We will be processing and reviewing applications as quickly as possible on a first-come, first-served basis. The review process may take up to 30 days from the date the application is received.
Ideally, 1 -2 Power Brokers per territory. The coverage area for a given broker, the number of agents they are working with, and the volume of REOs in the territory are all contributing factors that will determine the exact number.
Applications will be reviewed based on many criteria, such as timeliness of application submission, REO Experience, a clean background check, proof of funds, and coverage area, to name a few. One of the items that our Vendor Management partner will look at is verification that you have either had a listing or have at least one licensed agent in the past 12 months for each county you submit, so please take this into consideration when providing the county list.
OrangeGrid's client base requires that we adhere to strict security requirements. The data in our system is confidential, and we are required to be AICPA SOC certified and compliant for annual technology audits.
Your social security number is required to complete background checks. We will conduct thorough reviews as we evaluate the panel and are looking for specific things like no felonies related to fraud or theft on record.
Your EIN will be used to confirm that your company is federally registered as a business.
The credit card you put on file will be used for application charges and the technology fee associated with each listing you receive through OrangeGrid. The digital wallet will need to have enough funds in it to cover fees as they are incurred. The system will always prompt you with the dollar amount deducted from your digital wallet before every charge.
The $450 application fee is a processing fee that will cover the data collection, background review, and analysis that is required during the application review process. Each territory, defined as a county that a Power Broker would like to cover, will require its own application fee.
The anticipated REO referral start date is in Q1 of 2023. We will keep all registered and approved members of the Power Broker network updated as REO clients are added to the system.
Upon receipt of an REO listing through OrangeGrid, your digital wallet is charged a technology fee of $175. This fee is refundable if the listing is canceled within the first 90 days.
Yes, if you know a broker that meets our strict criteria and would like them to apply, send an email to gridsource@orangegrid.com so we can send them the application link.
