(a) In general

Subtitle D of the Consolidated Farm and Rural Development Act is amended by inserting after section 333D (7 U.S.C. 1983d) the following:

333E. Expedited loan guarantee approval pilot program

(a) In general

Beginning not later than 1 year after the date of the enactment of this section, the Secretary shall carry out a pilot program to establish an expedited qualification and approval process for borrowers seeking bridge loans guaranteed by the Secretary under this Act, that are serviced by Preferred Certified Lenders under section 339(d) and are provided to creditworthy borrowers, as determined by the Preferred Certified Lender.

(b) Loan assessments

In carrying out this section, the Secretary shall consider streamlining the process for making determinations necessary to make the certifications and assessments referred to in section 339(c)(5) and determinations under section 360(b).

(c) Rule of interpretation

This section shall not be interpreted to authorize the waiver or modification of any requirement, other than a timing requirement applicable to application processing, imposed by or under this Act.

(d) Report

Within 1 year after the date of the enactment of this section, and annually thereafter, the Secretary shall submit to the Committee on Agriculture of the House of Representatives and the Committee on Agriculture, Nutrition, and Forestry of the Senate a report examining the actions undertaken under, and the results of, the pilot program.

(e) Termination of effectiveness

The authority provided by this section shall terminate effective September 30, 2031.

(b) Conforming amendments

Section 346(b)(2) of such Act (7 U.S.C. 1994(b)(2)) is amended—