Definitions: Performing, Re-Performing, Semi-Performing?
The more people I talk with the more it appears that there isn't a firm definition of performance; or folks are liberally using the terms depending on whether they are buying or selling.
Is there a trusted source that defines these terms? If not, how is your definition different from mine?
- Performing: all payments current and on time over the last 12 months. Could be an original note or a loan mod.
- Re-performing: current but has missed one or more payments over the last 12 months. Could be an original note or a loan mod.
- Semi-Performing: not current but making regular payments (eg 1 or 2 months behind for the last 6 months)
- Non-Performing: not current, making no payments or sporadic payments.