Posted by LynnNC on 6/27/08 3:01pm
Msg #253373
NFRES OPERATIONS ENDING
I just received this email from NFRes:
NFRES OPERATIONS ENDING
“In the media, there's been considerable focus placed on the sub-prime mortgage lending crisis and its impact on the housing market and financial services sector. Although Navy Federal has never engaged in sub-prime mortgage lending, we’re not immune to the far-reaching impact it's had on the economy. Due to the dramatic decline in first mortgage and home equity loans, NFRES, LLC has made a corporate decision to exit the settlement services business. On May 28, 2008, we ceased receiving new orders from our lender and parent company, Navy Federal Credit Union, and we closed our last loan on June 21, 2008.
On behalf of NFRES, we would like to thank you for your prompt, professional and courteous support in helping us provide our members affordable, convenient and quality services for nearly 6 years. We wish you all great success and prosperity in your future endeavors.”
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