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Fair Value Measurements (Tables)
 12 Months Ended
Apr. 01, 2017
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): 
 
April 1, 2017
 
April 2, 2016
 
Book
Value
 
Estimated
Fair Value
 
Book
Value
 
Estimated
Fair Value
Available-for-sale investment securities (1)
$
24,162

 
$
24,162

 
$
24,247

 
$
24,247

Non-marketable equity investments (2)
17,383

 
17,383

 
14,841

 
14,841

Consumer loans receivable (3)
95,801

 
121,021

 
89,558

 
126,077

Interest rate lock commitment derivatives (4)
35

 
35

 
8

 
8

Forward loan sale commitment derivatives (4)
(86
)
 
(86
)
 
(31
)
 
(31
)
Commercial loans receivable (5)
25,833

 
25,841

 
25,542

 
25,688

Securitized financings and other (6)
(57,991
)
 
(61,270
)
 
(61,171
)
 
(60,220
)
Mortgage servicing rights (7)
1,110

 
1,110

 
803

 
803


(1)
For Level 1 classified securities, the fair value is based on quoted market prices. The fair value of Level 2 securities is based on other inputs, as further described below.
(2)
The fair value approximates book value based on the non-marketable nature of the investments.
(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):
 
April 1, 2017
 
Total
 
Level 1
 
Level 2
 
Level 3
Securities issued by the U.S Treasury and Government (1)
$
649

 
$
—

 
$
649

 
$
—

Mortgage-backed securities (1)
5,559

 
—

 
5,559

 
—

Securities issued by states and political subdivisions (1)
7,223

 
—

 
7,223

 
—

Corporate debt securities (1)
1,679

 
—

 
1,679

 
—

Marketable equity securities (1)
8,052

 
8,052

 
—

 
—

Interest rate lock commitment derivatives (2)
35

 
—

 
—

 
35

Forward loan sale commitment derivatives (2)
(86
)
 
—

 
—

 
(86
)
Mortgage servicing rights (3)
1,110

 
—

 
—

 
1,110

(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):
 
April 1, 2017
 
Total
 
Level 1
 
Level 2
 
Level 3
Loans held for investment
$
94,434

 
$
—

 
$
—

 
$
94,434

Loans held for sale
19,630

 
—

 
—

 
19,630

Loans held—construction advances
6,957

 
—

 
—

 
6,957

Commercial loans receivable
25,841

 
—

 
—

 
25,841

Securitized financings
(61,270
)
 
—

 
(61,270
)
 
—

Non-marketable equity investments
17,383

 
—

 
—

 
17,383
Activity in Capitalized Mortgage Servicing Rights
 
April 1,
2017
 
April 2,
2016
Number of loans serviced with MSRs
4,041

 
3,728

Weighted average servicing fee (basis points)
31.42

 
30.43

Capitalized servicing multiple
74.79
%
 
61.65
%
Capitalized servicing rate (basis points)
23.50

 
18.76

Serviced portfolio with MSRs (in thousands)
$
472,492

 
$
428,324

Mortgage servicing rights (in thousands)
$
1,110

 
$
803