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Nationwide to start paying mortgage procuration fees weekly

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  • 14/02/2018
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Nationwide to start paying mortgage procuration fees weekly
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.

 

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