Melissa Cohn wouldn’t need to originate another mortgage in her lifetime and her legacy would already be set. Cohn started in the business 42 years ago, became one of the very first independent mortgage brokers and founded one of the first modern mortgage brokerages.
She’s racked up an impressive list of honors, including Crain’s 40 Under 40 Class of 1996, Ernst & Young Metropolitan New York 2003 Entrepreneur of the Year for Financial Services and the 100 Most Powerful People in New York Real Estate in 2009.
That hasn’t stopped her from continuing to perform as one of the best mortgage originators in the country. Last year, Cohn closed 148 loans for a total loan volume of $116.4 million. In Scotsman Guide’s 2024 rankings, Cohn ranked No. 16 among the nation’s Top Mortgage Brokers and No. 35 for Top Women Originators.
With her credentials, Cohn is frequently sought for interviews in both business publications and mainstream news organizations. The exposure helps her generate more business, but she continues to network with real estate agents, attorneys and accountants.
“I reach out to everyone in any way possible all the time,” Cohn said. “When I’ve done a loan for someone, I thank them and ask, ‘If you know of anyone who’s looking for a mortgage, please have them reach out to me.’”
She started in the business in 1982 after graduating from Smith College. She was weighing whether to pursue a Master of Business Administration degree or to work at an investment bank. A career counselor recommended a job with Citibank, a position that appealed to her because she would work with people and solve problems.
Early in her career, her supervisor recommended that she, “pay attention to mortgages — that’s going to be the wave of profitability in the future.” So, she went into Citibank’s retail banking division, working with the bank to set up mortgage centers in New York City.
She later was hired by a developer to run a mortgage application center to vet prospective borrowers. She took what was a cost center for the developer and turned it into a revenue generator by asking for a fee from banks for delivering qualified borrowers.
“I said I would be able to guarantee to bring business to them,” Cohn said. “Would they be willing to pay us a fee in order to process the loans? Much exactly the way a mortgage broker gets paid today.”
When the developer balked at her $20,000 annual salary after she started collecting hefty commissions, Cohn left and founded her own company in 1985, Manhattan Mortgage Company. She operated that business until she sold it to Guaranteed Rate in 2012.
She remained with the company for nearly two years. “They decided really that they wanted my company and my Rolodex, but didn’t really want me, as what happens in many acquisitions,” Cohn said.
She now works as regional vice president for William Raveis Mortgage. She splits her time between New York and Florida where she runs the company’s mortgage operations. She’s continued originating loans her entire career.
“I love getting to know people and getting to know their stories,” Cohn said. “I love solving problems, so people come to me when they have a tricky loan and I love the fact that every time someone closes, it’s another victory.
“You’ve helped someone close what will probably be one of the largest financial transactions of their life. They remember you for that.”
Cohn writes a monthly newsletter to her borrowers that includes her take on the mortgage market and often links to articles where’s she quoted. The newsletter also includes noteworthy local events, a cocktail recipe from one of her team members and a book recommendation from her daughter Sarah Alvarez, who now works in the business.
Cohn often gets asked who produces the newsletter. She said she does it herself, even being teased by her husband about the occasional typos. “I want to be authentic,” Cohn said. “When someone reads me, I want to have them feel like they’re listening to me talk to them.”
