CSMC 2021-NQM8 Trust ABS-15G

Exhibit 99.17

Rating Agency Exceptions Report: 11/29/2021

Loan Information

Exception Information

Initial Overall Grades

Final Overall Grades

Event Level

Loan Number

Alt Loan Number

Property State

Purpose

Occupancy

Property Type

DTI

DSCR

Lender Method 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

XXXXXXXXXX

433621389

WA

Purchase

Non-Owner Occupied

Condo Detached

0

1.2271

1.346

736

50.00 %

XXXXXXXXXX

XXXXXXXXXX

209579

Property

Appraisal

The appraisal Update and/or Completion Report (442) is missing from the loan file as the appraisal was subject to completion.

442 cert provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621393

FL

Refi - Cash Out

Non-Owner Occupied

Single Family Detached

0

1.1968

1.268

708

74.99 %

XXXXXXXXXX

XXXXXXXXXX

209541

Credit

Credit

According to the underwriting guidelines, all loans will require a current lease and market rent survey provided by the appraiser. In this case, the lease agreement is missing from the loan file.

Lease documentation provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621394

FL

Refi - Cash Out

Non-Owner Occupied

Single Family Detached

0

1.2536

1.37

726

70.00 %

XXXXXXXXXX

XXXXXXXXXX

209539

Credit

Asset Verification

The final Closing Disclosure reflects the borrower was required to bring XXXXXXXX to close. The file did not include any Bank statements verifying borrower funds , leaving the borrower short funds to close in the amount of XXXXXXXX.

Documentation provided to cure.  Borrower refinanced another property and HUD and wire information provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621394

FL

Refi - Cash Out

Non-Owner Occupied

Single Family Detached

0

1.2536

1.37

726

70.00 %

XXXXXXXXXX

XXXXXXXXXX

209540

Credit

Credit

According to the underwriting guidelines, all loans will require a current lease and market rent survey provided by the appraiser. In this case, the lease agreement is missing from the loan file.

Documentation provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621395

FL

Refi - Cash Out

Non-Owner Occupied

Single Family Detached

0

1.1594

1.381

708

64.97 %

XXXXXXXXXX

XXXXXXXXXX

209523

Credit

Credit

According to the underwriting guidelines, all loans will require a current lease and market rent survey provided by the appraiser. In this case, the lease agreement is missing from the loan file.

Lease documentation provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621396

LA

Purchase

Non-Owner Occupied

Single Family Detached

0

0.9672

0.951

800

74.99 %

XXXXXXXXXX

XXXXXXXXXX

206769

Credit

Debt Service Coverage Ratio

According to the guidelines, a DSCR of 1.00 was required. In this case the DSCR is .967.

DSCR Matrix dated 02/01/2021 reflects minimum score of .75 required to qualify.

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621402

AL

Refi - Cash Out

Non-Owner Occupied

PUD

0

1.4353

1.1675

689

65.00 %

XXXXXXXXXX

XXXXXXXXXX

209386

Credit

LTV

According to the underwriting matrix, the maximum allowed LTV for a Foreign National with US Credit is 60% for a cash out refinance. The subject loan was approved with a LTV of 65% which is outside of guidelines.

Matrix provided showing cash out max LTV is 65%.

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621410

CA

Rate Term Refi

Non-Owner Occupied

Single Family Detached

0

0.8335

0.802

791

70.00 %

XXXXXXXXXX

XXXXXXXXXX

206385

Credit

Title Commitment

Title Commitment/Prelim is not provided within the loan file.

Documentation provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621410

CA

Rate Term Refi

Non-Owner Occupied

Single Family Detached

0

0.8335

0.802

791

70.00 %

XXXXXXXXXX

XXXXXXXXXX

206388

Credit

Debt Service Coverage Ratio

No DCSR calculation in the loan file.

Documentation provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621410

CA

Rate Term Refi

Non-Owner Occupied

Single Family Detached

0

0.8335

0.802

791

70.00 %

XXXXXXXXXX

XXXXXXXXXX

206391

Credit

Borrower ID

Borrower(s) identity was not verified in accordance with guidelines. Patriot Act Documentation was not in folder.

Documentation provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621416

NJ

Rate Term Refi

Non-Owner Occupied

Condo Attached

0

1.1587

649

39.53 %

XXXXXXXXXX

XXXXXXXXXX

209140

Credit

Credit

According to the underwriting guidelines, all loans will require a current lease and market rent survey provided by the appraiser. In this case, the lease agreement is missing from the loan file.

Lease agreement provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621422

FL

Purchase

Non-Owner Occupied

Single Family Detached

0

1.2215

1.221

747

74.98 %

XXXXXXXXXX

XXXXXXXXXX

206817

Credit

Credit

The Debt Service Calculation Worksheet is missing from the loan file.

Documentation provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621424

AZ

Purchase

Non-Owner Occupied

PUD

0

1.2526

1.329

751

74.99 %

XXXXXXXXXX

XXXXXXXXXX

208894

Property

Appraisal

According to the underwriting guidelines, an appraisal that has been marked "subject to" vs. "as is" when the value is not affected by the deficiency may be acceptable with approval from senior management tor underwriting director. In this case, neither senior management approval or 442 completion certificate was provided in the loan file.

442 provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621428

NM

Purchase

Non-Owner Occupied

Single Family Detached

0

1.5144

1.67

782

75.00 %

XXXXXXXXXX

XXXXXXXXXX

209454

Credit

Debt Service Coverage Ratio

The Debt Service Calculation Worksheet is missing from the loan file.

Documentation provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621432

CA

Refi - Cash Out

Non-Owner Occupied

Two-Unit Property

0

1.0455

1.059

735

75.00 %

XXXXXXXXXX

XXXXXXXXXX

208793

Credit

Eligibilty

According to the underwriting guidelines, any loan scenario where the cash amount exceeds $250,000 must be approved by Senior Management. In this case, the borrower received XXXXXXXX at closing and the approval is missing from the loan file.

Seller granted an exception allowing the guideline deviation.

Credit Score - 735 score is 35 points higher than the guideline minimum score of 700., Months Of Reserves - 7.46 months reserves.

Client Accepted

C

C

C

C

B

B(e)

B

B

2

XXXXXXXXXX

433621433

AL

Purchase

Non-Owner Occupied

Condo High-Rise

0

1.3751

1.531

809

73.35 %

XXXXXXXXXX

XXXXXXXXXX

208792

Credit

Hazard Insurance

According to the underwriting guidelines, If the master insurance coverage for condos does not cover walls, HO6 insurance is required with dwelling coverage of 50% of the loan amount. In this case, the HO6 insurance was not included in the loan file.

Unable to locate HO6 policy showing walls in or "all in" coverage.  9/29:  Documentation showing all in coverage provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621434

CA

Rate Term Refi

Non-Owner Occupied

Single Family Detached

0

1.0988

1.292

808

74.99 %

XXXXXXXXXX

XXXXXXXXXX

208836

Credit

Credit

According to the underwriting guidelines, all loans require lease(s) and market rent provided by the appraiser. In this case, a lease was not provided in the loan file.

Lease provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621438

CA

Rate Term Refi

Non-Owner Occupied

Single Family Detached

0

1.1694

1.201

765

65.00 %

XXXXXXXXXX

XXXXXXXXXX

208517

Credit

VOM

The Verification of Mortgage (VOM) and/or the mortgage payment history on the subject mortgage is not in the loan file.

Documentation provided to cure.

Cleared Exception

D

D

D

D

A

A

A

A

1

XXXXXXXXXX

433621439

CA

Rate Term Refi

Non-Owner Occupied

Single Family Detached

0

0

765

65.00 %

XXXXXXXXXX

XXXXXXXXXX

205401

Property

Appraisal

URAR/Appraisal document is not included in the loan file.

Appraisal provided to cure.

Cleared Exception

D

D

D

D

A

A

A

A

1

XXXXXXXXXX

433621446

NY

Refi - Cash Out

Non-Owner Occupied

Single Family Detached

0

0.8561

0.86

0

70.00 %

XXXXXXXXXX

XXXXXXXXXX

208346

Credit

Eligibilty

According to the underwriting guidelines, any loan scenario where the cash amount exceeds $300,000 must be approved by Senior Management. In this case, the borrower received XXXXXXXX at closing and the approval is missing from the loan file.

Client granted an exception allowing the cash out in excess of the guideline max.

Credit Score - The borrowers Fico of 770 is 20 points greater than the minimum required Fico of 750.

Client Accepted

C

C

C

C

B

B(e)

B

B

2

XXXXXXXXXX

433621447

NC

Purchase

Non-Owner Occupied

Single Family Detached

0

0.6237

783

70.00 %

XXXXXXXXXX

XXXXXXXXXX

205666

Property

Appraisal

Market rent survey not provided with the file. Provide market rent survey for this loan. .

Documentation provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621447

NC

Purchase

Non-Owner Occupied

Single Family Detached

0

0.6237

783

70.00 %

XXXXXXXXXX

XXXXXXXXXX

208267

Credit

Loan Amount

According to the underwriting guidelines, loan amounts over $1,000,000 need management approval. In this case, the loan was approved with a loan amount of XXXXXXXX with no approval in file.

Client exception granted with compensating factors; Credit score of 793, it's a 1031 Exchange and 70% LTV

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621455

CO

Refi - Cash Out

Non-Owner Occupied

Condo Attached

0

0.6634

0.399

696

53.20 %

XXXXXXXXXX

XXXXXXXXXX

208198

Credit

Eligibilty

According to the underwriting guidelines, any loan scenario where the cash amount exceeds $300,000 must be approved by Senior Management. In this case, the borrower received XXXXXXXX at closing and the approval is missing from the loan file.

Seller granted an exception allowing the guideline deviation.

Credit Score - 696 score is 46 points higher than the guideline minimum score of 650.

Client Accepted

C

C

C

C

B

B(e)

B

B

2

XXXXXXXXXX

433621457

FL

Purchase

Non-Owner Occupied

Single Family Detached

0

1.0812

703

75.00 %

XXXXXXXXXX

XXXXXXXXXX

208100

Credit

Asset Verification

The final Closing Disclosure reflects the borrower was required to bring XXXXXXXX to close. The file includes borrower funds of XXXXXXXX, leaving the borrower short funds to close in the amount of $17,373.87.

Assets and evidence of wire provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621458

CA

Rate Term Refi

Non-Owner Occupied

Condo Attached

0

1.1684

1.17

784

55.97 %

XXXXXXXXXX

XXXXXXXXXX

205250

Credit

Debt Service Coverage Ratio

Market rent survey not provided with the file. Provide market rent survey for this loan.

Documentation provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621462

FL

Purchase

Non-Owner Occupied

Condo Attached

0

0

0

0

73.77 %

XXXXXXXXXX

XXXXXXXXXX

205014

Property

Appraisal

Market rent survey not provided with the file. Provide market rent survey for this loan.

Not required.  Loan qualified under a no min DSCR program.

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621463

CA

Rate Term Refi

Non-Owner Occupied

Single Family Detached

0

0.874

0.843

679

60.00 %

XXXXXXXXXX

XXXXXXXXXX

204925

Property

Appraisal

Market rent survey not provided with the file. Provide market rent survey for this loan.

Documentation provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621464

CA

Purchase

Non-Owner Occupied

PUD

0

0.6503

769

60.00 %

XXXXXXXXXX

XXXXXXXXXX

204821

Property

Appraisal

Market Rent survey not provided with the file. Provide Market Rent survey for this loan.

Documentation provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621465

FL

Purchase

Non-Owner Occupied

PUD

0

0.8211

0.82

688

69.97 %

XXXXXXXXXX

XXXXXXXXXX

207933

Credit

Eligibilty

The Executive Summary reflects the borrowers FICO as 688 and credit grade as "A". However, the actual FICO of 688  would render a credit grade of "A-". An updated Executive Summary should be provided with the grade.

Corrected Executive Summary provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621467

CA

Refi - Cash Out

Non-Owner Occupied

Single Family Detached

0

0.7395

0.8

732

56.69 %

XXXXXXXXXX

XXXXXXXXXX

207886

Credit

VOM

The Verification of Mortgage (VOM) and/or the mortgage payment histories on the subject mortgages are not in the loan file. The 1st mortgage is with XXXXXXXX (for XXXXXXXX XX/XX/XXXX) and the 2nd is with XXXXXXXX (for XXXXXXXX XX/XX/XXXX), neither are reported on the credit and no VOMs were included in the loan file. Further a 3rd lien is reported on the title for XXXXXXXX dated XX/XX/XXXX, no mortgage history, satisfaction, payoff or release were included in the loan file.

VOM's provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621469

WA

Refi - Cash Out

Owner Occupied

Single Family Detached

51.49

570

65.00 %

XXXXXXXXXX

XXXXXXXXXX

207856

Credit

Title

The Title Commitment or Title Policy is not included in the loan file.

Documentation provided to cure.

Cleared Exception

C

C

C

C

A

A

A

A

1

XXXXXXXXXX

433621469

WA

Refi - Cash Out

Owner Occupied

Single Family Detached

51.49

570

65.00 %

XXXXXXXXXX

XXXXXXXXXX

207859

Credit

Employment

According to the underwriting guidelines, a verbal VOEs within 3 calendar days of closing is required on all full documentation loans. In this case, the VOEs are missing from the loan file.

VOE's provided to cure

Cleared Exception

C

C

C

C

A

A

A

A

1

27

XXXXXXXXXX

433621387

FL

Refi - Cash Out

Non-Owner Occupied

PUD

0

1.3491

1.86

756

60.00 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621388

FL

Refi - Cash Out

Non-Owner Occupied

PUD

0

1.3491

1.544

756

60.00 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621397

AL

Purchase

Non-Owner Occupied

Single Family Detached

0

1.8792

2.148

0

69.99 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621399

CO

Rate Term Refi

Non-Owner Occupied

Condo Attached

0

1.2814

1.429

707

70.00 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621401

FL

Purchase

Non-Owner Occupied

PUD

0

1.1676

1.252

718

74.99 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621403

GA

Refi - Cash Out

Non-Owner Occupied

Single Family Detached

0

1.5044

1.71

730

75.00 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621404

FL

Purchase

Non-Owner Occupied

Condo Attached

0

1.1598

1.36

0

70.00 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621405

NY

Purchase

Non-Owner Occupied

Two-Unit Property

0

1.332

1.648

760

74.95 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621412

CA

Refi - Cash Out

Non-Owner Occupied

Two-Unit Property

0

1.2743

1.33

748

74.99 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621413

CA

Refi - Cash Out

Non-Owner Occupied

Single Family Detached

0

0.6881

781

75.00 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621415

FL

Purchase

Non-Owner Occupied

Condo Attached

0

0.9163

761

74.99 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621417

CO

Purchase

Non-Owner Occupied

PUD

0

0.9751

721

70.00 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621418

FL

Purchase

Non-Owner Occupied

Single Family Detached

0

0.6587

754

75.00 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621420

CA

Refi - Cash Out

Non-Owner Occupied

Single Family Detached

0

2.0447

2.22

717

65.00 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621421

NV

Purchase

Non-Owner Occupied

PUD

0

1.0855

1.249

789

70.00 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621423

CA

Refi - Cash Out

Non-Owner Occupied

Condo Attached

0

1.1909

1.291

777

60.53 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621425

AZ

Purchase

Non-Owner Occupied

PUD

0

1.2336

751

75.00 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621426

FL

Purchase

Non-Owner Occupied

Condo Attached

0

1.0819

1.253

782

75.00 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621427

CA

Purchase

Non-Owner Occupied

Condo Attached

0

0.9325

0.899

749

70.00 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621431

FL

Purchase

Non-Owner Occupied

PUD

0

1.0207

1.033

739

70.00 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

432302071

FL

Purchase

Non-Owner Occupied

Condo Attached

0

0

1.016

0

64.99 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433142980

NY

Purchase

Non-Owner Occupied

Single Family Detached

0

0

-0.363

676

65.00 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621435

CA

Refi - Cash Out

Non-Owner Occupied

Condo Attached

0

0.5365

663

69.44 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621437

CA

Refi - Cash Out

Non-Owner Occupied

Single Family Detached

0

1.1575

1.205

765

65.00 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621440

CA

Rate Term Refi

Non-Owner Occupied

Single Family Detached

0

1.0569

1.057

765

62.20 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621442

CA

Purchase

Non-Owner Occupied

Single Family Detached

0

0.8553

0.855

731

74.99 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621445

CA

Refi - Cash Out

Non-Owner Occupied

Single Family Detached

0

0.8751

0.844

765

62.11 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621448

CA

Refi - Cash Out

Non-Owner Occupied

Single Family Detached

0

0.9537

0.95

701

68.16 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621449

AZ

Purchase

Non-Owner Occupied

Single Family Detached

0

0

0

713

75.00 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621451

FL

Purchase

Non-Owner Occupied

Condo Attached

0

0.3306

0.36

686

65.00 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621454

CO

Purchase

Non-Owner Occupied

PUD

0

0.5029

-0.03

713

57.49 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621460

TX

Purchase

Non-Owner Occupied

PUD

0

0

1.06

682

52.38 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621466

CA

Refi - Cash Out

Non-Owner Occupied

Single Family Detached

0

0.6374

0.64

732

58.92 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

XXXXXXXXXX

433621473

UT

Refi - Cash Out

Owner Occupied

Single Family Detached

41.84

657

70.00 %

XXXXXXXXXX

XXXXXXXXXX

A

A

A

A

34