Even if a law is enacted state wide, I would think Coop boards might ratchet up their financial requirements and DTI ratios. I would also think as a board member for a dozen years, you might have come across instances where an application is rejected without an interview if the board felt the contract price was well below market value. So now what could be the consequence of giving a reason for a rejection? Peace of mind to the rejected party(ies)? I doubt it. A lawsuit? Probably. Would any board find that beneficial? I don't have those answers but it will be interesting to see what develops in Suffolk or Nassau counties when the inevitable lawsuit rears it's ugly head and at some point, it surely will.
Katie Kuo-Hwa Kao
Licensed Sales Person