Title Insurance Reform
New Mexico – New state regulations could help New Mexicans save money in closing costs when they buy or refinance a home.
The rules establish procedures for title insurance companies to offer rates lower than a price ceiling set by the state superintendent of insurance. The regulations took effect last week.
Title insurance is part of the closing costs people pay when buying or refinancing a home. The insurance offers protection against losses if there's a problem with the property's ownership records.
Fred Nathan, executive director of Think New Mexico, an independent think tank, said the regulations carry out a 2009 law providing for price competition in title insurance rates.
Copyright 2011 The Associated Press.