Nationwide Building Society will start processing procuration fees weekly, with the aim of improving payment timescales on purchase and remortgage loans.
The largest UK mutual has confirmed it is to process proc fees every Monday so brokers will receive payment between 14 and 20 calendar days after completion, rather than the current 15 and 46 days, with effect from 19 February.
Also, broker fees for product transfers – paid at 0.2% – will be received on the second Monday of every month, a reduction of between one and seven days.
Ian Andrew, director of intermediary relationships, 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.”
In August, Nationwide and TMW began paying retention proc fees for all mortgage applications.
Victoria Hartley is contributing editor at Mortgage Solutions, Specialist Lending Solutions, Your Money and Your Mortgage at London-based publishing company AE3 Media.
She has an MA in Radio from Goldsmiths after gaining a 2:1 in a Comparative American Studies BA at Warwick University. She also holds a TEFL qualification and taught overseas in Mexico and Japan from 1994 to 1997.
Her role includes editorial oversight of the news, analysis and features, event content management and strategic and editorial consultancy for the AE3 Media group. She is an experienced video, broadcast and live-event host and regularly chairs web and podcast debates and interviews.
Multiple award nominations have resulted in two wins: Santander Media Awards, trade journalist of the year and Headlinemoney Awards, mortgage journalist of the year (B2B). Here is one of the award-winning pieces: https://www.mortgagesolutions.co.uk/news/2011/07/21/exclusive-tale-bailey-fraud-witness/
Previous roles include editorships of Mortgage Solutions, consumer title What Mortgage and trade title Credit Today as well as a stint freelancing for a variety of outlets including The Guardian and Which? Money.
