What kind of expectations do you have for your loan origination software?
You assume it’ll carry out basic functions like lead intake, tracking, loan servicing, and reporting. What you don’t expect is for it to make you more efficient or increase your visibility across the whole lending cycle. You don’t expect it to make you a more productive lender because, after all, it isn’t a miracle worker. It’s “just software.”
Yet, cloud-based lending software does have the power to transform your team and process. In fact, it’s one of our main goals at SPARK to surprise you with features and functionalities every eight weeks that make you a more accountable, efficient, adaptable, and transparent team.
In our experience, it’s these “intangibles” that lenders appreciate most about loan origination software — not individual features. Not widgets. Just outcomes.
1. Increase Accountability
You have too many loan packages, documents, and checkpoints to manage to leave lending process workflows up to human error. Instead, SPARK’s validation features ensure that all critical data and key documents have been collected prior to advancing the loan package to the next stage. With all data and documents complete before being passed to the next team member, you’ll see reduced team member friction and a more transparent view on where your package actually is in the process.
Plus, we use built-in logic to track the characteristics of the loan file and produce a document checklist based on these attributes. A simple example? SPARK can automatically create a checklist item for Articles of Organization if the business is listed as an LLC. This accountability not only ensures an air-tight process, but makes your bank or financial institution look organized and professional to the client. And that can have tremendous long-term benefits from lifelong loyalty to subsequent referrals and additional business.
2. Boost Efficiency
Many platforms claim to save lenders time and money. But SPARK has watched customers achieve record-setting volume while also reducing their median time to originate each loan. That’s because SPARK is designed to make every step in the process easier for each member of the loan team. It gets rid of the everyday tasks that slow you down (SPARK will eliminate data entry), instead giving you time back to apply toward value-add functions like critical thinking or building customer relationships — actions that are much more fulfilling than performing repetitive tasks or constantly checking for errors.
SPARK does this through built-in logic, which in turn automates the following documents and/or processes:
- Letters of interest
- Loan packaging
- SBA form generation
- Automated package creation and financial spreading
SPARK’s document management capabilities take the work and frustration out of corralling countless files, completely replacing clunky document management solutions like shared folders. SPARK’s document management solution supports multiple document views, auto-naming uploaded files, electronic signatures, and more. Then, automatic document generation intelligently creates the correct document placeholder based on loan characteristics, so you never forget a file.
Plus, SPARK saves names, addresses, and loan product characteristics that are reused across the platform so you never have to enter a name twice.
3. Enhance Adaptability
Your loan origination software should adapt to your needs and specific cases — not the other way around. That’s why SPARK surfaces tasks and requirements intelligently based on the unique characteristics of each loan.
We built our lending products to be entirely configurable to support multiple products and processes, making it easy to originate various business loans across one platform. This process actually begins during a customer’s implementation through an acceptance phase where key product details are configured to match each lender’s unique specification.
What you might not expect is a technology vendor that keeps listening. Beyond implementation, we continue to work closely with our customers to build features that meet their specific needs. From design to functionality, no potential improvement is ever off the table. That means your concerns are heard, you can influence the platform to specifically address your needs, and you help forge the roadmap for future enhancements
4. Gain Transparency
Perhaps one of the greatest benefits of the SPARK platform is having the insight to actually feel in control of the loan process. No more asking around the team for status updates. No more waiting and wondering what the next step is. With SPARK, your team knows where each loan stands, what comes next, and who’s responsible.
This is due in large part to the centralization of all documents and tasks within a single platform. Instead of seeking out information across silos, SPARK provides one place to house all important assets and files in a standard format, replacing outdated legacy systems. Users can take a loan all the way from lead capture to funding without ever opening another program.
What’s more, SPARK fosters greater team collaboration. With SPARK, you can ensure the multiple stakeholders throughout the various stages of the process can’t complete handoffs until key deliverables have been accomplished using SPARK’s validations. With smooth team-to-team transitions, there’s less friction between departments caused by missing crucial steps. Instead, teams work together towards the same goal of increased volume, rather than becoming frustrated at unnecessary roadblocks.
Beyond the Platform
SPARK takes pride in creating a system where users not only accomplish their tasks, but thrive in their work lives. But, the pitfalls of using outdated processes can extend past the origination process. SPARK is designed to positively affect every stage of the lending process and beyond — from day one.
Implementation and Onboarding
SPARK is able to complete new customer onboarding in just a few weeks. Plus, our process is curated to your team’s needs to ensure you get the most out of your training now and in the future. Through it all, our customer success team is there to help you along the way. We’re a high touch team both during training and after, answering your questions and concerns, meeting with you to discuss long-term platform goals, and understanding where SPARK can be improved.
By housing all aspects of the loan origination process in one system, SPARK significantly reduces the pain caused by an audit. Instead of spending hours upon hours manually pulling required documentation, SPARK allows you to simply summon the loan account and download all documentation collected throughout its life. And thanks to SPARK’s Document Placeholder feature, documents are always organized and named consistently, ensuring easy location and access.
Our ability to say “yes” to our customers’ needs comes from SPARK’s inherent configurability and our hands-on approach to service. We even work to incorporate direct customer feedback into new features and functionality with every new release. For instance, since working with The Bancorp starting in 2019, we’ve sharpened our onboarding, training, and launch processes, even adopting several job aids they created to help users better understand the system’s capabilities. That’s the power of open collaboration.
There’s nothing more disappointing than having your expectations met with a sub-par reality. With SPARK, you not only get the benefits of powerful lending technology and SBA expertise, but additional gains in efficiency, transparency, and collaboration that you never thought possible.
See SPARK in action by requesting a demo today.