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This is very common, especially if the shareholder is borrowing additional money against their apartment. The coop's shares are being used as collateral and the board has a right to guarantee financial security.
That said, board review of the whole financial package for a straight refinance is pretty silly. We did away with that requirement in our building many years ago. All you have to pay now is the fee for the managing agent to fill out the bank's Coop Questionnaire. No board approval is required for a basic refinance. But other coops can and will vary on this policy.
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yes, many co-ops require financial disclosure for refi. co-op has to sign the agreement so needs to know the details. although most re-fis are for less money i have seen folks take additional cash in the re-fi and impact debt to income ratio.
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