West Brom to start paying retention proc fees

West Brom for Intermediaries is the latest lender to start paying procuration fees to brokers for retained residential mortgage business.

Brokers will be paid a fee of 0.2 per cent for product transfers they recommend to their clients.

However these fees will not be paid until this summer.

This new fee structure comes as the lender upgrades its systems.

The building society says this will deliver enhancements to “support further and streamline the broker experience”.

West Brom head of intermediaries Richard Scott says: “We value the relationships we have with our intermediaries who have contributed significantly to the West Brom successfully developing its residential lending over recent years.

“Product transfers are an ever-growing aspect of the market and paying a proc fee recognises the important role intermediaries play in the advice process at product maturity.”

West Brom is the UK’s seventh largest building society.



Nationwide to process proc fees weekly

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 […]


Newbury BS to pay retention proc fees

  Newbury Building Society is set to pay a 0.20 per cent retention fee to its broker panel. The fees will be introduced from the summer.  The fee will be paid for all cases where existing customers transfer onto a new product. Newbury BS sales manager Karen Smith says: “We have always valued the support […]


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