XML 44 R35.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Consumer Loans Receivable (Tables) | 9 Months Ended
--- | ---
Jan. 01, 2022
Receivables [Abstract] |
Consumer Loans Receivable | The following table summarizes consumer loans receivable (in thousands):
| January 1, 2022 |  | April 3, 2021
Loans held for investment, previously securitized | $ | 27,332 |  |  | $ | 31,949 |
Loans held for investment | 14,835 |  |  | 18,690 |
Loans held for sale | 11,746 |  |  | 15,587 |
Construction advances | 5,377 |  |  | 13,801 |
| 59,290 |  |  | 80,027 |
Deferred financing fees and other, net | (874) |  |  | (2,041) |
Allowance for loan losses | (2,387) |  |  | (3,188) |
| 56,029 |  |  | 74,798 |
Less current portion | (25,397) |  |  | (37,690) |
| $ | 30,632 |  |  | $ | 37,108 |
Allowance for Loan Loss | 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 |  | Nine Months Ended
| January 1, 2022 |  | December 26, 2020 |  | January 1, 2022 |  | December 26, 2020
Allowance for loan losses at beginning of period | $ | 2,799 |  |  | $ | 3,910 |  |  | $ | 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 | (327) |  |  | (491) |  |  | (384) |  |  | (424) |
Charge-offs | (85) |  |  | — |  |  | (417) |  |  | (200) |
Allowance for loan losses at end of period | $ | 2,387 |  |  | $ | 3,419 |  |  | $ | 2,387 |  |  | $ | 3,419 |
Deliquency Status of Consumer Loans | The following table is a consolidated summary of the delinquency status of the outstanding amortized cost of consumer loans receivable (in thousands):
| January 1, 2022 |  | April 3, 2021
Current | $ | 56,141 |  |  | $ | 76,378 |
31 to 60 days | 413 |  |  | 508 |
61 to 90 days | 1,964 |  |  | 21 |
91+ days | 772 |  |  | 3,120 |
| $ | 59,290 |  |  | $ | 80,027 |
Gross Consumer Loans Receivable by Credit Quality and Fiscal Year of Origination | The following tables disaggregate gross consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands):
| January 1, 2022
| 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Total
Prime- FICO score 680 and greater | $ | 10,825 |  |  | $ | 2,023 |  |  | $ | 2,604 |  |  | $ | 1,348 |  |  | $ | 759 |  |  | $ | 21,683 |  |  | $ | 39,242 |
Near Prime- FICO score 620-679 | 1,973 |  |  | 2,138 |  |  | 1,275 |  |  | 1,846 |  |  | 1,229 |  |  | 9,734 |  |  | 18,195 |
Sub-Prime- FICO score less than 620 | 23 |  |  | 21 |  |  | 52 |  |  | — |  |  | — |  |  | 1,363 |  |  | 1,459 |
No FICO score | — |  |  | — |  |  | — |  |  | 27 |  |  | — |  |  | 367 |  |  | 394 |
| $ | 12,821 |  |  | $ | 4,182 |  |  | $ | 3,931 |  |  | $ | 3,221 |  |  | $ | 1,988 |  |  | $ | 33,147 |  |  | $ | 59,290 |
| 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 |

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

X
- Definition Deliquency Status of Consumer Loans + References No definition available. + Details
Name: | cvco_DeliquencyStatusOfConsumerLoansTableTextBlock
Namespace Prefix: | cvco_
Data Type: | dtr-types: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: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -URI http://asc.fasb.org/extlink&oid=123577603&loc=SL6953423-111524 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919249-210447 + Details
Name: | us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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