EX-99.50 51 ex99-50.htm EDGEMAC EXCEPTION REPORT
 

CSMC 2021-NQM7 Trust ABS-15G

 

Exhibit 99.50

 

TPR Firm: EdgeMAC Date Submitted: 10/14/2021                                                  
Client Name: Credit Suisse Report: Exception Report  
Client Project: CSMC 2021-NQM7 Loans in report: 4  
   
Report Date Loan Number Edge MAC ID Seller Loan Number Originator General Category Exception Exception ID Date Exception Cured Waived Updated Description of Clearance Comments Compensating Factors Exception Status Exception Category Exception Event Level Initial Review Date Occupancy Type Property State Note Date Loan Purpose TILA Rating Loan Initial Loan Final Credit Initial Credit Final Compliance Initial Compliance Final Property Initial Property Final
10/14/2021 1902013932 XXX XXX XXX Compliance - Regulatory Compliance Missing the following required Federal and/or State Disclosures:  Loan Options Disclosure/Anti-Steering Options Disclosure. 7000-1948 6/13/2019 Waived/Exception Granted    Compensating Factors: 1. 751 FICO, 71 points greater than program guideline minimum FICO of 680 2. 32.91% DTI, 10.09% less than program guideline maximum DTI of 43.00% 3. XXX of the same business for the past 28 years Waived Compliance EG2 6/13/2019 Primary Residence CT XXX Purchase Non-Qualified Mortgage EG3   EG2   EG3   EG1   EG3   EG2   EG1   EG1  
10/14/2021 1902013932 XXX XXX XXX Compliance - Regulatory Compliance The loan contains errors within one or more TRID disclosure.  The Closing Disclosure (CD) in file dated XXX is missing all of the Seller Paid fees according to the Seller's Closing Disclosure in file dated XXX.  Need Post Consummation Closing Disclosure with letter to borrower and proof of method of delivery reflecting all Seller Paid fees in Seller-Paid column of Borrower's CD. 7000-1944 6/18/2019 Compliance conditions cured by satisfactory remediation docs/re-disclosures //UPDATE 06/18/2019: Received PCCD with borrower letter and proof of mailing, reflecting seller paid fees. Compensating Factors: 1. 751 FICO, 71 points greater than program guideline minimum FICO of 680 2. 32.91% DTI, 10.09% less than program guideline maximum DTI of 43.00% 3. XXX of the same business for the past 28 years Cured Compliance EG2 6/13/2019 Primary Residence CT XXX Purchase Non-Qualified Mortgage EG3   EG2   EG3   EG1   EG3   EG2   EG1   EG1  
10/14/2021 1902013932 XXX XXX XXX Compliance - Regulatory Compliance //UPDATE 06/25/2019: Received PCCD, borrower explanation letter, reimbursement check for $50.00, and proof of delivery; however, the total violation was for $75.00. Please provide the final Alta Settlement Statement or copy of check to show the borrower did receive the residual $25.00 refund, so that the total verified refunds will reconcile with the $75.00 lender credit now listed on the PCCD. //UPDATE 06/18/2019: The XXX Closing Disclosure did not show that the $75.00 Lender Credit was disbursed to the borrower. Received XXX Post Consummation Closing Disclosure which showed the $75.00 Lender Credit; however, need evidence that the borrower did receive the $75.00 reimbursement. This loan failed TRID zero fee tolerance.  On the revised Loan Estimate (LE) in file dated XXX the "Tax Transcripts" fee was added in the amount of $25.00 and on the revised Closing Disclosure (CD) in file dated XXX the "Appraisal Fee" increased by $50.00, both without valid Change of Circumstances, resulting in the below TRID Tolerance Violation.Integrated Disclosures Tolerance & Reimbursement Provisions - XXX- 1This loan failed the charges that cannot increase test. (12 CFR 1026.19(e)(3)(i))The loan contains charges that exceed the good faith determination according to 1026.19(e)(3)(i).One or more of the final charges exceed the comparable amount. Your total tolerance violation is $75.00. 7000-1949 6/27/2019 Compliance conditions cured by satisfactory remediation docs/re-disclosures //UPDATE 06/27/2019: Received PCCD with borrower letter and proof of mailing for $50.00 refund. Previously received PCCD with borrower letter and proof of mailing for $25.00 refund; both checks total $75.00 refund to borrower. Compensating Factors: 1. 751 FICO, 71 points greater than program guideline minimum FICO of 680 2. 32.91% DTI, 10.09% less than program guideline maximum DTI of 43.00% 3. XXX of the same business for the past 28 years Cured Compliance EG2 6/13/2019 Primary Residence CT XXX Purchase Non-Qualified Mortgage EG3   EG2   EG3   EG1   EG3   EG2   EG1   EG1  
10/14/2021 1902013932 XXX XXX XXX Credit - General Underwriting Guideline Violation Missing business December 2018 bank statement from XXX account ending in XXX 7000-1958 6/17/2019 Credit condition cleared, Compliance condition cleared (does not include compliance cures) 6/17/19: Received 12/2018 business statement. Compensating Factors: 1. 751 FICO, 71 points greater than program guideline minimum FICO of 680 2. 32.91% DTI, 10.09% less than program guideline maximum DTI of 43.00% 3. XXX of the same business for the past 28 years Cured Credit EG1 6/13/2019 Primary Residence CT XXX Purchase Non-Qualified Mortgage EG3   EG2   EG3   EG1   EG3   EG2   EG1   EG1  
10/14/2021 1902013932 XXX XXX XXX Credit - General Underwriting Guideline Violation Missing 2nd appraisal due to non-arm's length transaction. Borrowers is the tenant under a lease contract with option to purchase. 7000-1954 6/19/2019 Credit condition cleared, Compliance condition cleared (does not include compliance cures) Original purchase contract rec'd: dated XXX and shows purch price $XXX with $XXX due at least signing (XXX).  copy of cancelled ck provided establishing intent to purchase. Compensating Factors: 1. 751 FICO, 71 points greater than program guideline minimum FICO of 680 2. 32.91% DTI, 10.09% less than program guideline maximum DTI of 43.00% 3. XXX of the same business for the past 28 years Cured Credit EG1 6/13/2019 Primary Residence CT XXX Purchase Non-Qualified Mortgage EG3   EG2   EG3   EG1   EG3   EG2   EG1   EG1  
10/14/2021 1903015333 XXX XXX XXX Credit - General Underwriting Guideline Violation Seller Approved Exception due to subject is on XXX acres vs program maximum of 15 acres.Compensating Factors:1.711 credit score; 31 points above minimum credit score of 680 as required by guidelines 2.35.40% LTV; 54.60% below 90.00% maximum3.DTI of 16.594%, 33.406% lower than the max DTI of 50.00% as required in the guidelines4.Borrower has been employed for the last 5 years5.19 months reserves after closing; only 3 months are required by guidelines 7000-1771 6/5/2019 Waived/Exception Granted  06/05/2019: Client elects to waive guideline requirement with compensating factors. Compensating Factors:  1. 711 credit score; 31 points above minimum credit score of 680 as required by guidelines  2. 35.40% LTV; 54.60% below 90.00% maximum 3. DTI of 16.594%, 33.406% lower than the max DTI of 50.00% as required in the guidelines 4. Borrower has been employed for the last 5 years 5. 19 months reserves after closing; only 3 months are required by guidelines Waived Credit EG2 6/4/2019 Primary Residence TX XXX Refinance - rate and term   Non-Qualified Mortgage EG3   EG2   EG3   EG2   EG1   EG1   EG1   EG1  
10/14/2021 1904016024 XXX XXX XXX Credit - General Underwriting Guideline Violation Client approved exception to accept XXX issued Employment Authorization instead of VISA.Compensating Factors:1.13 months reserves after closing; only 3 months are required by guidelines2.DTI of 22.03%, 27.97% lower than the max DTI of 50.00% as required in the guidelines3.60.00% LTV; 5.00% below 65.00% maximum 7000-1800 6/6/2019 Waived/Exception Granted  06/06/19: Client elects to waive guideline requirement with compensating factors. Compensating Factors:  1. 13 months reserves after closing; only 3 months are required by guidelines 2. DTI of 22.03%, 27.97% lower than the max DTI of 50.00% as required in the guidelines 3. 60.00% LTV; 5.00% below 65.00% maximum Waived Credit EG2 6/5/2019 Primary Residence FL XXX Purchase Non-Qualified Mortgage EG3   EG2   EG3   EG2   EG3   EG2   EG1   EG1  
10/14/2021 1904016024 XXX XXX XXX Compliance - Regulatory Compliance The Closing Disclosure dated XXX is Missing All of the Seller Paid fees reflected on the Final Settlement Statement in file dated XXX.  Need Post Consummation Closing Disclosure (CD) with letter to borrower and proof of method of delivery reflecting all Seller paid fees in Seller-Paid column of Borrower's CD. 7000-1794 6/11/2019 Compliance conditions cured by satisfactory remediation docs/re-disclosures //UPDATE 06/11/2019: Received PCCD, borrower letter, and proof of delivery. Compensating Factors:  1. 13 months reserves after closing; only 3 months are required by guidelines 2. DTI of 22.03%, 27.97% lower than the max DTI of 50.00% as required in the guidelines 3. 60.00% LTV; 5.00% below 65.00% maximum Cured Compliance EG2 6/5/2019 Primary Residence FL XXX Purchase Non-Qualified Mortgage EG3   EG2   EG3   EG2   EG3   EG2   EG1   EG1  
10/14/2021 1904016171 XXX XXX XXX Compliance - Regulatory Compliance The loan contains errors within one or more TRID disclosure. The Seller Paid fees on the Closing Disclosure in file dated XXX do not match the Seller Paid fees on the Seller's Closing Disclosure in file dated XXX.  Need Post Consummation Closing Disclosure (CD) with letter to borrower and proof of method of delivery reflecting all Seller paid fees in Seller-Paid column of Borrower's CD. 7000-1673 6/7/2019 Waived/Exception Granted    Compensating Factors: 1. 27.28% DTI, 22.72% less than program guideline maximum DTI of 50.00% 2. 775 FICO, 95 points greater than program guideline minimum FICO of 680 3. 22 months reserves vs 5 months program guideline reserves requirement 4. 76.923% LTV, 13.077% less than program guideline maximum LTV of 90.00% Waived Compliance EG2 5/29/2019 Primary Residence NC XXX Purchase Non-Qualified Mortgage EG3   EG2   EG3   EG1   EG3   EG2   EG1   EG1  
10/14/2021 1904016171 XXX XXX XXX Credit - Credit Missing evidence 12 months verification of rent. 7000-1680 6/12/2019 Credit condition cleared, Compliance condition cleared (does not include compliance cures) 6/12/19: Received VOR. Compensating Factors: 1. 27.28% DTI, 22.72% less than program guideline maximum DTI of 50.00% 2. 775 FICO, 95 points greater than program guideline minimum FICO of 680 3. 22 months reserves vs 5 months program guideline reserves requirement 4. 76.923% LTV, 13.077% less than program guideline maximum LTV of 90.00% Cured Credit EG1 5/29/2019 Primary Residence NC XXX Purchase Non-Qualified Mortgage EG3   EG2   EG3   EG1   EG3   EG2   EG1   EG1