SPARK Highlights: Top 5 Feature Releases of 2024

As 2024 comes to a close, we’re reflecting on some of the most impactful features we’ve launched this year. Each enhancement is designed to help streamline your workflows, improve collaboration, and make SPARK even more powerful. Here’s a look at what we delivered in 2024:

Companion Packages

Managing multiple related loans or leases is now simpler than ever with Companion Packages. This feature streamlines underwriting, documentation, and closing for packages linked to the same applicant and set to close around the same time. Shared sources and uses, document placeholders, and collateral are just a few ways this functionality enhances companion workflows. Many SPARK customers are already incorporating Companion Packages into their day-to-day operations!

Full 504/Interim Loan Support

SPARK now offers comprehensive support for 504 loans and interim financing, streamlining multi-loan management. Uses of funds are shared seamlessly between permanent and interim loans for improved accuracy and efficiency. Shared elements such as collateral, guarantors, and document placeholders further simplify the process, while interim loans are excluded from financial analysis and debt schedules to maintain a clear and focused workflow.

Messaging in SPARK

With the launch of in-app Messaging, communication is now simpler and more efficient. Internal users and applicants can connect directly within SPARK, removing the need for emails or external messaging tools. Key features like 1:1 and group conversations, real-time notifications, and package-related message visibility in Package Activity enable seamless collaboration. With flexible opt-in options, customizable email notifications, and archive functionality, Messaging is designed to enhance usability and streamline interactions in SPARK.

SPARK API V3

We’ve taken our API capabilities to the next level with SPARK API V3. This update introduces robust filtering, querying, and sorting options to retrieve data efficiently. With new endpoints for accessing package-level information, standardized paging, and expanded actions for managing collateral, tasks, and referrals, developers can integrate SPARK into their workflows more seamlessly than ever. Additionally, configuration data like NAICS Codes, document types, and fee types is now accessible via the API, enabling greater customization and control.

Redesigned E-Tran Submission Experience

Submitting to E-Tran is now more intuitive with our redesigned user experience. You can easily select principals for submission, designate controlling interest, and ensure SBA compliance with updated ownership rules. Real-time validation summaries refresh every 30 seconds, helping you catch and resolve errors before submission. These improvements streamline the process, saving you time and reducing errors.

Bonus Feature by Popular Demand: Delete Multiple Document Placeholders

At last summer’s SPARK Summit in Minneapolis, our users shared valuable feedback on what they’d like to see in SPARK. One of the top requests was the ability to delete multiple document placeholders at once—a feature we were excited to prioritize and deliver! If you missed this year’s Summit, we’d love to see you next year to share your ideas and connect with the SPARK community.

Thank You for an Incredible Year!

Your feedback drives our innovation, and we’re grateful for the insights you’ve shared throughout 2024. Many of our customers are already benefiting from these features, but if you haven’t adopted them yet, contact your Customer Success Manager to learn more and get started in the new year.

We’re excited to continue this journey with you in 2025, delivering even more value to support your lending success.