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.