Purpose

The purposes of this Act are to— (1) address the inefficiencies caused by using outdated and fragmented technology to manage multiple Federal lending processes and Federal lending programs across agencies and mitigate consumer difficulties accessing Federal loan programs by incorporating commercially available technology to improve program effectiveness across all agencies through a dedicated loan application platform; (2) authorize the creation of a centralized loan platform, to be known as Lending.gov, utilizing industry-standard, commercially available loan processing software to streamline access to, and the administrative activities of, Federal loan programs in accordance with section 3307 of title 41, United States Code; (3) establish Government-wide requirements for loan management, which will serve as the guiding criteria in the selection of commercially available technology to manage the Platform; and (4) provide agencies with the responsibility and authority for establishing and maintaining oversight of the Platform.