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

Exhibit 99.51

TPR Firm:

EdgeMAC

Date Submitted:

11/24/2021

Client Name:

Credit Suisse

Report:

Exception Report - Loan

Client Project:

CSMC 2021-NQM8

Loans in report:

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

11/24/2021

1901013669

XXX

1) Missing credit report from file.

2) Missing the 12 month mortgage rating or proof property is free and clear for primary residence at XXX

1) Client approved exception for program requirement that no more than XXX% of the units may be delinquent 60 or more days. XXX% (XXX out of XXX) of the homeowner association dues are 60 days or more delinquent.Compensating Factors:XXX credit score; XXX points above minimum credit score of 720 as required by guidelinesReserves of $XXX; exceed the minimum reserve requirement of $11,757.62 XXX% LTV; XXX% below 80% maximumNo public recordsBorrowers have been XXX for the past XXX yearsDSC ratio of XXX%; XXX% greater than 100% minimum
COMMENTS: Client elects to waive guideline requirement with compensating factors.

2) Client approved exception for program minimum loan amount of $75,000.00. The subject loan amount is $XXX.Compensating Factors:XXX credit score; XXX points above minimum credit score of 720 as required by guidelinesReserves of $XXX; exceed the minimum reserve requirement of $11,757.62 XXX% LTV; XXX% below 80% maximumNo public recordsBorrowers have been XXX for the past XXX yearsDSC ratio of XXX%; XXX% greater than 100% minimum
COMMENTS: Client elects to waive guideline requirement with compensating factors.

Compensating Factors: XXX credit score; XXX points above minimum credit score of 720 as required by guidelines Reserves of $XXX; exceed the minimum reserve requirement of $11,757.62 XXX% LTV; XXX% below 80% maximum No public records Borrowers have been XXX for the past XXX years DSC ratio of XXX%; XXX% greater than 100% minimum

4/11/2019

Investment Property

XXX

Refinance - cash out

Not covered / exempt

EG3

EG2

EG3

EG2

EG1

11/24/2021

1902013951

XXX

1) \\\Update 03/26/2019 The legal description provided was issued by title and is not the legal description described in the mortgage as Exhibit A Missing legal description in mortgage.
COMMENTS: \\\Update 03/26/2019 The legal description provided was issued by title and is not the legal description described in the mortgage as Exhibit A

1) Seller approved exception due to borrower purchased the subject under XXX months ago vs. program requirement that borrower must have been on title and deed for a minimum of 90 days preceding the date of the new loan.Compensating Factors:XXX credit score; XXX points above minimum credit score of 720 as required by guidelinesReserves of $XXX; exceed the minimum reserve requirement of $47,393.94 DSC ratio of XXX%; XXX% greater than 100% minimumNo late payments; no public recordsBorrower has been XXX for the past XXX years.
COMMENTS: 04/05 Client elects to waive guideline requirement with compensating factors.

Compensating Factors: XXX credit score; XXX points above minimum credit score of 720 as required by guidelines Reserves of $XXX; exceed the minimum reserve requirement of $47,393.94 DSC ratio of XXX%; XXX% greater than 100% minimum No late payments; no public records Borrower has been XXX for the past XXX years.

3/23/2019

Investment Property

XXX

Refinance - cash out

Not covered / exempt

EG3

EG2

EG3

EG2

EG1

11/24/2021

1902013966

XXX

1) Client approved exception for program requirement that the homeowner association's current annual budget must include an allowance for capital reserves of no less than XXX% of the total expenditures included in budget. Current budget shows XXX% for capital reserves.Compensating Factors:XXX credit score; XXX points above minimum credit score of 720 as required by guidelinesReserves of $XXX; exceed the minimum reserve requirement of $6,517.35 XXX% LTV; XXX% below 80% maximumNo late payments (0x30x12); no public recordsDSC ratio of XXX%; XXX% greater than 100% minimum
COMMENTS: Client elects to waive guideline requirement with compensating factors.

2) Client approved exception for program requirement for the management agent coverage of $XXX. Fidelity bond insurance coverage is $XXX.Compensating Factors:XXX credit score; XXX points above minimum credit score of 720 as required by guidelinesReserves of $XXX; exceed the minimum reserve requirement of $6,517.35 XXX% LTV; XXX% below 80% maximumNo late payments (0x30x12); no public recordsDSC ratio of XXX%; XXX% greater than 100% minimum
COMMENTS: Client elects to waive guideline requirement with compensating factors.

3) Client approved exception for program requirement that no more than XXX% of total units in the subject property may be renter occupied. Investor concentration is XXX% (Out of XXX total units:XXX units are rented; XXX are rented out by sponsor).Compensating Factors:XXX credit score; XXX points above minimum credit score of 720 as required by guidelinesReserves of $XXX; exceed the minimum reserve requirement of $6,517.35 XXX% LTV; XXX% below 80% maximumNo late payments (0x30x12); no public recordsDSC ratio of XXX%; XXX% greater than 100% minimum
COMMENTS: Client elects to waive guideline requirement with compensating factors.

Compensating Factors: XXX credit score; XXX points above minimum credit score of 720 as required by guidelines Reserves of $XXX; exceed the minimum reserve requirement of $6,517.35 XXX% LTV; XXX% below 80% maximum No late payments (0x30x12); no public records DSC ratio of XXX%; XXX% greater than 100% minimum

4/16/2019

Investment Property

XXX

Purchase

Not covered / exempt

EG3

EG2

EG3

EG2

EG1

11/24/2021

1902014224

XXX

1) Missing legal description attached as "Exhibit A" as listed on mortgage.

Compensating Factors: 1) XXX FICO; XXX points above minimum FICO of 720 as required by guidelines 2) Reserves of $XXX; exceed the minimum reserve requirement of $22,384.98 3) XXX% LTV; XXX% below 80% maximum 4) DSC ratio of XXX%; XXX% greater than 100.00% minimum

3/5/2019

Investment Property

XXX

Refinance - cash out

Not covered / exempt

EG2

EG1

EG2

EG1

11/24/2021

1902014500

XXX

1) Missing satisfactory preliminary title report and tax sheet. Subject to review. Additional conditions may apply.
COMMENTS: Received Preliminary title report.

Compensating Factors: XXX credit score; XXX points above minimum credit score of 720 as required by guidelines Reserves of $XXX; exceed the minimum reserve requirement of $5,098.35 XXX% LTV; XXX% below 80% maximum No late payments (0x30x12); no public records DSC ratio of XXX%; XXX% greater than 100% minimum

4/8/2019

Investment Property

XXX

Refinance - rate and term

Not covered / exempt

EG3

EG1

EG3

EG1

11/24/2021

1902014586

XXX

1) Missing verification of XXX for the past 2 consecutive years for XXX via CPA letter or licensing.
COMMENTS: Rec'd secretary of state verif

Compensating Factors: 1. XXX FICO, XXX points greater than program guideline minimum FICO of 640 2. XXX% DTI, XXX% less than program guideline maximum DTI of 50.00%

4/15/2019

Investment Property

XXX

Refinance - rate and term

Not covered / exempt

EG3

EG1

EG3

EG1

11/24/2021

1902014647

XXX

1) Missing explanation on value increase exceeding XXX% of transfer value within XXX months on transfer date. The borrower obtained the property on XXX for XXX and the value on XXX is XXX with no explanation provided by appraiser as required by the lender guidelines.
COMMENTS: Propety obtained as a F/C on XXX

Compensating Factors 1. Fico of XXX is XXX points greater than the minimum required of 640 by the guidelines 2. LTV of XXX% is XXX% below the maximum of 65% allowed by the guidelines

4/6/2019

Investment Property

XXX

Refinance - cash out

Not covered / exempt

EG3

EG1

EG3

EG1

11/24/2021

1903014991

XXX

1) Missing fully executed business purpose affidavit
COMMENTS: Received signed business purpose affidavit

2) Missing resolution indicating that the guarantor has the authority to borrower money on behalf of the borrowing entity XXX
COMMENTS: New filed Articles removed previous agent and only guarantor remained as registered agent and remains the vested member.

Compensating factors 1. XXX FICO is XXX points greater than than the minimum of 680 required by the guidelines 2. 0x30 housing history for the past 24 months 3. The guarantor has been XXX for XXX years

4/9/2019

Investment Property

XXX

Refinance - cash out

Not covered / exempt

EG3

EG1

EG3

EG1

11/24/2021

1903015138

XXX

Compensating Factors: XXX credit score; XXX points above minimum credit score of 680 as required by guidelines Reserves of $XXX; exceed the minimum reserve requirement of $2,780.37 No late payments (0x30x12); no public records Borrowers have been employed for the past XXX years DSC ratio of XXX%; XXX% greater than 100% minimum

4/9/2019

Investment Property

XXX

Refinance - cash out

Not covered / exempt

EG1

11/24/2021

1903015452

XXX

1) Client approved exception for the allowance of the use of business funds towards reserve requirement without sourcing the large deposits.The following large deposits have not been explained: $XXX on XXX, $XXX on XXX, $XXX on XXX $XXX on XXX, $XXX on XXX, $XXX on XXX. Cannot determine if assets are from borrower's own funds or if they are borrowed therefore increasing the borrower's liabilities and total fixed payment to income ratio. Compensating Factors:1. XXX credit score; XXX points above minimum credit score of 720 as required by guidelines2. Housing history is 0x30 for 12 months 3. No public records4. Borrower has been XXX for the last XXX years5. DSC ratio of XXX%; XXX% greater than 100% minimum
COMMENTS: Client elects to waive guideline requirement with compensating factors.

Compensating Factors: 1. XXX credit score; XXX points above minimum credit score of 720 as required by guidelines 2. Housing history is 0x30 for 12 months 3. No public records 4. Borrower has been XXX for the last XXX years 5. DSC ratio of XXX%; XXX% greater than 100% minimum

6/3/2019

Investment Property

XXX

Refinance - rate and term

Not covered / exempt

EG3

EG2

EG3

EG2

EG1

11/24/2021

1904016312

XXX

Compensating Factors: 1. DSC Ratio of XXX%, XXX% greater than program guideline minimum DSC Ratio of 100.00% 2. +XXX months of reserves, exceeds minimum required of 3 months. 3. No Public Records

6/12/2019

Investment Property

XXX

Refinance - cash out

Not covered / exempt

EG1

11/24/2021

1904016381

XXX

1) Client approved exception for loan amount of $XXX; not meeting minimum required $75,000.00.Compensating Factors:1. XXX credit score; XXX points above minimum credit score of 620 as required by guidelines2. Housing history is 0x30 for 12 months 3. No public records4. Borrower has been XXX for the last XXX years5. DSC ratio of XXX%; XXX% greater than 100% minimum
COMMENTS: Client elects to waive guideline requirement with compensating factors.

Compensating Factors: 1. XXX credit score; XXX points above minimum credit score of 620 as required by guidelines 2. Housing history is 0x30 for 12 months 3. No public records 4. Borrower has been XXX for the last XXX years 5. DSC ratio of XXX%; XXX% greater than 100% minimum

6/3/2019

Investment Property

XXX

Refinance - cash out

Not covered / exempt

EG3

EG2

EG3

EG2

EG1

11/24/2021

1904016656

XXX

1) Missing appraisal for subject transaction. No appraisal/valuation was located in the file; unable to calculate LTV/CLTV.
COMMENTS: Full appraisal dated XXX has been added to the file.

2) The loan contains errors within one or more TRID disclosure. Missing Copy of Appraisal to verify HOA. Unable to calculate ETIA amount due to no appraisal in file to verify the HOA monthly amount. Monthly Tax and Insurance are correct.
COMMENTS: //UPDATE 05/31/2019: Received appraisal report which reconciled with ETIA information on pages 1 and 4 of the final CD.

1) Client approved exception for appraisal transfer letter not meeting the XXX requirement.Compensating Factors:1. XXX credit score; XXX points above minimum credit score of 680 as required by guidelines2. Rental history is 0x30 for 12 months 3. No public records4. Borrower has been employed for the last XXX years5. DTI ratio of XXX%; XXX% less than 50% maximum
COMMENTS: Client elects to waive guideline requirement with compensating factors.

Compensating Factors: 1. XXX credit score; XXX points above minimum credit score of 680 as required by guidelines 2. Rental history is 0x30 for 12 months 3. No public records 4. Borrower has been employed for the last XXX years 5. DTI ratio of XXX%; XXX% less than 50% maximum

5/28/2019

Primary Residence

XXX

Purchase

Non-Qualified Mortgage

EG3

EG2

EG3

EG2

EG3

EG1

EG3

EG1

11/24/2021

1904016798

XXX

Compensating Factors: 1. XXX credit score; XXX points above minimum credit score of 720 as required by guidelines 2. XXX% LTV; XXX% below 80% maximum 3. No public records 4. Borrower has been XXX for the last XXX years 5. DSC ratio of XXX%; XXX% greater than 100% minimum

6/12/2019

Investment Property

XXX

Refinance - cash out

Not covered / exempt

EG1

11/24/2021

1904017034

XXX

1) Missing most recent 12 month verification of rent for the borrower's current primary residence at XXXX.
COMMENTS: LOE in file supports public knowledge. Housing History not provided.

1) The loan contains errors within one or more TRID disclosure. The Closing Disclosure dated XXX is Missing All of the Seller Paid fees reflected on the Sellers 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.
COMMENTS: //UPDATE 06/05/2019: Received PCCD with borrower letter and proof of mailing.

Compensating Factors: 1. XXX% LTV; XXX% below 85.00% maximum 2. XXX credit score; XXX points above minimum credit score of 680 as required by guidelines 3. XXX months reserves after closing and reserves requirement; only 110% of the Loan plus 3 months are required by guidelines 4. DTI of XXX%, XXX% lower than the max DTI of 50.00% as required in the guidelines 5. Borrower has been employed for the last XXX years

5/30/2019

Primary Residence

XXX

Purchase

Non-Qualified Mortgage

EG3

EG2

EG3

EG1

EG3

EG2

EG1

11/24/2021

1904017179

XXX

Compensating Factors: 1 .XXX credit score; XXX points above minimum credit score of 680 as required by guidelines 2. Housing history is 0x30 for 12 months 3. No public records 4. Borrower has been XXX for the last XXX years 5. DSC ratio of XXX%; XXX% greater than 100% minimum

6/26/2019

Investment Property

XXX

Purchase

Not covered / exempt

EG1

11/24/2021

1905017385

XXX

Compensating Factors: 1. XXX credit score; XXX points above minimum credit score of 700 as required by guidelines 2. Housing history is 0x30 for 12 months 3. No public records 4. Borrower has been XXX for the last XXX years 5. DSC ratio of XXX%; XXX% greater than 100% minimum

6/12/2019

Investment Property

XXX

Refinance - rate and term

Not covered / exempt

EG1

11/24/2021

1905017535

XXX

Compensating Factors: 1. XXX credit score; XXX points above minimum credit score of 680 as required by guidelines 2. DSC ratio of XXX%; XXX% greater than 100% minimum 3. XXX months reserves after closing and reserves requirement; only 3 months plus 2 months for other investment are required by guidelines

6/10/2019

Investment Property

XXX

Refinance - rate and term

Not covered / exempt

EG1

11/24/2021

1905017689

XXX

1) This loan failed TRID zero fee tolerance. Points were added on Loan Estimate dated XXX without a Valid Change of Circumstance results 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 $XXX
COMMENTS: //UPDATE 07/02/2019: Received XXX COC for lock extension with fee. The $XXX lender credit for appraisal fee increase was previously documented on the final CD.

2) The Licensing/Registration check returned the following results as of the application date of XXX: Loan Originator's NMLS #XXX reflects Loan Originator is NOT Authorized to Represent Company and Loan Originator Company NMLS #XXX is NOT Authorized to Conduct Business.
COMMENTS: //UPDATE 07/01/2019: NMLS showed Broker Contact associated with Broker office since XXX. The NMLS search results for Broker license showed LO associated with Broker office in the search results by Broker license number.

Compensating Factors: 1. XXX% LTV; XXX% below 90% maximum 2. Housing history is 0x30 for 12 months 3. No public records 4. Borrower has been XXX for the last XXX years; co-borrower has been XXX for the last XXX years 5. DTI ratio of XXX%; XXX% less than 50% maximum

6/27/2019

Primary Residence

XXX

Refinance - rate and term

Non-Qualified Mortgage

EG3

EG1

EG3

EG1

11/24/2021

1905017885

XXX

1) This loan failed TRID zero fee tolerance. Broker Fee increased on Loan Estimate dated XXX without a Valid Change of Circumstance results 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 $XXX.
COMMENTS: //UPDATE 07/01/2019: Received XXX COC for loan amount increase per borrower request.

1) The Closing Disclosure dated XXX is Missing All of the Seller Paid fees reflected on the Sellers 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.
COMMENTS: //UPDATE 07/01/2019: Received PCCD, borrower letter, and proof of delivery. Also received final seller CD, which reconciled with PCCD.

2) The loan contains errors within one or more TRID disclosure. The Closing Disclosure in file dated XXX contains inaccurate ETIA on page 1 and Non-Escrowed Property Costs over Year 1 on page 4. ETIA on Page one should reflect $XXX Total. Property Tax Monthly amount is $XXX, Insurance Monthly amount is $XXX and HOA amount is $XXX. Estimated Non-Escrowed Property Costs over Year 1 would then be $XXX. Need Post Consummation Closing Disclosure with explanation letter to borrower and proof of method of delivery to borrower reflecting accurate ETIA and Estimated Non-Escrowed Property Costs over Year 1.
COMMENTS: //UPDATE 07/01/2019: Received PCCD, borrower letter, and proof of mailing.

Compensating Factors: 1. XXX% DTI, XXX% less than program guideline maximum DTI of 43.00% 2. XXX FICO, XXX points greater than program guideline minimum FICO of 680 3. XXX months reserves, XXX months greater than program guideline 3 months reserves requirement 4. Owner of the same business for XXX years

6/27/2019

Primary Residence

XXX

Purchase

Non-Qualified Mortgage

EG3

EG2

EG1

EG3

EG2

EG1

11/24/2021

1905018128

XXX

1) Missing documentation to evidence seller's payoff in the amount of $XXX that originated on XXX
COMMENTS: received seller's CD with payoff

2) Missing explanation regarding monthly deposits from XXX to XXX personal account ending in XXX. Subject to income recalculation
COMMENTS: 06/19/2019: Received LOE from borrower stating deposits are from client and they are business income. Not employed by client.

3) Missing the legal description attached as "Exhibit A".
COMMENTS: received legal description

1) This loan failed TRID zero fee tolerance. On the initial Closing Disclosure (CD) in file dated XXX the "Title - Title Endorsement Fee" was added without a valid Change of Circumstance, 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 $XXX.
COMMENTS: //UPDATE 06/19/2019: Received PCCD, borrower letter, reimbursement check, and proof of mailing.

2) This loan failed TRID 10% fee tolerance. On the initial Closing Disclosure (CD) in file dated XXX the "Title - Settlement Fee" increased without a valid Change of Circumstance, resulting in the below TRID Tolerance Violation.This loan failed the charges that in total cannot increase more than 10% test. (12 CFR 1026.19(e)(3)(ii))The loan contains third-party services that the consumer was permitted to shop for and the charges exceed the good faith tolerance according to 1026.19(e)(3)(ii). The final charges that in total cannot increase more than 10% ($XXX) exceed the comparable charges ($XXX) by more than 10%. The total tolerance violation is $XXX
COMMENTS: //UPDATE 06/19/2019: Received PCCD, borrower letter, reimbursement check, and proof of mailing.

1) Seller Approved Exception: DTI XXX% vs program guideline maximum DTI of 50.00%Compensating Factors:1. XXX FICO, XXX points greater than program guideline minimum FICO of 6802. XXX% LTV, XXX% less than program guideline maximum LTV of 90.00%3. XXX months reserves, XXX months greater than program guideline 3 months requirement
COMMENTS: Seller opted to waive requirement.

2) Missing the following required Federal and/or State Disclosures: CO Civil Union Addendum to Uniform Residential Loan Application.

Compensating Factors: 1. XXX FICO, XXX points greater than program guideline minimum FICO of 680 2. XXX% LTV, XXX% less than program guideline maximum LTV of 90.00% 3. XXX months reserves, XXX months greater than program guideline 3 months requirement

6/13/2019

Primary Residence

XXX

Purchase

Non-Qualified Mortgage

EG3

EG2

EG3

EG2

EG3

EG2

EG1

11/24/2021

1905018328

XXX

Compensating Factors: 1. XXX credit score; XXX points above minimum credit score of 700 as required by guidelines 2. XXX% LTV; XXX% below 70% maximum 3. Housing history is 0x30 for 12 months 4. No public records 5. Borrower has been XXX for the last XXX years

6/27/2019

Investment Property

XXX

Refinance - cash out

Not covered / exempt

EG1