Performing, Non-Performing and Sub-Performing notes

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I have seen many terms used when referring to performing/sub-performing and non-performing notes such as "Asset type", "Note Type".  If I am evaluating a tape of notes, one could argue that the tape is made of note types such as (performing note and non-performing notes)

Could I get some thoughts on the appropriate term?

Basically, if I asked you what are the type of notes in the secondary market available to investors would you say:

1. Performing, Sub-Performing, or Non-Performing

or

2. Fixed Rate, Adjustable, Balloon

And 1st position, 2nd position. You can have performing or non performing 1st . And the same with 2nds.

Sub performing means they pay occasionally not consistently

Understood.  Good point when you think of the lien position of the note.  Do you think of it as Note position or Lien position?

Originally posted by @Odie Ayaga :

Ok this is probably a stupid question but I'm curious...if there's a 3rd lien is it...sophomore position?

I don't think it is like grade school, it is more like Dad (Sr), Son (Jr), grandson (the 3rd), ... Henry the 8th, I am, I am ... whoever is born (records) 1st is more senior, those born (recorded) after are Junior to them ... and 1st lien is not always the most Senior either ... the tax man has been around forever and always takes his cut first :)