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Consumer Loans Receivable (Tables) | 12 Months Ended
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Apr. 02, 2016
Receivables [Abstract] |
Loans and Leases Receivable, Nonperforming Loan and Lease, Policy [Policy Text Block] | Consumer Loans Receivable. Consumer loans receivable consists of manufactured housing loans originated by CountryPlace (securitized, held for investment, or held for sale) and construction advances on mortgages. The fair value of consumer loans receivable held on the Palm Harbor Acquisition Date was calculated as of that date, as determined by the present value of expected future cash flows, with no allowance for loan loss recorded. Loans held for investment consist of loan contracts collateralized by the borrowers’ homes and, in some instances, related land. Construction loans in progress are stated at the aggregate amount of cumulative funded advances. Loans held for sale consist of loan contracts collateralized by single-family residential mortgages. Loans held for sale are stated at the lower of cost or market on an aggregate basis. Loans held for sale are loans that, at the time of origination, are originated with the intent to resell in the mortgage market to investors, such as Fannie Mae and Freddie Mac, with which the Company has pre-existing purchase agreements, or to sell as part of a Ginnie Mae insured pool of loans. Prior to being acquired by the Company, on July 12, 2005 and March 22, 2007, CountryPlace completed two securitizations of factory-built housing loan receivables. These two securitizations were accounted for as financings, which use the portfolio method of accounting in accordance with FASB ASC 310, Receivables – Nonrefundable Fees and Other. The securitizations included provisions for removal of accounts, retention of certain credit loss risk by CountryPlace and other factors that preclude sale accounting of the securitizations under FASB ASC 860, Transfers and Servicing. Both securitizations were accounted for as securitized borrowings; therefore, the related consumer loans receivable and securitized financings were included in CountryPlace’s financial statements. Since the Palm Harbor Acquisition Date, the acquired consumer loans receivable and securitized financings are accounted for in a manner similar to FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality ("ASC 310-30"). The Company acquired consumer loans receivable during the first quarter of fiscal year 2012 as part of the Palm Harbor transaction. Acquired consumer loans receivable held for investment were acquired at fair value and subsequently are accounted for in accordance with ASC 310-30. Consumer loans receivable held for sale are carried at the lower of cost or market and construction advances are carried at the amount advanced less a valuation allowance.
Consumer Loans Receivable | The following table summarizes consumer loans receivable (in thousands):
| April 2, 2016 |  | March 28, 2015
Loans held for investment (acquired on Palm Harbor Acquisition Date) | $ | 68,951 |  |  | $ | 77,670 |
Loans held for investment (originated after Palm Harbor Acquisition Date) | 6,120 |  |  | 5,005 |
Loans held for sale | 8,765 |  |  | 11,903 |
Construction advances | 6,566 |  |  | 4,076 |
Consumer loans receivable | 90,402 |  |  | 98,654 |
Deferred financing fees and other, net | (844 | ) |  | (496 | )
Consumer loans receivable, net | $ | 89,558 |  |  | $ | 98,158 |
Revenue Recognition, Interest [Policy Text Block] | Financial Services Revenue Recognition. Premium amounts collected on policies issued and assumed by Standard Casualty are amortized on a straight-line basis into net revenue over the life of the policy. Premiums earned are net of reinsurance ceded. Policy acquisition costs are also amortized as cost of sales over the life of the policy. At the Palm Harbor Acquisition Date, management evaluated consumer loans receivable held for investment by CountryPlace to determine whether there was evidence of deterioration of credit quality and if it was probable that CountryPlace would be unable to collect all amounts due according to the loans’ contractual terms. The Company also considered expected prepayments and estimated the amount and timing of undiscounted expected principal, interest and other cash flows. The Company determined the excess of the loan pool’s scheduled contractual principal and contractual interest payments over the undiscounted cash flows expected as of the Palm Harbor Acquisition Date as an amount that is not accreted into interest income (the non-accretable difference). The cash flow expected to be collected in excess of the carrying value of the acquired loans is accreted into interest income over the remaining life of the loans (referred to as accretable yield). Interest income on consumer loans receivable is recognized as net revenue (see Note 5). For loans originated by CountryPlace and held for sale, loan origination fees and gains or losses on sales are recognized as net revenue upon title transfer of the loans. CountryPlace provides third-party servicing of mortgages and earns servicing fees each month based on the aggregate outstanding balances. Servicing fees are recognized as net revenue when earned. As of the date of the Palm Harbor acquisition, management evaluated consumer loans receivable held for investment by CountryPlace to determine whether there was evidence of deterioration of credit quality and if it was probable that CountryPlace would be unable to collect all amounts due according to the loans' contractual terms. The Company also considered expected prepayments and estimated the amount and timing of undiscounted expected principal, interest and other cash flows. The Company determined the excess of the loan pool’s scheduled contractual principal and contractual interest payments over all cash flows expected as of the date of the Palm Harbor transaction as an amount that cannot be accreted into interest income (the non-accretable difference). The cash flow expected to be collected in excess of the carrying value of the acquired loans is accreted into interest income over the remaining life of the loans (referred to as accretable yield). Interest income on consumer loans receivable is recognized as net revenue.
Acquired Consumer Loans Receivable Held for Investment |
| April 2, 2016 |  | March 28, 2015
| (in thousands)
Consumer loans receivable held for investment – contractual amount | $ | 166,793 |  |  | $ | 192,523 |
Purchase discount: |  |  |
Accretable | (69,053 | ) |  | (73,202 | )
Non-accretable difference | (28,536 | ) |  | (41,305 | )
Less consumer loans receivable reclassified as other assets | (253 | ) |  | (346 | )
Total acquired consumer loans receivable held for investment, net | $ | 68,951 |  |  | $ | 77,670 |
Weighted average assumptions cash flows [Table Text Block] | Over the life of the acquired loans, the Company continues to estimate cash flows expected to be collected by CountryPlace. As of the balance sheet date, the Company evaluates whether the present value of expected cash flows, determined using the effective interest rate, has decreased from the value at acquisition and, if so, recognizes an allowance for loan loss. The present value of any subsequent increase in the loan pool’s actual cash flows expected to be collected is used first to reverse any existing allowance for loan loss. Any remaining increase in cash flows expected to be collected adjusts the amount of accretable yield recognized on a prospective basis over the loan pool’s remaining life. The weighted averages of assumptions used in the calculation of expected cash flows to be collected are as follows:
| April 2, 2016 |  | March 28, 2015
Prepayment rate | 13.0 | % |  | 12.6 | %
Default rate | 1.0 | % |  | 1.7 | %
Assuming there was a 1% unfavorable variation from the expected level, for each key assumption, the expected cash flows, as of April 2, 2016, would decrease by approximately $2.4 million and $6.0 million for the expected prepayment rate and expected default rate, respectively.
Accretable Yield Movement on Acquired Consumer Loans Receivable | The changes in accretable yield on acquired consumer loans receivable held for investment were as follows (in thousands):
| Year Ended
| April 2, 2016 |  | March 28, 2015
Balance at the beginning of the period | $ | 73,202 |  |  | $ | 77,737 |
Additions | — |  |  | — |
Accretion | (10,720 | ) |  | (11,230 | )
Reclassifications from (to) nonaccretable discount | 6,571 |  |  | 6,695 |
Balance at the end of the period | $ | 69,053 |  |  | $ | 73,202 |
Consumer Loans Held for Investment Characteristics [Table Text Block] | The consumer loans held for investment have the following characteristics:
| April 2, 2016 |  | March 28, 2015
Weighted average contractual interest rate | 9.05 | % |  | 9.10 | %
Weighted average effective interest rate | 9.39 | % |  | 9.27 | %
Weighted average months to maturity | 170 |  |  | 178 |
The Company's consumer loans receivable balance consists of fixed-rate, fixed-term and fully-amortizing single-family home loans. These loans are either secured by a manufactured home, excluding the land upon which the home is located (chattel property loans and retail installment sale contracts), or by a combination of the home and the land upon which the home is located (real property mortgage loans). The real property mortgage loans are primarily for manufactured homes. Combined land and home loans are further disaggregated by the type of loan documentation: those conforming to the requirements of Government-Sponsored Enterprises ("GSEs"), and those that are non-conforming. In most instances, CountryPlace’s loans are secured by a first-lien position and are provided for the consumer purchase of a home. In rare instances, CountryPlace may provide other types of loans in second-lien or unsecured positions. Accordingly, CountryPlace classifies its loans receivable as follows: chattel loans, conforming mortgages, non-conforming mortgages and other loans.
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score | The following table disaggregates CountryPlace’s gross consumer loans receivable for each class by portfolio segment and credit quality indicator as of the time of origination (in thousands):
| April 2, 2016
| Consumer Loans Held for Investment |  |  |  |  |  |
| Securitized 2005 |  | Securitized 2007 |  | Unsecuritized |  | Construction Advances |  | Consumer Loans Held For Sale |  | Total
Asset Class |  |  |  |  |  |  |  |  |  |  |
Credit Quality Indicator (FICO® score) |  |  |  |  |  |  |  |
Chattel loans |  |  |  |  |  |  |  |  |  |  |
0-619 | $ | 776 |  |  | $ | 543 |  |  | $ | 336 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,655 |
620-719 | 13,139 |  |  | 9,100 |  |  | 3,683 |  |  | — |  |  | 96 |  |  | 26,018 |
720+ | 14,751 |  |  | 9,409 |  |  | 2,324 |  |  | — |  |  | 215 |  |  | 26,699 |
Other | 55 |  |  | — |  |  | 447 |  |  | — |  |  | — |  |  | 502 |
Subtotal | 28,721 |  |  | 19,052 |  |  | 6,790 |  |  | — |  |  | 311 |  |  | 54,874 |
Conforming mortgages |  |  |  |  |  |  |  |  |  |
0-619 | — |  |  | — |  |  | 164 |  |  | 95 |  |  | 171 |  |  | 430 |
620-719 | — |  |  | — |  |  | 1,428 |  |  | 3,355 |  |  | 5,847 |  |  | 10,630 |
720+ | — |  |  | — |  |  | 320 |  |  | 3,116 |  |  | 2,436 |  |  | 5,872 |
Subtotal | — |  |  | — |  |  | 1,912 |  |  | 6,566 |  |  | 8,454 |  |  | 16,932 |
Non-conforming mortgages |  |  |  |  |  |  |  |  |  |
0-619 | 88 |  |  | 585 |  |  | 1,392 |  |  | — |  |  | — |  |  | 2,065 |
620-719 | 1,365 |  |  | 5,290 |  |  | 3,664 |  |  | — |  |  | — |  |  | 10,319 |
720+ | 1,684 |  |  | 3,382 |  |  | 826 |  |  | — |  |  | — |  |  | 5,892 |
Other | — |  |  | — |  |  | 307 |  |  | — |  |  | — |  |  | 307 |
Subtotal | 3,137 |  |  | 9,257 |  |  | 6,189 |  |  | — |  |  | — |  |  | 18,583 |
Other loans |  |  |  |  |  |  |  |  |  |  |
Subtotal | — |  |  | — |  |  | 13 |  |  | — |  |  | — |  |  | 13 |
| $ | 31,858 |  |  | $ | 28,309 |  |  | $ | 14,904 |  |  | $ | 6,566 |  |  | $ | 8,765 |  |  | $ | 90,402 |
Geographic Concentration of Consumer Loans Receivable | Loan contracts secured by collateral that is geographically concentrated could experience higher rates of delinquencies, default and foreclosure losses than loan contracts secured by collateral that is more geographically dispersed. Thirty-nine percent of the outstanding principal balance of consumer loans receivable portfolio is concentrated in Texas, and 10% is concentrated in Florida. No other state had concentrations in excess of 10% of the principal balance of the consumer loan receivable as of April 2, 2016

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