On Jan. 6, The Colorado Department of Regulatory Agencies Director of the Division of Real Estate Marcia Waters executed a stipulation and final agency order for public censure, fines, and revocation of the appraisal license for Maksym Mykhailyna, according to a release on the site.
Mykhailyna is included in the lawsuit United States of America v. Rocket Mortgage, Solidifi, Maksym Mykhailyna and Maverick Appraisal Group. The suit followed the Department of Justice (DOJ) filing a complaint against Rocket Mortgage in October in the U.S. District Court for the District of Colorado.
The Colorado Board of Real Estate Appraisers (BOREA) directed the division of real estate to conduct an investigation in response to a complaint received by the division. After the investigation, the division found substantial evidence of license law violations, according to a release from the Colorado Department of Regulatory Agencies.
“In part, the investigation revealed that the licensee 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,” the release stated. “This business model was not only misleading to the clients, but also to his credentialled appraisers on staff.”
In a second complaint investigation, Mykhailyna was found to have conducted substantially similar violations of license law, notably, 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.
Mykhailyna was ordered to immediately surrender the above referenced licenses and was assessed a total fine of $97,500,which includes a fine and additional fee.
BOREA agreed the surrender of his licenses shall be treated as revocations under Colorado law. When asked about this matter, Waters indicated that “the division of real estate treats all investigations with the utmost care and holds all licensees to account for violations of license law.”
Waters also identified that federal regulatory agencies are aware of the allegations and violations uncovered by this investigation, specifically referencing a recent press release by the DOJ.