Final Answer:
Reports of condition must be submitted to the NMLS on a annual basis.
Step-by-step explanation:
Reports of condition, also known as financial statements or call reports, are required to be submitted to the Nationwide Multistate Licensing System & Registry (NMLS) on a regular basis. In this context, the correct frequency is annually. This submission provides regulators and stakeholders with essential financial information about the entities involved, ensuring transparency and regulatory compliance. By adhering to the prescribed reporting schedule, financial institutions contribute to the overall integrity and stability of the financial system.