The $1.3 billion NuVisionFederal Credit Union saved some of its 87,000 members $25.2million in mortgage interest through its Switch and Save program in 2013.
|The Huntington Beach, Calif., credit union's program allowedmembers to refinance mortgage loans and replace them with lowerinterest credit union mortgages.
|The credit union had a goal of saving its members $26 million,but in the end had to accept having reached 97% of that target.
|“With all of the changes in the mortgage industry during 2013,including the mid-year shift away from a refinance environment, weare proud to have reached 97% of our initial goal of $26 million inmember savings,” said L.J. Tarman, vice president of marketing andpublic relations at NuVision. “We are so pleased with the successof this program that has helped so many of our members keep moremoney in their pockets.” In addition, NuVision members saved evenmore in loan interest on consumer loans such as credit card andauto loans by refinancing with NuVision. “Even as our 2013 Switch& Save Challenge comes to an end, the savings go on,” addedTarman. “We encourage our members to continue to see how much theycan save by switching to NuVision in 2014.”
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