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#161848 - 02/19/04 08:21 PM Federal Reserve Loan Purpose Codes
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,246
Could someone please provide a link to where I can find the list of "Federal Reserve Purpose Codes?"
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#161849 - 02/20/04 02:45 PM Re: Federal Reserve Loan Purpose Codes
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,246
Well, perhaps they're not called "Federal Reserve Purpose Codes." A loan officer asked me about these......said the past two banks he's worked at used them. Do any of you use loan purpose codes? If so, could you provide a list or inform me as to where to find them?

Thank you.
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#161850 - 02/20/04 08:18 PM Re: Federal Reserve Loan Purpose Codes
Anonymous
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Perhaps you mean the loan purpose codes used for HMDA reporting. Check you HMDA guide for the loan purpose codes the Fed accepts.

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#161851 - 02/20/04 08:43 PM Re: Federal Reserve Loan Purpose Codes
Deena Offline
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Deena
Joined: Nov 2000
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PA
Perhaps your loan officer is referring to federal call codes (if that's the technical term). I know I have seen data monitoring forms for CRA that include codes that I think correspond to the call report.
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#161852 - 02/24/04 07:51 AM Re: Federal Reserve Loan Purpose Codes
Princess Romeo Offline

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Joined: Jun 2001
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Different mainframe/data processors utilize different codes for purposes of feeding into the correct line on the Call Report.

I worked at a bank where the "Purpose" code was the actual line on the Call Report (i.e. 04a, 01e, 01a, etc.) Other banks use different codes that are then interpreted for purposes of reporting on the Call Report.

Frankly, I wish we could get rid of the term "Purpose Code" because everyone thinks it means the actual PURPOSE of the loan. But for the Call Report, sometimes the actual purpose of the loan is secondary to other factors.

I wish we would just call the thing "Call Report Code" and be done with it!
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