The Colorado Board of Real Estate Appraisers executed a Stipulation and Final Agency Order for public censure, fines, and revocation of the license for Maksym Mykhailyna, according to an announcement in early January. Mykhailyna, who is based in Denver, had previously held both a Colorado certified residential appraiser license and a controlling appraiser license. In addition to the revocation of his license, Mykhailyna must pay a total fine of $97,500.
Mykhailyna was the appraiser at the center of legal action by the U.S. Department of Housing and Urban Development (HUD) and the Department of Justice (DOJ) back in June over an allegedly biased valuation of a home in Denver. HUD and the DOJ charged Mykhailyna, his company, Maverick Appraisal Group, appraisal management company Solidifi U.S. Inc., and Rocket Mortgage of discrimination under the Fair Housing Act. In December, Rocket sued HUD over the charge, saying it was not accountable for an appraiser’s actions given the arms-length requirement of the law.
The censure, fines and Mykhailyna’s license revocation happened after BOREA directed the state’s Division of Real Estate to conduct an investigation into Mykhailyna and his actions in response to a complaint received by the Division.
According to a release from the Colorado Department of Regulatory Agencies, the investigation revealed that Mykhailyna “ran an appraisal firm that improperly retained the services of unlicensed individuals located outside of the United States to complete appraisal assignments and then affixed the signatures of credentialled appraisers to the reports, often without their knowledge.”
“This business model was not only misleading to the clients, but also to his credentialled appraisers on staff,” the release stated.
A second complaint investigation found that Mykhailyna also violated license law “by failing to supervise both licensed and unlicensed assistants and by submitting and aiding and abetting the submission of appraisals that contained signatures from appraisers who did not author the appraisals.”
Division Director Marcia Waters noted that federal agencies are aware of the allegations against Mykhailyna and she highlighted the lawsuits filed by the HUD and the DOJ.
When asked about the Division’s actions, Waters said “the Division of Real Estate treats all investigations with the utmost care and holds all licensees to account for violations of license law.”
