial LE Delivery Date (from application) | XXXX | This loan failed the initial loan estimate delivery date test (from application). The Initial LE provided in the loan file and dated XX/XX/XXXX cannot be verified due to missing application date on initial Loan Application. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXAM) Please see attached for the Initial 1003. |
Response 1 (XX/XX/XXXX XX:XXAM) The documentation provided is sufficient to cure the finding. (Resolved) |
3 | 1 | 3 | 2 | 12/17/2021 | ||
| 436294242 | XXXX | 5 of 7 | XXXX | XX/XX/XXXX | Compliance | TRID - SPL - Missing | XXXX | The file is missing a written list of Service Providers. | 2 | 2 | 3 | 2 | 12/17/2021 | |||||
| 436294242 | XXXX | 6 of 7 | XXXX | XX/XX/XXXX | Credit | Gift Letter / Funds | XXXX | A required gift letter was missing from the file and/or the donor funds were not verified. The guidelines require the Borrower to provide a copy of the cancelled down payment check (front and back) or wire confirmation from the incoming or outgoing bank. The purchase contract reflects a required EMD of XXXX. The XXXX EMD was also reflected on the Final CD. the loan file does not contain a copy of the cancelled down payment check or wire confirmation. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXAM) please find EMD (XXXX) check image |
Response 1 (XX/XX/XXXX XX:XXAM) XXXX EMD Cleared Gift check received. (Resolved) |
3 | 1 | 3 | 2 | 12/17/2021 | ||
| 436294242 | XXXX | 7 of 7 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 2 | 12/17/2021 | |||||
| 436294243 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 12/17/2021 | |||||
| 436294243 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 12/17/2021 | |||||
| 436294243 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 12/17/2021 | |||||
| 436294244 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | State Testing | XXXX | State Testing. This loan failed the XX subprime home loan test. (XX SB 8143 Section 5, 1(c))Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor- Seller is Exempt. | 2 | 2 | 2 | 2 | 12/17/2021 | |||||
| 436294244 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 2 | 2 | 12/17/2021 | |||||
| 436294244 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 2 | 2 | 12/17/2021 | |||||
| 436294247 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | State Testing | XXXX | This loan failed the XX subprime home loan test. (XX SB 8143 Section 5, 1(c)). Using the greater of the disclosed APR and the fully indexed rate, the loan is a subprime home loan, as defined in the legislation. Mitigating Factor- Seller is Exempt. | 2 | 2 | 3 | 2 | 12/17/2021 | |||||
| 436294247 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | Condo/HOA Dues | XXXX | The file does not contain documentation supporting the HOA/Condo dues. The approval in the loan file indicated that the following minimum documentation is required to determine if project is warrantable: Completed QB Questionnaire | Master Commercial Liability and Property Insurances (and flood, if applicable). | Management company to verify the monthly maintenance payment for the subject unit and confirm if there are any current or pending special assessments. If so, verify the amount attributed to the subject unit. | If refinance, management company to verify if the monthly maintenance / special assessments have been paid timely for at least the last 12 months. The origination 1008 reflects that the condo was determined to have been non-warrantable; however, none of the documentation required to determine this was present in the loan file. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Condo Questionnaire |
Response 1 (XX/XX/XXXX XX:XXAM) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 2 | 12/17/2021 | ||
| 436294247 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an CDA dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 3 | 2 | 12/17/2021 | |||||
| 436294248 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 12/17/2021 | |||||
| 436294248 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 12/17/2021 | |||||
| 436294248 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an CDA dated XX/XX/XXXX, which supports the appraised value. | 1 | 1 | 1 | 1 | 12/17/2021 | |||||
| 436293761 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations. | 1 | 1 | 1 | 1 | 4/12/2019 | |||||
| 436293761 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 4/12/2019 | |||||
| 436293761 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. AVM in file supported value. | 1 | 1 | 1 | 1 | 4/12/2019 | |||||
| 436293762 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 4/12/2019 | |||||
| 436293762 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 4/12/2019 | |||||
| 436293762 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. AVM in file supported value. | 1 | 1 | 1 | 1 | 4/12/2019 | |||||
| 436293763 | XXXX | 1 of 12 | XXXX | XX/XX/XXXX | Compliance | Disclosures Federal Late | XXXX | As a result of the documentation provided, the following finding has ben added:There is no date evident on the CHARM Booklet to determine if it was disclosed within 3 business days of the application date, XX/XX/XXXX. | Upheld | Rebuttal 1 (XX/XX/XXXX XX:XXAM) Information provided. |
Response 1 (XX/XX/XXXX XX:XXAM) The information provided is not sufficient to cure the finding. The ARM disclosure in the loan file does not mention the borrower acknowledging the Charm Booklet. |
2 | 2 | 3 | 2 | 4/12/2019 | ||
| 436293763 | XXXX | 2 of 12 | XXXX | XX/XX/XXXX | Compliance | Missing ARM Disclosure | XXXX | The file contains no evidence that the ARM Disclosure was provided to the borrower. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Uploaded Disclosure Package to SO Website. |
Response 1 (XX/XX/XXXX XX:XXPM) The provided documentation is sufficient to cure the finding. (Resolved) |
1 | 1 | 3 | 2 | 4/12/2019 | ||
| 436293763 | XXXX | 3 of 12 | XXXX | XX/XX/XXXX | Compliance | Missing Mortgage | XXXX | The mortgage is missing from the loan file. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Uploaded Closing Package to SO Website. |
Response 1 (XX/XX/XXXX XX:XXPM) The provided documentation is sufficient to cure the finding. (Resolved) |
1 | 1 | 3 | 2 | 4/12/2019 | ||
| 436293763 | XXXX | 4 of 12 | XXXX | XX/XX/XXXX | Compliance | Missing Note | XXXX | The note is missing from the loan file. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Uploaded Closing Package to SO Website. |
Response 1 (XX/XX/XXXX XX:XXPM) The provided documentation is sufficient to cure the finding. (Resolved) |
1 | 1 | 3 | 2 | 4/12/2019 | ||
| 436293763 | XXXX | 5 of 12 | XXXX | XX/XX/XXXX | Compliance | QM FAIL | XXXX | As a result of the documentation provided, the following finding has ben added: This loan's points and fees exceed the qualified mortgage points and fees threshold. The loan amount is XXXX or more, and the transaction's total points and fees is XXXX, which exceeds 3 percent of the total loan amount of XXXX. The following fees were included in the testing: Mortgage Broker XXXX, Loan Discount XXXX and Underwriting XXXX. If discount points are bona-fide and excludable, please provide undiscounted rate. | Void | Rebuttal 1 (XX/XX/XXXX XX:XXAM) Loan disount point for XXXX% was charged to the borrower for pofolio product(XXXX%) and fico adjustment (XXXX%). However, lender cured XXXX for fico adjustment due to borrower's fico exceeds XXX. Please refer to corrected CD dated XX/XX/XXXX and copy of refund check from page24 to 32 in Disclosure section. Please refer to rate sheet on page 8 in Credit Package evidencing that loan discount point wasn't charged for discounted rate since they only offer 5% with 0.5% discount point. |
Response 1 (XX/XX/XXXX XX:XXAM) The information provided is not sufficient to cure the finding. The total points and fees is XXXX, which exceeds 3 percent of the total loan amount of XXXX. The following fees were included in the testing: Mortgage Broker XXXX, Loan Discount XXXX and Underwriting XXXX. If discount points are bona-fide and excludable, please provide undiscounted rate. (Upheld) Response 2 (XX/XX/XXXX XX:XXPM) Finding not needed for Non-QM designated loans. |
1 | 1 | 3 | 2 | 4/12/2019 | ||
| 436293763 | XXXX | 6 of 12 | XXXX | XX/XX/XXXX | Compliance | TRID - Missing Closing Disclosure | XXXX | There is no evidence of a complete, Closing Disclosure provided in the loan file. As a result the following reviews could not be performed: TILA Accuracy, MDIA, Agency Points and Fees, QM Points and Fees, QM DTI Threshold, Federal Threshold, State Threshold, tolerance violation review, and final Closing Disclosure accuracy. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Uploaded Disclosure Package to SO Website. |
Response 1 (XX/XX/XXXX XX:XXPM) The provided documentation is sufficient to cure the finding. (Resolved) |
1 | 1 | 3 | 2 | 4/12/2019 | ||
| 436293763 | XXXX | 7 of 12 | XXXX | XX/XX/XXXX | Compliance | TRID - Missing Loan Estimate | XXXX | The file is missing the Loan Estimate. A compliance review testing for timing and threshold tolerance could not be completed. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Uploaded Disclosure Package to SO Website. |
Response 1 (XX/XX/XXXX XX:XXPM) The provided documentation is sufficient to cure the finding. (Resolved) |
1 | 1 | 3 | 2 | 4/12/2019 | ||
| 436293763 | XXXX | 8 of 12 | XXXX | XX/XX/XXXX | Compliance | TRID - SPL - Missing | XXXX | The file is missing a written list of Service Providers. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Uploaded Disclosure Package to SO Website. |
Response 1 (XX/XX/XXXX XX:XXPM) The provided documentation is sufficient to cure the finding. (Resolved) |
1 | 1 | 3 | 2 | 4/12/2019 | ||
| 436293763 | XXXX | 9 of 12 | XXXX | XX/XX/XXXX | Compliance | TRID CD - Settlement Agent License | XXXX | As a result of the documentation provided, the following finding has ben added: The license number is missing for the Settlement Agent Individual Contact on the last revised PCCD issued on XX/XX/XXXX. Non-material defect. | 2 | 2 | 3 | 2 | 4/12/2019 | |||||
| 436293763 | XXXX | 10 of 12 | XXXX | XX/XX/XXXX | Credit | Appraisal Misc | XXXX | There are additional appraisal findings. Per the origination appraisal: "The subject has an unpermitted addition at the rear of the property that consists of a living room, kitchen, bathroom and 2 bedrooms. All work conforms to the existing structure and was completed in a workman like manner. No permits were provided and no value was given." It should be noted that the un-permitted addition had a stove which was removed and gas line capped per the appraisal update. The appraisal did not indicate whether un-permitted work was common for the area. The appraisal also did not indicated if the zoning permitted the type of work that was done. The appraiser did not indicate what the effect of the un-permitted addition on the marketability of the property, or what the consequences/penalties of not having obtained a permit for the work are. | Provide update addressing issues with unpermitted addition. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) There was no value given whatsoever to the unpermitted addition, which is common for the area. Since the stove was removed and the gas line capped, the unpermitted addition is not considered an additional unit, and would not change the Single Family Zoning of the subject property. XXXX does not require the Appraiser to address permits, zoning, or marketability unless value is given to the addition. We do, however, require the appraiser to address whether the work was completed in a workman like manner and we validate that there are no health and safety issues with the addition. |
Response 1 (XX/XX/XXXX XX:XXPM) Appraisal was done subject to completion for the removal of the stove and capping the gas line in the unpermitted addition. The appraiser commented that all work conforms to the existing structure and was completed in a workman like manner. No permits were provided and no value was given. Completion certificate was provided in the loan file which verified that the stove was removed and the gas line was capped. As repairs were completed, no safety issues were present, structure was completed in a workman like manner with no effect to marketability and that no value was included for unpermitted addition, it does not pose an issue. (Resolved) |
3 | 1 | 3 | 2 | 4/12/2019 | |
| 436293763 | XXXX | 11 of 12 | XXXX | XX/XX/XXXX | Credit | Debts | XXXX | The credit report reflected two mortgage debts which were not fully verified as not being the borrower's responsibility. Per the origination credit report the borrower has a mortgage payment with XXXX with a monthly payment of XXXX and a mortgage with XXXX with a monthly payment of XXXX. The loan file partially ties these mortgages to two properties owned by the ex-spouse located at XXXX and XXXX. Court docs show that the borrower is not responsible for these properties; however, these mortgages were not documented to be tied to these properties. | Provide evidence which properties these mortgages are attached to. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) Property profile reports provided for XXXX and XXXX. |
Response 1 (XX/XX/XXXX XX:XXPM) Documentation provided is sufficient to link mortgage to properties. (Resolved) |
3 | 1 | 3 | 2 | 4/12/2019 | |
| 436293763 | XXXX | 12 of 12 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. AVM in file supports value. | 1 | 1 | 3 | 2 | 4/12/2019 | |||||
| 436293764 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | TRID CD - Settlement Agent License | XXXX | The license number is missing for the Settlement Agent company on the last revised CD issued on XX/XX/XXXX. Non-material defect. | 2 | 2 | 2 | 2 | 4/12/2019 | |||||
| 436293764 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 2 | 2 | 4/12/2019 | |||||
| 436293764 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Appraisal - Secondary Valuation Product Not Provided | XXXX | The loan file does not contain evidence that a secondary valuation product was ordered or performed. | Resolved | Response 1 (XX/XX/XXXX XX:XXAM) AVM obtained supports value within 10%. |
3 | 1 | 2 | 2 | 4/12/2019 | |||
| 436293765 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | Disclosures Federal Missing | XXXX | The Home Loan Toolkit is missing. | 2 | 2 | 2 | 2 | 4/12/2019 | |||||
| 436293765 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 2 | 2 | 4/12/2019 | |||||
| 436293765 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. AVM in file supports value. | 1 | 1 | 2 | 2 | 4/12/2019 | |||||
| 436293750 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations. | 1 | 1 | 1 | 1 | 4/12/2019 | |||||
| 436293750 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 4/12/2019 | |||||
| 436293750 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. AVM in file supports value. | 1 | 1 | 1 | 1 | 4/12/2019 | |||||
| 436293751 | XXXX | 1 of 5 | XXXX | XX/XX/XXXX | Compliance | Disclosures Federal Missing | XXXX | The Home Loan Tool Kit is missing. Although the first page of the disclosure was included in the loan file, because the rest of the pages were missing, auditor is unable to determine that the disclosure was provided to the consumer. Evidence that it was provided within 3 business days of application is required. | 2 | 2 | 3 | 2 | 4/12/2019 | |||||
| 436293751 | XXXX | 2 of 5 | XXXX | XX/XX/XXXX | Compliance | Federal Testing | XXXX | This loan failed the TRID total of payments test. (12 CFR §1026.18(d)(1)) The total of payments is XXXX. The disclosed total of payments of XXXX is not considered accurate because it is understated by more than $100. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXAM) Please provide TRID total of payments test. Currently the Post CD has a TRID total payment of XXXX. |
Response 1 (XX/XX/XXXX XX:XXAM) The application date is prior to XX/XX/XXXX. TOP testing not required. (Resolved) |
3 | 1 | 3 | 2 | 4/12/2019 | ||
| 436293751 | XXXX | 3 of 5 | XXXX | XX/XX/XXXX | Compliance | TRID - Post-Consummation CD delivery date Borrower paid amount | XXXX | The file contains a signed/certified ALTA statement dated XX/XX/XXXX. The statement does not match the revised PCCD issued on XX/XX/XXXX and no post consummation CD was provided in the file. Per § 1026.19(f)(2)(iii, creditors must provide a corrected Closing Disclosure if an event in connection with the settlement occurs during the 30-calendar-day period after consummation that causes the Closing Disclosure to become inaccurate and results in a change to an amount paid by the consumer from what was previously disclosed. Per the PCCD, the consumer received XXXX at consummation; however, per the ALTA statement, the consumer received XXXX. The fee appears to be in Section E. The fee is subject to tolerance. | 2 | 2 | 3 | 2 | 4/12/2019 | |||||
| 436293751 | XXXX | 4 of 5 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines | 1 | 1 | 3 | 2 | 4/12/2019 | |||||
| 436293751 | XXXX | 5 of 5 | XXXX | XX/XX/XXXX | Valuation | Appraisal - Secondary Valuation Product Not Provided | XXXX | The loan file does not contain evidence that a secondary valuation product was ordered or performed. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) AVM provided. |
Response 1 (XX/XX/XXXX XX:XXPM) AVM supports value within 10%. (Resolved) |
3 | 1 | 3 | 2 | 4/12/2019 | ||
| 436293752 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations. | 1 | 1 | 1 | 1 | 4/12/2019 | |||||
| 436293752 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 4/12/2019 | |||||
| 436293752 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. AVM in file supports value. | 1 | 1 | 1 | 1 | 4/12/2019 | |||||
| 436293754 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 4/12/2019 | |||||
| 436293754 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 4/12/2019 | |||||
| 436293754 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. AVM in file supports value. | 1 | 1 | 1 | 1 | 4/12/2019 | |||||
| 436293755 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 1 | 1 | 4/12/2019 | |||||
| 436293755 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 1 | 1 | 4/12/2019 | |||||
| 436293755 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. AVM in file supports value. | 1 | 1 | 1 | 1 | 4/12/2019 | |||||
| 436293756 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | Disclosures Federal Missing | XXXX | The Home loan toolkit is missing. | Provide evidence that the following disclosures were provided to the consumer within 3 business days of application: Home loan toolkit. | 2 | 2 | 2 | 2 | 4/12/2019 | ||||
| 436293756 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines | 1 | 1 | 2 | 2 | 4/12/2019 | |||||
| 436293756 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Appraisal - Secondary Valuation Product Not Provided | XXXX | The loan file does not contain evidence that a secondary valuation product was ordered or performed. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) AVM provided. |
Response 1 (XX/XX/XXXX XX:XXPM) AVM supports value within 10%. (Resolved) |
3 | 1 | 2 | 2 | 4/12/2019 | ||
| 436293757 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | TRID CD- premiums Optional | XXXX | The Home Warranty Fee on the PCCD issued on XX/XX/XXXX is not followed by the word Optional. Items that disclose any premiums paid for separate insurance, warranty, guarantee, or event-coverage products not required by the creditor must include the parenthetical description (optional) at the end of the label. (' 1026.37(g)(4)(ii)). Non-material defect. | The following documents are required to cure the violation: LOE to consumer, PCCD with correction, and proof of delivery. | 2 | 2 | 2 | 2 | 4/12/2019 | ||||
| 436293757 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 2 | 2 | 4/12/2019 | |||||
| 436293757 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Appraisal - Secondary Valuation Product Not Provided | XXXX | The loan file does not contain evidence that a secondary valuation product was ordered or performed. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXPM) AVM provided. |
Response 1 (XX/XX/XXXX XX:XXPM) AVM supports value within 10%. (Resolved) |
3 | 1 | 2 | 2 | 4/12/2019 | ||
| 436293758 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 3 | 1 | 4/12/2019 | |||||
| 436293758 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | Reserve Assets | XXXX | Sufficient reserves to meet guideline requirements were not verified in the file. Total required assets XXXX (funds to close XXXX plus 12 month's P&I reserves on subject XXXX). Audit verified assets XXXX results in a reserves shortage of XXXX. The asset worksheet in the loan file reflects some type of refund with a description of "refund from FSS" in the amount of XXXX, and not verified in the loan file. | Provide evidence of refund or additional assets to meet reserves requirement. | Resolved | Rebuttal 1 (XX/XX/XXXX XX:XXAM) Total funds required at closing from Final Settlement Statement (FSS & Post-Consumation CD) is XXXX = P& I of XXXX = XXXX. As stated in Exception, Verified funds of XXXX. Down payment and Reserves verified. |
Response 1 (XX/XX/XXXX XX:XXAM) Total verified assets are XXXX and total required assets are XXXX. (Resolved) |
3 | 1 | 3 | 1 | 4/12/2019 | |
| 436293758 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. AVM in file supported value. | 1 | 1 | 3 | 1 | 4/12/2019 | |||||
| 436293759 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | Disclosures Federal Missing | XXXX | Although the first page of the Home Loan Toolkit was included in the loan file, because the rest of the pages were missing, auditor is unable to determine that the disclosure was provided to the consumer. Evidence that it was provided within 3 business days of application is required. | Provide evidence that the following disclosures were provided to the consumer within 3 business days of application: Home Loan Toolkit. | 2 | 2 | 2 | 2 | 4/12/2019 | ||||
| 436293759 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 2 | 2 | 4/12/2019 | |||||
| 436293759 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. AVM in file supports value. | 1 | 1 | 2 | 2 | 4/12/2019 | |||||
| 436293760 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | TRID CD - Settlement Agent License | XXXX | The license number is missing for the Settlement Agent company on the last PCCD issued on XX/XX/XXXX. Non-material defect. | The following documents are required to cure the violation: LOE to consumer, PCCD with correction, and proof of delivery. | 2 | 2 | 2 | 2 | 4/12/2019 | ||||
| 436293760 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 2 | 2 | 4/12/2019 | |||||
| 436293760 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. AVM in file supports value. | 1 | 1 | 2 | 2 | 4/12/2019 | |||||
| 436293766 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | Disclosures Federal Missing | XXXX | Although the first page of the Home Loan Toolkit was included in the loan file, because the rest of the pages were missing, auditor is unable to determine that the disclosure was provided to the consumer. Evidence that it was provided within 3 business days of application is required. | Provide evidence that the following disclosures were provided to the consumer within 3 business days of application: Home Loan Toolkit Home Loan Toolkit . | 2 | 2 | 3 | 2 | 4/12/2019 | ||||
| 436293766 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | Program Parameters | XXXX | The subject loan does not meet Program Parameters for source of income. The borrower made a statement that her XXXX purchased the business the borrower is working for. The loan file contains a wire for a gift from the business the borrower works for with a gift letter stating that amount was given by the borrower's XXXX. The guidelines reflect that an unacceptable source of income is employment by a relative; therefore, the income used in qualifying is not eligible. | Credit exception required. | Resolved | Rebuttal 1 (04/26/2019 10:11AM) The borrower’s employment is not by a relative. Per final 1003 & income worksheet, the borrower is working under XXXX, and address is XXXX. Her aunt, gift donor, owns XXXX and the file has SI to show that the donor if 100% owner of XXXX. Furthermore, the employer’s address is different. The address shows as XXXX. However, since the name was familiar, I conditioned about the relationship between the employer and donor. We can find this condition on XXXX Due Diligence section. The borrower explained that the donor purchased the XXXX that the employer used to own separately. So if you go to the XXXX, this business is under the Donor’s name & dissolved by the employer. |
Response 1 (XX/XX/XXXX XX:XXAM) Documentation provided is sufficient. (Resolved) |
3 | 1 | 3 | 2 | 4/12/2019 | |
| 436293766 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. AVM in file supported value. | 1 | 1 | 3 | 2 | 4/12/2019 | |||||
| 437016602 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 3 | 1 | 7/11/2019 | |||||
| 437016602 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | The loan meets all applicable credit guidelines | XXXX | The loan meets all applicable credit guidelines. | 1 | 1 | 3 | 1 | 7/11/2019 | |||||
| 437016602 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Appraisal - Secondary Valuation Product Not Provided | XXXX | The loan file does not contain evidence that a secondary valuation product was ordered or performed. | Resolved | Response 1 (XXXX) AVM obtained which supported value. (Resolved) |
Buyer Comment 1 (XXXX) The remedy was accepted |
3 | 1 | 3 | 1 | 7/11/2019 | ||
| 437016618 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 3 | 1 | 11/3/2021 | |||||
| 437016618 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | Income Docs | XXXX | The income is not documented properly according to guides. The guidelines require 4 months evidence of receipt of rent payments and a corresponding lease to properly document rental income using DSCR program on all refinance transactions. The loan file contained a lease agreement; however, the loan file did not contain any evidence of rent payments collected. | Resolved | Rebuttal 1 (XXXX) Disagree - Based on the guidelines dated XXXX and Matrix dated XXXX verification of rental payments is not a requirement. Rebuttal 2 (XXXX) Disagree - Based on the guidelines dated XXXX and Matrix dated XXXX verification of rental payments is not a requirement.; In reference to the finding on this file: the loan closed XXXX Matrix below dated XXXX (attached and snip it below) does not reference 4 months of recent receipt of rent is required. The prior matrix dated XXXX (attached and snip it below) states 4 months of recent receipt of rental is required. Guidelines were changed. In addition, the XXXX Selling Guide (snip it below) from XXXX page 60 letter ii bullet point 2, states four months of cancelled checks or four months bank statements showing proof of recent receipt of rent is required, however on the XXXX Selling Guide dated XXXX Rebuttal 3 (XXXX) Disagree - Based on the guidelines dated XXXX and Matrix dated XXXX verification of rental payments is not a requirement.; In reference to the finding on this file: the loan closed XXXX Matrix below dated XXXX (attached and snip it below) does not reference 4 months of recent receipt of rent is required. The prior matrix dated XXXX (attached and snip it below) states 4 months of recent receipt of rental is required. Guidelines were changed. In addition, the XXXX Selling Guide (snip it below) from XXXX page 60 letter ii bullet point 2, states four months of cancelled checks or four months bank statements showing proof of recent receipt of rent is required, however on the XXXX Selling Guide dated XXXX it’s removed. |
Response 1 (XXXX) Please provide specific guide. (Upheld) Response 2 (XXXX) Referenced guideline snips not received. (Upheld) Response 3 XXXX) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 1 | 11/3/2021 | ||
| 437016618 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XXXX which supports the appraised value. | 1 | 1 | 3 | 1 | 11/3/2021 | |||||
| 437016617 | XXXX | 1 of 5 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 3 | 2 | 11/5/2021 | |||||
| 437016617 | XXXX | 2 of 5 | XXXX | XX/XX/XXXX | Credit | Program Parameters | XXXX | The subject loan does not meet Program Parameters for property flipping. The guidelines require that the subject property be owned by the seller for 6 months minimum prior to a purchase transaction. The subject property reflects the last sale on XXXX for $481,250 and the subject property sales price is XXXX The subject loan closed on XXXX which is less than 6 months seasoning for flipping rules. It should be noted that the Lender granted an exception for this particular issue. Compensating factors utilized to downgrade to level EV2. | Total residual income is XXXX per month. | 2 | 2 | 3 | 2 | 11/5/2021 | ||||
| 437016617 | XXXX | 3 of 5 | XXXX | XX/XX/XXXX | Credit | Reserve Assets | XXXX | Sufficient reserves to meet the minimum requirement for investment properties were not verified in the file. The borrower was required to evidence XXXX in funds to close, earnest money deposit and pre-paid items. In addition, the borrower was required to evidence 6 months reserves totaling XXXX XXXX PITIA x 6 months). Therefore, the borrower was required to evidence a total of XXXX in funds for the subject transaction. The loan file contained evidence of XXXX in qualifying assets including the earnest money deposit of XXXX The loan file also contained a gift letter and gift check; however, the gift check was dated after all bank statement dates and there was no evidence of the borrower actually receiving the funds. As a result there was a XXXX shortage of verified assets for reserves. It should be noted that the Lender requested an exception for this particular issue; however, that exception was denied. | Resolved | Rebuttal 1 (XXXX) We have attached the documents to cure the following finding. Rebuttal 2 (XXXX) We have attached the documents to cure the following finding.; Please see attached EMD check made directly to the title company.; Please clear the finding. Rebuttal 3 (XXXX) We have attached the documents to cure the following finding.; Please see attached EMD check made directly to the title company.; Please clear the finding. ; Please see the attached appraisal invoice for the XXXX showing paid Rebuttal 4 (XXXX) We have attached the documents to cure the following finding.; Please see attached EMD check made directly to the title company.; Please clear the finding. ; Please see the attached appraisal invoice for the XXXX showing paid. The attached appraisal invoice is to clear the finding below. The appraisal was POC with a credit card. |
Response 1 (XXXX) The bank statements provided are not the most recent statement balances used at origination. In addition, the gift letter itself does not document receipt of gift funds. There is no evidence of gift deposit into the borrower's account or evidence of gift funds wired to the closing table. Reducing reserves to 3 months still results in a XXXX reserve shortage. (Upheld) Response 2 (XXXX) Evidence of the XXXX appraisal payment clearance is required. The current asset shortage is XXXX (Upheld) Response 3 (XXXX) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 2 | 11/5/2021 | ||
| 437016617 | XXXX | 4 of 5 | XXXX | XX/XX/XXXX | Credit | VOR Required | XXXX | Verification of 12 months housing payments is required. The guidelines require a minimum 12 months of mortgage history, 0x30x12, for non-FTHBs and a Minimum 12 months of rental history, 0x30x12, is required for FTHB. The guidelines for FTHB indicate that 12 months minimum verification of rent is required to be documented via canceled checks or evidence of the payments via bank statements. The borrower is a FTHB and was living rent free and therefore, has no housing history as required. It should be noted that the Lender granted an exception for this particular issue. Compensating factors utilized to downgrade to level EV2. | Total residual income is XXXX per month. | 2 | 2 | 3 | 2 | 11/5/2021 | ||||
| 437016617 | XXXX | 5 of 5 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XXXX which supports the appraised value. | 1 | 1 | 3 | 2 | 11/5/2021 | |||||
| 437016616 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | The loan is in compliance with all applicable laws and regulations | XXXX | The loan is in compliance with all applicable laws and regulations | 1 | 1 | 3 | 1 | 11/10/2021 | |||||
| 437016616 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | Subordination Agreement | XXXX | All existing subordinate financing must be re-subordinated. The subordination agreement for the existing subordinate lien is missing from the file. The existing HELOC on the subject property was paid at closing; however, the HELOC closure letter was not signed. The loan file did not contain a final title policy reflecting it had been closed. A subordination agreement is required for secondary financing remaining open on the subject property. | Resolved | Rebuttal 1 (XXXX) Exception approved Rebuttal 2 (XXXX) Review: Confirmed with CEMA attorney- The new lien with XXXX is in first lien position. The HELOC was paid in full. Attached is a copy of the payoff check. However, since we closed as a XXXX the HELOC was consolidated with the new loan with XXXX to form a single lien. A satisfaction cannot be issued; it would create a break in the title chain. Title will show only one open mortgage with XXXX Rebuttal 3 (XXXX) Review: Confirmed with XXXX attorney- The new lien with XXXX is in first lien position. The HELOC was paid in full. Attached is a copy of the payoff check. However, since we closed as a XXXX the HELOC was consolidated with the new loan with XXXX to form a single lien. A satisfaction cannot be issued; it would create a break in the title chain. Title will show only one open mortgage with XXXX Please ensure XXXX knows this is XXXX Rebuttal 4 (XXXX) Review: Confirmed with XXXX attorney- The new lien with XXXX is in first lien position. The HELOC was paid in full. Attached is a copy of the payoff check. However, since we closed as a XXXX the HELOC was consolidated with the new loan with XXXXX to form a single lien. A satisfaction cannot be issued; it would create a break in the title chain. Title will show only one open mortgage with XXXX Please ensure XXXX knows this is XXXX Review: see attached final title |
Response 1 (XXXX) Referenced exception not received. (Upheld) Response 2 (XXXX) Evidence of payoff provided; however, neither HELOC Closure nor subordination was provided. (Upheld) Response 3 (XXXX) Please provide the Final Title Policy for clarity. (Upheld) Response 4 (XXXX) Documentation received is sufficient. (Resolved) |
3 | 1 | 3 | 1 | 11/10/2021 | ||
| 437016616 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains a CDA, dated XXXX which supports the appraised value. | 1 | 1 | 3 | 1 | 11/10/2021 | |||||
| 437016615 | XXXX | 1 of 3 | XXXX | XX/XX/XXXX | Compliance | TRID - Initial CD Delivery Date (prior to consummation) | XXXX | Initial Closing Disclosure Date Test: The Initial Closing Disclosure dated XXXX was not received by the borrower at least three business days prior to the Consummation Date, XXXX | Resolved | Rebuttal 1 (XXXX) DISAGREE – ICD was sent and signed on XXXX for closing on XXXX which met the 3 days prior to Consummation Date. |
Response 1 (XXXX) The documentation provided is sufficient to cure the finding. (Resolved) |
3 | 1 | 3 | 2 | 11/16/2021 | ||
| 437016615 | XXXX | 2 of 3 | XXXX | XX/XX/XXXX | Credit | REO PITI | XXXX | The Borrower owns own other real estate and the PITI for each additional mortgage is not confirmed. The file is missing documentation of HOA fees for the Borrowers rental properties. | XXXX LTV. XXXX Score. XXXX months of reserves. | Resolved | Rebuttal 1 (XXXX) The condition asks for PITIA for each property. The broker reached out to the borrower and is unable to get him to respond to requests. Found most of the information needed online and in file (see attached PITIA doc for screen prints). Missing insurance for one property but obtained and estimate of cost. LTV is XXXX minimal debt and ratios are very low. See attached 1003 and 1008 updated with figures. The exception for using the estimate of insurance on the one property is also attached. |
Response 1 (XXXX) Exception granted by Originator and accepted by Investor. (Resolved) |
3 | 2 | 3 | 2 | 11/16/2021 | |
| 437016615 | XXXX | 3 of 3 | XXXX | XX/XX/XXXX | Valuation | Value is supported within 10% of original value and all applicable appraisal guidelines were found to be acceptable | XXXX | The appraised value was supported within 10% and all applicable appraisal guidelines were satisfied. The loan file contains an AVM dated XXXX which supports the appraised value. | 1 | 1 | 3 | 2 | 11/16/2021 |