Consumer Loans Receivable (Tables)

3 Months Ended

Jun. 29, 2019

The following table summarizes consumer loans receivable (in thousands):



	June 29, 2019			March 30, 2019
Loans held for investment (at Acquisition Date, defined below)	$	42,782		$	44,375
Loans held for investment (originated after Acquisition Date)	19,572			20,580
Loans held for sale	12,087			11,288
Construction advances	14,080			12,883
Consumer loans receivable	88,521			89,126
Deferred financing fees and other, net	(2,119		)	(1,926		)
Allowance for loan losses	(421		)	(415		)
	$	85,981		$	86,785

Acquired Consumer Loans Receivable Held for Investment



	June 29, 2019			March 30, 2019
	(in thousands)
Consumer loans receivable held for investment – contractual amount	$	96,397		$	100,595
Purchase discount
Accretable	(34,881		)	(36,672		)
Non-accretable	(18,687		)	(19,502		)
Less consumer loans receivable reclassified as other assets	(47		)	(46		)
Total acquired consumer loans receivable held for investment, net	$	42,782		$	44,375

Weighted average assumptions

The weighted averages of assumptions used in the calculation of expected cash flows to be collected were as follows:



	June 29, 2019		March 30, 2019
Prepayment rate	17.3	%	17.1	%
Default rate	1.1	%	1.1	%

Assuming there was a 1% (100 basis point) unfavorable variation from the expected level, for each key assumption, the expected cash flows for the life of the portfolio, as of June 29, 2019, would decrease by approximately $879,000 and $2.5 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 acquired consumer loans receivable held for investment were as follows (in thousands):



	Three Months Ended
	June 29, 2019			June 30, 2018
Balance at the beginning of the period	$	36,672		$	44,481
Accretion	(1,767		)	(1,899		)
Reclassifications to non-accretable discount	(24		)	291
Balance at the end of the period	$	34,881		$	42,873

Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score

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):



	June 29, 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	$	389	$	236	$	260	$	—	$	—	$	885
620-719	8,073		5,790		10,083		—		57		24,003
720+	8,647		5,188		8,293		—		226		22,354
Other	46		—		386		—		—		432
Subtotal	17,155		11,214		19,022		—		283		47,674
Conforming mortgages
0-619	—		—		160		—		142		302
620-719	—		—		1,437		8,027		7,665		17,129
720+	—		—		590		6,053		3,841		10,484
Other	—		—		—		—		156		156
Subtotal	—		—		2,187		14,080		11,804		28,071
Non-conforming mortgages
0-619	77		337		961		—		—		1,375
620-719	983		3,967		2,631		—		—		7,581
720+	1,228		2,034		368		—		—		3,630
Other	—		—		185		—		—		185
Subtotal	2,288		6,338		4,145		—		—		12,771
Other loans	—		—		5		—		—		5
	$	19,443	$	17,552	$	25,359	$	14,080	$	12,087	$	88,521



	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