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Mortgage broker, originator and banker criminal cases. Real estate flipping and appraisal fraud. Mortgage fraud prevention, studies and analysis.

Mortgage Executive Uses Fraud to Obtain Car

Rick Burnett wins AppIntelligence Roadster

November 9, 2004


A brief fraud prevention demonstration at a California conference landed one mortgage banking executive in the seat of a brand new classic convertible.

AppIntelligence Inc. announced Monday that Rick Burnett, a vice president of Lenders One, won the prize of its "Drive Away Mortgage Fraud" event held at the recent Mortgage Bankers Association's (MBA's) 91st Annual Convention and Expo in San Francisco, Calif. Burnett was selected out of 546 entries to receive a 2005 Chrysler Crossifire Roadster.

Burnett entered the contest when he stopped by to greet the people at AppIntelligence's booth demonstration during the convention. He expects to receive the car within the next week, according to the announcement.

The vice president told he was in "disbelief" when he got a call on his cell phone informing him he'd won the car. He feels "ecstatic" about his win, but does know whether he'll keep the car for his own use or hand it to a lucky family member or friend.

"I have not had time to decide on that as of yet," he said. "We went from the MBA to our own conference and have had little time to think."

The MBA's convention occurred the last week of October and Lenders One, according to its Web site, held its fall conference in Las Vegas, Nev., the past week.

Lenders One describes itself as a "national alliance of leading mortgage originators that utilizes the combined strength of its members to negotiate exceptional terms on products and services." The St. Louis, Mo.-based company currently has 56 mortgage-banking members, which together have originated over $45 billion in mortgages this year, according to Burnett -- who is in charge of Lenders One University, the training program for member companies.

AppIntelligence, based in Weldon Springs, Mo., and formerly known as AppIntell Inc., says it is a leader in the detection and resolution of data integrity, risk management, and fraud.

Qualified MBA convention attendees that participated in the brief on-site demonstration of AppIntelligence's advanced mortgage fraud intelligence solutions were entered in the drawing for the chance to win the Roadster. During the demonstrations, AppIntelligence provided detailed information about its new electronic solution system for processing requests for income tax transcripts through the Internal Revenue Service, or IRS. The demonstrations, which also included its fraud prevention and detection system, focused on ways mortgage professionals can combat the growing problem of mortgage fraud and prevent millions of dollars in write-offs, the announcement said.

Coco Salazar is an assistant editor and staff writer for

email: [email protected]

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