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Mortgage Loans Held For Investment And Related Assets
 6 Months Ended
Oct. 31, 2016
Mortgage Loans Held For Investment And Related Assets [Abstract]  
Mortgage Loans Held For Investment And Related Assets
NOTE 4: MORTGAGE LOANS HELD FOR SALE OR INVESTMENT
In September 2016, our Board of Directors approved a plan to sell our portfolio of mortgage loans and we expect to complete the sale of these assets in our third fiscal quarter. As a result, these loans are presented as held for sale as of October 31, 2016, while they are presented as held for investment as of October 31, 2015 and April 30, 2016.
The composition of our mortgage loan portfolio is as follows:
(dollars in 000s)
 
As of
 
October 31, 2016
 
October 31, 2015
 
April 30, 2016
 
 
Amount

 
% of Total

 
Amount

 
% of Total

 
Amount

 
% of Total

Adjustable-rate loans
 
$
97,358

 
52
%
 
$
118,612

 
52
%
 
$
108,251

 
52
%
Fixed-rate loans
 
89,699

 
48
%
 
107,612

 
48
%
 
97,957

 
48
%
 
 
187,057

 
100
%
 
226,224

 
100
%
 
206,208

 
100
%
Unamortized deferred fees and costs
 
1,534

 
 
 
1,859

 
 
 
1,695

 
 
Less: Allowance for loan losses
 
(5,484
)
 
 
 
(7,412
)
 
 
 
(5,518
)
 
 
 
 
$
183,107

 
 
 
$
220,671

 
 
 
$
202,385

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Our loan loss allowance as a percent of mortgage loans was 2.9% as of October 31, 2016, compared to 3.3% as of October 31, 2015 and 2.7% as of April 30, 2016.
Activity in the allowance for loan losses for the six months ended October 31, 2016 and 2015 is as follows:
(in 000s)
 
Six months ended October 31,
 
2016

 
2015

Balance at beginning of the period
 
$
5,518

 
$
7,886

Provision
 
—

 
(28
)
Recoveries
 
742

 
1,050

Charge-offs
 
(776
)
 
(1,496
)
Balance at end of the period
 
$
5,484

 
$
7,412

 
 
 
 
 

Detail of the aging of the mortgage loans in our portfolio as of October 31, 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
 
$
6,350

 
$
1,714

 
$
38,057

 
$
46,121

 
$
65,412

 
$
111,533

All other
 
1,471

 
428

 
4,620

 
6,519

 
69,005

 
75,524

 
 
$
7,821

 
$
2,142

 
$
42,677

 
$
52,640

 
$
134,417

 
$
187,057

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