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Fair Value Measurements (Tables)
 3 Months Ended
Jul. 02, 2016
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):
 
July 2, 2016
 
April 2, 2016
 
Book
Value
 
Estimated
Fair Value
 
Book
Value
 
Estimated
Fair Value
Available-for-sale securities (1)
$
23,763

 
$
23,763

 
$
24,247

 
$
24,247

Non-marketable equity investments (2)
14,764

 
14,764

 
14,841

 
14,841

Consumer loans receivable (3)
88,434

 
125,344

 
89,558

 
126,077

Interest rate lock commitment derivatives (4)
36

 
36

 
8

 
8

Forward loan sale commitment derivatives (4)
(75
)
 
(75
)
 
(31
)
 
(31
)
Commercial loans receivable (5)
27,107

 
27,238

 
25,542

 
25,688

Securitized financings (6)
(59,467
)
 
(58,576
)
 
(61,171
)
 
(60,220
)
Mortgage servicing rights (7)
865

 
865

 
803

 
803
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):
 
July 2, 2016
 
Total
 
Level 1
 
Level 2
 
Level 3
Securities issued by the U.S Treasury and Government (1)
$
651

 
$
—

 
$
651

 
$
—

Mortgage-backed securities (1)
5,650

 
—

 
5,650

 
—

Securities issued by states and political subdivisions (1)
8,140

 
—

 
8,140

 
—

Corporate debt securities (1)
916

 
—

 
916

 
—

Marketable equity securities (1)
7,406

 
7,406

 
—

 
—

Interest rate lock commitment derivatives (2)
36

 
—

 
—

 
36

Forward loan sale commitment derivatives (2)
(75
)
 
—

 
—

 
(75
)
Mortgage servicing rights (3)
865

 
—

 
—

 
865


(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 the 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):
 
July 2, 2016
 
Total
 
Level 1
 
Level 2
 
Level 3
Loans held for investment
$
108,650

 
$
—

 
$
—

 
$
108,650

Loans held for sale
11,009

 
—

 
11,009

 
—

Loans held—construction advances
5,685

 
—

 
—

 
5,685

Commercial loans receivable
27,238

 
—

 
—

 
27,238

Securitized financings
(58,576
)
 
—

 
(58,576
)
 
—

Non-marketable equity investments
14,764

 
—

 
—

 
14,764
Assumptions for Mortgage Servicing Rights
 
July 2,
2016
 
April 2,
2016
Number of loans serviced with MSRs
3,822

 
3,728

Weighted average servicing fee (basis points)
30.56

 
30.43

Capitalized servicing multiple
64.14
%
 
61.65
%
Capitalized servicing rate (basis points)
19.60

 
18.76

Serviced portfolio with MSRs (in thousands)
$
441,480

 
$
428,324

Mortgage servicing rights (in thousands)
$
865

 
$
803