HUNTINGTON BEACH, Calif. (January 13, 2014) – NuVision Federal Credit Union today announced the results of its 2013 Switch & Save Challenge. The credit union is pleased to announce it has saved its members $25.2 million* in mortgage loan interest from January–December 2013 through the Switch & Save program.
“The results are in! With all of the changes in the mortgage industry during 2013, including the mid-year shift away from a refinance environment, we are proud to have reached 97% of our initial goal of $26 million in member savings,” said L.J. Tarman, Vice President of Marketing and Public Relations at NuVision. “We are so pleased with the success of this program that has helped so many of our members keep more money in their pockets.”
In addition, NuVision members saved even more in loan interest on other consumer loans such as credit card and auto loans by refinancing to lower interest rates with NuVision.
“Even as our 2013 Switch & Save Challenge comes to an end, the savings go on,” added Tarman. “We encourage our members to continue to see how much they can save by switching to NuVision in 2014.”
*Actual member savings was calculated using the member’s original interest rate and their new interest rate to calculate their interest payments using the new loan amount. The difference in interest payments over the life of the loan is what is used in this total. Loan savings calculation is reflective of interest savings on refinanced 1st Trust Deed Mortgages only.
About NuVision Federal Credit Union
NuVision Federal Credit Union is a full-service financial institution with 14 branches located in Los Angeles and Orange Counties and Arizona and assets of approximately $1.3 billion. Headquartered in Huntington Beach, Calif., NuVision was founded in 1935 to serve employees of Douglas Aircraft Company. It continues to serve aerospace employees from Boeing, employees of Sempra Energy/The Gas Company, and employees of Tesoro with a total of more than 87,000 members primarily in Los Angeles and Orange Counties. For more information, visit www.nuvisionfederal.org.