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Consumer Loans Receivable | 12 Months Ended
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Apr. 02, 2022
Receivables [Abstract] |
Consumer Loans Receivable | Consumer Loans Receivable The following table summarizes consumer loans receivable (in thousands):
| April 2, 2022 |  | April 3, 2021
Loans held for investment, previously securitized | $ | 26,014 |  |  | $ | 31,949 |
Loans held for investment | 14,771 |  |  | 18,690 |
Loans held for sale | 8,500 |  |  | 15,587 |
Construction advances | 3,547 |  |  | 13,801 |
| 52,832 |  |  | 80,027 |
Deferred financing fees and other, net | (833) |  |  | (2,041) |
Allowance for loan losses | (2,115) |  |  | (3,188) |
| 49,884 |  |  | 74,798 |
Less current portion | (20,639) |  |  | (37,690) |
| $ | 29,245 |  |  | $ | 37,108 |
The allowance for loan losses reflects our judgment of the probable loss exposure on loans held for investment. 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):
| April 2, 2022 |  | April 3, 2021
Allowance for loan losses at beginning of period | $ | 3,188 |  |  | $ | 1,767 |
Impact of adoption of ASU 2016-13 | — |  |  | 2,276 |
Change in estimated loan losses, net | (541) |  |  | (655) |
Charge-offs | (532) |  |  | (201) |
Recoveries | — |  |  | 1 |
Allowance for loan losses at end of period | $ | 2,115 |  |  | $ | 3,188 |
The consumer loans held for investment had the following characteristics:
| April 2, 2022 |  | April 3, 2021
Weighted average contractual interest rate | 8.32 | % |  | 8.26 | %
Weighted average effective interest rate | 9.21 | % |  | 9.34 | %
Weighted average months to maturity | 151 |  | 162
The following table is a consolidated summary of the delinquency status of the outstanding amortized cost of consumer loans receivable (in thousands):
| April 2, 2022 |  | April 3, 2021
Current | $ | 49,546 |  |  | $ | 76,378 |
31 to 60 days | 1,202 |  |  | 508 |
61 to 90 days | 41 |  |  | 21 |
91+ days | 2,043 |  |  | 3,120 |
| $ | 52,832 |  |  | $ | 80,027 |
The following table disaggregates gross consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands):
| April 2, 2022
| 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Total
Prime- FICO score 680 and greater | $ | 8,155 |  |  | $ | 1,615 |  |  | $ | 2,371 |  |  | $ | 1,339 |  |  | $ | 853 |  |  | $ | 20,485 |  |  | $ | 34,818 |
Near Prime- FICO score 620-679 | 1,661 |  |  | 1,274 |  |  | 1,413 |  |  | 1,976 |  |  | 617 |  |  | 9,266 |  |  | 16,207 |
Sub-Prime- FICO score less than 620 | 45 |  |  | 20 |  |  | 52 |  |  | — |  |  | — |  |  | 1,318 |  |  | 1,435 |
No FICO score | — |  |  | — |  |  | — |  |  | 26 |  |  | — |  |  | 346 |  |  | 372 |
| $ | 9,861 |  |  | $ | 2,909 |  |  | $ | 3,836 |  |  | $ | 3,341 |  |  | $ | 1,470 |  |  | $ | 31,415 |  |  | $ | 52,832 |
| 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 |
Loan contracts secured by geographically concentrated collateral could experience higher rates of delinquencies, default and foreclosure losses than loan contracts secured by collateral that is more geographically dispersed. As of April 2, 2022, 39% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 17% 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 state had concentrations in excess of 10% of the principal balance of consumer loans receivable as of April 2, 2022 or April 3, 2021. Collateral for repossessed loans is acquired through foreclosure or similar proceedings and is recorded at the estimated fair value of the home l ess the estimated costs to sell. At repossession, the fair value of the collateral is determined based on the historical recovery rates of previously charged-off loans; the loan is charged off and the loss is recorded to the allowance for loan losses. On a monthly basis, the fair value of the collateral is adjusted to the lower of the amount recorded at repossession or the estimated sales price less estimated costs to sell, based on current information. Repossessed homes totaled approximately $499,000 as of April 2, 2022 and $518,000 as of April 3, 2021, and are included in Pre paid expenses and other current assets in the Consolidated Balance Sheets. Foreclosure or similar proceedings in progress totaled approximately $1.1 million as of April 2, 2022 and April 3, 2021.

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