Maltese provides Legislative Idea for New Mortgage Loan Product

Maryann Maltese, a candidate for NYS Assembly-shares additional information about how Economic Recoveries can be Sparked. Maryann, a former NYS Legislative Employee with 18 years of Service, worked with and for the Chairs of the State Assembly Economic Development Committees which had oversight of Statewide Regional Projects shares her vision on how we can stimulate the economy.

It starts with us-Governmental Retirees or Employees who might be in the market to take out a Mortgage or submit for a line of credit. By amending or adding a new measure to approve applicants-having a loan product or classification thereof will open the reinvestment Flood Gates to encourage our peers to reinvest in NYS once again. The implementation of Dodd-Frank and the Patriot Acts while notable anti-fraud or money laundering measures has curtailed many Governmental Employees have been eliminated as candidates for loan products.

Unfortunately--many us have been denied lines of credit or disapproved on Mortgage Loan applications or Lines of Credit-not because we aren’t credit worthy-but because of the rules changes of applicant sources of income. Our status as Government Retirees should be its own category when applying for these products and as such should reduce the number of loan rejections on applications or pushing the civil servant into agreeing to accept unscrupulous interest rates-it’s predatory actions at the worse levels-said Maryann Maltese.

Once the Financial Institutions list us only as retirees-that classification sparks a red flag within the ATR world and by that alone at times -eliminates the Government Retiree’s ability to be approved for loan product-or line of credit. Our Pensions or ways in which we earn income is passive and not active; quickly denying us market rate interest products or completely eliminating us from the pool of eligible applicants. By doing this this way- denying one based on ATR and no traditional W-2 but your have Pension reported creates the need to have a Loan Product set up for Government Retirees.

The implementation of ATR to Ability To Repay Rule has been unjustly applied to mortgage or line of credit applications- for Governmental Retirees -denying us loan products because we don’t have a w-2 any further. If-the Federal Government implements a different category of a loan product-such as the Falcon, then Government Retirees can spark economic recovery by reinvesting into their homes at market rate interest levels and they become less inclined to be victims of predatory lenders.

With ATR in place-it’s our people-Governmental Retirees who are being pushed to predatory lenders-which again isn’t what wein Government intended for the ATR to do-but this is how Financial Lenders are at times applying the rule to our applications. ATR is to help those that aren’t mentally prepared to make business decisions to protect them-I’m not opposed to this-I’m supporting a way to create a measure that helps the Government retiree that is of sound mind, too young to be eligible for reverse mortgages- to not have to be required to earn income to be approved for loan products or lines of credit. Again, we are often too young to be eligible for reverse mortgages, but we’re fiscally sound and of abled mind to enter a business contract with a Mortgage Professional-if the classification permits us too. Maltese encourages Congress to amend the ATR and QM Rules to create a Loan Product-The Falcon which if implemented geared towards and created for the Governmental retirees-grants us the ability to be approved at sound interest levels. Once that occurs-NYS can step forward and regulate those Financial Institutions and Banks to ensure speedy implementation of the measure and promoting it everywhere-this is good Business move, it creates jobs in many categories and supports Regional Economic Growth.

The Assembly District 12ththat I’m a candidate in-is filled with many Small Business Oriented owners-some of us are former Governmental Employees and many State and Local Government retirees live here-they’re experiencing hardship in becoming eligible for Loan products or Lines of Credit. The Falcon Loan Productwill signify my district bringing innovative financial legislative recommendations to the lime light- product solutions to NYS that will positively impact the REGION, allow Female Governmental Retirees the ability to reinvest in themselves and their homes-we’re underpaid and over worked and Now as State Retirees we’re further disenfranchised by Creditors and Financial Institution decisions of denial. I will be the Member that carries the Falcon Loan Product to implementation-through its implementation-there is no other candidate more considerate and better prepared to represent the 12thNYS Assembly District.

The CFPB released the Ability to Repay Rule (ATR Rule) and the Qualified Mortgage Rule (QM Rule) in January 2013, and the rules took effect one year later, in January 2014 which made it much more difficult for Public Sector and Governmental Employees to be eligible for loan products. Many of us retired governmental employees reach our tenured retirement ages before the age of 60and as is-we are ineligible for reverse mortgage products or lines of credit. The present implementation of the ATR Rule and the QM Rule have further provided hinderance for those State or Federal retirees who are no longer earning wages, who have demonstrated strong credit worthiness are now ineligible for mortgage loan products.

Creditors are quick to eliminate the Government Public Servant and Union Members from being able to access credit line or present day mortgages because we may not earning active wages to demonstrate sound fiscal decisions. Many of us before we retire-pay off our First Home Purchases and once in retirement-we want to be able to apply for credit lines-this makes common sense-yes? Many of us-have sound credit histories or recordings of major asset paid off so for the banks to levy infractions against us-or to red flag our credit- the ATR and QM rule is negating us from loan products-this is unacceptable business practices. A Legislative Change is necessary for us now-Governmental Retirees.

This Election Season-Presidential one-Congress is all over the place with COVID Matters-pointing fingers at each other-who went to the Salon and who didn’t-I want to go the Salon-invite me-I’m there in 5 minutes I need it-who doesn’t. (a small joke to lighten up things). But ultimately Congress needs to stop focusing their mindset on who’s running for offices this November 2020 and get to work on implementing new Loan Product Languages so that the Middle Class or the Governmental retiree who doesn’t have a present w-2 to support earnings, has other Financial Instruments with payment history to be become eligible for a Loan Product.

I’m calling out U.S. Congressional Members to put their Thinking caps on and Legislate a Loan Product called the “Falcon”-a loan product to provide Governmental Retired Employees with the ability they need as consumers to be eligible for Loan or Credit line, said Maltese.

The only transactions that are not subject to the requirements of the ATR Rule are open-end home equity plans, reverse mortgage loans, bridge loans with terms of 12 months or less, construction loans, and loans made by a housing finance agency. That’s unacceptable-more need so be done for the residential consumer. Additionally Governmental retirees are facing difficulty with processing loan applications-this is not the intent of the ATR or QM Rule.

The CFPB wrote the ATR Rule with more flexible standards than the QM Rule so that creditors would have the option of assuming the greater risks that come with making loans that are not qualified mortgages-then why aren’t Financial Institutions approving more applicants? A question that Congress needs to get answers too. The CFPB can be the source to collect additional data needed or to provide to Congress their data which demonstrates the need for Congress to introduce legislation to create a Loan Product whereas as Governmental retirees who may not be earning income-not be penalized because of it. It’s far too quick at times, that we are denied as retirees from Lines of Credit. This needs to change now.

Join me in your support for the Falcon Loan Product bill enactment-reach out to your US Congressmembers. To share your insight or legislative ideas-reach out to Maryannmaltesefornysassembly@gmail.com. To make a Campaign donation to support State Election Candidate, Maryann Maltese-reach out to maryannmaltesefornysassembly@gmail.com.