Form ABS-15G Visio 2019-2 Depositor Llc

Asset-backed securitizer report pursuant to Section 15G, item 2.01

Published: 2019-10-10 14:12:57
Submitted: 2019-10-10
Period Ending In: 2019-10-10
e6927abs15g.htm ASSET BACKED SECURITIZER REPORT


> ENT> ABS-15G 1 e6927abs15g.htm ASSET BACKED SECURITIZER REPORT

 

 

 

 OMB Number: 3235-0675

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM ABS-15G

ASSET-BACKED SECURITIZER
REPORT PURSUANT TO SECTION 15G OF
THE SECURITIES EXCHANGE ACT OF 1934

 

Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

____ Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period______________ to _________________

Date of Report (Date of filing) __________________

Commission File Number of securitizer: __________________

 Central Index Key Number of securitizer:__________________      

  

 

Name and telephone number, including area code, of the person
to contact in connection with this filing

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(l) [ ]

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) [ ]

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) [ ]

    X Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

Central Index Key Number of depositor:          0001790290

Visio 2019-2 Trust
(Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity (if applicable): Not applicable

Central Index Key Number of underwriter (if applicable): Not applicable

Ron McMahan, Chief Executive Officer, (562) 735-6555

Name and telephone number, including area code, of the person
to contact in connection with this filing

 
 

 

 

 

FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS

 

Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer

The disclosures required by Rule 15Ga-2 (17 CFR 240.15Ga-2) are attached as Exhibits to this Form ABS-15G. Please see the Exhibit Index for the related information.

 

EXPLANATORY NOTE

 

This Form ABS-15G is supplemented by (i) the Form ABS-15G filed by RCO 2016-SFR1 Depositor LLC on November 16, 2016 (Accession Number: 0000891092-16-018916) and (ii) the Form ABS-15G/A filed by RCO 2016-SFR1 Depositor LLC on November 18, 2016 (Accession Number: 0000891092-16-018982) (items (i) and (ii) collectively, the “Prior Filing”). The Prior Filing provided information required by Rule 15Ga-2 (17 CFR 240.15Ga-2) with respect to mortgage loans that were included in the RCO 2016-SFR1 securitization transaction (the “Prior Transaction”). Certain of the mortgage loans that were included in the Prior Transaction will be included in the Visio 2019-2 securitization transaction and the information provided in the Prior Filing solely with respect to those mortgage loans should be read in conjunction with this Form ABS-15G. Exhibit 99.2 identifies the mortgage loans that were included in the Prior Transaction and that will be included in the Visio 2019-2 securitization transaction.

 

Exhibits

 

99.1       Ernst & Young LLP Report of Independent Accountants on Applying Agreed-Upon Procedures

99.2       AMC Diligence, LLC (“AMC”) Executive Summary

99.3       AMC Rating Agency Grades

99.4       AMC Valuation Report

99.5       AMC Exception Grades Report

99.6       AMC Data Compare

 

 

 
 

 

 

 

SIGNATURES

  

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

  VISIO 2019-2 DEPOSITOR LLC
   
 Date: October 10, 2019 By:  /s/ Ron McMahan
  Name: Ron McMahan
  Title: Chief Executive Officer

                                     

 

 

 

 

 
 

 

 

 

EXHIBIT INDEX

 

 

Exhibit Number

 

99.1       Ernst & Young LLP Report of Independent Accountants on Applying Agreed-Upon Procedures

99.2       AMC Executive Summary

99.3       AMC Rating Agency Grades

99.4       AMC Valuation Report

99.5       AMC Exception Grades Report

99.6       AMC Data Compare

 

 

 

 

 

e6927ex99-1.htm REPORT OF INDEPENDENT ACCOUNTANTS


> ENT> EX-99.1 2 e6927ex99-1.htm REPORT OF INDEPENDENT ACCOUNTANTS

Exhibit 99.1

Visio 2019-2 Trust

Mortgage-Backed Notes, Series 2019-2

Sample Mortgage Loan and Sample Mortgaged Property Agreed-Upon Procedures

 

Report To:

Residential Credit Opportunities II, LLC

Visio 2019-2 Depositor LLC

 

9 October 2019

 

 

  

 

Ernst & Young LLP

5 Times Square

New York, NY 10036

 

Tel: +1 212 773 3000

Fax: +1 212 773 6350

ey.com

 

 

 

Report of Independent Accountants on Applying Agreed-Upon Procedures

 

 

Residential Credit Opportunities II, LLC

Visio 2019-2 Depositor LLC

3020 Old Ranch Parkway, Suite 180

Seal Beach, California 90740

 

 

Re:      Visio 2019-2 Trust (the “Issuer”)

Mortgage-Backed Notes, Series 2019-2 (the “Notes”)

Sample Mortgage Loan and Sample Mortgaged Property Agreed-Upon Procedures

 

 

We have performed the procedures enumerated in Attachment A, which were agreed to by Residential Credit Opportunities II, LLC (the “Sponsor”), Visio 2019-2 Depositor LLC (the “Depositor”) and Nomura Securities International, Inc. (the “Initial Purchaser,” together with the Sponsor and Depositor, the “Specified Parties”), solely to assist the Depositor with respect to a pool of fully-amortizing, fixed-rate and adjustable-rate residential rental mortgage loans (the “Mortgage Loans”) secured by first liens primarily on one-to-four family residential properties (the “Mortgaged Properties”) relating to the Issuer’s securitization transaction. This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of the procedures is solely the responsibility of the Specified Parties. Consequently, we make no representation regarding the sufficiency of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.

 

The procedures performed and our associated findings are included in Attachment A.

 

For the purpose of the procedures described in this report, the Sponsor, on behalf of the Depositor, provided us with:

a. Electronic data files:
i. Labeled “01 09052019_PM loan list for EY.xls” (“Loan Listing File 1”) that the Sponsor, on behalf of the Depositor, indicated contains a list of identification numbers (each, a “Collateral ID”) corresponding to certain mortgage loans (the “Loan Listing Preliminary Mortgage Loans 1”) that the Sponsor, on behalf of the Depositor, indicated are expected to be representative of the Mortgage Loans,
ii. Labeled “02 VISIO 2019-2 Prelim Investor Tape.xlsx” and corresponding record layout and decode information (“Preliminary Data File 1”) that the Sponsor, on behalf of the Depositor, indicated contains information as of 31 July 2019 (the “First Preliminary Cut-off Date”) relating to certain mortgage loans (the “Preliminary Mortgage Loans 1”) that are each secured by one or more mortgaged properties (the “Preliminary Mortgaged Properties 1”) that are expected to be representative of the Mortgage Loans and Mortgaged Properties, respectively,

  

 

    Page 2 of 4

 

 

a. (continued)

 

iii. Labeled “02 09262019_PM loan list for EY - second set.xls” (“Base Loan Listing File 2”) that the Sponsor, on behalf of the Depositor, indicated contains a list of Collateral IDs corresponding to certain mortgage loans (the “Base Loan Listing Preliminary Mortgage Loans 2”) that are expected to be representative of the Mortgage Loans,
iv. Labeled “03 09272019_PM loan list for EY - third set.xls” (“Base Loan Listing File 3,” together with Loan Listing File 1 and Base Loan Listing File 2, the “Provided Loan Listing Files”) that the Sponsor, on behalf of the Depositor, indicated contains a list of Collateral IDs corresponding to certain mortgage loans (the “Base Loan Listing Preliminary Mortgage Loans 3”) that are expected to be representative of the Mortgage Loans, and
v. Labeled “03 VISIO 2019-2 Investor Tape.xlsx” and corresponding record layout and decode information (“Preliminary Data File 2,” together with Preliminary Data File 1, the “Provided Data Files”) that the Sponsor, on behalf of the Depositor, indicated contains information as of 31 August 2019 (the “Second Preliminary Cut-off Date”) relating to certain mortgage loans (the “Preliminary Mortgage Loans 2”) that are each secured by one or more mortgaged properties (the “Preliminary Mortgaged Properties 2”) that are expected to be representative of the Mortgage Loans and Mortgaged Properties, respectively,
b. Imaged copies of the:
i. Promissory note, borrower certifications and acknowledgements, security deed and/or occupancy affidavit (as applicable and collectively, the “Note”),
ii. Payment letter to the borrower or first payment letter (as applicable and collectively, the ”Payment Letter”),
iii. Appraisal report, appraiser’s certification or CDA/appraisal desktop review assignment (as applicable and collectively, the “Appraisal”),
iv. Underwriting approval (the “Underwriting Approval”) and
v. Settlement statement, closing disclosure or purchase, final refinance statement and sale agreement (as applicable and collectively, the “Settlement Statement,” together with the Note, Payment Letter, Appraisal and Underwriting Approval, the “Source Documents”),

that the Sponsor, on behalf of the Depositor, indicated relate to the Sample Mortgage Loans and Sample Mortgaged Properties (both as defined in Attachment A),

c. The list of relevant characteristics relating to the:
i. Sample Mortgaged Properties (the “Sample Mortgaged Property Characteristics”) and
ii. Sample Mortgage Loans (the “Sample Mortgage Loan Characteristics,” together with the Sample Mortgaged Property Characteristics, the “Sample Characteristics”)

on the Provided Data Files, which is shown on Exhibit 1 to Attachment A, and

d. Instructions, assumptions and methodologies, which are described in Attachment A.

  

 

    Page 3 of 4

 

 

The procedures described in Attachment A were limited to comparing or recalculating certain information that is further described in Attachment A. The Depositor is responsible for the Provided Loan Listing Files, Provided Data Files, Source Documents, Sample Characteristics and the determination of the instructions, assumptions and methodologies that are described herein. We were not requested to perform and we have not performed any procedures other than those listed in Attachment A with respect to the Provided Data Files. We have not verified, and we make no representation as to, the accuracy, completeness or reasonableness of the Provided Loan Listing Files, Source Documents or any other information provided to us by the Sponsor, on behalf of the Depositor, upon which we relied in forming our findings. Accordingly, we make no representation and express no opinion as to (a) the existence of the Loan Listing Preliminary Mortgage Loans 1, Preliminary Mortgage Loans 1, Base Loan Listing Preliminary Mortgage Loans 2, Base Loan Listing Preliminary Mortgage Loans 3, Preliminary Mortgage Loans 2, Mortgage Loans, Preliminary Mortgaged Properties 1, Preliminary Mortgaged Properties 2 or Mortgaged Properties, (b) questions of legal or tax interpretation and (c) the accuracy, completeness or reasonableness of any instructions, assumptions and methodologies provided to us by the Sponsor, on behalf of the Depositor, that are described in this report. We undertake no responsibility to update this report for events and circumstances occurring after the date hereof.

 

We were not engaged to, and did not, conduct an examination to express an opinion or a review to express a conclusion in accordance with attestation standards established by the American Institute of Certified Public Accountants on any of the items referred to herein. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

 

The agreed-upon procedures described in this report were not performed for the purpose of:

a. Satisfying any criteria for due diligence published by a nationally recognized statistical rating organization (a “rating agency”) or
b. Making any findings with respect to:
i. Whether the origination of the Mortgage Loans conformed to, or deviated from, stated underwriting or credit extension guidelines, standards, criteria or other requirements,
ii. The value of the collateral securing the Mortgage Loans,
iii. Whether the originator of the Mortgage Loans complied with federal, state or local laws or regulations or
iv. Any other factor or characteristic of the Mortgage Loans that would be material to the likelihood that the issuer of the Notes will pay interest and principal in accordance with applicable terms and conditions.

  

 

    Page 4 of 4

 

 

This report is intended solely for the use of the Specified Parties and is not intended to be and should not be used by anyone other than the Specified Parties. It is not intended to be and should not be used by any other person or entity, including investors and rating agencies, who are not identified in the report as Specified Parties but who may have access to this report as required by law or regulation.

 

/s/ Ernst & Young LLP

 

9 October 2019

  

 

    Attachment A
Page 1 of 3

 

 

Procedures performed and our associated findings

 

1. As instructed by the Sponsor, on behalf of the Depositor, we randomly selected a sample of 260 Loan Listing Preliminary Mortgage Loans 1 (the “Sample 1 Mortgage Loans”) from Loan Listing File 1. For the purpose of this procedure, the Sponsor, on behalf of the Depositor, did not inform us as to the basis for how they determined the number of Sample 1 Mortgage Loans or the methodology they instructed us to use to select the Sample 1 Mortgage Loans from Loan Listing File 1.

 

2. For each mortgage loan on Loan Listing File 1 and Preliminary Data File 1, we compared the Collateral ID, as shown on Loan Listing File 1, to the corresponding Collateral ID, as shown on Preliminary Data File 1, and noted that:
a. 349 of the Preliminary Mortgage Loans 1 included on Preliminary Data File 1 were not included on Loan Listing File 1 and
b. All of the Loan Listing Preliminary Mortgage Loans 1 included on Loan Listing File 1 were included on Preliminary Data File 1.

 

3. We noted that the 260 Sample 1 Mortgage Loans are secured by 279 Preliminary Mortgaged Properties 1 (each, a “Sample 1 Mortgaged Property”). For the purpose of the procedures described in this report, the 260 Sample 1 Mortgage Loans and the corresponding 279 Sample 1 Mortgaged Properties are referred to as Sample Numbers 1-0 through 260-1. The Sample 1 Mortgage Loans are represented by Sample Numbers with a right-most digit of “0” and Sample 1 Mortgaged Properties are represented by Sample Numbers with a right-most digit other than “0.”

 

For each Sample 1 Mortgage Loan and Sample 1 Mortgaged Property, we compared the Sample Characteristics, as applicable, listed on Exhibit 1 to Attachment A, as shown on Preliminary Data File 1, to the corresponding information located on, or to the corresponding information we recalculated using information located on, the Source Documents, subject to the instructions, qualifications, assumptions and methodologies provided by the Sponsor, on behalf of the Depositor, described in the notes to Exhibit 1 to Attachment A. The Source Document(s) that we were instructed by the Sponsor, on behalf of the Depositor, to use for each Sample Characteristic are shown on Exhibit 1 to Attachment A. Except for the information shown on Exhibit 2 to Attachment A, all such compared information was in agreement.

 

4. For each mortgage loan on Base Loan Listing File 2 and Base Loan Listing File 3, we compared the Collateral ID, as shown on Base Loan Listing File 2, to the corresponding Collateral ID, as shown on Base Loan Listing File 3, and noted that:
a. None of the Base Loan Listing Preliminary Mortgage Loans 2 included on Base Loan Listing File 2 were included on Base Loan Listing File 3 and
b. None of the Base Loan Listing Preliminary Mortgage Loans 3 included on Base Loan Listing File 3 were included on Base Loan Listing File 2.

  

 

 

    Attachment A
Page 2 of 3

 

 

5. As instructed by the Sponsor, on behalf of the Depositor, we combined the information on Base Loan Listing File 2 and Base Loan Listing File 3. Base Loan Listing File 2 and Base Loan Listing File 3, as combined, is hereinafter referred to as “Loan Listing File 2” and the Base Loan Listing Preliminary Mortgage Loans 2 and Base Loan Listing Preliminary Mortgage Loans 3 are hereinafter collectively referred to as the “Loan Listing Preliminary Mortgage Loans 2.”

 

6. For each mortgage loan on Preliminary Data File 1 and Loan Listing File 2, we compared the Collateral ID, as shown on Preliminary Data File 1, to the corresponding Collateral ID, as shown on Loan Listing File 2, and noted that:
a. 16 of the Loan Listing Preliminary Mortgage Loans 2 included on Loan Listing File 2 were not included on Preliminary Data File 1,
b. 1,200 of the Preliminary Mortgage Loans 1 included on Preliminary Data File 1 were not included on Loan Listing File 2 and
c. None of the Sample 1 Mortgage Loans included on Preliminary Data File 1 were included on Loan Listing File 2.

 

7. As instructed by the Sponsor, on behalf of the Depositor, we randomly selected a sample of 52 Loan Listing Preliminary Mortgage Loans 2 (the “Sample 2 Mortgage Loans,” together with the Sample 1 Mortgage Loans, the “Sample Mortgage Loans”) from Loan Listing File 2. For the purpose of this procedure, the Sponsor, on behalf of the Depositor, did not inform us as to the basis for how they determined the number of Sample 2 Mortgage Loans or methodology they instructed us to use to select the Sample 2 Mortgage Loans from Loan Listing File 2.

 

8. For each mortgage loan on Loan Listing File 2 and Preliminary Data File 2, we compared the Collateral ID, as shown on Loan Listing File 2, to the corresponding Collateral ID, as shown on Preliminary Data File 2, and noted that:
a. 1,025 of the Preliminary Mortgage Loans 2 included on Preliminary Data File 2 were not included on Loan Listing File 2 and
b. All of the Loan Listing Preliminary Mortgage Loans 2 included on Loan Listing File 2 were included on Preliminary Data File 2.

 

9. For each mortgage loan on Preliminary Data File 1 and Preliminary Data File 2, we compared the Collateral ID, as shown on Preliminary Data File 1, to the corresponding Collateral ID, as shown on Preliminary Data File 2, and noted that:
a. 16 of the Preliminary Mortgage Loans 2 included on Preliminary Data File 2 were not included on Preliminary Data File 1,
b. 175 of the Preliminary Mortgage Loans 1 included on Preliminary Data File 1 were not included on Preliminary Data File 2 (the “Removed Preliminary Mortgage Loans 1”) and
c. 6 of the Removed Preliminary Mortgage Loans 1 were Sample 1 Mortgage Loans (the “Removed Sample 1 Mortgage Loans”).

 

The Removed Sample 1 Mortgage Loans are Sample Numbers 2, 19, 20, 55, 62 and 217.

  

 

    Attachment A
Page 3 of 3

 


10. For the 254 Sample 1 Mortgage Loans and related Sample 1 Mortgaged Properties included on Preliminary Data File 2, we compared the Sample Characteristics, as applicable, as shown on Preliminary Data File 1, to the corresponding information, as shown on Preliminary Data File 2. Except for the information listed on Exhibit 3 to Attachment A, all such compared information was in agreement.

 

11. We noted that the 52 Sample 2 Mortgage Loans are secured by 61 Preliminary Mortgaged Properties 2 (each, an “Sample 2 Mortgaged Property,” together with the Sample 1 Mortgaged Properties, the “Sample Mortgaged Properties”). For the purpose of the procedures described in this report, the 52 Sample 2 Mortgage Loans and the corresponding 61 Sample 2 Mortgaged Properties are referred to as Sample Numbers 261-0 through 312-4. The Sample 2 Mortgage Loans are represented by Sample Numbers with a right-most digit of “0” and Sample 2 Mortgaged Properties are represented by Sample Numbers with a right-most digit other than “0.”

 

For each Sample 2 Mortgage Loan and Sample 2 Mortgaged Property, we compared the Sample Characteristics, as applicable, listed on Exhibit 1 to Attachment A, as shown on Preliminary Data File 2, to the corresponding information located on, or to the corresponding information we recalculated using information located on, the Source Documents, subject to the instructions, qualifications, assumptions and methodologies provided by the Sponsor, on behalf of the Depositor, that are stated in the notes to Exhibit 1 to Attachment A. The Source Document(s) that we were instructed by the Sponsor, on behalf of the Depositor, to use for each Sample Characteristic are shown on Exhibit 1 to Attachment A. Except for the information shown on Exhibit 4 to Attachment A, all such compared information was in agreement.

  

 

Exhibit 1 to Attachment A
Page 1 of 6

 

Sample Characteristics and Source Documents

 

Sample Mortgaged Property Characteristics

 

Sample Mortgaged
Property Characteristic
Provided Data
File Field Name
Source Document(s) Note(s)
       
Collateral ID Collateral ID Note i.
       
Property state State Note or Appraisal ii., iii.
       
Property zip code Zip Code Note or Appraisal ii., iii.
       
Property type Property Type Appraisal iii.
       
Property condition Property Condition Appraisal iii., iv.
       
Appraisal value Appraisal Value Appraisal iii.
       
Occupancy status Owner Occupancy Note  
       
Property purpose Loan Purpose Settlement Statement or Note v.
       
Purchase price
(if applicable)
Purchase Price Settlement Statement  
       
Market rent Rent Appraisal or Underwriting Approval iii., vi.

  

 

Exhibit 1 to Attachment A
Page 2 of 6

Sample Mortgage Loan Characteristics

 

Sample Mortgage
Loan Characteristic
Provided
Data File Field Name
Source Document(s) Note(s)
       
Collateral ID Collateral ID Note i.
       
Original principal balance Original Balance Note  
       
Initial interest rate Original Rate Note  
       
First payment date First Payment Date Note  
       
Maturity date Maturity Date Note  
       
Original term to maturity Original Maturity Term

(a)     Note or

(b)    Note and recalculation

vii.
       
Prepayment penalty type Prepay Penalty Type Note  
       
ARM index ARM Index Note  
       
ARM margin ARM Margin Note  
       
Initial periodic cap Initial Periodic Cap Note and recalculation viii.
       
Life rate cap Life Rate Cap Note and recalculation ix.
       
Rate adjustment frequency Rate Adjustment Frequency Note  
       
Subsequent periodic cap Subsequent Periodic Cap Note  
       
Initial rate adjustment period Initial Rate Adjustment Period Note and recalculation x.
       
Original loan-to-value ratio Originator Original LTV

(a)    Appraisal, Settlement Statement, Note and recalculation or

(b)    Appraisal, Note and recalculation

iii., xi.
       
T&I payment T & I & A Payment

(a)    Payment Letter or Underwriting Approval and

(b)    Recalculation

xii.

  

 

Exhibit 1 to Attachment A
Page 3 of 6

 

Notes:

 

i. For identification purposes only.

 

ii. For the purpose of comparing the indicated Sample Characteristics for each Sample Mortgaged Property or Sample Mortgage Loan, as applicable, the Sponsor, on behalf of the Depositor, provided one or more of the indicated Source Documents. The Sponsor, on behalf of the Depositor, instructed us to note agreement if the information on the Provided Data File agreed to the corresponding information on at least one such Source Document (in accordance with note iii., as applicable). We performed no procedures to reconcile any differences that may exist between various Source Documents, or within a single Source Document, for the indicated Sample Characteristics.

 

iii. For the purpose of comparing the indicated Sample Characteristics for certain Sample Mortgaged Properties, the Sponsor, on behalf of the Depositor, provided us with more than one Appraisal. The Sponsor, on behalf of the Depositor, instructed us to use the most recent Appraisal for the purpose of comparing the indicated Sample Characteristics.

 

iv. For the purpose of comparing the property condition Sample Characteristic for each Sample Mortgaged Property that does not have the property condition specifically stated on the Appraisal, the Sponsor, on behalf of the Depositor, instructed us to note agreement if the property condition, as shown on the Provided Data File, agreed with the corresponding property condition, as shown on the Appraisal (in accordance with note iii., as applicable) in accordance with the decode table that is shown below:

 

  Provided Data File Appraisal Value
     
  C1 Excellent
  C2 Very good
  C3 Good
  C3 Above average
  C3 Average plus
  C3 Average/update
  C4 Average
  C5 Fair
  C6 Poor

  

 

Exhibit 1 to Attachment A
Page 4 of 6

Notes: (continued)

 

v. For the purpose of comparing the property purpose Sample Characteristic for each Sample Mortgaged Property, the Sponsor, on behalf of the Depositor, instructed us to note agreement with a property purpose of “P,” as shown on the Provided Data File, if we observed a purchase price, as shown on the Settlement Statement, for the corresponding Sample Mortgaged Property (each, a “Sample Purchase Property”).

 

For the purpose of comparing the property purpose Sample Characteristic for each Sample Mortgaged Property that is not a Sample Purchase Property, the Sponsor, on behalf of the Depositor, instructed us to note agreement with a property purpose of:

(a) “CO,” as shown on the Provided Data File, if the Amount to Borrower is greater than the greater of (i) $2,000 or (ii) 2% of the original principal balance of the corresponding Sample Mortgage Loan, as shown on the Note, or
(b) “RT,” as shown on the Provided Data File, if the Amount to Borrower is less than or equal to the greater of (i) $2,000 or (ii) 2% of the original principal balance of the corresponding Sample Mortgage Loan, as shown on the Note.

 

vi. For the purpose of comparing the market rent Sample Characteristic for each Sample Mortgaged Property, the Sponsor, on behalf of the Depositor, instructed us to ignore differences of +/- $1.00 or less.

 

vii. For the purpose of comparing the original term to maturity Sample Characteristic for each Sample Mortgage Loan that does not have the original term to maturity specifically stated on the Note, the Sponsor, on behalf of the Depositor, instructed us to recalculate the original term to maturity as the sum of:
(a) The difference in months between the maturity date and first payment date, both as shown on the Note, and
(b) 1.

 

viii. For the purpose of comparing the initial periodic cap Sample Characteristic for each Sample Mortgage Loan with an ARM margin value greater than “0.000(%),” as shown on the Note (each, a “Sample ARM Mortgage Loan”), the Sponsor, on behalf of the Depositor, instructed us to recalculate the initial periodic cap as the difference between the:
(a) Initial rate adjustment maximum interest rate and
(b) Initial interest rate,

both as shown on the Note.

 

For each Sample Mortgage Loan that is not a Sample ARM Mortgage Loan (each, a “Sample FRM Mortgage Loan”), the Sponsor, on behalf of the Depositor, instructed us not to compare the initial periodic cap Sample Characteristic.

  

 

Exhibit 1 to Attachment A
Page 5 of 6


Notes: (continued)

 

ix. For the purpose of comparing the life rate cap Sample Characteristic for each Sample ARM Mortgage Loan, the Sponsor, on behalf of the Depositor, instructed us to recalculate the life rate cap as the difference between the:
(a) Subsequent rate adjustment maximum interest rate and
(b) Initial interest rate,

both as shown on the Note.

 

For each Sample FRM Mortgage Loan, the Sponsor, on behalf of the Depositor, instructed us not to compare the life rate cap Sample Characteristic.

 

x. For the purpose of comparing the initial rate adjustment period Sample Characteristic for each Sample ARM Mortgage Loan, the Sponsor, on behalf of the Depositor, instructed us to recalculate the initial rate adjustment period as the difference in months between the:
(a) Change date and
(b) First payment date,

both as shown on the Note.

 

For each Sample FRM Mortgage Loan, the Sponsor, on behalf of the Depositor, instructed us not to compare the initial rate adjustment period Sample Characteristic.

 

xi. For the purpose of comparing the original loan-to-value ratio Sample Characteristic for each Sample Mortgage Loan, the Sponsor, on behalf of the Depositor, instructed us to recalculate the original loan-to-value ratio by:
(a) Calculating the property value (the “Property Value”) of each corresponding Sample Mortgaged Property as:
(1) In the case of a Sample Purchase Property, the lesser of (A) the appraisal value, as shown on the Appraisal (in accordance with note iii., as applicable), and (B) the purchase price (if applicable), as shown on the Settlement Statement, and
(2) In the case of a Sample Mortgaged Property that is not a Sample Purchase Property, the appraisal value, as shown on the Appraisal (in accordance with note iii., as applicable),
(b) Calculating the aggregate property value (the “Loan Value”) as the sum of the Property Values calculated in (a) above for all corresponding Sample Mortgaged Properties, as applicable,
(c) Dividing the:
(1) Original principal balance, as shown on the Note, by
(2) Loan Value, as calculated in (b) above, and
(d) Multiplying the value calculated in (c) above by 100.

  

 

Exhibit 1 to Attachment A
Page 6 of 6

 

Notes: (continued)

 

xi. (continued)

For the purpose of comparing the original loan-to-value ratio Sample Characteristic, the Sponsor, on behalf of the Depositor, instructed us to ignore absolute differences of +/- 0.01% or less.

 

xii. For the purpose of comparing the T&I payment Sample Characteristic for each Sample Mortgage Loan, the Sponsor, on behalf of the Depositor, instructed us to recalculate the T&I payment of each Sample Mortgage Loan as the sum of the:
(a) Taxes,
(b) Insurance and
(c) HOA amount (the “HOA Amount”),

all as shown on the Payment Letter or Underwriting Approval.

 

For the purpose of comparing the T&I payment Sample Characteristic, the Sponsor, on behalf of the Depositor, instructed us to ignore differences of +/- $1.00 or less.

 

We performed no procedures to determine the accuracy, completeness or reasonableness of the instructions, qualifications, assumptions and methodologies provided by the Sponsor, on behalf of the Depositor, that are described in the notes above.

  

 

Exhibit 2 to Attachment A

 

Sample 1 Mortgage Loan and Sample 1 Mortgaged Property Differences

 

Sample
Number
Sample
Characteristic
Preliminary
Data File 1 Value
Source
Document Value
       
47-1 Property condition C4 C3
       
70-1 Property purpose CO RT
       
240-1 Property condition N/A C4
       
259-5 Appraisal value $92,000 $80,000

  

 

Exhibit 3 to Attachment A

Sample Characteristic Difference

Between Preliminary Data File 1 and Preliminary Data File 2

 

Sample
Number
Sample Characteristic Preliminary
Data File 1 Value
Preliminary
Data File 2 Value
       
47-1 Property condition C4 C3

  

 

Exhibit 4 to Attachment A

 

Sample 2 Mortgage Loan and Sample 2 Mortgaged Property Differences

 

Sample
Number
Sample
Characteristic
Preliminary
Data File 2 Value
Source
Document Value
       
299-1 Property type CO 2F
       
302-1 Property condition C2 C3

 

  

e6927ex99-2.htm AMC EXECUTIVE SUMMARY


ENT> EX-99.2 3 e6927ex99-2.htm AMC EXECUTIVE SUMMARY

Exhibit 99.2

 

 

 

EXECUTIVE SUMMARY

 

DESCRIPTION OF DUE DILIGENCE PERFORMED

(1) Type of assets that were reviewed.

AMC Diligence, LLC (“AMC”) performed certain due diligence services described below on business purpose loans. The review was conducted on behalf of Residential Credit Opportunities II, LLC (“Client”) from October 2017 to September 2019 via files imaged and provided by Client (the “Review”).

 

The securitization transaction referred to as the Visio 2019-2 transaction (the “Current Securitization”) has an aggregate loan population of 1,199. This Executive Summary primarily pertains to the review of 907 loans that AMC performed certain due diligence services on pursuant to the Review.

 

In addition to the Review, AMC also previously performed certain due diligence services (the “Previous Review”) with respect to an additional 292 loans (the “Previously Reviewed Loans”) that are included in the Current Securitization and that were previously included in a prior securitization transaction referred to as the RCO 2016-SFR1 transaction. Information with respect to the Previously Reviewed Loans can be found in (i) Exhibit 99.2 in the Form ABS-15G filed by RCO 2016-SFR1 Depositor LLC on November 16, 2016 (Accession Number: 0000891092-16-018916) and (ii) Exhibit 99.2 in the Form ABS-15G/A filed by RCO 2016-SFR1 Depositor LLC on November 18, 2016 (Accession Number: 0000891092-16-018982) (items (i) and (ii) collectively, the “Previous Executive Summary”). The AMC Loan ID# for each of the Previously Reviewed Loans can be found on Exhibit A attached hereto.

 

In connection with the Review, AMC performed a payment history review of 56 of the Previously Reviewed Loans (approximately 20% of the Previously Reviewed Loans) (such review, the “Payment History Review”). Information with respect to the Payment History Review can be found under the headings “Payment History Review (56 Previously Reviewed Loans)” and “PAYMENT HISTORY REVIEW RESULTS SUMMARY” below.

 

For the avoidance of doubt, no information regarding the Previously Reviewed Loans (other than the Payment History Review and the information contained in Exhibit A) is provided in this Executive Summary. This Executive Summary is supplemented by and should be read in conjunction with the Previous Executive Summary to the extent of the Previously Reviewed Loans.

 

(2) Sample size of the assets reviewed.

907 loans and 56 of the Previously Reviewed Loans were reviewed by AMC pursuant to the Review. To AMC’s knowledge, the Review together with the Previous Review covered 100% of the securitization loan population.

 

(3) Determination of the sample size and computation.

The Review was conducted consistent with the criteria, as may be relevant for this securitization, for the NRSRO(s) identified in Item 3 of the ABS Due Diligence-15E.

 

(4) Quality or integrity of information or data about the assets: review and methodology.

AMC collected data fields during the course of the review and compared it to the tape provided by the Client. The data reconciliation, where such information was available, involved 29 potential fields as listed below:

 

# of Units
Interest Rate Life Cap
Occupancy
Refi Purpose
Amortization Type
Interest Rate Life Floor
Original Interest Rate
Representative FICO
Borrower Full Name
Interest Rate Life Max
Original Loan Amount
State
Borrower Last Name
Interest Rate Periodic Cap
Original LTV
Street
City
LTV Valuation Value
Original P&I
Zip
Debt Service Coverage Ratio
Margin
Original Term
 
First Payment Date
Maturity Date
Property Type
 
Index Type
Note Date
Purpose
 

 

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(5) Origination of the assets and conformity to stated underwriting or credit extension guidelines, standards, criteria or other requirements: review and methodology.

AMC reviewed asset origination to determine conformity to the stated underwriting or credit extension guidelines, standards, criteria or other requirements that were provided to AMC and/or as directed by Client. The credit review focuses on the borrower’s credit profile and adherence to guidelines. Conformity to applicable guidelines was also assessed during the review.

 

Credit Application: AMC verified that the application: (i) was signed by all listed borrowers, (ii) was substantially filled out, (iii) contained all known borrower-owned properties on the Real Estate Owned section or attachments, and (iv) contained information concerning the borrowers’ property management / landlord experience.

 

Credit Report: AMC verified that a credit report was present for each applicable borrower and gathered data from such credit report including (i) representative FICO, (ii) credit scores from Equifax, Experian, and Transunion (if available), and (iii) the number and length of trade lines. In addition, AMC verified that any public records listed were disclosed on the application and adequately explained and in compliance with guidelines. Credit reports were not provided for Foreign Nationals.

 

Employment and Income: AMC determined whether applicable supporting employment and income documentation required by the guidelines was present in the mortgage loan file. While AMC did not calculate a borrower DTI, AMC did calculate a “Property DTI” per guidelines. This documentation included (i) monthly rental income information, (ii) property vacancy status, and (iii) the presence of Articles of Incorporation. In addition, a reserve calculation was performed in accordance with the guidelines.

 

Asset Review: AMC assessed whether the asset documentation required by the guidelines was present in the mortgage loan file.

 

Insurance: AMC reviewed insurance information in the file to verify (i) the presence of Rent Loss insurance equal to six (6) months PITIA, (ii) that hazard insurance met the minimum required amount of coverage in the guidelines, and (iii) that flood insurance certification was for the correct borrower, property, lender and loan number and was a “Life of Loan” certification. For properties in a flood zone per the flood certification, AMC confirmed that flood insurance met guidelines requirements (including coverage amount).

 

Title: AMC verified whether the appropriate vestee was on the title document (if a purchase, the seller; if a refinance, the borrower) and reviewed the Title Commitment for the disclosure issues such as assessments; covenants, conditions and restrictions; access problems; the vicinity of property to military airports; prior leases; court orders/divorce decrees; public probate issues; foreclosures; bankruptcies; judgment liens; state and federal tax liens; and environmental liens. AMC’s review looked for instances of delinquent taxes (non-liens) and the presence of oil, gas, water, or mineral rights.

 

Each loan, reviewed under this scope, was reviewed for adherence to the relevant credit policy as indicated by the Client. For this review, procedures followed included:

§
Reviewing the provided Note, Mortgage/DOT, and Guaranty Agreement(s) to confirm execution, adherence to the credit policy, and agreement with other Loan Approval documentation.
§
Examining appraisal reports, BPO’s, and appraisal reviews to determine if the property type is consistent with underwritten property type and usage (such as evidence/an indication of either owner or tenant occupancy) and comparing this information against other relevant information contained within applicable sections of the loan file to evaluate consistency, accuracy, and adheres to the credit policy.
§
Reviewing environmental reporting, Flood Certification, and Evidence of Insurance to confirm accuracy and adherence to credit policy requirements.
§
Reviewing credit reporting, VOR/VOM, Background Check(s), and any applicable Letter(s) of Explanation to confirm accuracy, adherence to credit policy requirements, and consistency with the Final Loan Approval worksheet.
§
Reviewing HUD-1’s, Title Search, Purchase Agreements, existing leases/rent rolls, and verification of funds with loan terms, and underwritten approved terms and amounts/LTV/LTC as well as adherence to credit policy requirements.
§
Reviewing LOI/LOE(s) for presence of un-qualified statement of business and occupancy intent, confirmation that the LOI/LOE cited address is consistent with the subject property address, and that signatory(s) are consistent with the identified borrower(s)/guarantor(s).

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§
Reviewing Final Form 1003/Loan application to ensure complete execution that the subject property listed is consistent with the subject property, and that the listed residence for the Individual(s) is an address other than the subject property.
§
Confirming, if applicable, business license(s) and P&L’s are present, valid, and adheres to credit policy requirements.
§
Confirming, if applicable, second mortgage documents are present, valid, align with approved terms amounts, and adhere to credit policy requirements.
§
Reviewing final loan approval worksheets for accuracy, completion, documentation of approval for any exceptions, and evaluating such items for agreement/consistency with all other documentation contained in the review file.
§
Reviewing the Certification of Business Purpose and Certification of Non-Owner Occupancy and Indemnity for presence of completed fields, and verifying that the hand written Primary Residence address differs from the subject property address, and is signed/dated as required.
§
Verifying presence of a complete Certification of Non-Owner Occupancy and Indemnity document for each individual borrower/co-borrower/guarantor identified within the subject note/guaranty agreement, including the presence of either individual certifications or one certificate containing all required signatures.
§
Comparing the Primary Residence address(es) listed for consistency between the Final Form 1003/Loan application(s) and the Certification(s) of Non-Owner Occupancy and Indemnity.
§
Documenting any non-approved credit policy exceptions and/or inconsistencies and reporting and/or marking such items for further dialogue.

 

(6) Value of collateral securing the assets: review and methodology.

AMC reviewed the appraisal included in the loan file for the following information: (i) property type, (ii) age of appraisal, (iii) verification of the property address, (iv) completeness and appropriateness of the appraisal form, (v) the analysis of demand, supply, and marketing time as contained in the appraisal, (vi) property values, (vii) appraiser comments regarding lot size, zoning, and well and septic conditions as well as legal use restrictions, (viii) a comparable sales analysis including age, distance, and adjustments, (ix) property age, (x) predominate market value, and (xi) a quality and condition ratings. In addition, AMC sought to verify the licensing of the appraiser, if possible.

 

If more than one valuation was provided, AMC confirmed consistency among the valuation products and if there were discrepancies that could not be resolved, AMC created an exception and worked with the client on the next steps which included ordering of additional valuation products such as collateral desktop analyses, broker’s price opinions, and full appraisals. If the property valuation products included in AMC’s review resulted in a variance of more than 10% then the client was notified of such variance and a second independent valuation product was generally ordered.

 

(7) Compliance of the originator of the assets with federal, state and local laws and regulations: review and methodology.

Not applicable.

 

(8) Other: review and methodology.

In addition to the procedures above, AMC conducted the following supplemental reviews:

 

Document Review

For each mortgage loan, AMC reviewed the loan file to verify whether the following documents, if applicable, were included in the file and if the data on these documents was consistent and logical.

 

Initial Application
Personal Guarantee
Mortgage/Deed of Trust
Credit Report
Appraisal
Note
Asset Documentation
Title / Preliminary Title
Certificate of Business Purpose / Non-Owner Occupancy
Sales Contract
Final HUD-1
Article of incorporation, if applicable
Hazard and/or flood insurance policies
Fraud/OFAC reports
Landlord Experience
Operating Agreement
Lease(s) and evidence of payment
 

 

 

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Compliance / Owner Occupancy Review

AMC reviewed the information contained in the mortgage file in order to: (i) verify the presence, signature presence, and correct address of a business purpose certificate and non-owner occupancy declaration, (ii) verify that the application and other supporting documentation (income/asset documentation, hazard insurance, license/passport/Visa, credit report, certificate of non-owner occupancy declaration) lists a borrower’s address different from the property address, (iii) verify that the appraisal states the property is tenant occupied or vacant, (iv) verify that the same person signed the application and non-owner occupancy declaration, (v) verify the presence of insurance (hazard coverage plus liability coverage; landlord/rent loss insurance) on the subject property, (vi) verify that the property appraisal contains a current rent / rental analysis, (vii) for a refinance and if in the guidelines, verify that there is a lease on the subject property, (viii) verify the presence of rental assignment language in the borrower contract, (ix) provide an indication whether the borrower is a renter or homeowner (if renter, reasonableness review of whether borrower is occupying the property based upon factors above and proximity), and (x) if part of the guidelines, confirm real estate landlord experience is present for the borrower (if not part of the guidelines, reasonableness review of whether borrower is occupying the property based on factors above and other indications as reasonably appropriate).

 

Payment History Review (56 Previously Reviewed Loans)

AMC performed a review utilizing individual mortgage loan payment history reports provided by the related servicer of the mortgage loans. Using the MBA methodology, AMC created a payment string using a twenty-four (24) month look back period for each mortgage loan within the sample where data was provided.

 

SUMMARY OF FINDINGS AND CONCLUSIONS OF REVIEW

AMC reviewed 907 mortgage loans in the securitization population. Of these loans, twenty-seven (27) mortgage loans had an exception related to credit items and/or guideline adherence.

 

OVERALL RESULTS GRADING SUMMARY

After considering the grading implications of the Credit and Property/Valuation sections below, 98.35% for DBRS and 99.67% for S&P of the Loans by number in the pool possessed a NRSRO grade of “A”, or “B”. The difference in grades between DBRS and S&P relates to loans where there was a Recon 2.0 valuation product provided.

 

NRSRO Grade (DBRS)
# Loans
% of Loans
A
864
95.26%
B
28
3.09%
C
15
1.65%
Total
907
100.00%

 

NRSRO Grade (S&P)
# Loans
% of Loans
A
864
95.26%
B
40
4.41%
C
3
0.33%
Total
907
100.00%

 

Please see the various summaries below and the Exception Detail section for additional detail on exceptions within each category of Review.

 

CREDIT REVIEW RESULTS SUMMARY

AMC conducted a credit review on all 907 loans in the securitization population. Twenty-seven (27) mortgage loans were found to have a total of twenty-nine (29) guideline exceptions; however, these exceptions were waived by the Client. The table below summarizes the individual exceptions which carried an associated “B”, “C”, or “D” level exception grade.

 

NRSRO Grade (DBRS and S&P)
# Loans
% of Loans
A
880
97.02%
B
27
2.98%
Total
907
100.00%

 

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Exception Type
Exception Level Grade
Exception Category
Total
Credit
B
Credit
22
Guideline
3
Insurance
3
Borrower and Mortgage Eligibility
1
Total Credit Grade (B) Exceptions:
29
Total Credit Exceptions:
29

 

NON-OWNER OCCUPIED RESULTS SUMMARY

AMC reviewed all 907 mortgage loans for non-owner occupancy through the procedures above. None of the loans have an open exception concerning non-owner occupancy.

 

VALUATION RESULTS SUMMARY

AMC conducted a valuation review on all 907 loans in the securitization population. Under the applicable DBRS NRSRO grading criteria, the 15 loans which were graded a “C” were due to a secondary valuation product that had a variance by more than 10% or used a Recon 2.0 product. The 2 loans which were graded a “B” were due to the first review product coming in outside of the 10% variance but did have a better-quality next product ordered that came within the 10% or due to deferred maintenance.

 

NRSRO Grade (DBRS)
# Loans
% of Loans
A
890
98.13%
B
2
0.22%
C
15
1.65%
Total
907
100.00%

 

Exception Type
Exception Level Grade
Exception Category
Total
Property
C
Appraisal Reconciliation
10
Property - Appraisal
6
Total Property Grade (C) Exceptions:
16
B
Value Reconciliation
1
Property - Appraisal
1
Total Property Grade (B) Exceptions:
2
Total Property Exceptions:
18

 

AMC conducted a valuation review on all 907 loans in the securitization population. Under the applicable S&P NRSRO grading criteria, the 3 loans which were graded a “C” were due to a secondary valuation product that had a variance by more than 10%; a tertiary product of same quality was provided to support the appraised value within 10%; however, lower of was not used for property LTV. The 14 loans which were graded a “B” were due to the first review product coming in outside of the 10% variance but did have a better-quality next product ordered that came within the 10% variance which was either a desk review or a Recon 2.0 product.

 

NRSRO Grade (S&P)
# Loans
% of Loans
A
890
98.13%
B
14
1.54%
C
3
0.33%
Total
907
100.00%

 

 

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Exception Type
Exception Level Grade
Exception Category
Total
Property
C
Property – Appraisal
3
Total Property Grade (C) Exceptions:
3
B
Appraisal Reconciliation
10
Property-Appraisal
4
Value Reconciliation
1
Total Property Grade (B) Exceptions:
15
Total Property Exceptions:
18

 

TAPE DATA INTEGRITY REVIEW RESULTS SUMMARY

A tape integrity review was conducted by AMC utilizing data that was captured by AMC during the Guideline Review and comparing such information to the securitization tape. There were no discrepancies.

 

PAYMENT HISTORY REVIEW RESULTS SUMMARY

For the 56 Previously Reviewed Loans in the Payment History Review, AMC utilized individual loan pay history reports provided by the related servicer with a cut-off date of August 31, 2019. Using the MBA methodology, AMC created a pay string using a twenty-four (24) month look back on all 56 mortgage loans.

 

Look Back Period
# of Loans
% of Loans
24
56
100.00%
Total
56
100.00%
     
Category
# of Loans
% of Loans
Delinquency, No Missing Data
6
10.71%
No Delinquency, No Missing Data
50
89.29%
Total
56
100.00%

 

ADDITIONAL LOAN POPULATION SUMMARY*

Loan Purpose
Loan Count
% of Loans
Original Balance
% of Balance
Cash Out: Other/Multi-purpose/Unknown Purpose
612
67.48%
$116,126,042.00
66.29%
First Time Home Purchase
2
0.22%
$326,250.00
0.19%
Other-than-first-time Home Purchase
158
17.42%
$32,451,715.00
18.52%
Rate/Term Refinance - Borrower Initiated
135
14.88%
$26,281,145.00
15.00%
Total
907
100.00%
$175,185,152.00
100.00%

 

Property Type
Loan Count
% of Loans
Original Balance
% of Balance
Single Family Detached
364
40.13%
$62,197,610.00
35.50%
Condo, Low Rise
35
3.86%
$5,793,304.00
3.31%
Condo, High Rise
1
0.11%
$131,600.00
0.08%
PUD
45
4.96%
$8,519,135.00
4.86%
Townhouse
3
0.33%
$389,900.00
0.22%
1 Family Attached
101
11.14%
$14,295,128.00
8.16%
2 Family
209
23.04%
$41,522,741.00
23.70%
3 Family
76
8.38%
$18,483,373.00
10.55%
4 Family
46
5.07%
$9,081,295.00
5.18%

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Unavailable
27
2.98%
$14,771,066.00
8.43%
Total
907
100.00%
$175,185,152.00
100.00%

 

Amortization Type
Loan Count
% of Loans
Original Balance
% of Balance
Fixed
431
47.52%
$77,539,841.00
44.26%
Adjustable
476
52.48%
$97,645,311.00
55.74%
Total
907
100.00%
$175,185,152.00
100.00%
         
Lien Position
Loan Count
% of Loans
Original Balance
% of Balance
1
907
100.00%
$175,185,152.00
100.00%
Total
907
100.00%
$175,185,152.00
100.00%

 

Original Term
Loan Count
% of Loans
Original Balance
% of Balance
360 Months
907
100.00%
$175,185,152.00
100.00%
Total
907
100.00%
$175,185,152.00
100.00%

*Percentages may not sum to 100% due to rounding.

**Please note that unknown / other property type is typically due to cross-collateralized loans where multiple property types may be collateralized by the same loan.

 

  

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EXHIBIT A

 

AMC LOAN ID#s FOR PREVIOUSLY REVIEWED LOANS

900008942
900006628
900007699
900015938
200697215
900016472
900010262
900014218
900011069
900010515
900713928
900011632
900703942
900006926
900713897
900008387
900713888
200482281
200482282
200482283
200549223
900713923
900010281
900007540
900010503
200503435
900013864
900703939
900013607
900713908
900714017
900713987
900016538
900703940
900703933
900703953
900713907
900713919
900713894
900714023
900703950
900713916
900713902
200623496
900713911
900703931
200549224
900703943
900703946
200549225
900713915
900703936
900713910
900713904
900713892
900703947
900713927
200482285
200482286
900713901
900713930
900713890
900713926
200503430
900714007
900713886
900713917
900713925
900713920
200482290
200549226
200482291
900713918
900713893
900714004
900714028
900714008
900714020
900713996
900713994
900713889
900714027
200482293
900714030
200482294
200758722
200758723
200482295
200482296
200503439
200482297
900714013
200623497
200482298
900714005
900714024
900713993
900714006
200503447
200503448
200482303
200549229
200482305
200482306
900713991
200482307
200482310
200482311
200482313
200482314
200549230
200482315
200503436
200597607
200597608
200549231
200482316
200482317
200697217
200482318
200503450
200597609
200503451
200597610
200597611
200503452
200503438
200549235
200549236
200549237
200549238
200549240
200623499
200697218
200549241
200503457
200623500
200549243
200623501
200549250
200623502
200549254
200549255
200549256
200549257
200623504
200597615
200549258
200623506
200623507
200597619
200623508
200597620
200623509
200549260
200758728
200758729
200549262
200904557
200758730
200705859
200623510
200705861
200758731
200549263
200549264
200549265
200549266
200597624
200623512
200705864
200623514
200597627
200758732
200705865
200597628
200697223
200623516
200758733
200697227
200623521
200623522
200623524
200623525
200821284
200904548
200904549
200623526
200705866
200705867
200623527
200623528
200705872
200705873
200705874
200758744
200758745
200697240
200697241
200697242
200697243
200705880
200758746
200705881
200705882
200705884
200705885
200705886
200705887
200705888
200697244
200697245
200758748
200904561
200758750
200758751
200821292
200821293
200821294
200964811
200758752
200821296
200975216
200758753
200758755
200705891
200821298
200904544
200904545
200904546
200904540
200821305
200821306
200821307
200821308
200821309
200821311
200821312
200964814
200821316
200904538
200821318
200964817
200964819
200821319
200904558
200904565
200904550
200904539
200964822
200964823
200821323
200904551
200904541
200904547
200904542
200975217
200975218
200904566
200904567
200964826
200904568
200904569
200964828
200964829
200975219
200904552
200904553
200904554
200904555
200964830
200904556
200964831
200904571
200904572
200964834
200975221
200975222
200964836
200975224
200964837
200964838
200975226
200975227
200975239
200975228
200975229
200964840
200975233
200975234
200975235
200975237
       

 

 

 

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e6927ex99-3.htm AMC RATING AGENCY GRADES


ENT> EX-99.3 4 e6927ex99-3.htm AMC RATING AGENCY GRADES

Exhibit 99.3

                                                                                               
Rating Agency Grades                                                                                                
Run Date - 10/7/2019 10:55:50 PM                                                                                                
LOAN INFORMATION INITIAL CREDIT LOAN GRADES INITIAL COMPLIANCE LOAN GRADES INITIAL PROPERTY LOAN GRADES INITIAL OVERALL LOAN GRADES FINAL CREDIT LOAN GRADES FINAL COMPLIANCE LOAN GRADES FINAL PROPERTY LOAN GRADES FINAL OVERALL LOAN GRADES
AMC Loan ID Customer Loan ID Seller Loan ID Deal Number Original Loan Amount DBRS Fitch Kroll Moody's S&P Morningstar DBRS Fitch Kroll Moody's S&P Morningstar DBRS Fitch Kroll Moody's S&P Morningstar DBRS Fitch Kroll Moody's S&P Morningstar DBRS Fitch Kroll Moody's S&P Morningstar DBRS Fitch Kroll Moody's S&P Morningstar DBRS Fitch Kroll Moody's S&P Morningstar DBRS Fitch Kroll Moody's S&P Morningstar
202421746         C C C C CC C             A A A A VA A C C C C C C A A A A A A             A A A A A A A A A A A A
202689318         C C C C CC C             A A A A VA A C C C C C C A A A A A A             A A A A A A A A A A A A
202695222         A A A A CA A             A A A A VA A A A A A A A A A A A A A             A A A A A A A A A A A A
203573562         A A A A CA A             A A A A VA A A A A A A A A A A A A A             B B B B B B B B B B B B
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