Question

________ is a requirement for annual HMDA reporting.

A. Having the CEO, who has little knowledge of the submitted data, certify its accuracy and completeness
B. Retaining a copy of the submitted annual LAR for at least three years in paper or electronic form
C. Submitting multiple LARs for different loan types
D. Submitting the annual HMDA LAR by January 30 of the year following the calendar year for which data are collected.

Answer 1

The requirement for annual HMDA reporting is to retain a copy of the submitted annual LAR for at least three years in paper or electronic form.

Step-by-step explanation:

The requirement for annual HMDA reporting is Option B: Retaining a copy of the submitted annual LAR for at least three years in paper or electronic form. This means that financial institutions must keep a record of the Loan Application Register (LAR) for a specified period to ensure accountability and compliance.