Procuration Fee

A procuration fee (proc fee) is the commission paid by a lender to a mortgage broker when a mortgage completes through that broker.. It is a percentage of the loan amount, typically 0.35–0.5%. This is separate from any fee the broker charges the client directly

Brokers are required to disclose any proc fees they receive.. The existence of proc fees is why independent advice from a whole-of-market broker is important.