The Federal Loan Systems Modernization Act of 2026 creates a single online platform called Lending.gov to consolidate federal loan applications and management across all federal agencies. Currently, federal loan programs use outdated and fragmented systems, making it difficult for borrowers to access loans and causing agencies to waste money on inefficient operations. Under this bill, a lead federal agency (designated by the General Services Administration) will operate the centralized platform using modern, commercially available loan-processing technology to handle applications, underwriting, servicing, fraud detection, and reporting. All federal agencies that manage loan programs with more than 50 annual originations or over $10 million in aggregate loan amounts must migrate to this platform by three years after the bill's enactment, though the Office of Management and Budget can grant limited exceptions if migration would be impractical. The platform will be funded through fees paid by customer agencies and a remittance fee of up to 0.25 percent on loans serviced through the system, which will be held in a dedicated fund for platform operations and maintenance.
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