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Fair Value Measurements (Tables)
 12 Months Ended
Mar. 28, 2015
Fair Value Disclosures [Abstract]  
Summary of the Fair Value and Carrying Value of Financial Instruments
The book value and estimated fair value of the Company’s financial instruments are as follows (in thousands): 
 
March 28, 2015
 
March 29, 2014
 
Book
Value
 
Estimated
Fair Value
 
Book
Value
 
Estimated
Fair Value
Available-for-sale investment securities (1)
$
21,283

 
$
21,283

 
$
19,802

 
$
19,802

Non-marketable equity investments (2)
10,636

 
10,636

 
5,652

 
5,652

Consumer loans receivable (3)
98,158

 
129,616

 
98,284

 
131,384

Interest rate lock commitment derivatives (4)
19

 
19

 
(14
)
 
(14
)
Forward loan sale commitment derivatives (4)
(54
)
 
(54
)
 
24

 
24

Commercial loans receivable (5)
18,081

 
18,025

 
21,308

 
21,308

Securitized financings (6)
(66,960
)
 
(67,064
)
 
(70,052
)
 
(74,574
)
Mortgage servicing rights (7)
475

 
475

 
350

 
350


(1)
The fair value is based on quoted market prices.
(2)
The fair value approximates book value based on the non-marketable nature of the instruments.
(3)
Includes consumer loans receivable held for investment, held for sale and construction advances. The fair value of the loans held for investment is based on the discounted value of the remaining principal and interest cash flows. The fair value of the loans held for sale are estimated based on recent GSE mortgage backed bond prices. The fair value of the construction advances approximates book value and the sales price of these loans is estimated based on construction completed.
(4)
The fair values are based on changes in GSE mortgage backed bond prices, and additionally for IRLCs, pull through rates.
(5)
The fair value is estimated using market interest rates of comparable loans.
(6)
The fair value is estimated using recent public transactions of similar asset-backed securities.
(7)
The fair value of the mortgage servicing rights is based on the present value of expected net cash flows related to servicing these loans.
Summary of Assets Measured at Fair Value on a Recurring Basis
Financial instruments measured at fair value on a recurring basis are summarized below (in thousands):
 
March 28, 2015
 
Total
 
Level 1
 
Level 2
 
Level 3
Securities issued by the U.S Treasury and Government (1)
$
1,948

 
$
—

 
$
1,948

 
$
—

Mortgage-backed securities (1)
4,338

 
—

 
4,338

 
—

Securities issued by states and political subdivisions (1)
7,423

 
—

 
7,423

 
—

Corporate debt securities (1)
1,058

 
—

 
1,058

 
—

Marketable equity securities (1)
5,516

 
5,516

 
—

 
—

Interest rate lock commitment derivatives (2)
19

 
—

 
—

 
19

Forward loan sale commitment derivatives (2)
(54
)
 
—

 
—

 
(54
)
Mortgage servicing rights (3)
475

 
—

 
—

 
475

(1)
Unrealized gains or losses on investments are recorded in accumulated other comprehensive income (loss) at each measurement date.
(2)
Gains or losses on derivatives are recognized in current period earnings through cost of sales.
(3)
Changes in the fair value of mortgage servicing rights are recognized in current period earnings through net revenue.
Summary of Assets and Liabilities Measured at Fair Value for Disclosure
Financial instruments for which fair value is disclosed but not required to be recognized in the balance sheet on a recurring basis are summarized below (in thousands):
 
March 28, 2015
 
Total
 
Level 1
 
Level 2
 
Level 3
Loans held for investment
$
113,077

 
$
—

 
$
—

 
$
113,077

Loans held for sale
12,463

 
—

 
12,463

 
—

Loans held—construction advances
4,076

 
—

 
—

 
4,076

Commercial loans receivable
18,025

 
—

 
—

 
18,025

Securitized financings
(67,064
)
 
—

 
(67,064
)
 
—

Non-marketable equity investments
10,636

 
—

 
—

 
10,636
Activity in Capitalized Mortgage Servicing Rights
 
March 28,
2015
 
March 29,
2014
Number of loans serviced with MSRs
3,306

 
2,743

Weighted average servicing fee (basis points)
29.88

 
30.54

Capitalized servicing multiple
42.10
%
 
35.77
%
Capitalized servicing rate (basis points)
12.58

 
10.93

Serviced portfolio with MSRs (in thousands)
$
380,120

 
$
320,462

Mortgage servicing rights (in thousands)
$
475

 
$
350