Is the intention of call report codes actually the loan purpose or is it based on the collateral? Are we in trouble if we have coded some incorrectly?

The call report codes are based on the collateral securing the loan. I don't think that you would necessarily be in trouble if some loans were coded incorrectly, but if a significant amount of loans were incorrectly coded, you might want to contact your call report analyst to see if you need to resubmit past data after the corrections have been made.

You may also want to revisit your policies and procedures to prevent future coding errors.