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Warehouse Lines of Credit | 3 Months Ended
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Mar. 31, 2025
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.
| March 31, 2025 |  |  |  |
Lender | Borrowing Capacity | Outstanding Borrowings | Weighted -Average Interest Rate on Outstanding Borrowings |  |  |  |
Bank A 1 | $ | 10.0 |  | $ | 4.7 |  | 6.75 | % |  |  |  |
Bank B 2 | $ | 10.0 |  | $ | 4.5 |  | 6.64 | % |  |  |  |
| December 31, 2024 |  |
Lender | Borrowing Capacity | Outstanding Borrowings | Weighted -Average Interest Rate on Outstanding Borrowings |  |  |  |
Bank A 1 | 10.0 | 2.5 | 6.84 | % |  |  |  |
Bank B 2 | 10.0 | 2.0 | 7.01 | % |  |  |  |
(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 July 2025. Encompass was in compliance with debt covenants under this facility as of March 31, 2025. (2) Bank B's interest on funds borrowed is equal to the note rate. The agreement ends in September 2025. As of March 31, 2025, Encompass was not in compliance with certain of these debt covenants under this facility related to earnings. Pursuant to the agreement signed on May 8, 2025, Encompass received a waiver for the non-compliant covenant.

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