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State Regulation Commissioners Review Title Insurance Costs
State Public Regulation Commissioners (PRC) will contract for a study of the cost of title insurance rates in various states around the country.Chuck Denton, the head of the PRC's title insurance bureau, said a University of New Mexico researcher will study records of title insurance rates on a $250,000 house in Nevada, Arizona, Colorado, Oklahoma, and Texas.
The commission will compare those title insurance rates with New Mexico's title insurance premiums.
According to a study by Bankrate, title insurance costs are about $895 in New Mexico on a $200,000 mortgage. The national average is $663.
Denton said the new study will be more comprehensive, including research on title insurance costs on home refinances.