This bill, known as the Federal Loan Systems Modernization Act of 2026, aims to address inefficiencies in Federal loan programs caused by outdated and fragmented technology. It authorizes the creation of a centralized shared services platform called Lending.gov , which will serve as a single source of access to Federal loans and modernize the management of these credit programs. The platform's primary goals are to reduce costs, prevent fraud, increase the speed of loan origination, improve transparency, and enhance both access and customer experience for borrowers. Within six months of enactment, the General Services Administration (GSA) Administrator must submit a plan for establishing Lending.gov , including designating a lead agency as the initial provider and outlining the integration of commercially available loan management technology. The designated Provider will be responsible for operating, maintaining, and continuously improving the platform, ensuring compliance with Federal requirements for cybersecurity, privacy, and financial management. Key functionalities will include application intake, underwriting, servicing, reporting, and fraud detection, all designed to streamline the Federal lending process. Agencies administering Federal loan programs are generally required to migrate their systems to Lending.gov within three years, particularly for programs originating over 50 loans annually or with aggregate loan amounts exceeding $10 million. The Director of the Office of Management and Budget (OMB) may grant exceptions for up to three years if migration is deemed impractical. The platform's operations will be financed through interagency reimbursements and a remittance fee, not exceeding 0.25% of the loan's face value, collected on serviced Federal loans, with specific provisions for direct loans to individuals.