EFTA01279926

Email to: Condo Review Box From Affiliate: Loan Number Borrowers Name Vickers Condo The Ratcliffe Conforming Loan- Condo Review Response Response: Fully approved: Conditionally approved subject to: Counteroffer to Streamline Review (90% Primary/75% Second Home w/AUS approval) X Denied Reason: I. Project is non-warrantable due to the commercial/non-residential space exceeding >20% & on 5/3 ineligible list 2. Insurance certificate for the HOA (Association) still needs to show ALL, of the following: a. Replacement Cost verbiage (ie. 100% replacement cost or guaranteed replacement cost or just replacement cost) b. Comprehensive general liability insurance covering all of the common elements, commercial space owned and leased by the owner's association, and public ways of the condominium project. 51,000,000 of coverage for bodily injury and property damage. c. Sufficient fidelity/employee dishonesty coverage (must be equal to at least 3 mths of regular unit assessments for entire project - 590,774). Michelle Connor 12/4/14 Reviewer's Name Date Internal Use Only 04/20/10 CONFIDENTIAL SDNY_GM_00030574 Erl'A_00141192 EFTA01279926