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Consumer Loans Receivable (Tables) | 9 Months Ended
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Dec. 28, 2019
Receivables [Abstract] |
Consumer Loans Receivable | The following table summarizes consumer loans receivable (in thousands):
| December 28, 2019 |  | March 30, 2019
Loans held for investment (at Acquisition Date, defined below) | $ | 39,403 |  |  | $ | 44,375 |
Loans held for investment (originated after Acquisition Date) | 20,839 |  |  | 20,580 |
Loans held for sale | 19,839 |  |  | 11,288 |
Construction advances | 12,626 |  |  | 12,883 |
Consumer loans receivable | 92,707 |  |  | 89,126 |
Deferred financing fees and other, net | (2,284 | ) |  | (1,926 | )
Allowance for loan losses | (431 | ) |  | (415 | )
| $ | 89,992 |  |  | $ | 86,785 |
Acquired Consumer Loans Receivable Held for Investment |
| December 28, 2019 |  | March 30, 2019
| (in thousands)
Loans held for investment (at Acquisition Date) – contractual amount | $ | 87,543 |  |  | $ | 100,595 |
Purchase discount: |  |  |
Accretable | (32,068 | ) |  | (36,672 | )
Non-accretable | (16,026 | ) |  | (19,502 | )
Less loans reclassified as other assets | (46 | ) |  | (46 | )
Total loans held for investment (at Acquisition Date), net | $ | 39,403 |  |  | $ | 44,375 |
Weighted average assumptions | The weighted averages of assumptions used in the calculation of expected cash flows to be collected were as follows:
| December 28, 2019 |  | March 30, 2019
Prepayment rate | 16.6 | % |  | 17.1 | %
Default rate | 1.3 | % |  | 1.1 | %
Assuming there was a 1% (100 basis point) unfavorable variation from the expected level, for each key assumption, the expected cash flows over the life of the portfolio, as of December 28, 2019, would decrease by approximately $817,000 and $2.3 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 consumer loans receivable held for investment (at Acquisition Date) were as follows (in thousands):
| Three Months Ended |  | Nine Months Ended
| December 28, 2019 |  | December 29, 2018 |  | December 28, 2019 |  | December 29, 2018
Balance at the beginning of the period | $ | 34,108 |  |  | $ | 40,937 |  |  | $ | 36,672 |  |  | $ | 44,481 |
Accretion | (1,606 | ) |  | (1,904 | ) |  | (5,086 | ) |  | (5,771 | )
Reclassifications (from) to non-accretable discount | (434 | ) |  | (376 | ) |  | 482 |  |  | (53 | )
Balance at the end of the period | $ | 32,068 |  |  | $ | 38,657 |  |  | $ | 32,068 |  |  | $ | 38,657 |
Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score |
| March 30, 2019
| 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) |  |  |  |  |  |  |  |
Home-only loans |  |  |  |  |  |  |  |  |  |  |
0-619 | $ | 401 |  |  | $ | 245 |  |  | $ | 266 |  |  | $ | — |  |  | $ | — |  |  | $ | 912 |
620-719 | 8,448 |  |  | 5,996 |  |  | 10,266 |  |  | — |  |  | — |  |  | 24,710 |
720+ | 9,090 |  |  | 5,419 |  |  | 8,436 |  |  | — |  |  | 617 |  |  | 23,562 |
Other | 47 |  |  | — |  |  | 390 |  |  | — |  |  | — |  |  | 437 |
Subtotal | 17,986 |  |  | 11,660 |  |  | 19,358 |  |  | — |  |  | 617 |  |  | 49,621 |
Conforming mortgages |  |  |  |  |  |  |  |  |  |
0-619 | — |  |  | — |  |  | 83 |  |  | — |  |  | 460 |  |  | 543 |
620-719 | — |  |  | — |  |  | 2,202 |  |  | 8,061 |  |  | 6,885 |  |  | 17,148 |
720+ | — |  |  | — |  |  | 684 |  |  | 4,822 |  |  | 3,326 |  |  | 8,832 |
Subtotal | — |  |  | — |  |  | 2,969 |  |  | 12,883 |  |  | 10,671 |  |  | 26,523 |
Non-conforming mortgages |  |  |  |  |  |  |  |  |  |
0-619 | 78 |  |  | 344 |  |  | 991 |  |  | — |  |  | — |  |  | 1,413 |
620-719 | 994 |  |  | 4,008 |  |  | 2,687 |  |  | — |  |  | — |  |  | 7,689 |
720+ | 1,238 |  |  | 2,053 |  |  | 369 |  |  | — |  |  | — |  |  | 3,660 |
Other | — |  |  | — |  |  | 214 |  |  | — |  |  | — |  |  | 214 |
Subtotal | 2,310 |  |  | 6,405 |  |  | 4,261 |  |  | — |  |  | — |  |  | 12,976 |
Other loans | — |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | 6 |
| $ | 20,296 |  |  | $ | 18,065 |  |  | $ | 26,594 |  |  | $ | 12,883 |  |  | $ | 11,288 |  |  | $ | 89,126 |
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):
| December 28, 2019
| 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) |  |  |  |  |  |  |  |
Home-only loans |  |  |  |  |  |  |  |  |  |  |
0-619 | $ | 362 |  |  | $ | 219 |  |  | $ | 245 |  |  | $ | — |  |  | $ | — |  |  | $ | 826 |
620-719 | 7,319 |  |  | 5,467 |  |  | 10,873 |  |  | — |  |  | — |  |  | 23,659 |
720+ | 7,933 |  |  | 4,660 |  |  | 7,392 |  |  | — |  |  | 538 |  |  | 20,523 |
Other | 46 |  |  | — |  |  | 339 |  |  | — |  |  | — |  |  | 385 |
Subtotal | 15,660 |  |  | 10,346 |  |  | 18,849 |  |  | — |  |  | 538 |  |  | 45,393 |
Conforming mortgages |  |  |  |  |  |  |  |  |  |
0-619 | — |  |  | — |  |  | 83 |  |  | — |  |  | — |  |  | 83 |
620-719 | — |  |  | — |  |  | 2,402 |  |  | 8,321 |  |  | 12,173 |  |  | 22,896 |
720+ | — |  |  | — |  |  | 1,061 |  |  | 4,305 |  |  | 7,128 |  |  | 12,494 |
Subtotal | — |  |  | — |  |  | 3,546 |  |  | 12,626 |  |  | 19,301 |  |  | 35,473 |
Non-conforming mortgages |  |  |  |  |  |  |  |  |  |
0-619 | 76 |  |  | 277 |  |  | 828 |  |  | — |  |  | — |  |  | 1,181 |
620-719 | 764 |  |  | 3,820 |  |  | 2,528 |  |  | — |  |  | — |  |  | 7,112 |
720+ | 1,115 |  |  | 1,992 |  |  | 230 |  |  | — |  |  | — |  |  | 3,337 |
Other | — |  |  | — |  |  | 181 |  |  | — |  |  | — |  |  | 181 |
Subtotal | 1,955 |  |  | 6,089 |  |  | 3,767 |  |  | — |  |  | — |  |  | 11,811 |
Other loans | — |  |  | — |  |  | 30 |  |  | — |  |  | — |  |  | 30 |
| $ | 17,615 |  |  | $ | 16,435 |  |  | $ | 26,192 |  |  | $ | 12,626 |  |  | $ | 19,839 |  |  | $ | 92,707 |

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