Mortgage Note Encyclopedia

A performing loan is a mortgage note where the borrower is current on payments, offering investors predictable cash flow backed by real estate collateral.

A re-performing loan (RPL) is a previously defaulted mortgage now making payments after a modification, priced between NPLs and performing notes.

A re-performing note is a previously defaulted mortgage note now making payments after a workout, priced by post-modification payment history length.

Seasoning is the age of a mortgage loan since origination, affecting pricing, risk assessment, and eligibility for resale or securitization.