Loan Estimate Challenges
New Mexico’s Biggest LE Challenges

New Mexico is a state in which title insurance rates are promulgated. Accordingly, title insurance premiums are governed by the New Mexico Office of Superintendent of Insurance. Rates are adjusted state wide, regardless of the identity of the title insurance provider.

Refinance Substitutions

A substitution rate, amounting to a discount on the new title insurance policy, is available on refinance transactions in New Mexico, based upon the remaining unpaid balance of the previous mortgage and the age of the prior title insurance policy. The older the prior policy, the smaller the discount applied.

The ALTA 8.1 Endorsement

It is customary in New Mexico to include the ALTA 8.1 environmental protection lien endorsement on new title insurance policies statewide. 

No mortgage recordation or deed transfer taxes

Finally, there are no mortgage recordation or deed transfer taxes in this state.