Nationwide to process proc fees weekly

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Nationwide Building Society will process procuration fees weekly from 19 February.

Proc fees will be processed every Monday for house purchases and remortgages.

This means brokers will get paid between 14 and 20 calendar days after completion, rather than the current 15 and 46 days.

Procuration fees for product transfers will be received on the second Monday of every month, a reduction of between one and seven days.

The lender floated the idea earlier this month following broker criticism.

Nationwide director of intermediary relationships Ian Andrew says: “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.”

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