New Support / Help Button and Widget
The support button has been replaced by a new “Help” button that is always visible on the bottom right-hand of the screen. In addition to a contact us / submit ticket form, the new “Help” widget also includes a knowledge base search so that you can conveniently search for knowledge base articles from any page.
Configurable Deposit Types
We’ve added support for changing the title of SPARK’s four standard deposit types. Out of the box SPARK supports an Upfront deposit, Letter of Interest deposit, Commitment Letter deposit, and a Packaging Fee. If you’d prefer to call an “upfront” deposit a “good faith deposit” you can now make that change in SPARK administration.
FICO Credit Pull Statistics
Lenders taking advantage of integrated credit scoring can now view the number of business and personal credit reports requested from within SPARK.
New SBA Form 912
The new version of SBA Form 912 is now available in SPARK.
New Internal Stage for Document Placeholder Configuration
A new “internal stage” has been added to the configuration of a document placeholder so that lenders can control when a document placeholder setup to be automatically created is made available on a loan package.
For example, if you never want to see closing document placeholders on a loan package that is still in an intake stage, you’ll be able to inform your SPARK administrator to change the internal stage of all of your closing document placeholders to the “closing” master stage.
Please note that this is a go-forward change only and will not impact loan packages with existing document placeholders.
Contact email@example.com or your customer success manager if you’d like to learn more about updating your document placeholder configuration.
Support for Originating Screen Outs and Improper Scores
SPARK now supports originating loan applications that receive a screen out or improper score. As a delegated lender, you have authority to directly approve loan applications that are below 130. Prior to this release, lenders were required to acknowledge and approve loan applications from within E-Tran.
SPARK API v2 Beta Available
Version 2 of the SPARK API is available and includes the following primary changes:
Support for creating and deleting packages from the package endpoint.
A new business endpoint exists for reading, creating, and deleting businesses.
A new individual endpoint exists for reading, creating, and deleting individuals.
Deprecation of the LegalEntity resource – legal entity-related information is now available within separate business and individual resources.
Downloading documents is now accomplished through a GET vs a POST.
Signature Settings Removed from Product-level Document Placeholder Configuration
For any document placeholder that requires a signature, this will now be configured in the “global” document placeholder configuration section, rather than both the “global” and product level settings.
Permission Changes and Logged In Users
A user will need to logout and log back in to SPARK for permission changes to apply if a change is made to any of their assigned permissions.
Automated Package Updates
Document Analysis Improvements
We’ve added support for the 2019 versions of all tax forms (1120, 1120S, 1040, 1040 Schedule C, 1065, 1120S K-1, 1065 K-1).
We’ve improved the pattern matching for tax forms with a non-standard font.
We’ve improved the way tax forms are parsed when tax IDs are masked within the document (i.e. **-***1234)
Processing for 1120 forms for years prior to 2018 has been updated to account for the difference in line 4 (“Dividends” vs “Dividends and inclusions”).
Processing for 1120 forms that use a slightly different template for capturing the business address has been improved to improve the likelihood of identifying the city, state, and zip code.
SBA Form 2462 Updated to Most Recent Version
It was brought to our attention that SBA Form 2462 was outdated. We’ve incorporated the most recent version of this form.
Franchise List Updated
We’ve refreshed our list of franchises with the most recent version.
DocuSign Signing Complete Redirect
A change was made within the DocuSign integration which limits our ability to control where a user is sent after completing a signing session. After this release, users will be redirected to a standard DocuSign page informing them that they have signed all of the forms.
We identified and fixed an issue with our password expiration logic which would NOT expire passwords according to your environment’s configuration.
Originating an SLA Scored Loan with E-Tran
If you previously SLA scored a loan and received an E-Tran validation error when attempting to originate the same loan, SPARK would not properly handle E-Tran’s support for updates. We’ve made significant changes to how SLA scored loans are updated in E-Tran which should drastically reduce the number of E-Tran issues customers have experienced since the 7.0 release.
Masked Tax IDs and Automated Package Conversion
We fixed a bug related to tax forms with masked tax IDs that would cause automated package conversion to fail.
12-month Cash Flow and New Income Statement Templates
We resolved an issue with our new automated spreading templates so that the 12-month cash flow properly inherits the I/S sub accounts.
Find Out More
For more information, download the full SPARK 7.1.1 release notes. Stay ahead in SPARK and subscribe to your favorite categories.