EX-99.51 52 ex99-51.htm EDGEMAC LOAN LEVEL EXCEPTION REPORT
 

CSMC 2021-NQM7 Trust ABS-15G

 

Exhibit 99.51

 

TPR Firm: EdgeMAC Date Submitted: 10/14/2021                                          
Client Name: Credit Suisse Report: Exception Report - Loan                                          
Client Project: CSMC 2021-NQM7 Loans in report: 4                                          
                                                 
Report Date Loan Number Edge MAC ID Seller Loan Number Originator Open Material Exceptions Open Non Material Exceptions Cleared Exceptions Cured Exceptions Waived Exceptions Compensating Factors 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     1) Missing 2nd appraisal due to non-arm's length transaction. Borrowers is the tenant under a lease contract with option to purchase.
COMMENTS: 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.

2) Missing business December 2018 bank statement from XXX account ending in XXX
COMMENTS: 6/17/19: Received 12/2018 business statement.		 1) 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.
COMMENTS: //UPDATE 06/18/2019: Received PCCD with borrower letter and proof of mailing, reflecting seller paid fees.

2) //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.
COMMENTS: //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.		 1) Missing the following required Federal and/or State Disclosures:  Loan Options Disclosure/Anti-Steering Options Disclosure. 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 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         1) Seller Approved Exception due to subject is on 42.15 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
COMMENTS: 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 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       1) 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.
COMMENTS: //UPDATE 06/11/2019: Received PCCD, borrower letter, and proof of delivery. 		 1) 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
COMMENTS: 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 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     1) Missing evidence 12 months verification of rent.
COMMENTS: 6/12/19: Received VOR.		   1) 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. 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% 5/29/2019 Primary Residence NC XXX Purchase Non-Qualified Mortgage EG3   EG2   EG3   EG1   EG3   EG2   EG1   EG1