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Mortgage Loans Held For Investment And Related Assets
 12 Months Ended
Apr. 30, 2016
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,
 
2016
 
2015
 
 
Amount

 
% of Total

 
Amount

 
% of Total

Adjustable-rate loans
 
$
108,251

 
52
%
 
$
130,182

 
53
%
Fixed-rate loans
 
97,957

 
48
%
 
115,034

 
47
%
 
 
206,208

 
100
%
 
245,216

 
100
%
Unamortized deferred fees and costs
 
1,695

 
 
 
2,008

 
 
Less: Allowance for loan losses
 
(5,518
)
 
 
 
(7,886
)
 
 
 
 
$
202,385

 
 
 
$
239,338

 
 
 
 
 
 
 
 
 
 
 

Our loan loss allowance as a percent of mortgage loans was 2.7% and 3.2% as of April 30, 2016 and 2015, respectively.
Activity in the allowance for loan losses for the years ended April 30, 2016, 2015 and 2014 is as follows:
(in 000s)
 
Year ended April 30,
 
2016

 
2015

 
2014

Balance as of the beginning of the year
 
$
7,886

 
$
11,272

 
$
14,314

Provision
 
(1,173
)
 
(10
)
 
8,271

Recoveries
 
1,797

 
1,393

 
4,040

Charge-offs
 
(2,992
)
 
(4,769
)
 
(15,353
)
Balance as of the end of the year
 
$
5,518

 
$
7,886

 
$
11,272

 
 
 
 
 
 
 

Detail of the aging of the mortgage loans in our portfolio as of April 30, 2016 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
 
$
9,775

 
$
376

 
$
40,987

 
$
51,138

 
$
70,906

 
$
122,044

All other
 
2,315

 
131

 
5,878

 
8,324

 
75,840

 
84,164

 
 
$
12,090

 
$
507

 
$
46,865

 
$
59,462

 
$
146,746

 
$
206,208

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