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Fair Value Measurement (Tables)

6 Months Ended

Oct. 31, 2013

Assets Remeasured At Fair Value On Recurring Basis

The following table presents the assets that were remeasured at fair value on a recurring basis during the six months ended October 31, 2013 and 2012:



(dollars in 000s)
	Total			Level 1			Level 2			Level 3			Gains (losses)
As of October 31, 2013:
Mortgage-backed securities	$	460,935		$	—		$	460,935		$	—		$	(4,926	)
Municipal bonds	4,409			—			4,409			—			260
	$	465,344		$	—		$	465,344		$	—		$	(4,666	)
As a percentage of total assets	14.2		%	—		%	14.2		%	—		%

As of October 31, 2012:
Mortgage-backed securities	$	384,062		$	—		$	384,062		$	—		$	6,007
Municipal bonds	5,592			—			5,592			—			382
	$	389,654		$	—		$	389,654		$	—		$	6,389
As a percentage of total assets	10.0		%	—		%	10.0		%	—		%

Assets Remeasured At Fair Value On Non-Recurring Basis

The following table presents the assets that were remeasured at fair value on a non-recurring basis during the six months ended October 31, 2013 and 2012:



(dollars in 000s)
	Total			Level 1			Level 2			Level 3			Losses
As of October 31, 2013:
REO	$	7,519		$	—		$	—		$	7,519		$	(300	)
Impaired mortgage loans held for investment	76,148			—			—			76,148			(2,353		)
	$	83,667		$	—		$	—		$	83,667		$	(2,653	)
As a percentage of total assets	2.6		%	—		%	—		%	2.6		%

As of October 31, 2012:
REO	$	14,646		$	—		$	—		$	14,646		$	(203	)
Impaired mortgage loans held for investment	89,032			—			—			89,032			(7,298		)
	$	103,678		$	—		$	—		$	103,678		$	(7,501	)
As a percentage of total assets	2.7		%	—		%	—		%	2.7		%

Quantitative Information About Level 3 Fair Value Measurements

The following table presents the quantitative information about our Level 3 fair value measurements, which utilize significant unobservable internally-developed inputs:



(in 000s)
	Fair Value at October 31, 2013		Valuation Technique	Unobservable Input	Range (Weighted Average)
REO	$	7,093	Third party pricing	Cost to list/sell Loss severity	5% – 26%(5%) 0% – 100%(51%)
Impaired mortgage loans held for investment – non TDRs	$	78,012	Collateral- based	Cost to list/sell Time to sell (months) Collateral depreciation Loss severity	0% – 154%(8%) 24(24) (132%) – 100%(43%) 0% – 100%(59%)
Impaired mortgage loans held for investment – TDRs	$	42,413	Discounted cash flow	Aged default performance Loss severity	29% – 49%(39%) 0% – 22%(6%)

Fair Value Measurements, Recurring and Nonrecurring

The carrying amounts and estimated fair values of our financial instruments are as follows:



(in 000s)
As of	October 31, 2013				October 31, 2012				April 30, 2013
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Assets:
Cash and cash equivalents	$	790,772	$	790,772	$	1,260,901	$	1,260,901	$	1,747,584	$	1,747,584
Cash and cash equivalents – restricted	47,521		47,521		38,667		38,667		117,837		117,837
Receivables, net – short-term	131,701		133,884		124,511		124,511		206,835		206,810
Mortgage loans held for investment, net	295,907		211,690		370,850		226,885		338,789		210,858
Investments in AFS securities	465,344		465,344		389,654		389,654		486,876		486,876
Receivables, net – long-term	129,180		130,023		134,359		134,359		125,048		134,283
Note receivable (including interest)	62,786		69,827		58,049		64,508		60,352		69,472
Liabilities:
Deposits	656,305		656,300		795,519		795,227		938,331		934,019
Long-term borrowings	906,581		947,350		1,506,803		1,540,333		906,680		964,630
Contingent consideration payments	12,454		12,454		10,277		10,277		11,277		11,277

- Definition

Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 6

-Footnote 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a,b,bb)

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2C

-URI http://asc.fasb.org/extlink&oid=7578670&loc=SL7498348-110258

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 33

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References+ Details

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References+ Details

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details