Your boat's exhaust system is sealed and FAE is mounted "outside" the sealed area; therefore, the FAE will not cause a leak into your bilge.
Determine if the leak occurs with the engine off or with the engine running. If the leak occurs with the engine running, look at your water pump and hoses for leaks. If the leak occurs with the engine off, look everywhere.
If you are heavily ballasted for wakesurfing, you may be getting water over the side of your boat.