Configuring Loan Purpose Codes (1)
Purpose Code Definition
Access this screen by selecting Tool #706: Purpose Code Configuration.
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This is the first of two screens used to configure Purpose Codes which are assigned to individual loan accounts. A Purpose Code defines what loan funds are being used for, and is simply a means to document the reason for the loan. It does not affect how the loan is processed in any way.
In addition, a credit bureau-configured account type code can be attached to each Purpose Code created in the CU*BASE system. Therefore, Purpose Codes become an important tool for reporting loan data properly to the credit bureau. Your credit bureau or a client service representative can provide a current list of accepted credit bureau codes and their meanings.
To create or modify a Purpose Code, enter any new or existing two-digit alpha-numeric code. (Codes do not have to be in strict sequence.) Use Enter to proceed to the second screen.
If you wish to print a list of all of your Purpose Codes, simply click Print List (F14).