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‘Major milestone' in creation of 2nd Las Vegas airport as feds take initial step

‘Major milestone' in creation of 2nd Las Vegas airport as feds take initial step

Yahoo19-05-2025
LAS VEGAS (KLAS) — Clark County officials said the federal government has begun the process that could bring a second major airport to the Las Vegas area.
In a social media post on X, Rosemary Vassiliadis, Clark County aviation director, said the Federal Aviation Administration (FAA) and the Bureau of Land Management (BLM) are moving forward, issuing a Notice of Intent to prepare the Environmental Impact Statement (EIS) for the Southern Nevada Supplemental Airport (SNSA).
She called it 'a major milestone in our region's aviation future.'
Harry Reid International Airport in Las Vegas is ranked as the No. 8 busiest airport in the U.S., just behind Orlando and ahead of Charlotte. Officials have been working for years to address the need, which has focused on the Ivanpah Valley, along Interstate 15 between Las Vegas and the California state line.
'This important step brings us closer to addressing the increasing demand for air travel in one of the nation's fastest growing regions,' according to Vassiliadis's statement, posted on the @LASairport account on X. 'As a second commercial airport, SNSA will add much-needed capacity, improve service reliability, and ensure Southern Nevada continues to thrive as a global destination for business and tourism. We know the crucial role we play in the region, and SNSA represents the future of economic vitality for all the communities we service.'
The site could see enormous growth, but questions about water availability and conflicts with endangered species habitat — the desert tortoise — will have to be addressed in the environmental analysis of the project.
'More than 25 years in the making, we thank our federal delegation, the FAA, BLM, Clark County Board of County Commissioners and countless partners who have supported this project. This is a pivotal step for our region, and upon receiving a favorable Record of Decision, we are committed to building an airport that supports the long-term growth of our region,' Vassiliadis said.
Vassiliadis was appointed to her position in 2013.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Sirena Amaral earns state certification as Dighton's town accountant
Sirena Amaral earns state certification as Dighton's town accountant

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Sirena Amaral earns state certification as Dighton's town accountant

Dighton Town Accountant Sirena Amaral has earned the designation of certified governmental accountant, according to a community announcement. The certification, awarded by the Massachusetts Municipal Auditors' and Accountants' Association, recognizes municipal accounting professionals who have demonstrated advanced knowledge in governmental accounting, financial reporting and regulatory compliance. Candidates must complete a rigorous training program and pass comprehensive exams covering fund accounting, internal controls, municipal budgeting and Massachusetts municipal finance law. Amaral's achievement highlights her commitment to maintaining the highest standards of financial stewardship for the town, according to the announcement. 'We extend our sincere congratulations to Sirena on this well-deserved achievement,' Town Administrator Ralph Vitacco said. 'Her dedication to professional growth and excellence continues to benefit our town and its residents.' Amaral was appointed as Dighton's town accountant in July 2022 by a unanimous vote of the Board of Selectmen. Prior to her appointment, she served for four years as the assistant town accountant for Rockland. As Dighton's town accountant, Amaral is responsible for monitoring, directing and auditing the town's financial and accounting system, including maintenance of the fiscal records and systems. "The Town of Dighton commends Sirena Amaral for her continued service and for advancing the town's financial operations through her expertise and dedication," Vitacco said. This story was created by reporter Beth McDermott, bmcdermott1@ with the assistance of Artificial Intelligence (AI). Journalists were involved in every step of the information gathering, review, editing and publishing process. Learn more at This article originally appeared on The Taunton Daily Gazette: Dighton's town accountant earns top certification in government finance Solve the daily Crossword

Common reasons why mortgage applications get denied
Common reasons why mortgage applications get denied

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Common reasons why mortgage applications get denied

Key takeaways Mortgage underwriting is often an automated process. Software decides whether you are approved, rejected or asked for additional information. Credit score is the most important factor in determining mortgage approval, but your income and debt levels, as well as the size of the loan vs. the home's value, are also major factors. If your mortgage application has been denied, consider taking time to work on your financials or applying for a different type of mortgage. Shop Top Mortgage Rates Personalized rates in minutes A quicker path to financial freedom Your Path to Homeownership For borrowers in today's expensive housing market, getting approved for a mortgage can be a challenge. Mortgage rates have soared from pandemic-era lows, and home sale prices are at record highs, while price appreciation is outpacing wage growth. Under these circumstances, it's no surprise that mortgage denials are increasing. An average of more than 20 percent of mortgage applications were rejected in 2024, an increase of more than 8 percentage points over the previous year, according to the Federal Reserve Bank of New York. Here are some of the common reasons your mortgage application could be denied — and what you can do about it. How does mortgage underwriting work? Mortgage underwriting is the process by which a lender verifies and analyzes your financial information — including bank statements, W-2s and other tax documents, as well as recent pay stubs — so that it may make a decision about your application. In most cases, a loan officer or mortgage broker performs this analysis using an underwriting software system. Loans that will be sold to Fannie Mae, for example, use Desktop Underwriter (DU), while loans sold to Freddie Mac leverage Loan Product Advisor (LPA). The software determines whether you're either approved, rejected or asked for additional information — without much in the way of human judgment. Fannie Mae and Freddie Mac are government-sponsored enterprises that interface with lenders to keep the mortgage market stable. Between them, they buy or back about two-thirds of all U.S. home loans. Automated underwriting, as it's officially called, became the norm as part of the reforms to the mortgage financing world developed after the 2007–09 mortgage meltdown. 'Prior to the crisis, there was more leeway,' says Bill Banfield, chief business officer at Rocket Mortgage. 'Now, most of that subjectivity is gone.' Keep in mind: Beyond your approval or denial, the main thing the lender decides during underwriting is your mortgage's interest rate. They also use underwriting to determine how much to charge you in fees. Reasons for mortgage denial 'There are a thousand potential questions Fannie [or Freddie] could return,' says David Aach, chief operating officer at Blue Sage Solutions, a mortgage technology firm. 'That's the nightmare of the underwriting process.' Here are some of the more common reasons underwriters reject mortgages. 1. You have credit issues Your credit score is the single most important factor in determining whether you get approved for a mortgage and your mortgage rate. Generally, the best deals go to borrowers with credit scores of 740 or above. Before applying for a mortgage, check your credit score and credit report and dispute any errors. If your credit score is low, try to boost it before you apply. And if your credit is already good, make sure to keep it that way. Try not to miss any payments, max out a credit card or apply for other new credit. Keep in mind that, while many mortgages require a credit score of at least 620, you can qualify for an FHA loan backed by the Federal Housing Administration with a score as low as 500. And if you don't have a credit score at all, some lenders offer alternative credit scoring methods, such as analyzing your bank deposits. In fact, in January 2025, Fannie Mae released a new update to DU in support of 'increasing access to credit for populations such as those with limited or no credit histories.' Learn more: Improve your credit score for a mortgage 2. You have an income shortfall Your debt-to-income (DTI) ratio — the portion of your gross (pre-tax) monthly income spent on repaying regular obligations — signals to lenders whether you're in a position to take on an additional major debt. Most conventional lenders require a DTI of less than 43 percent, though some will accept up to 50 percent if your financial profile is strong otherwise. There are two main ways to improve your DTI: paying off existing debt or increasing your income. Ideally, your payment obligations should take up about one-third of your income or less. Choosing a longer loan term — for example, a 30-year mortgage instead of a 15-year mortgage — will also lower your monthly payment and could increase your chances of approval. Keep in mind that underwriting software is designed for workers who receive W-2s. If you're self-employed, even if your earnings are high, you may be penalized for having irregular income or using alternative documentation — or for using the common strategy of maximizing tax write-offs. 'Self-employed people know what they make, but they don't know what an underwriter is looking for,' says Tom Hutchens, president at Angel Oak, a lender specializing in non-qualified mortgage (QM) loans. 'They might be fully approved, but then an underwriter looks at the tax returns' and sees that '$10,000 a month might become $5,000 a month in income.' Learn more: How to get a mortgage when you're self-employed 3. Your loan-to-value (LTV) ratio is too high Lenders also look at your prospective mortgage balance vis-à-vis the value of the home you're buying — something called the loan-to-value (LTV) ratio. The bigger your down payment, the less you borrow, and the lower your LTV. Generally speaking, the lower your LTV, the better. For instance, if you're buying a $400,000 house with a down payment of $80,000, your LTV is a comfortable 80 percent. But if you're putting down $20,000 and financing the remaining $380,000, the LTV is 95 percent. There are many low-down-payment mortgages these days, including government-backed and conventional options. And if you think a higher down payment would boost your application, look into down payment assistance. Every state has these programs, especially for first-time buyers. Learn more: Your guide to 3-percent-down mortgages 4. You're trying to finance an out-of-favor property Not all homes are created equal, as far as lenders are concerned. The traditional, detached, single-family residence still rules, and you may run into trouble financing an alternative. Condos are one example. In response to the June 2021 collapse of an oceanfront tower near Miami, Fannie and Freddie rolled out new rules covering condo loans. The giant mortgage market-makers have decided not to finance some buildings that have low reserves, need repairs or are facing lawsuits. Critics say the stricter reviews are causing condo sales to fall apart, even in buildings with no structural issues. Manufactured homes can also be challenging to finance. And if appraisers or inspectors find a structural flaw or other issue with the home itself — no matter what type of structure it is — that can slow the approval, or even kill it. 5. Your home appraisal comes in low Before a lender finances your home purchase, it wants to ensure that the property is worth what you're planning to pay for it. That's why lenders typically require an appraisal during the underwriting process. If that appraiser determines that the property is worth less than the mortgage you've applied for, you have what's called an appraisal gap. A lender won't agree to lend you more than it believes a home is worth. If you can identify errors in the appraisal, you may be able to get it redone — but if there's still a gap, and you still want the property, you'll need to make up the difference in cash. 6. Something recently changed in your financial life The lending process prizes financial stability and predictability. Unfortunately, a recent job change or period of unemployment can throw a wrench in your approval. A short employment history or interruption in earnings sends warning signals to the software, too. Unusual activity in your bank account can be another issue. Large, unusual deposits might indicate you borrowed money for your down payment — which you may need to repay along with your mortgage. If you got money from relatives to help you buy a house, make sure to submit a gift letter as part of your application. 7. You don't meet the loan program's requirements Different types of loans come with different specifications. If you want an FHA loan, for example, your home price can't exceed the loan limit applicable to your location. In 2025, that's $524,225 in most areas. The house also needs to pass a special type of appraisal that reviews the property's condition. Similarly, loans backed by the VA and the USDA have their own unique requirements. On top of all of this, lenders generally have their own proprietary guidelines. Failing to meet any of them can lead to your mortgage application being denied. 8. You're missing information on your application Make sure to fill out the mortgage application in its entirety. If it's incomplete — or if there are errors, such as a missing digit — the underwriting software might discard your application, resulting in an automated rejection. How to get a mortgage after your application is denied Take heart: If you are denied a mortgage, there are workarounds to many of these issues. Generally speaking, government-backed loans — such as FHA or VA loans — have more flexible requirements and are a good fit for borrowers with lower credit scores or little cash for down payments. If you have a unique income situation, such as owning a business with unsteady cash flow, you might apply for a non-QM loan. These come with more flexible credit criteria and income requirements than conventional loans. Manual underwriting The vast majority of conforming loans — those eligible to be bought by Fannie and Freddie — are decided via automatic underwriting, but some loans are still reviewed by a human. Lenders often do manual underwriting when an application would likely be denied through an automated system, or if the borrower has some unusual circumstances but is otherwise qualified. Certain types of mortgages, like jumbo loans and non-QM loans, are more likely to be manually underwritten. But you can request it for any mortgage if you believe your particular situation will not be fully understood by the software. Be prepared to supply additional paperwork — financial statements reaching farther back, for example — and for a longer process. Bear in mind that, even with a manual underwriter, your loan still has to conform to specific requirements. FAQ How long do underwriters take to approve a mortgage? It depends on the lender, the tools they use and how quickly you provided the required information. On average, it takes about 42 days to close a new-purchase mortgage, according to ICE Mortgage Technology, How worried should I be about underwriting? Not very. Take steps before you approach lenders — like paying down other debts and improving your credit score — and you should feel confident when applying. If you're still nervous, you can explore prequalification before you seek preapproval. This is a less stringent process that can give you an idea of where you stand. What are some things I should not do during underwriting? To avoid having your mortgage application declined, do two things. First, don't make any financial changes. Keep paying your bills on time and don't open any new loans or lines of credit. Second, stay responsive. The lender might ask for additional information. If you don't provide it in a timely manner, it can lead to denial. 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What is a deed of trust?
What is a deed of trust?

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What is a deed of trust?

Key takeaways A deed of trust is a legal agreement used in real estate transactions in which a third party — the trustee — holds the title to the property until the borrower repays the mortgage. A mortgage is a similar agreement, but it doesn't involve a third party. The borrower or lender — depending on state law — holds the title. Both agreements obligate the borrower to repay the home loan, with the home serving as collateral if they default. What is a deed of trust? A deed is a legal document that shows who has title to — or ownership of — a piece of property. And a deed of trust, or a 'trust deed,' is a deed that gets put into a trust. Like a mortgage, a deed of trust agreement obligates the borrower to repay a home loan, with the home serving as collateral if they default. Deeds of trust are used instead of mortgages in some states. How does a deed of trust work? There are three parties in a deed of trust: the lender, the homebuyer or borrower, and the trustee. The trustee is a third party who plays the role of intermediary for the real estate transaction, usually a title company or escrow company. It can also be another party, such as an attorney or bank. Here's how the process works: Shop Top Mortgage Rates A quicker path to financial freedom Your Path to Homeownership Personalized rates in minutes The lender gives the borrower the funds to make the home purchase. In exchange, the borrower provides the lender with a promissory note. This outlines the terms of the loan and the borrower's promise to pay. The borrower transfers the real property interest — or the right to the particular piece of real estate — to the trustee. The trustee holds the deed until the borrower repays the lender, at which point the borrower receives the deed. Is a deed of reconveyance the same as a deed of trust? A deed of trust is not the same as a deed of reconveyance. A deed of trust is used when you first take out a loan, and a deed of reconveyance is a legal document confirming that your home loan has been fully paid off. It proves that your lender has removed the lien on your property and transferred ownership of the property to you. Deed of trust vs. mortgage Both a deed of trust and a mortgage are agreements between a lender and a borrower to fund and repay a home loan. Both also state that the home serves as collateral for the loan, meaning if the borrower stops repayment, the lender has recourse. A deed of trust, however, adds a third party to the agreement: a trustee, an unbiased third party that holds the property's title while the loan is being repaid. A mortgage, on the other hand, involves only the lender and the borrower. Deeds of trust and default The differences between a mortgage and a deed of trust become important in cases of default. If a borrower fails to repay a mortgage, it's 'usually foreclosed judicially, through the court system,' according to Amy Loftsgordon, legal editor at Nolo. Judicial foreclosure is a lengthy process that involves expensive legal fees. If the borrower defaults on a loan secured by a deed of trust, the trustee has the right to take control of the property. 'Deeds of trust are usually foreclosed through an out-of-court, nonjudicial process,' Loftsgordon says. Nonjudicial foreclosure typically happens more quickly than judicial foreclosure. Learn more: Calculate your monthly mortgage payment State laws and deeds of trusts 'A deed of trust is not recognized by all states,' says Kevin Frankel, a partner at Fiffik Law Group. According to Rocket Lawyer, deeds of trust are used exclusively in 25 states and the District of Columbia, while nine states permit both the use of deeds of trust and mortgages. In the states that allow both mortgages and deeds of trust, such as Arizona and Michigan, the lender can choose which to use. Lenders typically opt for the deed of trust, as it speeds foreclosure proceedings if the borrower defaults. FAQ How does a deed of trust impact foreclosure? Under a deed of trust, if the borrower is in default, the property can be sold by the trustee without going through a costly, lengthy legal procedure. The process is known as a nonjudicial foreclosure. Nearly all deeds of trust include a power-of-sale clause, which allows the trustee to sell the home without needing to foreclose on it first. Alternatively, borrowers may pursue a deed in lieu of foreclosure. Can a deed of trust be transferred? Deed of trust transfers operate similarly to mortgage transfers, though neither one is especially common. Whether buying a house with a deed of trust or a mortgage, the transferee will most likely need to enter into a new arrangement as part of the sale. However, in certain circumstances, like a property owner's death, divorce or living will proceeding, both mortgage and deeds of trust can be transferred. The appropriate authorities — usually a municipal government — will have to record the transfer, just like they would for a purchase agreement. And, Frankel says, 'Based on the terms of the deed of trust, it may be assigned if all three parties agree in writing.' What is the difference between a deed of trust and promissory note? To compare a deed of trust to a promissory note, think of the deed of trust as the whole agreement while the promissory note is just one part. The promissory note focuses on the borrower's commitment to repay the lender. The deed of trust is an overarching document that specifies what happens if the borrower defaults on the loan. 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