A title insurer or title insurance agency may issue NM form 90 if all of the following conditions exist:
- A. the amount of the policy shall not exceed the outstanding principal balance of the loan on the date of the policy;
- B. the policy shall not increase the amount of coverage under the prior policy;
- C. the real property to be insured is one to four family residential property; and
- D. the title insurer or title insurance agent has a complete copy of the prior loan policy before the commencement of the title search.
[13.14.7.21 NMAC – Rp, 13.14.7.27 NMAC, 1/1/2021]