COMPLETION OF PLANNING FOR LOAN MONITORING SYSTEM.

SEC. 233. COMPLETION OF PLANNING FOR LOAN MONITORING SYSTEM. (a) In General.— The Administrator shall perform and complete the planning needed to serve as the basis for funding the development and implementation of the computerized loan monitoring system, including— (1) fully defining the system requirement using on-line, automated capabilities to the extent feasible; (2) identifying all data inputs and outputs necessary for timely report generation; (3) benchmark loan monitoring business processes and systems against comparable industry processes and, if appropriate, simplify or redefine work processes based on these benchmarks; (4) determine data quality standards and control systems for ensuring information accuracy; (5) identify an acquisition strategy and work increments to completion; (6) analyze the benefits and costs of alternatives and use to demonstrate the advantage of the final project; (7) ensure that the proposed information system is consistent with the agency’s information architecture; and 111 STAT. 2608 (8) estimate the cost to system completion, identifying the essential cost element. (b) Report.— (1) In general.— On the date that is 6 months after the date of enactment of this Act, the Administrator shall submit a report on the progress of the Administrator in carrying out subsection (a) to— (A) the Committees; and (B) the Comptroller General of the United States. (2) Evaluation.— Not later than 28 days after receipt of the report under paragraph (1)(B), the Comptroller General of the United States shall— (A) prepare a written evaluation of the report for compliance with subsection (a); and (B) submit the evaluation to the Committees. (3) Limitation.— None of the funds provided for the purchase of the loan monitoring system may be obligated or expended until 45 days after the date on which the Committees and the Comptroller General of the United States receive the report under paragraph (1).