- DATE:
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- The SPARK team
SPARK 7.5 Release Notes
What's New
These features were released April 10, 2021. Here are some new features we included in this release.
Decision Tracking (aka Approval Tracking)
We’ve made significant improvements to SPARK’s Approval Tracking feature, and it’s more than just a name change!
Here are some of the highlights:
New and Improved Decision Tracking Summary.
Approval Limit Flexibility – SPARK administrators can now define different approval amount maximums for a given user (E.g. Jane Doe has a $150,000 maximum for SBA 7(a) and $250,000 for Conventional).
Support for Multiple Committees – SPARK administrators can create different types of committees made up of different users at your organization.
Decision Request “Tasks” – SPARK creates and assigns decision request tasks to all users included in a decision request.
Credit Memo Signatures – SPARK can automatically attach signatures to the Credit Memo for each approver included in the decision request.
Decision Request History – SPARK now supports multiple decision requests for a given package (initial approval, amendment, and reapproval).
Support for Joint Approvals.
Support for Approval by Proxy.
Total Exposure
We’ve added basic support for capturing total exposure for a business. This new feature automatically pulls in all packages where the current primary business is a borrower, co-borrower, or guarantor. A standard credit memo section has also been included so credit analysts no longer need to manually insert tables into their credit memos.
New Permission for Viewing Leads
A new permission has been added to control what roles have access to view leads in SPARK. SPARK administrators must now explicitly identify what role(s) should have access to leads. This permission applies to both Internal Users and Partner Users.
Filter Users by Permission
We’ve added a new filter to our user listings so that now you can more easily find all users with a specific permission.
New Permission for Viewing Leads
A new permission has been added to control what roles have access to view leads in SPARK. SPARK administrators must now explicitly identify what role(s) should have access to leads. This permission applies to both Internal Users and Partner Users.
Filter Users by Permission
We’ve added a new filter to our user listings so that now you can more easily find all users with a specific permission.
What's Changed
We've made a few changes to the platform that will be live with this release.
Approval Tracking Decommissioned
SPARK’s original “Approval Tracking” feature has been removed and has been replaced by the new Decision Tracking feature. Existing approvals have been retained and are available in Decision Tracking.
What's Been Fixed
Here are some things we fixed that will be live in the next update.
E-Tran Submissions for SLA-scored Applications
An issue was identified where SPARK loan packages that were previously SLA scored would not properly originate when submitted to E-Tran. The issue was related to E-Tran incrementing the version of their API. We increased our API version and believe this issue should be resolved. Please let us know if you continue to have issues attempting to originate an SLA-scored package.
Non-profits and Ownership for NLS Exports
We fixed a bug that impacted customers using SPARK’s NLS export for non-profit borrowers.
SBA Form 2484 and NAICS Codes beginning with 72
SBA Form 2484 was using 3.5 instead of 2.5 when calculating the maximum loan amount for a first draw loan. The correct value was being sent to the SBA.
Change Information Request Owner
A bug related to changing the owner of an information request was identified and resolved. Users can now successfully change the owner of an information request after the request is created.
Find Out More
If you're interested in learning more, please check out these helpful links:
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