XML 40 R30.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Consumer Loans Receivable (Tables) | 3 Months Ended | 6 Months Ended
--- | --- | ---
Apr. 01, 2017 | Sep. 30, 2017
Receivables [Abstract] |  |
Consumer Loans Receivable |  | The following table summarizes consumer loans receivable (in thousands):
| September 30, 2017 |  | April 1, 2017
Loans held for investment (acquired on Palm Harbor Acquisition Date) | $ | 55,964 |  |  | $ | 60,513 |
Loans held for investment (originated after Palm Harbor Acquisition Date) | 16,891 |  |  | 11,108 |
Loans held for sale | 16,044 |  |  | 18,570 |
Construction advances | 10,349 |  |  | 6,957 |
Consumer loans receivable | 99,248 |  |  | 97,148 |
Deferred financing fees and other, net | (1,259 | ) |  | (1,095 | )
Allowance for loan losses | (488 | ) |  | (252 | )
Consumer loans receivable, net | $ | 97,501 |  |  | $ | 95,801 |
Acquired Consumer Loans Receivable Held for Investment |  |
| September 30, 2017 |  | April 1, 2017
| (in thousands)
Consumer loans receivable held for investment – contractual amount | $ | 130,484 |  |  | $ | 142,391 |
Purchase discount |  |  |
Accretable | (51,180 | ) |  | (56,686 | )
Non-accretable | (23,271 | ) |  | (25,032 | )
Less consumer loans receivable reclassified as other assets | (69 | ) |  | (160 | )
Total acquired consumer loans receivable held for investment, net | $ | 55,964 |  |  | $ | 60,513 |
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):
| Three Months Ended |  | Six Months Ended
| September 30, 2017 |  | October 1, 2016 |  | September 30, 2017 |  | October 1, 2016
Balance at the beginning of the period | $ | 54,912 |  |  | $ | 66,284 |  |  | $ | 56,686 |  |  | $ | 69,053 |
Accretion | (2,163 | ) |  | (2,449 | ) |  | (4,373 | ) |  | (4,964 | )
Reclassifications to non-accretable discount | (1,569 | ) |  | (1,626 | ) |  | (1,133 | ) |  | (1,880 | )
Balance at the end of the period | $ | 51,180 |  |  | $ | 62,209 |  |  | $ | 51,180 |  |  | $ | 62,209 |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score |
| April 1, 2017
| 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 | $ | 705 |  |  | $ | 411 |  |  | $ | 393 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,509 |
620-719 | 11,681 |  |  | 8,072 |  |  | 5,406 |  |  | — |  |  | 697 |  |  | 25,856 |
720+ | 12,748 |  |  | 7,800 |  |  | 5,081 |  |  | — |  |  | 3,097 |  |  | 28,726 |
Other | 51 |  |  | — |  |  | 433 |  |  | — |  |  | — |  |  | 484 |
Subtotal | 25,185 |  |  | 16,283 |  |  | 11,313 |  |  | — |  |  | 3,794 |  |  | 56,575 |
Conforming mortgages |  |  |  |  |  |  |  |  |  |
0-619 | — |  |  | — |  |  | 161 |  |  | 261 |  |  | 99 |  |  | 521 |
620-719 | — |  |  | — |  |  | 1,792 |  |  | 4,231 |  |  | 10,553 |  |  | 16,576 |
720+ | — |  |  | — |  |  | 247 |  |  | 2,465 |  |  | 4,124 |  |  | 6,836 |
Subtotal | — |  |  | — |  |  | 2,200 |  |  | 6,957 |  |  | 14,776 |  |  | 23,933 |
Non-conforming mortgages |  |  |  |  |  |  |  |  |  |
0-619 | 86 |  |  | 435 |  |  | 1,327 |  |  | — |  |  | — |  |  | 1,848 |
620-719 | 1,242 |  |  | 4,947 |  |  | 3,372 |  |  | — |  |  | — |  |  | 9,561 |
720+ | 1,527 |  |  | 2,909 |  |  | 484 |  |  | — |  |  | — |  |  | 4,920 |
Other | — |  |  | — |  |  | 299 |  |  | — |  |  | — |  |  | 299 |
Subtotal | 2,855 |  |  | 8,291 |  |  | 5,482 |  |  | — |  |  | — |  |  | 16,628 |
Other loans |  |  |  |  |  |  |  |  |  |  |
Subtotal | — |  |  | — |  |  | 12 |  |  | — |  |  | — |  |  | 12 |
| $ | 28,040 |  |  | $ | 24,574 |  |  | $ | 19,007 |  |  | $ | 6,957 |  |  | $ | 18,570 |  |  | $ | 97,148 |
| 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):
| September 30, 2017
| 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 | $ | 559 |  |  | $ | 381 |  |  | $ | 359 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,299 |
620-719 | 10,862 |  |  | 7,586 |  |  | 7,024 |  |  | — |  |  | 158 |  |  | 25,630 |
720+ | 11,696 |  |  | 7,091 |  |  | 9,012 |  |  | — |  |  | 2,049 |  |  | 29,848 |
Other | 50 |  |  | — |  |  | 373 |  |  | — |  |  | — |  |  | 423 |
Subtotal | 23,167 |  |  | 15,058 |  |  | 16,768 |  |  | — |  |  | 2,207 |  |  | 57,200 |
Conforming mortgages |  |  |  |  |  |  |  |  |  |
0-619 | — |  |  | — |  |  | 159 |  |  | — |  |  | 93 |  |  | 252 |
620-719 | — |  |  | — |  |  | 1,746 |  |  | 6,344 |  |  | 9,076 |  |  | 17,166 |
720+ | — |  |  | — |  |  | 330 |  |  | 4,005 |  |  | 4,552 |  |  | 8,887 |
Other | — |  |  | — |  |  | — |  |  | — |  |  | 116 |  |  | 116 |
Subtotal | — |  |  | — |  |  | 2,235 |  |  | 10,349 |  |  | 13,837 |  |  | 26,421 |
Non-conforming mortgages |  |  |  |  |  |  |  |  |  |
0-619 | 84 |  |  | 421 |  |  | 1,079 |  |  | — |  |  | — |  |  | 1,584 |
620-719 | 1,201 |  |  | 4,670 |  |  | 3,257 |  |  | — |  |  | — |  |  | 9,128 |
720+ | 1,494 |  |  | 2,717 |  |  | 404 |  |  | — |  |  | — |  |  | 4,615 |
Other | — |  |  | — |  |  | 289 |  |  | — |  |  | — |  |  | 289 |
Subtotal | 2,779 |  |  | 7,808 |  |  | 5,029 |  |  | — |  |  | — |  |  | 15,616 |
Other loans |  |  |  |  |  |  |  |  |  |
Subtotal | — |  |  | — |  |  | 11 |  |  | — |  |  | — |  |  | 11 |
| $ | 25,946 |  |  | $ | 22,866 |  |  | $ | 24,043 |  |  | $ | 10,349 |  |  | $ | 16,044 |  |  | $ | 99,248 |
Loans and Leases Receivable, Other Information |  | ver the life of the acquired loans. 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:
| September 30, 2017 |  | April 1, 2017
Prepayment rate | 14.1 | % |  | 13.8 | %
Default rate | 1.2 | % |  | 1.1 | %
Assuming there was a 1% unfavorable variation from the expected level, for each key assumption, the expected cash flows for the life of the portfolio, as of September 30, 2017, would decrease by approximately $1.6 million and $4.3 million for the expected prepayment rate and expected default rate, respectively.

X
- Definition Consumer loans receivable. + References No definition available. + Details
Name: | cvco_ConsumerLoansReceivableTableTextBlock
Namespace Prefix: | cvco_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of acquired consumer loans receivable held for investment accretable yield. + References No definition available. + Details
Name: | cvco_ScheduleOfAcquiredConsumerLoansReceivableHeldForInvestmentAccretableYieldTableTextBlock
Namespace Prefix: | cvco_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Summary of gross consumer loans receivable by portfolio segment and credit quality indicator. + References No definition available. + Details
Name: | cvco_SummaryOfGrossConsumerLoansReceivableByPortfolioSegmentAndCreditQualityIndicatorTableTextBlock
Namespace Prefix: | cvco_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Weighted average assumptions cash flows [Table Text Block] + References No definition available. + Details
Name: | cvco_WeightedaverageassumptionscashflowsTableTextBlock
Namespace Prefix: | cvco_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of contractual cash flows to the carrying amount relating to certain loans acquired in a transfer. + References No definition available. + Details
Name: | us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ReceivablesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration