New Mexico will commission a study of title insurance rates in nearby states and is revamping a task force that was formed to examine title insurance practices in the state.
Those actions come after three lawsuits were filed against title insurers by the state Public Regulation Commission alleging consumers paid too much for title insurance, the Santa Fe New Mexican reports.
The study, to be conducted by the University of New Mexico, will compare New Mexico’s rates to those charged in Arizona, Colorado, Nevada, Oklahoma and Texas, and include scenarios such as the cost of obtaining title insurance when refinancing, the New Mexican reported.
A nonbinding resolution by New Mexico legislators calls for the PRC to make recommendations on possible changes to title insurance laws and regulations by Oct. 30. The study is expected to be completed by the end of August.