VIENNA, Va. – NFRES, Navy Federal Financial Group's settlement services company is celebrating the completion of its first year of service with nearly 8,000 settlements and approximately $1.4 billion in mortgages closed in 2003, saving members more than $1.5 million in settlement fees and title charges. NFRES specializes in real estate settlement services and provides members with all settlement services normally conducted by a closing agent, thus lowering closing costs. These services include preparing certain closing documents and title work, providing title insurance, supervising the closing, recording all documents, and dispersing funds. NFRES operates in 10 states and Washington, D.C. and has acquired licensing in an additional 16 states as part of a gradual expansion plan. NFRES even conducted some mortgage settlements in Navy's overseas locations such as Germany, Spain, Iceland, Japan, Australia, and Iraq. "By any standards, it was a remarkably successful first year," said Dennis Godfrey, president/CEO of Navy Federal Financial Group.