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Consumer Loans Receivable | 6 Months Ended
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Oct. 02, 2021
Receivables [Abstract] |
Consumer Loans Receivable | Consumer Loans Receivable The following table summarizes consumer loans receivable (in thousands):
| October 2, 2021 |  | April 3, 2021
Loans held for investment, previously securitized | $ | 28,631 |  |  | $ | 31,949 |
Loans held for investment | 16,207 |  |  | 18,690 |
Loans held for sale | 10,253 |  |  | 15,587 |
Construction advances | 7,485 |  |  | 13,801 |
| 62,576 |  |  | 80,027 |
Deferred financing fees and other, net | (1,178) |  |  | (2,041) |
Allowance for loan losses | (2,799) |  |  | (3,188) |
| 58,599 |  |  | 74,798 |
Less current portion | (26,475) |  |  | (37,690) |
| $ | 32,124 |  |  | $ | 37,108 |
The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan losses (in thousands):
| Three Months Ended |  | Six Months Ended
| October 2, 2021 |  | September 26, 2020 |  | October 2, 2021 |  | September 26, 2020
Allowance for loan losses at beginning of period | $ | 2,918 |  |  | $ | 4,012 |  |  | $ | 3,188 |  |  | $ | 1,767 |
Impact of adoption of Financial Accounting Standards Board's Accounting Standards Update 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") | — |  |  | — |  |  | — |  |  | 2,276 |
Change in estimated loan losses, net | 210 |  |  | (94) |  |  | (57) |  |  | 67 |
Charge-offs | (329) |  |  | (8) |  |  | (332) |  |  | (200) |
Allowance for loan losses at end of period | $ | 2,799 |  |  | $ | 3,910 |  |  | $ | 2,799 |  |  | $ | 3,910 |
The consumer loans held for investment had the following characteristics:
| October 2, 2021 |  | April 3, 2021
Weighted average contractual interest rate | 8.2 | % |  | 8.3 | %
Weighted average effective interest rate | 8.8 | % |  | 9.3 | %
Weighted average months to maturity | 157 |  | 162
The following table is a consolidated summary of the delinquency status of the outstanding amortized cost of consumer loans receivable (in thousands):
| October 2, 2021 |  | April 3, 2021
Current | $ | 59,602 |  |  | $ | 76,378 |
31 to 60 days | 110 |  |  | 508 |
61 to 90 days | 2,502 |  |  | 21 |
91+ days | 362 |  |  | 3,120 |
| $ | 62,576 |  |  | $ | 80,027 |
The following tables disaggregate gross consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands):
| October 2, 2021
| 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Total
Prime- FICO score 680 and greater | $ | 6,664 |  |  | $ | 5,077 |  |  | $ | 2,776 |  |  | $ | 1,408 |  |  | $ | 765 |  |  | $ | 22,669 |  |  | $ | 39,359 |
Near Prime- FICO score 620-679 | 2,247 |  |  | 3,445 |  |  | 2,175 |  |  | 1,856 |  |  | 1,354 |  |  | 9,978 |  |  | 21,055 |
Sub-Prime- FICO score less than 620 | — |  |  | 21 |  |  | 53 |  |  | — |  |  | — |  |  | 1,547 |  |  | 1,621 |
No FICO score | — |  |  | 149 |  |  | 19 |  |  | 27 |  |  | — |  |  | 346 |  |  | 541 |
| $ | 8,911 |  |  | $ | 8,692 |  |  | $ | 5,023 |  |  | $ | 3,291 |  |  | $ | 2,119 |  |  | $ | 34,540 |  |  | $ | 62,576 |
| April 3, 2021
| 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Total
Prime- FICO score 680 and greater | $ | 18,250 |  |  | $ | 3,575 |  |  | $ | 1,718 |  |  | $ | 971 |  |  | $ | 1,959 |  |  | $ | 23,375 |  |  | $ | 49,848 |
Near Prime- FICO score 620-679 | 10,227 |  |  | 2,744 |  |  | 1,794 |  |  | 1,364 |  |  | 500 |  |  | 10,401 |  |  | 27,030 |
Sub-Prime- FICO score less than 620 | 348 |  |  | 53 |  |  | — |  |  | — |  |  | 84 |  |  | 1,579 |  |  | 2,064 |
No FICO score | 576 |  |  | — |  |  | 28 |  |  | — |  |  | — |  |  | 481 |  |  | 1,085 |
| $ | 29,401 |  |  | $ | 6,372 |  |  | $ | 3,540 |  |  | $ | 2,335 |  |  | $ | 2,543 |  |  | $ | 35,836 |  |  | $ | 80,027 |
As of October 2, 2021, 36% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 18% was concentrated in Florida. As of April 3, 2021, 35% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 20% was concentrated in Florida. Other than Texas and Florida, no sta te had concentrations in excess of 10% of the principal balance of the consumer loans receivable as of October 2, 2021 or April 3, 2021. Repossessed homes totaled approximately $893,000 and $518,000 as of October 2, 2021 and April 3, 2021, respectively, and are included in Prepaid expenses and other current assets in the Consolidated Balance Sheets. Foreclosure or similar proceedings in progress totaled approximately $927,000 and $1.1 million as of October 2, 2021 and April 3, 2021, respectively.

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- Definition The entire disclosure for financing receivable. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2196816 + Details
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