Collateral & Purpose Codes

Answered by:

Question:

We are reviewing our collateral and purpose codes. Are the codes standardized in the industry or are we free to create our own? Do they flow to the call report?

Answer:

I see many varieties of collateral and purpose codes. They need to tie to your loan products and should make sense in relation to call codes that are used to create the call report.

First published on BankersOnline.com 11/17/08