Controversy Over New Mexico Title Insurance Rules
SANTA FE, N.M. (AP) — The state's insurance regulator is being asked to revamp its rules to ensure homeowners receive a larger discount on title insurance when they refinance a mortgage.
An independent think tank called Think New Mexico petitioned the Public Regulation Commission's Insurance Division last week to change its rules to match a state law enacted in 2009.
The law provides for greater title insurance discounts than called for in state insurance rules.
Think New Mexico says some homeowners have received lower discounts because of the conflict between regulations and state law. A person refinancing a $200,000 house nine years after its purchase could save about $500 on title insurance with the larger discount.
The think tank was a driving force behind 2009 changes in law for price competition in title insurance rates.
Copyright 2012 The Associated Press.