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Warehouse Lines of Credit | 6 Months Ended
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Jun. 30, 2024
Warehouse Lines Of Credit |
Warehouse Lines of Credit | Warehouse Lines of Credit Encompass Lending Group (“Encompass”), a wholly-owned subsidiary of the Company, utilizes line of credit facilities as a means of temporarily financing mortgage loans pending their sale. The underlying warehouse lines of credit agreements, as described below, contain financial and other debt covenants. The warehouse credit facilities are classified as current liabilities on our balance sheets. The below table has dollars in millions.
|  | June 30, 2024 |  | December 31, 2023 |  |  |  |
Lender |  | Borrowing Capacity |  | Outstanding Borrowings |  | Weighted -Average Interest Rate on Outstanding Borrowings |  | Borrowing Capacity |  | Outstanding Borrowings |  | Weighted -Average Interest Rate on Outstanding Borrowings |  |  |  |
Bank A 1 |  | $ | 10.0 |  |  | $ | 4.1 |  |  | 7.57 | % |  | $ | 7.5 |  |  | $ | 3.5 |  |  | 7.57 | % |  |  |  |
Bank B 2 |  | $ | 10.0 |  |  | $ | 6.0 |  |  | 7.34 | % |  | $ | 10.0 |  |  | $ | 4.8 |  |  | 7.35 | % |  |  |  |
(1) Bank A's interest on funds borrowed is equal to the greater of 5.00%, or the 30-Day Secured Overnight Financing Rate (SOFR) plus 2.438%. The agreement ends in September 2024. Encompass was in compliance with debt covenants under this facility as of June 30, 2024. (2) Bank B's interest on funds borrowed is equal to the greater of 5.75% or the 1-month CME Term SOFR plus 2.00%. The agreement ends on August 31, 2024. Encompass was not in compliance with certain of these debt covenants under this facility as of June 30, 2024 related to earnings. Pursuant to an agreement signed on September 7, 2023, Encompass has requested a waiver for the non-compliant covenant and expects to receive the waiver from the bank. If the Company is unable to obtain the covenant waiver, the bank would have the right to terminate the credit facility. Bank B’s warehouse line is collateralized by the mortgage loans held for sale. .

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