SPARK 8.0.2 Release Notes

The SPARK 8.0.2 release is planned for Friday, June 14th. This update includes visual updates to Collateral Analysis and Conditions and Covenants. The maintenance window will occur from 11:00 PM CT on Friday, June 14th through 9:00 AM CT on Saturday, June 15th.

What's Changed

Collateral Analysis

We have made some visual and functional updates to Collateral Analysis. 

• Lien Position has been added to the Collateral Analysis listing page. 

• Any updates to the Collateral Listing page are autosaved. 

• The area for documenting Lien Descriptions now has an informational badge stating that this information may be visible on applicant-facing documents (Like Letters of Interest and Commitment Letters). 

• When adding & editing Collateral: 

  • Gross Amount is now Gross Value.

  • Eligible Amount is now Net Value.

  • Available Amount is now Available Value.

  • The fields Gross Value, Valuation Method, Advance Rate, and Valuation Date are now contained in a group of fields called ‘Valuation.’ 

  • Lien Position is now broken out from General Information.

• When documenting a Collateral Sub Type of All Business Assets, there are new options to select Blanket Lien Types. At least one must be selected for SBA loans. This is optional for other products. The Blanket Lien Types selected will be included in the submission to the SBA.

Conditions & Covenants

We have made some visual and functional updates to Conditions and Covenants. 

• Selecting Add Condition opens a panel with the option to create a new ad hoc condition or select existing conditions available from the Conditions Library in SPARK Configuration. 

• There is now one Refresh Conditions action that refreshes conditions on all tabs. 

Documents API Endpoint

We have added ValidationStatus and ValidatedOn to the Documents API endpoint.

What's Been Fixed

• Downloading Documents - A hotfix was deployed shortly after our last release to address an issue with downloading documents to a zip file from the document listing.

• Certain API Requests Failing - A hotfix was deployed shortly after our last release to address an issue with certain SPARK API requests failing.

• Changing a Referral Partner from Edit Package - A hotfix was deployed to address an issue with changing a referral partner on the Edit Package page.

• Edit link on Total Exposure Credit Memo Section - A hotfix was deployed to update the Edit link on the standard Total Exposure credit memo section. The link was redirecting to a page not found.

• Notes on Edit Package Page - A hotfix was deployed to correct the link for Notes added on the Edit Package page. The link was redirecting to a page not found.

• Notes on CAIVRS Page - A hotfix was deployed to correct the link for Notes added on the CAIVRS page.

• USDA Guaranty Fees - A hotfix was deployed to address an issue with overriding a USDA guaranty fee on a package with multiple USDA sources of funds.

• E-Tran and Workers Comp - A hotfix was deployed to include workers compensation in E-Tran submissions. Although SPARK supported documenting workers compensation insurance, the document was previously not sent to E-Tran.

• E-Tran and Individual Co-Borrowers - E-Tran added a new question for individual co-borrowers regarding paying a fee to the lender or a 3rd party. This question was included for all business borrowers but not for individual co-borrowers. We updated the E-Tran submission to include the answer to this question in a hotfix.

• E-Tran and 4363 Errors - We've been seeing more customers receive the 4363 error. This error code means there's an issue with an EIDL/PPP Loan taken by the business, any of the owners, or any of their other businesses. When this validation comes up after attempting to originate a loan that was previously pre-checked or SLA scored, SPARK was not displaying the issue and the application would remain in the "In Process" submission stage. We've made a change to show this error (or any other E-Tran error) when the E-Tran loan application is still in process.

• E-Tran Submissions and Middle Initials - In the last release we decided to pass the middle initial for all principals. This appeared to cause issues with certain E-Tran functions (e.g., SLA Scoring) so we pushed out a hotfix to no longer send principals' middle initials to E-Tran.

• E-Tran Submission and Missing Processing Method - We fixed an error that would occur when a lender would attempt to start the E-Tran submission without a valid processing method.

• Affiliate Commentary - We fixed an issue where affiliate commentary was added to the Management / Operations page but the affiliate business was removed from the package. The affiliate commentary could no longer be updated but would still appear on the credit memo. Going forward, we will hide the affiliate commentary from the credit memo if no affiliates exist.

• Invalid Estimated Closing Date - We added additional date validation to all of the date fields on the Edit Package page.

• Completing a Disbursement that Was Previously Reverted to In Progress - We fixed an issue where a disbursement that was previously completed could not be marked as complete without removing and reattaching the payment confirmation document.

• Editing an Origination Fee from Edit Package - An issue was resolved where the origination fee could not be updated on the Edit Package page even though an origination fee was supported by the product.

Find Out More

Stay tuned for the latest features and subscribe to your favorite categories. You can view our product roadmap at any time here.

If you have any feedback or questions about this release, please reach out to your Customer Success Manager or email us at support@lendwithspark.com. Your feedback will help us make SPARK the best loan origination software in the market!