Using an internally developed software tool, the $3.1 billion Mountain America Credit Union of West Jordan, Utah, said it has helped members save nearly $7 million by converting their high-interest debt into low-interest loans.
The tool, named Value Analyzer, was used at Mountain America branches from April to July to show members how much money they could save through low-interest refinancing or consolidating loans.
For example, one couple inquired about refinancing their mortgage and an RV loan from another local financial institution. Using the Value Analyzer, the credit union showed the couple that they could save nearly $60,000 in interest payments by refinancing the loans with a lower interest rate and pay off the debt faster, according to Mountain America.
“The Value Analyzer was developed to show our members what they can accomplish when they take advantage of the current low-interest rate environment, as most people don't realize how quick and easy it can be,” said Jason Rogers, Mountain America's senior vice president of branch administration.
“The Value Analyzer can quickly demonstrate the value of refinancing the higher interest loans that our members may have with other institutions. It continues to help thousands of members make sound financial decisions,” Rogers said.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
