Consumer Loans Receivable (Tables)

6 Months Ended

Sep. 28, 2019

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



	September 28, 2019			March 30, 2019
Loans held for investment (at Acquisition Date, defined below)	$	40,983		$	44,375
Loans held for investment (originated after Acquisition Date)	19,530			20,580
Loans held for sale	16,801			11,288
Construction advances	14,261			12,883
Consumer loans receivable	91,575			89,126
Deferred financing fees and other, net	(2,208		)	(1,926		)
Allowance for loan losses	(415		)	(415		)
	$	88,952		$	86,785

Acquired Consumer Loans Receivable Held for Investment



	September 28, 2019			March 30, 2019
	(in thousands)
Consumer loans receivable held for investment – contractual amount	$	91,723		$	100,595
Purchase discount
Accretable	(34,108		)	(36,672		)
Non-accretable	(16,540		)	(19,502		)
Less consumer loans receivable reclassified as other assets	(92		)	(46		)
Total acquired consumer loans receivable held for investment, net	$	40,983		$	44,375

Weighted average assumptions

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



	September 28, 2019		March 30, 2019
Prepayment rate	16.4	%	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 September 28, 2019, would decrease by approximately $881,000 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						Six Months Ended
	September 28, 2019			September 29, 2018			September 28, 2019			September 29, 2018
Balance at the beginning of the period	$	34,881		$	42,873		$	36,672		$	44,481
Accretion	(1,713		)	(1,968		)	(3,480		)	(3,867		)
Reclassifications to non-accretable discount	940			32			916			323
Balance at the end of the period	$	34,108		$	40,937		$	34,108		$	40,937

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):



	September 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	$	374	$	228	$	253	$	—	$	—	$	855
620-719	7,615		5,629		10,275		—		87		23,606
720+	8,344		4,895		7,748		—		162		21,149
Other	46		—		382		—		—		428
Subtotal	16,379		10,752		18,658		—		249		46,038
Conforming mortgages
0-619	—		—		83		—		—		83
620-719	—		—		1,550		9,616		8,489		19,655
720+	—		—		818		4,645		7,760		13,223
Other	—		—		—		—		303		303
Subtotal	—		—		2,451		14,261		16,552		33,264
Non-conforming mortgages
0-619	76		327		950		—		—		1,353
620-719	811		3,915		2,614		—		—		7,340
720+	1,124		2,012		230		—		—		3,366
Other	—		—		182		—		—		182
Subtotal	2,011		6,254		3,976		—		—		12,241
Other loans	—		—		32		—		—		32
	$	18,390	$	17,006	$	25,117	$	14,261	$	16,801	$	91,575