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DATE:
AUTHOR:
The SPARK team
TABLE OF CONTENTS:
    Release Notes

    SPARK 7.1.3 Release Notes

    DATE:
    AUTHOR: The SPARK team
    TABLE OF CONTENTS:

      What’s New

      Support for DOC and DOCX Files for E-Tran Document Submission

      SBA lenders can now send both DOC and DOCX files to E-Tran when documentation is required.

      What's Changed

      All Knowing “I”

      We’ve retired a rarely used feature that we call the “all knowing I”. It really wasn’t “all knowing” or that useful so we put it out of its misery.

      Updated NAICS Charge-off and Failure Rates

      We’ve updated our charge-off and failure rate data with the latest SBA dataset of loans from 2010 through the end of 2019.

      Applicant Notification on Submission to Underwriting

      The applicant-facing notification for when a loan package is submitted to underwriting has been reintroduced. This notification will be disabled in your environment; however, if you are interested, it can be enabled so that applicants are notified when a loan package enters the underwriting master stage.

      Sources and Uses / Strengths and Weaknesses

      The standard underwriting summary will now show or hide the “sources of repayment” section and the “strengths and weaknesses” section based on the status of each feature.

      What’s Fixed

      Multiple 1040 Schedule C’s for Same Year and Business

      We fixed a bug that would cause SPARK’s financial analysis to stop loading when a document analysis was performed and completed on a business with multiple 1040 Schedule C’s for the same tax year. If this scenario comes up again, only one of the schedule C’s will be spread.

      Duplicate Packages During Lead Conversion

      If an error occurred during lead conversion, SPARK would create a package each time the user attempted to perform the conversion.

      Hidden Periods and Consolidated Statements

      An error would occur when viewing a consolidated analysis with hidden periods.

      FIRS Number on SBA Form 159

      SPARK was incorrectly inserting the SBA Location ID into the FIRS number field when the location was missing the FIRS number.

      Find Out More

      For more information, download the SPARK 7.1.3 release notes. Stay ahead in SPARK and subscribe to your favorite categories.

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