All the Things You Wish Your Lending Software Could Do

If you had three wishes for your lending software, what would you wish? (And yes, wishing for more wishes is an acceptable answer.) That’s because building reliable software isn’t finite — it’s a continuum of iterations and modifications to meet users’ needs and adapt to changing times

This is where so many platforms fall short. But at SPARK, we believe business lending software should work for the customer, not the other way around. It should help users do their work better and faster, not just show off. And it should be configurable to the client for the utmost flexibility and ROI. 

What is it you want your lending solution to accomplish? What do you want to improve or configure? And can you get help along the way?  

Whatever it is, the answer is yes. SPARK can do it. 

Here’s the “short list” of capabilities lenders ask about most — and how SPARK steps up to the plate to deliver.

“Can I originate all my business loan products using SPARK?” Yes, you can.

SPARK supports the lending process at the product level, making it easier to differentiate and control it for different loan types and sizes. Each SPARK engagement requires a dedicated onboarding and configuration phase where key product details and process differentiation are discussed and then built into the platform. Once product flows are set up and configured, SPARK does the rest, keeping your teams and customers engaged in a transparent and goal-oriented approach toward loan origination.  

Want to add SBA to your product mix? No problem. Seeking to get your commercial group on a digital lending solution? Sure thing. Want to expand into equipment and fleet leasing? We can do that too. SPARK is an end-to-end, cloud-based lending solution, meaning you can go from intake to underwriting to funded in one system.

“Can SPARK connect directly with E-Tran?” You bet it can!

E-Tran is the SBA’s loan serving portal, through which eligible lenders can electronically submit and modify SBA loans. SPARK connects directly with E-Tran for both preferred lender program (PLP) and general partner (GP) submissions. Here’s how our direct-to-SBA application and documentation submission process works:

  • By the time your loan reaches the packaging stage, most of the work has already been done. While you build out a loan package in SPARK, the platform is simultaneously building out SBA forms and eligibility and compiling all the information you need to send over a complete loan file to E-Tran. 
  • Sources, uses, collateral, and even refinance information that has already been entered into SPARK is sent to E-Tran directly. By reusing data, you eliminate time-consuming rekeying of information, allowing you to turn around loans faster.

E-Tran is just one of the many integrations SPARK can connect to. The platform also has built-in integrations to DocuSign, FICO Liquid Credit, Laser Pro, TEA, and NLS. In addition, SPARK also supports API integrations that allow it to communicate with third parties. 

“Can SPARK dynamically adjust the process and flow based on deal characteristics?” Absolutely.

SPARK’s artificial intelligence (AI) engine is always on and watching for significant developments in the processing of a loan. No matter how broad or granular, SPARK can dynamically adjust the process and flow based on your deal characters. This might include:

  • Adding a new business to the transaction and watching as SPARK requests updated documentation and data about that business (based on the role it will play in the transaction).

OR

  • Understanding if the real estate securing the transaction is valued at over $350,000 and whether the business that owns the collateral is in an environmentally sensitive NAICS code (thus requiring a phase 1 environmental report). 

SPARK is configurable so you can be as agile and flexible as your customers. What’s your specific use case? SPARK has the power to pivot.

“Can SPARK get me up and running in weeks, not months?” A resounding YES.

There’s no greater letdown than purchasing something new only to find you can’t use it right away. Despite industry standards that prolong the implementation process for months, SPARK onboards new customers in just four weeks

Here’s how it works:

  • Week 1: Intro to SPARK and the Intake Process
    We kick off onboarding with an overview of the SPARK loan origination system and a look at the loan intake process. 
  • Week 2: Underwriting
    Here, we explore the underwriting features of the software, as well as use cases like advanced deal structures, configurable statement spreading, intuitive lender policy, SBA eligibility review, integrated third-party data, and commitment letter generation.
  • Week 3: Packaging, Closing, and Funding
    In Week 3, we go through the loan packaging, closing, and disbursement. This includes built-in SBA 7(a) capabilities to make submission easy, automated tools to stay on top of your closing requirements, and post-disbursement tracking and communication. 
  • Week 4: Full Team Training & Loan Origination in Practice
    Using all the training learned in the first three weeks, we conduct a full team training on a live loan in SPARK so you can see what it actually looks like to put a loan through the system. 

The key to fast onboarding? Active trainee participation. Customers who devote time and engagement in onboarding come away with knowledge that’s immediately applicable and fruitful in growing business. 

What Can’t SPARK Do?

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. 

The SPARK lending platform has been a game changer for The Bancorp as we continue to expand our SBA and small business lending business. The team at SPARK listened and understood our specific needs and was able to provide a client facing system that is increasing our productivity on a daily basis.

Jeff Nager
EVP, Head of Commercial Lending at The Bancorp

But perhaps the greatest benefit of using SPARK is the time and money you win back. While other companies require additional investment or take a long time to implement new functionality, SPARK works very quickly and without an up-charge (none of the capabilities mentioned above cost extra). In fact, the greatest cost incurred is just the time it takes to relay what you want accomplished. Oftentimes, we can make changes to the platform (or walk you through them) on the fly, which can be reflected in the tech the same day — something not many providers can do.  

Whether you want to send documents for electronic signature, pull credit scores within the system, create a picture of your lending pipeline, generate custom reports, or produce forms unique to your bank, SPARK has you covered. Just ask.

See SPARK in action by requesting a demo today.