Featuring:

    • Enhanced Conditions and Covenants
    • Two Factor Authentication
    • Knowledge Base articles and videos

SPARK 6.8 Release Note Highlights

June 22, 2019

Our release notes cover what’s new, what’s changed, and the bugs that we’ve fixed since our last release of SPARK. As always, we welcome your feedback – support@lendwithspark.com.

 

What’s New

  • Security Improvements with Two Factor Authentication: In an effort to make SPARK more secure, we have built out a new Two Factor Authentication feature. This is an optional feature that SPARK Administrators can activate for all users. If enabled, it will send a text message or email to the SPARK user the first time a user logs into SPARK. This adds an extra layer of protection to SPARK, keeping your data safe and secure.
Existing Business and Individual Debt
  • Automated Conditions and Covenants: SPARK has extended its document generation logic to the Conditions and Covenants section. What this means, is now you can automatically create Conditions and Covenants based on the characteristics of the Loan Package! For example, if there is a leased property that’s part of the loan package, the “Assignment of Lease” Condition of Closing can automatically be created! This is a configurable change in SPARK, so if you’d like to take advantage of it, please reach out to SPARK support at support@lendwithspark.com.
Project accounting fee changes made in SPARK version 6.6
  • New LGBTQ Fields for Individuals: SPARK has added new classifications in the Individual Demographic section where users can select gender assigned at birth, gender identity, and updated sexual orientation options. These changes are configurable and able to be updated in the SPARK Administration page. As of SPARK 6.8, these changes have been enabled by default and if your organization does not wish to include these designations, that may be updated in the SPARK Administration.
Example of Automated Closing Statement
  • Knowledge Base: In an effort to provide more training and material for SPARK customers, we have created a Knowledge Base! Topics include “Getting Started”, “Documents, “Authorized Users” and more. Now SPARK clients can read articles and watch videos about various topics to learn more about all of SPARK’s features. This should be especially helpful for brand new users who are just getting introduced to SPARK!

What’s Changed

  • Revert Stage Change Notification:  SPARK now sends notifications when a loan package is reverted to the previous stage.
  • E-Tran Version 5.8 supported: SPARK now supports the latest version of E-Tran. This means that SPARK will now send over fractional ownership percentages entered into SPARK.
  • Split Guaranty Fee in Project Accounting: In an effort to better document the Use of Proceeds, we now support splitting the Guaranty Fee between multiple fees. SPARK will no longer automatically update the amount of the fee after it is split, ensuring that the correct amount is displayed on the Closing Statement.
  • New Reporting Fields: SPARK supports more reporting fields to include information about Disbursements and the Terms of the loan.

What’s Fixed

  • DocuSign Fixes: We’ve improved the error handling of some common DocuSign errors including attempting to void / delete an envelope that is in a state where the envelope cannot be deleted / voided.
  • Intermittent Error Deleting Businesses, Individuals, or Collateral: When a business, individual, or collateral was deleted, document strays would remain on the package with no documents attached! We have corrected this bug, so when a business, individual, or collateral is deleted, the remaining documents and placeholders are deleted as well.
  • Changing the Package Lender: We fixed an issue that would occur when a loan was changed from an SBA product type of a non-SBA type product. Prior to this fix, an error page would display and the product could not be changed.