Navy Fed Unit Conducted 8,000 Settlements

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NFRES, Navy Federal Financial Group's settlement services company, said it conducted nearly 8,000 settlements and closed approximately $1.4 billion in mortgages in 2003-saving members more than $1.5 million in settlement fees and title charges.

NFRES specializes in real estate settlement services. It helps Navy Federal members simplify the mortgage closing process by providing all settlement services normally conducted by a closing agent, and lowers closing costs. These services include preparing certain closing documents and title work, providing title insurance, supervising the closing, recording all documents, and dispersing funds.

"We now operate in ten states and Washington, D.C. and acquired licensing in an additional 16 states as part of a gradual expansion plan," said Dennis Godfrey President and CEO of Navy Federal Financial Group. NFRES conducted some mortgage settlements in overseas locations such as Germany, Spain, Iceland, Japan, Australia and Iraq.

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