The Minnesota Department of Commerce revoked the mortgage license of Denny Hecker and issued a cease and desist order in response to a host of violations regarding his home mortgage business.
In an order signed by Kevin Murphy, head of the department's Financial Examinations Division, Denny Hecker's Home Loans LLC was ordered to stop originating, servicing, or modifying any residential loans within the state. The company, once widely advertised on Twin Cities billboards, is believed to be largely defunct.
Hecker filed for personal bankrutpcy last week and most of his auto business holdings have been shut or sold, leaving him mostly with property and a smattering of restaurant investments. Hecker owes up to $1 billion to as many as 1,000 creditors.
In Thursday's consent order, the Commerce Department said Hecker failed to maintain $250,000 in net worth or a surety bond for his mortgage business and failed to respond to department requests for information.
Hecker waived his right to an attorney and a hearing but agreed to "an informal disposition of the matter."
DEE DEPass
