Mortgages  

Nationwide to pay proc fees weekly

Nationwide to pay proc fees weekly

Mortgage brokers will soon receive their Nationwide procuration fees earlier.

Nationwide Building Society is moving to a weekly procuration fee payment run in a bid from Monday (19 February) to improve payment timescales.

Procuration fees will now be processed each Monday for house purchases and remortgages

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This means brokers will receive payment between 14 and 20 calendar days after completion, rather than having to wait the current 15 and 46 days. 

In addition, procuration fees for product transfers will be received on the second Monday of every month – marking a reduction of between one and seven days. 

Ian Andrew, director of intermediary relationships at Nationwide, said: "With an ongoing programme of investing in our systems and reflecting the feedback from our intermediary partners, we can confirm we will now be working to a weekly payment run.

"This will increase the frequency and significantly reduce payment times for fees to brokers, regardless of the club or network used."

Almost exactly a year ago Nationwide announced that it would pay mortgage brokers a procuration fee of 0.2 per cent for retention business.

Nationwide is the world's largest building society as well as the second largest mortgage provider in the UK.