Industry News

Former lawmaker sues First American Title

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A former New Mexico legislator filed a lawsuit against First American Title Wednesday that seeks to strike down parts of the title insurance law and regulations in New Mexico. Max Coll, a former Democratic state representative, filed a lawsuit seeking class-action status against First American and officials at the state Insurance Department and Public Regulation Commission. If successful, the suit could mean thousands of New Mexico residents who paid title insurance for mortgage financing could get money back. First American says its practices follow state law. "First American Title Insurance Company's business practices are in keeping with the applicable laws of the State of New Mexico. We are now reviewing the lawsuit prepared by Mr. Coll, but cannot offer further comment on the litigation at this time," First American said in a statement. Coll alleges that, "there have been a lot of people damaged over a long period of time...There's no competition as to the price of title insuranc...