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Mortgage Loans Held For Investment And Related Assets
 12 Months Ended
Apr. 30, 2015
Mortgage Loans Held For Investment And Related Assets [Abstract]  
Mortgage Loans Held For Investment And Related Assets
The composition of our mortgage loan portfolio is as follows:
(dollars in 000s)
 
As of April 30,
 
2015
 
2014
 
 
Amount

 
% of Total

 
Amount

 
% of Total

Adjustable-rate loans
 
$
130,182

 
53
%
 
$
149,480

 
54
%
Fixed-rate loans
 
115,034

 
47
%
 
127,943

 
46
%
 
 
245,216

 
100
%
 
277,423

 
100
%
Unamortized deferred fees and costs
 
2,008

 
 
 
2,277

 
 
Less: Allowance for loan losses
 
(7,886
)
 
 
 
(11,272
)
 
 
 
 
$
239,338

 
 
 
$
268,428

 
 
 
 
 
 
 
 
 
 
 

Our loan loss allowance as a percent of mortgage loans was 3.2% and 4.1% as of April 30, 2015 and 2014, respectively.
Activity in the allowance for loan losses for the years ended April 30, 2015, 2014 and 2013 is as follows:
(in 000s)
 
Year ended April 30,
 
2015

 
2014

 
2013

Balance as of the beginning of the year
 
$
11,272

 
$
14,314

 
$
26,540

Provision
 
(10
)
 
8,271

 
13,283

Recoveries
 
1,393

 
4,040

 
3,338

Charge-offs
 
(4,769
)
 
(15,353
)
 
(28,847
)
Balance as of the end of the year
 
$
7,886

 
$
11,272

 
$
14,314

 
 
 
 
 
 
 

Detail of the aging of the mortgage loans in our portfolio as of April 30, 2015 is as follows:
(in 000s)
 
 
 
Less than 60
Days Past Due

 
60 – 89 Days
Past Due

 
90+ Days
Past Due(1)

 
Total
Past Due

 
Current

 
Total

Purchased from SCC
 
$
9,487

 
$
2,207

 
$
44,614

 
$
56,308

 
$
86,325

 
$
142,633

All other
 
4,688

 
423

 
6,689

 
11,800

 
90,783

 
102,583

 
 
$
14,175

 
$
2,630

 
$
51,303

 
$
68,108

 
$
177,108

 
$
245,216

 
 
 
 
 
 
 
 
 
 
 
 
 
(1) 
We do not accrue interest on loans past due 90 days or more.