In January, President Donald Trump signed an executive order that requires federal agencies to create a mortgage loan app, known as the Mortgage Loan Calculator.
The app has been designed to help people with low-and moderate-income people navigate the loan process, helping them save on their monthly mortgage payments.
The tool, the Federal Reserve said, will help people save $1.2 trillion over 10 years.
Trump has said the app is designed to be free and will provide a loan calculator to consumers.
A federal program to make it free was created to help Americans with low and moderate incomes, the Associated Press reported.
The National Consumer Law Center has said there is little evidence the calculator helps lower- and middle-income consumers.
It cited a study that found people with higher incomes were more likely to have trouble navigating the loan and to make the same amount of monthly payments as lower-income Americans.
That study, however, was conducted by researchers at the University of Michigan, the University at Buffalo and other institutions.
The AP found that there is no evidence the app helps lower income Americans save on a mortgage.
But the Federal Housing Administration, which regulates the mortgage industry, said that the app does provide some help to people who have a high income.
Federal Housing Agency spokesman John Siegel told the AP that the agency is committed to helping borrowers make good decisions on their mortgages and that the calculator can help people make good choices.
The Federal Reserve has also said the calculator will help low-income borrowers save on monthly mortgage repayments, which it said will save more than $1 trillion over the next 10 years, with some people even seeing their mortgage payments fall as low as $1,000.
The calculator is designed so that borrowers can use it to make loans with less interest, and it’s available at all U.S. financial institutions and online.