New Mexicans allegedly overpaid title insurance to get mortgage financing because the title insurance industry monopolizes the market and does not allow buyers to shop around for a better price. The class action concerns New Mexico Public Regulation Commission's Insurance Division, Insurance Superintendent Eric Serna and the First American Title Insurance Co.
Title insurance guarantees that buyers will not lose out financially if there is a problem with a property's title. The lawsuit intends to strike down parts of the title-insurance law and regulations in New Mexico and other states where regulators set the rates that can be charged.
