What’s the difference between a performing, a non-performing and a re-performing note?

Performing note: the borrower is making payments on-time as outlined in their loan agreement.

Non-performing note: the borrower is at least 90 days behind on their regular payments.

Re-performing note: the borrower resumes regular payment after a 90-day delinquency. After 12 months of timely payments, the note is once again classified as Performing.