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Fair Value Measurements (Tables) | 12 Months Ended
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Apr. 01, 2017
Fair Value Disclosures [Abstract] |
Summary of the Fair Value and Carrying Value of Financial Instruments | The book value and estimated fair value of the Company’s financial instruments are as follows (in thousands):
| April 1, 2017 |  | April 2, 2016
| Book Value |  | Estimated Fair Value |  | Book Value |  | Estimated Fair Value
Available-for-sale investment securities (1) | $ | 24,162 |  |  | $ | 24,162 |  |  | $ | 24,247 |  |  | $ | 24,247 |
Non-marketable equity investments (2) | 17,383 |  |  | 17,383 |  |  | 14,841 |  |  | 14,841 |
Consumer loans receivable (3) | 95,801 |  |  | 121,021 |  |  | 89,558 |  |  | 126,077 |
Interest rate lock commitment derivatives (4) | 35 |  |  | 35 |  |  | 8 |  |  | 8 |
Forward loan sale commitment derivatives (4) | (86 | ) |  | (86 | ) |  | (31 | ) |  | (31 | )
Commercial loans receivable (5) | 25,833 |  |  | 25,841 |  |  | 25,542 |  |  | 25,688 |
Securitized financings and other (6) | (57,991 | ) |  | (61,270 | ) |  | (61,171 | ) |  | (60,220 | )
Mortgage servicing rights (7) | 1,110 |  |  | 1,110 |  |  | 803 |  |  | 803 |
(1) | For Level 1 classified securities, the fair value is based on quoted market prices. The fair value of Level 2 securities is based on other inputs, as further described below.
(2) | The fair value approximates book value based on the non-marketable nature of the investments.
(3) | Includes consumer loans receivable held for investment, held for sale and construction advances. The fair value of the loans held for investment is based on the discounted value of the remaining principal and interest cash flows. The fair value of the loans held for sale are estimated based on recent GSE mortgage-backed bond prices. The fair value of the construction advances approximates book value and the sales price of these loans is estimated based on construction completed.
(4) | The fair values are based on changes in GSE mortgage-backed bond prices, and additionally for IRLCs, pull through rates.
(5) | The fair value is estimated using market interest rates of comparable loans.
(6) | The fair value is estimated using recent public transactions of similar asset-backed securities.
(7) | The fair value of the mortgage servicing rights is based on the present value of expected net cash flows related to servicing these loans.
Summary of Assets Measured at Fair Value on a Recurring Basis | Financial instruments measured at fair value on a recurring basis are summarized below (in thousands):
| April 1, 2017
| Total |  | Level 1 |  | Level 2 |  | Level 3
Securities issued by the U.S Treasury and Government (1) | $ | 649 |  |  | $ | — |  |  | $ | 649 |  |  | $ | — |
Mortgage-backed securities (1) | 5,559 |  |  | — |  |  | 5,559 |  |  | — |
Securities issued by states and political subdivisions (1) | 7,223 |  |  | — |  |  | 7,223 |  |  | — |
Corporate debt securities (1) | 1,679 |  |  | — |  |  | 1,679 |  |  | — |
Marketable equity securities (1) | 8,052 |  |  | 8,052 |  |  | — |  |  | — |
Interest rate lock commitment derivatives (2) | 35 |  |  | — |  |  | — |  |  | 35 |
Forward loan sale commitment derivatives (2) | (86 | ) |  | — |  |  | — |  |  | (86 | )
Mortgage servicing rights (3) | 1,110 |  |  | — |  |  | — |  |  | 1,110 |
(1) | Unrealized gains or losses on investments are recorded in accumulated other comprehensive income (loss) at each measurement date.
(2) | Gains or losses on derivatives are recognized in current period earnings through cost of sales.
(3) | Changes in the fair value of mortgage servicing rights are recognized in the current period earnings through net revenue.
Summary of Assets and Liabilities Measured at Fair Value for Disclosure | Financial instruments for which fair value is disclosed but not required to be recognized in the balance sheet on a recurring basis are summarized below (in thousands):
| April 1, 2017
| Total |  | Level 1 |  | Level 2 |  | Level 3
Loans held for investment | $ | 94,434 |  |  | $ | — |  |  | $ | — |  |  | $ | 94,434 |
Loans held for sale | 19,630 |  |  | — |  |  | — |  |  | 19,630 |
Loans held—construction advances | 6,957 |  |  | — |  |  | — |  |  | 6,957 |
Commercial loans receivable | 25,841 |  |  | — |  |  | — |  |  | 25,841 |
Securitized financings | (61,270 | ) |  | — |  |  | (61,270 | ) |  | — |
Non-marketable equity investments | 17,383 |  |  | — |  |  | — |  |  | 17,383 |
Activity in Capitalized Mortgage Servicing Rights |
| April 1, 2017 |  | April 2, 2016
Number of loans serviced with MSRs | 4,041 |  |  | 3,728 |
Weighted average servicing fee (basis points) | 31.42 |  |  | 30.43 |
Capitalized servicing multiple | 74.79 | % |  | 61.65 | %
Capitalized servicing rate (basis points) | 23.50 |  |  | 18.76 |
Serviced portfolio with MSRs (in thousands) | $ | 472,492 |  |  | $ | 428,324 |
Mortgage servicing rights (in thousands) | $ | 1,110 |  |  | $ | 803 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=77997519&loc=d3e13476-108611 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=77997519&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=75026489&loc=d3e13220-108610 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=77997519&loc=d3e13433-108611 + Details
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- Definition Tabular disclosure of the activity in the balance of servicing assets (including a description of where changes in fair value are reported in the statement of income for each period for which results of operations are presented), including but not limited to, the following: beginning and ending balances, additions (for instance, through purchases of servicing assets), disposals, changes in fair value during the period resulting from changes in inputs or assumptions used in the valuation model, other changes in fair value along with a description of those changes, and other changes that affect the balance along with a description of those changes. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 860 -SubTopic 50 -Section 50 -Paragraph 3 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=68078379&loc=d3e122625-111746 + Details
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