How long must HMDA records be kept?

How long must HMDA records be kept?

• A. 1 year
• B. 3 years
• C. 5 years
• D. 7 years

Answer: (B)

HMDA records must be kept for three years. This three-year retention period is set so that lenders’ HMDA data and the supporting documentation remain available for supervisory review, audits, and any potential inquiries or corrections over a reasonable timeframe. Keeping the data for three years helps ensure accuracy and consistency in the recorded lending activity and provides regulators with access to the information needed to analyze lending patterns over multiple years. Other timeframes are not mandated for HMDA data, so three years is the correct requirement.

HMDA records must be kept for three years. This three-year retention period is set so that lenders’ HMDA data and the supporting documentation remain available for supervisory review, audits, and any potential inquiries or corrections over a reasonable timeframe. Keeping the data for three years helps ensure accuracy and consistency in the recorded lending activity and provides regulators with access to the information needed to analyze lending patterns over multiple years. Other timeframes are not mandated for HMDA data, so three years is the correct requirement.