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Exhibit 99.11 Schedule 2

 

  Rating Agency Exceptions Report: 9/12/2025
  Loan Information  Exception Information Initial Overall Grades Final Overall Grades Event Level
ASF Loan Number Loan Number Loan Number 2 Property State Purpose Occupancy Property Type DTI DSCR FICO LTV Note Original Balance Exception ID Exception Type Exception Description Exception Note Exception General Comment Compensating Factors Exception Status DBRS Fitch Moody's S&P DBRS Fitch Moody's S&P Grade
400094447 XXX XXX FL Purchase Owner Occupied Condo Attached 47.99   745 75.00 % XXX 297199 Credit Condo/PUD Missing document indicating if condo is Warrantable or Non-Warrantable.
 01/10/25: Documentation provided to cure. Warrantable condo per seller.   Cleared Exception C C C C A A A A 1
400092059 XXX XXX SD Refi - Cash Out Non-Owner Occupied Two-Unit Property 0 1.5226 724 75.00 % XXX 296025 Credit Rental Income Provide one month evidence of rent receipt at lease amount for unit 2 of subject property due to lease being expired. 12.26 evidence of rent receipt provided   Cleared Exception C C C C A A A A 1
400092034 XXX XXX FL Purchase Non-Owner Occupied Condo - Warrantable 15.99   794 75.00 % XXX 296302 Credit Closing Disclosure The final CD dated 12/XX/2024 is missing the signature page. 12/16/2024: Document provided to cure.    Cleared Exception D D D D A A A A 1
400092034 XXX XXX FL Purchase Non-Owner Occupied Condo - Warrantable 15.99   794 75.00 % XXX 296303 Credit Program Eligibilty Subject property is located in a declining market which requires a 5% LTV reduction making the maximum LTV 75%. Loan closed at 80% LTV; an exception for the guideline deviation is missing from the loan file. 12.27 Exception in error.  LTV is 75% which is the max.   Cleared Exception D D D D A A A A 1
400091113 XXX XXX GA Refi - Cash Out Non-Owner Occupied PUD 0 1.3102 701 70.00 % XXX 297331 Credit Credit The subject property was qualified using short term rental and per the guidelines, short term rental statements must clearly identify the subject property by address. In this case, the statement does not clearly identify the subject.  SG allowed the use of the short term rental as December deposit can be tied to the screenshot.  Credit Score - Investor Connect Mid fico Score for Cash Out Refinance at 70% LTV is 660 and the Borrowers Mid Fico Score is 742., Reserves - Investor Connect reserve requirement for Cash Out Refinance is 6 months reserves and the Borrowers have 47.46 months of reserves.  Client Accepted C C C C B B B B 2
400090585 XXX XXX TX Purchase Non-Owner Occupied PUD 0 1.0039 678 80.00 % XXX 297318 Credit Warranty Deed / Quit Claim Deed The Warranty/ Grant Deed is missing from the loan file. 1/19/2025: Document provided to cure.    Cleared Exception C C C C B B B B 1
400090585 XXX XXX TX Purchase Non-Owner Occupied PUD 0 1.0039 678 80.00 % XXX 297319 Credit Program Eligibilty Per guidelines the maximum LTV score requirement for an Investment Purchase with a minimum 660 Fico is 75%. Borrowers credit score is 678; an exception for being below the LTV requirement is missing from the loan file. An exception dated 12/19/2024 was provided allowing the LTV to proceed at 80%.  Prior Mortgage History - No mortgage lates reported in the most recent 6 years.  Client Accepted C C C C B B B B 2
400090585 XXX XXX TX Purchase Non-Owner Occupied PUD 0 1.0039 678 80.00 % XXX 297320 Credit Program Eligibilty Per guidelines the minimum reserves for a First Time Investor is 12 months. Borrower has 6.85 months after closing. Exception for only having 6 months reserves for a First Time Investor approved by SGCP and in file. Prior Mortgage History - No mortgage lates reported in the most recent 6 years.  Client Accepted C C C C B B B B 2
400103300 XXX XXX CA Refi - Cash Out Non-Owner Occupied Three-Unit Property 0 1.2338 779 70.00 % XXX 300255 Credit 1008 Form 1008 document is not included in the loan file for a manually underwritten loan. 3/18/2025: Document provided to cure.    Cleared Exception C C C C A A A A 1
400103300 XXX XXX CA Refi - Cash Out Non-Owner Occupied Three-Unit Property 0 1.2338 779 70.00 % XXX 300289 Credit Debt Service Coverage Ratio Provide a DSCR income worksheet to verify what rents were used to qualify. Final DSCR pending. 3/18/2025: Document provided to cure.    Cleared Exception C C C C A A A A 1
400104733 XXX XXX FL Purchase Owner Occupied Single Family Detached 42.27   661 63.31 % XXX 300758 Compliance Loan Estimate The initial Loan Estimate and all subsequent LE's are missing from the loan file. 4/9/2025: Document provided to cure.    Cleared Exception C C C C A A A A 1
400104733 XXX XXX FL Purchase Owner Occupied Single Family Detached 42.27   661 63.31 % XXX 300798 Compliance Closing Disclosure The initial Closing Disclosure is not included in the loan file. 4/9/2025: Document provided to cure.    Cleared Exception C C C C A A A A 1
400103305 XXX XXX SC Refi - Cash Out Non-Owner Occupied Single Family Detached 0 1.2188 799 70.00 % XXX 300547 Credit Credit Housing history required for Primary and subject property refi, all borrowers must be current on mortgage or rent at loan application. In this case, Borrower lives with spouse rent free and owns several investment properties free and clear = NO housing history.  The exception request in the file does not indicate if the request was granted or rejected. 3/28/2025: SG approved the exception with comp factors.  Credit Score - 799 score, Months Of Reserves - 116.79 months reserves Client Accepted C C C C B B B B 2
  XXX XXX                 XXX                                
400104770 XXX XXX CA Refi - Cash Out Owner Occupied Condo Detached 23.02   747 80.00 % XXX                       A A A A  
  XXX XXX                 XXX