Consumer Loans Receivable (Tables)

3 Months Ended

Jun. 30, 2018

Mar. 31, 2018

The following table summarizes consumer loans receivable (in thousands):



	June 30, 2018			March 31, 2018
Loans held for investment (at Acquisition Date)	$	49,825		$	51,798
Loans held for investment (originated after Acquisition Date)	23,874			21,183
Loans held for sale	14,535			12,830
Construction advances	12,259			11,088
Consumer loans receivable	100,493			96,899
Deferred financing fees and other, net	(1,949		)	(1,551		)
Allowance for loan losses	(387		)	(397		)
Consumer loans receivable, net	$	98,157		$	94,951

Acquired Consumer Loans Receivable Held for Investment



	June 30, 2018			March 31, 2018
	(in thousands)
Consumer loans receivable held for investment – contractual amount	$	114,919		$	120,096
Purchase discount
Accretable	(42,873		)	(44,481		)
Non-accretable	(22,214		)	(23,711		)
Less consumer loans receivable reclassified as other assets	(7		)	(106		)
Total acquired consumer loans receivable held for investment, net	$	49,825		$	51,798

Accretable Yield Movement on Acquired Consumer Loans Receivable

The changes in accretable yield on acquired consumer loans receivable held for investment were as follows (in thousands):



	Three Months Ended
	June 30, 2018			July 1, 2017
Balance at the beginning of the period	$	44,481		$	56,686
Accretion	(1,899		)	(2,210		)
Reclassifications from (to) non-accretable discount	291			436
Balance at the end of the period	$	42,873		$	54,912

Gross Consumer Loans Receivable by Portfolio Segment and Credit Risk Score

The following table disaggregates CountryPlace's gross consumer loans receivable for each class by portfolio segment and credit quality indicator as of the time of origination (in thousands):



	June 30, 2018
	Consumer Loans Held for Investment
	Securitized 2005		Securitized 2007		Unsecuritized		Construction Advances		Consumer Loans Held For Sale		Total
Asset Class
Credit Quality Indicator (FICO® score)
Chattel loans
0-619	$	439	$	271	$	323	$	—	$	—	$	1,033
620-719	9,668		6,889		10,351		—		—		26,908
720+	10,186		6,139		11,958		—		504		28,787
Other	49		—		408		—		—		457
Subtotal	20,342		13,299		23,040		—		504		57,185
Conforming mortgages
0-619	—		—		155		—		189		344
620-719	—		—		2,232		7,950		8,350		18,532
720+	—		—		298		4,309		5,492		10,099
Other	—		—		116		—		—		116
Subtotal	—		—		2,801		12,259		14,031		29,091
Non-conforming mortgages
0-619	81		398		1,030		—		—		1,509
620-719	1,061		4,151		3,061		—		—		8,273
720+	1,277		2,493		377		—		—		4,147
Other	—		—		278		—		—		278
Subtotal	2,419		7,042		4,746		—		—		14,207
Other loans	—		—		10		—		—		10
	$	22,761	$	20,341	$	30,597	$	12,259	$	14,535	$	100,493



	March 31, 2018
	Consumer Loans Held for Investment
	Securitized 2005		Securitized 2007		Unsecuritized		Construction Advances		Consumer Loans Held For Sale		Total
Asset Class
Credit Quality Indicator (FICO® score)
Chattel loans
0-619	$	465	$	354	$	330	$	—	$	—	$	1,149
620-719	10,102		7,107		8,587		—		245		26,041
720+	10,594		6,410		11,285		—		155		28,444
Other	49		—		403		—		—		452
Subtotal	21,210		13,871		20,605		—		400		56,086
Conforming mortgages
0-619	—		—		156		141		179		476
620-719	—		—		2,137		6,428		6,479		15,044
720+	—		—		199		4,519		5,663		10,381
Subtotal	—		—		2,608		11,088		12,430		26,126
Non-conforming mortgages
0-619	82		405		1,047		—		—		1,534
620-719	1,120		4,378		3,093		—		—		8,591
720+	1,348		2,526		395		—		—		4,269
Other	—		—		282		—		—		282
Subtotal	2,550		7,309		4,817		—		—		14,676
Other loans	—		—		11		—		—		11
	$	23,760	$	21,180	$	28,041	$	11,088	$	12,830	$	96,899

Loans and Leases Receivable, Other Information

The weighted averages of assumptions used in the calculation of expected cash flows to be collected were as follows:



	June 30, 2018		March 31, 2018
Prepayment rate	16.1	%	16.0	%
Default rate	1.2	%	1.2	%

Assuming there was a 1% unfavorable variation from the expected level, for each key assumption, the expected cash flows for the life of the portfolio, as of June 30, 2018, would decrease by approximately $1.2 million and $3.3 million for the expected prepayment rate and expected default rate, respectively.