Industry NewsMortgage

Car dealer makes home loans

Rising mortgage rates don't deter newbie loan brokers

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Check out Denny Hecker's Web site and you'll see what you might expect from an auto dealer with 18 dealerships–information about different car brands, pre-owned vehicles and servicing details. But an unassuming link in the bottom left corner for Denny Hecker Mortgage might also catch your eye. Mortgages from an auto dealer? You read it correctly. Hecker, a fixture in Minnesota's Twin Cities area, has expanded his interests beyond cars. His mortgage company, conceived of in late in 2003, opened for business in February despite the prospect of rising interest rates. "We feel the mortgage business is a long-term business," Hecker said. "People are going to buy and sell houses now and, hopefully, forever." The home mortgage business has attracted all sorts of newcomers during the past few years as home buying and refinancing loan volumes surged with interest rates at their lowest level in decades. But employment in the loan business has been falling along with higher interest rates ...