Nationwide to speed up proc fee payments

Nationwide Building Society has confirmed it will cut the time taken to pay brokers retention procuration fees.

The building society says this is in direct response to broker feedback.

Currently it  takes between 15 and 41 days for brokers to receive these fees.

A Nationwide spokeswoman said: “We have listened to feedback from brokers and are currently investing in our systems. We are planning to increase the frequency of these payments, so reducing the time taken to pay brokers in the near future.”

Currently Nationwide will not release the payments until the 15^th of the month after completion. Other lenders – including Santander, Skipton BS and Precise Mortgages – will make these payments within a two-week window. Many run weekly or bi-monthly payment runs.

A number of brokers have complained about the length of time it can take to receive these commission payments.

Libra Financial Planning Mortgage Protection consultant Sebastian Riemann says: “Brokers may have started work on these cases two or three months before the mortgage completes. It does not seem acceptable to then wait a further six weeks for payment.”